The asset manager warns of value trap in the sector and foresees more closures of unprofitable shafts
Coronation, one of SA’s largest asset managers with more than R600bn in assets under custody, has disinvited from the platinum group metals (PGM) sector, casting doubt over the long-term prospects of an industry that employs nearly 200,000 people.
Nicholas Hops, head of SA equity research at Coronation, said while there is potential for short-term rallies, in its current form the PGM sector represents a value trap for investors...
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