tokyo stock exchange

First Quantum's move to LSE's main board could boost interest, UBS ...

First Quantum Minerals Ltd. (FM/TSX), which reported a 40% increase in net earnings for the first quarter, could receive approval to de-list its shares from the AIM and move to the London Stock Exchange's main board.

UBS analyst Tony Lesiak considers this event a re-rating opportunity that could demonstrate the valuation differences between First Quantum and miners in the U.K.

He also noted that the company is a candidate to be added to the S&P/TSX 60 index when it is updated in mid-June.

Mr. Lesiak revised his price target to $105 from $100 and has a "buy" rating on First Quantum shares.

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forex foreign exchange systems

Forex reserves hit all-time low

A number of state institutions had their requests for foreign currency from the Reserve Bank of Zimbabwe (RBZ) turned down during the past two months, amid reports that reserves have hit an all time low. Investigations proved that the Registrar General (RG), the Zimbabwe National Water Authority (ZINWA), Air Zimbabwe and other state institutions have made applications for foreign currency but were told by governor Gideon Gono that the central bank couldn't provide.
Sources within the RBZ forex section revealed that reserves had drastically fallen over the past three months owing to continuous falls in the levels of exports. The rising of trade and exchange rates on the parallel market, which Gono has failed to tame since taking office in 2003, had also affected reserves, the sources said.
Registrar General Tobaiwa Mudede has said the operations of his department are at a virtual halt due to lack of foreign currency to import vitally required ink and material used to make passports and identity cards.