Local equity indices rallying to new all-time highs can only mean one thing when it comes to stockbroker ratings: more downgrades than upgrades. Last week truly delivered, with FNArena counting 16 downgrades versus 11 upgrades. In the bigger scheme of things, that's not even that big a gap between the two opposite moves.
Looking into the finer details reveals junior gold producers in particular proved a popular subject for an upgrade in rating, with Evolution Mining, OceanaGold, Perseus Mining and St Barbara all receiving one upgrade during the week ending Friday 17 January 2020. Gold stocks delivered four of the seven fresh Buy ratings for the week.
Evolution Mining and Perseus Mining also received one downgrade during the week; to Neutral/Hold and Underperform/Sell respectively.