Rio, BHP receive JP Morgan boost

Investment bank says mining sector has turned corner, tips Rio as market outperformer.

JP Morgan’s British investment bank, JP Morgan Cazenove, has altered its outlook on the mining sector, raising its view from underweight to overweight and driving a resurgence in the share prices of dual-listed market leaders BHP Billiton and Rio Tinto.

The renewed confidence lifted the stock of major mining firms up over 2% in European trade, with Rio’s UK share price jumping close to 5% and BHP’s adding 2.5% by the close of trade.

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