Aquarius drops after Reuters exclusive on output cut

Shares in Aquarius Platinum dropped 12 percent in two days after the world’s fourth-biggest platinum producer told Reuters on July 1 that output from its Everest mine was unlikely to resume for more than a year. Aquarius shares, which had been 0.9 percent lower ahead of the Reuters report, reacted immediately falling as much as 7 percent in London following the story while trading volumes were the highest in almost three months. UBS and Barclays quoted from the Reuters report at length in their notes to clients the following day when the stock lost another 9 percent, dropping to a three month low. Investec cited the Reuters report as the main reason for the falls.