Meli Happy Returns
3 September 2023
A strong week this week outperforming both the FTSE100 index and the others on the investment platform. With a storming performance from MercadoLibre up close to +15% for the week. The stock is now at the highest it has been since November 2021. No specific news on the stock beyond a few banks and analysts rating the stock higher.
There was some respite with some of the mining names, with many rebounding after a tough prior few weeks. Poor Chinese data has pummelled these stocks recently so it is certainly nice to see a rebound.
What I was most concerned about during the week was the impact of the Gabonese military coup on mining company Eramet. The company had suspended operations in the country on the news for 24 hours. Operations there are now back online though risks related to the instability there remain. I remain bullish on the company and its longer term prospects and feel this share price weakness offers an attractive entry point.