GrainCorp's share-price fall since April attracts Bell Potter as a new bull. GrainCorp has lost more than 20% of its value since Australia's Bureau of Meteorology issued its El Niño watch that month. The bureau confirmed an El Niño event last month. "From a historical context the downward movement in the GrainCorp share price is one of the largest downward movements the stock has experienced in a BOM El Niño watch-event phase," analyst Jonathan Snape says. Only the 2002-03 event was steeper, with GrainCorp falling some 26% then. Bell Potter upgrades GrainCorp to buy, from hold, saying "the most damaging phase of El Niño" has happened from a share-price perspective. (david.winning@wsj.com; @dwinningWSJ)
Dow Jones Newswires
El Niño Damage to GrainCorp's Share Price Already Done — Market Talk
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GrainCorp's share-price fall since April attracts Bell Potter as a new bull. GrainCorp has lost more than 20% of its value since Australia's Bureau of Meteorology issued its El Niño watch that month. The bureau confirmed an El Niño event last month. "From a historical context the downward movement…