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Print[Ferro-alloys.com]（Bloomberg）Assore, a joint owner of iron ore and manganese producer Assmang, gained the most in more than seven months yesterday on speculation that the stock’s decline was overdone. Shares in the company soared 7.03 percent to close at R293, the most since at least August 23 last year. Kumba Iron Ore pared four days of losses, advancing 1.92 percent to close at R451. “Iron ore stocks are having a relief day,” Investec Asset Management trader Ryan Wibberley said. “They’re rallying from an oversold position.” Kumba’s 14-day relative strength index was below 30 for a fifth day while Assore’s was 30 for the first time in seven days. A reading below 30 signals to technical analysts that a security is undervalued and poised to rebound. The increase in these shares had followed a jump in Australian iron ore stocks, Wibberley said. “The iron ore sector has taken a beating lately.”
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