City File: Ibstock Johnsen

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The Independent Online
YOU pays your money and you takes your choice. Three analysts have come up with widely different views on Ibstock Johnsen after last week's pounds 17m interim loss - caused mainly by the cost of shutting down a Portuguese pulp mill, the result of a disastrous diversification in 1988. Sell, says Kleinwort, largely because of continuing low pulp prices. Hold/sell, says Williams de Broe, looking foward to pre- tax profits of pounds 4.2m this year. Buy on weakness, if the price falls below its present 74p, says NatWest Securities, on the convincing argument that IJ is in two highly cyclical businesses. One, bricks, is already turning up and the other, pulp, could turn in 1994.