Investors have sent Iluka shares up after the company reported first half sales growth in zircon of 143% compared to 2012

Investors have sent Iluka shares up after the company reported first half sales growth in zircon of 143% compared to 2012. CIMB Securities has upgraded the stock to Outperform in line with JPMorgan and UBS and believe that the worst of the market conditions have passed. Although prices for Iluka's products have deteriorated sharply, demand is picking up in China and companies such as Rio Tinto are looking to cut production to tighten supply. On the other hand, Macquarie notes improved sales and prices recently, but remains Underweight as it believes the market is over-enthusiastic.