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Joy still searching for pit-bottom

Joy Global’s share price has continued its seemingly inexorable march downward in the wake of its latest financial report, which underlined disciplined efforts to claw market share while containing costs, but could not provide investors with any real reassurance about a future rebound point for vital bulk commodity markets.

One of the world’s big five mining equipment manufacturers, Joy’s shares have dipped about 11% over the past month and have fallen some 40% in the past year.