Anglo American's Share-Price Outlook is Improving
Anglo American's share-price outlook is brightening, says RBC
Capital Markets following the miner's second-quarter production
update. The statement was largely as expected, RBC says.
Platinum-group metals and copper output topped RBC's estimates
whereas iron ore, metallurgical coal and diamonds were slightly
weaker, the bank says. "The better realized pricing, especially in
iron ore and copper, will help consensus forecasts for H1," RBC
analyst Tyler Broda says, adding that Anglo's shares have eased in
the last few weeks and risk-reward is improving. "That said, we
remain negative on the short-term outlook for the [sector] as a
whole and cautious heading into the upcoming results. We maintain
our sector-perform recommendation."
Companies News:
Focusrite Sees FY 2021 Revenue, Profit Ahead of Market Views
Focusrite PLC said Tuesday that it expects its fiscal 2021
profit and revenue to exceed market forecasts, but cautioned of
increasing supply-chain disruption and constraints due to the
coronavirus pandemic.
---
Corero Network Security to Report 1H Revenue Rise, Higher Order
Intake
Corero Network Security PLC said Tuesday that it expects to
report a 34% rise in revenue for the first half of the year and a
higher order intake.
---
Alliance Pharma 1H Revenue Rose; Sees FY Profit Meeting Market
Views
Alliance Pharma PLC said Tuesday that revenue for the first half
of the year rose on year and that it expects underlying pretax
profit for the full-year to meet market expectations.
---
Alliance Pharma 1H Revenue Rose; Sees FY Profit Meeting Market
Views
Alliance Pharma PLC said Tuesday that revenue for the first half
of the year rose on year and that it expects underlying pretax
profit for the full-year to meet market expectations.
---
Cloudcall 1H Revenue Rose; Sees Full Year on Track
Cloudcall Group PLC said Tuesday that revenue for the first half
of 2021 rose, helped by a strong recovery in the recruitment
sector, and said that it is progressing in line with its plans.
---
NAHL Anticipates Lower Revenue, Higher Profit for 1H
NAHL Group PLC said Tuesday that it expects to report lower
revenue and higher profit for the first half of the year.
---
Brand Architekts 2H Net Sales Rose But Remain Down for FY
2021
Brand Architekts Group PLC said Tuesday that net sales for the
second half of the year rose 9.5% but still fell overall for the
year as the company suffered from lower footfall in the high street
due to coronavirus-related restrictions and lockdowns.
---
Dianomi 1H Trading Was Strong, on Course to Meet Full-Year
Market Views
Dianomi PLC said Tuesday that its performance in the first half
of 2021 has been strong, and that it is trading in line with market
expectations for the full year.
---
Audioboom 1H Pretax Loss Narrowed as Revenue Nearly Doubled
Audioboom Group PLC that pretax loss for the first half narrowed
on higher revenue as its audiences grew.
---
Eurocell Expects to Beat 2021 Profit Forecasts After Strong
1H
Eurocell PLC said Tuesday that it expects to beat current market
expectations for full-year pretax profit after a
stronger-than-anticipated first-half performance and an improvement
in its outlook for the second half.
---
TClarke Swung to 1H Profit, Maintains Interim Dividend
TClarke PLC on Tuesday reported a profit for the first half of
the year and proposed a dividend in line with a year earlier.
---
Time Out Names Chris Ohlund as Executive Vice Chairman
Time Out Group PLC said Tuesday that it has appointed Chris
Ohlund executive vice chairman, effective immediately.
---
Rotala Swung to 1H Pretax Profit
Rotala PLC said Tuesday that it swung to a pretax profit for the
first half of fiscal 2021 as revenue rose, and that trading for the
period was underpinned by subsidies from the U.K.'s Department for
Transport.
---
Papillon Holdings Raises GBP5.5 Mln Via Share Placing
Papillon Holdings PLC said Tuesday that it has raised around 5.5
million pounds ($7.5 million) via a share issue and will use the
money to build production at the Kilimapesa gold mine and for
future growth.
---
BrandShield Systems Secures New Contract
BrandShield Systems PLC said Tuesday that it has secured a
contract in the personal-care industry.
Market Talk:
Arbuthnot Banking Maintained Good Momentum in 1H
1021 GMT - Arbuthnot Banking's results for the first half of
fiscal 2021 prove that it is keeping up its momentum, Numis says.
The commercial bank remains well-placed to benefit from an
anticipated healthy trend in U.K. small-and-medium enterprise
lending in coming years, the U.K. brokerage adds. Numis slightly
raises its full-year pretax profit forecasts to GBP5 million from
GBP4.9 million, reflecting mainly higher assets under management,
and leaves its 1,200-pence-a-share target price on the stock
unchanged. Numis has a buy recommendation on the stock.
---
easyJet Still Faces Negative Factors Despite Cost Cutting
1011 GMT - Having raced to cut costs in the business, easyJet is
shifting attention to customers in continental Europe where there
are more opportunities to make money, Russ Mould at AJ Bell says.
Although credit must be given for it being able to shift a lot of
moving parts, it must still cope with two prevailing negative
factors, Mould says. Customers are booking a lot closer to the fly
date, and it has only a fraction of its seats available to book as
demand is still being mixed toward flying due to changing
government restrictions, he says. "A lot can change in the next six
to eight weeks, but every day counts for an industry that is still
losing a lot of money," Mould says.
---
Jadestone Energy Offers Sector-Leading Cashflow Netback
0938 GMT - Jadestone Energy has the second highest cashflow
netback among the group of oil peers covered by Jefferies,
according to the bank. With the company about to close deals to
acquire assets in Malaysia and New Zealand, Jefferies estimates
Jadestone can obtain a $15.9-per-barrel netback in 2022, assuming
Brent is at $65. This is only topped by EnQuest PLC. Netback
expresses profit per barrel of oil, accounting for all cash costs.
Jefferies has a buy rating on Jadestone, and raises its target
price to 118 pence from 106 pence with completion of the Malaysian
deal now expected on July 30.
---
Inflation Surge in the UK Isn't Expected to Persist
0921 GMT - CPI inflation in the U.K. is set to increase 4% by
the end of the year compared with the current annual rate of 2.5%,
but is expected to fall back below 2% in 2022, Paul Dales, chief
U.K. economist at Capital Economics, says. "Our forecast that
Covid-19 won't significantly reduce potential supply means that the
economy can run a bit hotter for longer without generating the
persistent rise in inflation that would require monetary policy to
be tightened," he says. The inflation spike isn't likely to lead to
higher pay growth and inflation expectations, so the Bank of
England won't tighten monetary policy until mid-2023, a year later
than the markets expect, Dales says.
---
Anglo American's 2Q Production Looks Mixed
0917 GMT - Anglo American seems to be operating relatively well,
Jefferies says, reiterating its buy rating on the miner after the
company's latest production report. Anglo reported mixed 2Q
production, with diamonds, met coal, and nickel volumes lower than
the bank expected while copper, iron ore, and PGMs beat its
expectations. Volumes overall increased by 20% as capacity
rebounded following the initial impact of lockdowns. Anglo has been
operating at 95% of full capacity on average as restrictions ease.
Anglo lowered the high end of its full-year guidance range for
diamonds, PGMs and iron ore and raised the low end of its guidance
for copper. Risks to its production outlook include Covid-19,
unrest in South Africa, and power availability in South Africa.
---
Apollo Cools Morrisons Bidding War, But Other Suitors Could
Emerge
0809 GMT - Apollo Global Management has taken the heat out of a
potential bidding war for Wm. Morrison Supermarkets, but the U.K.
grocer could still attract new suitors, Hargreaves Lansdown analyst
Sophie Lund-Yates says. "Increasing private equity activity in
London in recent months means there could be other raised arms in
the bidding hall, but for now, Morrisons is back to courting a
single suitor," Lund-Yates says. The New York-based private-equity
group is in talks with a group of investors led by SoftBank-backed
Fortress Investment to be part of the consortium that agreed to buy
Morrisons earlier this month, which suggests that their GBP6.3
billion cash offer is less likely to get pushed upward, Lund-Yates
says.
Contact: London NewsPlus, Dow Jones Newswires;
paul.larkins@wsj.com
(END) Dow Jones Newswires
July 20, 2021 06:48 ET (10:48 GMT)
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