BEST of the BROKERS July 12, 2012 TESCO Shore Capital has a “hold” rating on the supermarket giant and a target price of 319p. The broker thinks Tesco is making steady progress improving its performance in the UK, but has downgraded full-year earnings forecasts by nine per cent for the firm’s Europe division, 12 per cent for the US and 9.5 per [...]
Market report: FTSE drops after Moody’s downgrade banks June 22, 2012 The FTSE was down this morning following poor global growth forecasts and the decision by credit ratings agency Moody’s to downgrade some of the world’s biggest banks. Last night Moody’s lowered the credit ratings of 15 of the world’s biggest lenders to reflect the risk of losses they face from volatile capital markets. But the [...]
ENRC pledges more transparency June 12, 2012 ENRC investors approved all resolutions at the mining group’s shareholder meeting yesterday, as the firm promised a simpler and more transparent structure. New chairman Mehmet Dalman said this would include streamlining an African structure that has ENRC controlling its operations through several holding companies with shareholders who are not fully disclosed.
Dig into the miners to take gains from growth June 5, 2012 A BIG problem when it comes to day trading most retail equities is that sifting through balance sheets, analysing company performance and then taking a position based on your analysis isn’t the easiest thing in the world. But when trading mining equities, you often have the advantage of trading the macroeconomic news affecting the stock, [...]
ENRC warns of slowdown May 10, 2012 Kazakh mining group ENRC warned yesterday that revenue decreased “significantly” in the first quarter compared to a bumper three months a year ago, hit by a drop in prices for the commodities it sells, especially iron ore, and weaker production volumes. The miner said it expects cost pressures to continue and unit costs to rise [...]
ENRC investors back $650m coal purchase April 2, 2012 INDEPENDENT shareholders in ENRC yesterday approved the Kazakh miner’s $650m (£405.7m) acquisition of the outstanding 75 per cent of Kazakh coal producer Shubarkol Komir from its founder investors. At a meeting yesterday, 96 per cent of the shareholders that voted supported the deal, ENRC said. Shareholders – excluding the three founder investors – had been [...]
Shake-up for ENRC’s board as profit dips March 21, 2012 MINER ENRC yesterday signalled that it would be making more boardroom changes as it reported profits which fell short of City forecasts. The FTSE 100 company said pre-tax profits fell 7.5 per cent to $2.8bn (£1.7bn) after hits due to the rising cost of labour and energy. Revenues rose 17 per cent to $7.7bn last [...]
SHAKE-UP LOOMS AT MINER ENRC March 18, 2012 MEHMET Dalman (pictured), the new chairman at London-listed mining group ENRC, has asked several board members to resign, according to the Sunday Times. Dalman took up the post last month with permission to shake up the board. The Kazakh government last year staged a dramatic boardroom coup that ousted City grandees Sir Richard Sykes and [...]
ENRC output hit by repairs to equipment February 1, 2012 KAZAKH mining group ENRC yesterday revealed that output from its key ferroalloys and iron ore divisions was badly dented in the fourth quarter of 2011 by the need for emergency repairs. The London listed miner said production of ferroalloys dropped in the quarter, with the division suffering as a furnace malfunctioned. Saleable output dived by [...]
ENRC settles Congo dispute January 5, 2012 KAZAKH miner ENRC has agreed a $1.25bn (£800m) settlement with Canada’s First Quantum Minerals to end a long-running dispute over ownership of the Kolwezi project in the Democratic Republic of Congo. The London-listed miner said yesterday the deal would enable it to start developing its operations at the copper-cobalt Kolwezi Tailings project. ENRC will pay [...]