Global growth fears weigh on FTSE April 12, 2011 Worries over global growth and Japan’s continuing nuclear crisis have combined to cause an almost 100-point plunge on the FTSE today. The FTSE 100 lost 89 points in the day’s trading to close 1.5 per cent down at 5,964.47 after the International Monetary Fund downgraded the US’ growth forecast to 2.8 per cent and the [...]
Kazakhmys boosts profit March 29, 2011 Kazakhmys, the world’s 10th largest copper miner, said yesterday its full-year profit jumped 74 per cent thanks to higher metal prices. Earnings before interest, tax, depreciation and amortisation, excluding special items, rose to $2.84bn (£1.8bn). The figure included a $903m contribution from its 26 per cent stake in Eurasian Natural Resources Corporation (ENRC). Earlier this [...]
BEST OF THE BROKERS March 24, 2011 ENRC UBS rates the Kazakh miner “buy” with a 12-month target price of £13. ENRC’s results on Wednesday met the broker’s expectations, with earnings per share beating forecasts by 13 per cent due to exceptional items linked to an acquisition. UBS expects the firm’s costs to rise in line with the industry as it undertakes [...]
ENRC profits double on production rises March 23, 2011 KAZAKH miner ENRC met forecasts with full-year underlying profit that more than doubled, on record production and demand recovery, and said the global economic outlook was still improving. “We remain positive on the group’s prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues [...]
THE TIPSTER March 21, 2011 SPECIALIST engineering group Smiths is expected to deliver solid interim results on Wednesday, on the back of ongoing cost-saving efforts. After hitting all-time highs around 1,440p early in 2011, the shares slipped back to around 1,250p. With Smiths seen as a target for break-up bidders, look for dips back around 1,250-1,300p to buy some CFDs. [...]
BEST OF THE BROKERS February 28, 2011 ENRC Morgan Stanley rates the miner “overweight” with a target price of £14. The broker believes that rising ferrochrome spot prices could give a lift to 2011 earnings of between five and seven per cent, and thinks that consensus upgrades could be higher still. Morgan Stanley adds that ENRC’s leverage to iron ore still looks [...]
ENRC to get $2bn Chinese loan February 23, 2011 FTSE-listed Kazakh miner ENRC is to get a loan of around $2bn (£1.23bn) from the China Development Bank, Kazakhstan’s President Nursultan Nazarbayev said yesterday. The funds, agreed between the two countries, are set to help develop ENRC’s iron ore and chrome units, though the firm has not commented.
Markets slump on fears for Middle East February 23, 2011 The FTSE has slumped as the political turmoil in Libya and threat of contagion across the Middle East region sent commodities and stocks sliding. The FTSE 100 closed down 1.22 per cent to 5,923.53 in a difficult day’s trading. “It’s been a trying few days for world markets, and if the situation in Libya continues [...]
Ferroalloys grow for ENRC February 2, 2011 Mining group ENRC said ferroalloy production rose 5.6 per cent in the fourth quarter as the company’s operations in Kazakhstan ran at full available capacity. The London-listed company said yesterday that production of ferroalloys grew to 473,000 tonnes from 448,000 tonnes in the same period last year. Ferroalloys accounted for 47 per cent of first-half [...]
FTSE closes above 6,000 as traders pick miners and banks February 2, 2011 BANKS and miners pushed Britain’s top share index higher yesterday, lifted by further proof that the economic recovery in the United States is on track. The FTSE 100 index closed up 42.25 points, or 0.7 per cent, at 6000.07, extending Tuesday’s 1.6 per cent rise. The index has recovered from a sharp dip at the [...]