The mining giant best known for copper production published its second quarter update this morning and whilst volumes showed a remarkable improvement from earlier in the year, production limitations and lower quality extractions mean that total guidance for FY24 is now being revised down towards the lower end of the previously stated range. Some investors have taken this as a sell signal with the stock propping up the FTSE-100 an hour into the day, trading some 5% lower.
Leading global animal genetics company Genus published a full year trading update today ahead of full year results which are expected in early September. Profits are expected to be in line with forecasts, but with the note highlighting challenging market conditions in China, the impact of currency headwinds and the fact that the FY25 outlook is also being tempered, shares have struggled in early trade and sit more than 7% lower an hour into the day.
The pub group saw its shares rise by a little over 2% this morning, arguably as investors continue to assess the fallout of press comments from the weekend and the company’s subsequent reaction. The Daily Telegraph alleged that Labour would be after employers such as JDW on the basis they had built their business model on low-paid insecure employment. As Tim Martin rightly remonstrated, since 2007, 55% of company profits have been paid to employees in shares or bonuses and all staff are offered guaranteed minimum hour contracts. The market seems to be finding confidence that the press could be barking up the wrong tree here.
Headlines we expect tomorrow
Dunelm Full Year Trading Update
This time last year Total sales £1,639m, Digital sales 36%
SSE Trading Update
This time last year Renewables output 1,625 Ð GWh, Thermal output 3,714 Ð GWh
