Gemstone miner Gemfields issued full year results this morning noting that a number of disruptive market factors has knocked revenues by almost 20%, having a consequent impact on margins whilst cost savings were pushed through. The company has also this morning announced a $30m rights issue as whilst the longer term picture appears stable, clearly there are short term issues that need to be worked through. The Gemfields share price was 15% lower in early trade.
There’s a Q1 trading update out from BP this morning which investors failed to warm to. Updated guidance pointed towards lower upstream production and whilst this is offset by lower costs and stronger margins, debt levels are also expected to be around $4bn higher. Despite broad based gains across the market, the BP share price was trading down just over 2% shortly after the open.
As the market uncertainty of tariffs continues, there’s been a renewed move into precious metals so those miners with a focus on gold – including Hochschild – have had a bumper start to the day. Gold prices are up more than 7% on the week and that’s lending support to many in the sector. The Hochschild Mining share price was trading almost 6% higher by 8.30am.
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