Monday, January 24, 2022

MARKET REPORT: Miners take Footsie to new high after pandemic

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Mining stocks pushed the FTSE 100 to a new high after the pandemic as fears over the Omicron option continued to decline.

The blue chip index rose 0.8 percent, or 60.35 points, to 7,551.72, the highest in nearly two years.

London-listed mining groups BHP rose 4.5 per cent or from 101.5p to 2375p and Antofagasta rose 7.5 per cent or 100.5p, while Anglo American rose 1492.5p to 3.9 per cent or 12535p. was one of the greatest lifters. p, Glencore 3.5 per cent or 13.45p, 401.25p and Rio Tinto 2.9 per cent or 151p, 5452p.

The London-listed mining industry groups are among Footsie’s largest lifts, with BHP up 4.5% and Antofagasta up 7.5% and Anglo American up 3.9%.

Russia’s Evraz steel firm, owned by Chelsea owner Roman Abramovich, was also on the rise – up 2.7 percent or 16 percent to 613.6 percent.

The mid-range FTSE 250 rose 0.1 percent, or 18.98 points, to 23,047.16. The sector is often a beacon for the global economy, indicating that traders are optimistic about 2022.

Oil stocks helped boost the FTSE 100 as crude oil prices continued to rise and topped $ 84 a barrel for the first time since November as the Omicron option began to lower demand for fuel.

Stock clock – Portmeirion

The Stoke-on-Trent-based pottery firm Portmeirion hit a 23-month high after updating its earnings forecasts after a strong Christmas sale.

The Royal Worcester tableware maker expects record sales of at least £ 104 million in 2021, up 10 per cent from current estimates and 18 per cent from 2020.

The full annual profit is expected to be £ 7m, up 9 per cent from market forecasts and five times the £ 1.4m announced last year.

Shares rose 12.9 per cent, or from 80p to 700p.

Shares of Shell rose 2.7 percent, or 47.6 percent, to 1,807.2 percent, while BP rose 3.2 percent, or 11.85 percent, to 381.45 percent.

The Scottish Mortgage Investment Trust rose 2 percent, or 23.5 percent, to 1,219.5 percent as investors became more optimistic about U.S. tech stocks, which make up the bulk of their portfolio.

Federal Reserve Chairman Jerome Powell said the U.S. Federal Reserve will do everything it can to keep inflation in check.

At the same time, more defensive blue-chip stocks have dropped themselves as risk appetite has returned.

BT fell 1.4 percent or 2.5p to 174.65p, while Lambert & Butler cigarette maker Imperial Brands fell 0.4 percent or 6.5p to 1661p.

Distribution specialist Bunzl rose 2 percent, or 54p to 2777p, after buying U.S. firm Tingley Rubber for an undisclosed amount.

Tingley focuses on personal protective equipment and footwear and earned £ 49 million last year. The Trustpilot mid-range customer review website rose 2.1 percent, or 5.8p, to 273p as a result of a strong sales update.

The group’s revenue rose 29 per cent year-on-year to £ 96m in 2021 as its orders rose 32 per cent to £ 110m.

Topps Tiles fell 0.6 percent, or 0.4 p, to 63.6 p after warning that profit margins were linked to rising shipping costs and rising inflation.

This was despite the fact that sales grew by 1 per cent year-on-year in the 13-week period to January 1, as a good level of sales extended from normal to December as customers rushed to complete construction projects.

Recruiter Page Group set a 2021 record as wage inflation and staff shortages led to an increase in demand for its services. Annual profits were expected to be around £ 165 million.

Shares fell 0.6 percent, or 3p, to 630p. Ultra Electronics, a defense firm, rose 0.8 per cent, or 24p, to 3,146p after reaching an agreement to develop anti-submarine equipment for the Indian Navy.

The deal is worth £ 60m for Ultra, with deliveries set to begin in 2024.

Iron miner Ferrexpo rose 318.2 p in the fourth quarter of 2021, up 4.8 per cent or 14.4 per cent after a sharp increase in production.

The group produced about 3.1 million tonnes of iron ore granules, up 18 per cent from the third quarter.

AIM has risen to heavyweight Gamma Communications as it predicts that by 2021, revenue will be in the “upper half” of expectations.

The call center and business telephone systems provider noted strong demand in the UK and Europe. It rose 1.9 per cent, or 30p, to 1590p.

Elsewhere, budget airline Easyjet fell 1.4 percent, or 8.6 percent, to 621 percent as Deutsche Bank downgraded its share rating from “buy” to “hold”.

Wizz Air also fell 2.5 percent, or 116p, to 4,590p after Deutsche analysts cut their targets from 5,800p to 5,600p.

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