London close: UK stocks subdued on US Thanksgiving as resources in focus
24th Nov 2016 16:41
(ShareCast News) - UK stocks were in cautious form all day Thursday, with global markets generally subdued as traders in the US put their feet up for a Thanksgiving break. The FTSE 100 closed up 0.17% to 6,829.20. The FTSE 250 ended the session down 0.18% to 17,590.62. On the blue-chip upside, seve
Read moreRio Tinto may cut iron ore output as it targets $5bn cash flow boost
24th Nov 2016 08:02
(ShareCast News) - Tying in with Chancellor Philip Hammond's quest to boost British productivity, Rio Tinto chief executive Jean-Sébastien Jacques said the mining giant can boost cash flow by $5m over the next five years via a new "productivity drive". On top of its current $2bn cost-cutting target
Read moreRio Tinto agrees sale of Lochaber assets for $410m
23rd Nov 2016 11:08
(ShareCast News) - Rio Tinto has agreed to sell its assets at Lochaber in Scotland to SIMEC for $410m (£330m). The agreement comprises the sale of Rio's 100% shareholding in Alcan Aluminium, which includes the operating smelter, the hydroelectric facilities at Kinlochleven and Lochaber and all assoc
Read moreRio Tinto sacks two directors over Guinea payment controversy
17th Nov 2016 07:18
(ShareCast News) - Rio Tinto has terminated the contracts of two directors after an internal review into a controversial $10.5m payment made to a consultant concerning the Simandou iron ore project in Guinea Energy and minerals chief executive Alan Davies and legal and regulatory affairs group execu
Read moreWednesday newspaper round-up: Autumn Statement, Rio Tinto, US dollar
16th Nov 2016 07:14
(ShareCast News) - Theresa May and Philip Hammond have ended weeks of fraught Autumn Statement negotiations by agreeing measures to help key voters known in Whitehall as "Jams" - people who are "just about managing". Downing Street and Treasury officials have spent weeks in tough talks, with the pr
Read moreMacquarie raises copper price forecasts, boosts target prices for miners
15th Nov 2016 12:15
(ShareCast News) - Analysts at Macquarie hiked their target prices for a raft of miners due to the "acute" sensitivity of the pure copper plays and the majors to the price of that metal. In a previous note, published on 11 November, the Australian broker had upped its 2017 to 2020 price forecasts fo
Read moreFriday newspaper round-up: Trump, Brexit, Libor
11th Nov 2016 07:27
(ShareCast News) - Protesters took to the streets across US cities on Thursday for a second day of demonstrations against president-elect Donald Trump, ?who responded by blaming the unrest on "professional protesters" egged on by media. Fresh from his first White House meeting with President Barack
Read moreLondon close: Blue chips slide, led by gold-exposed miners amid profit-taking
10th Nov 2016 17:01
(ShareCast News) - London blue-chip stocks fell on Thursday as traders took profits stoked by Donald Trump's election win, with gold-exposed miners, pharmaceutical and US rates-sensitive utilities all flopping. The FTSE 100 ended the session down 1.21% to 6,827.98 points, somewhat out of kilter with
Read moreBroker tips: Bovis Homes, Aldermore, miners
10th Nov 2016 14:35
(ShareCast News) - Numis reiterated an 'add' rating and a target price of 939p on Bovis Homes on Thursday after the housebuilder reported a full year trading update. The company said it expects to deliver record revenues in 2016 as the backdrop for UK housebuilding continues to be positive, with dem
Read moreFTSE-listed miners boosted by HSBC note
10th Nov 2016 09:15
(ShareCast News) - Shares in Rio Tinto and Glencore gained on Thursday as HSBC initiated its coverage of the mining stocks with a 'buy' rating. HSBC said Rio's assets are positioned mainly in the developed world and hence less risky, while Glencore's are more evenly spread across the globe. BHP Bil
Read moreRio Tinto suspends senior executive over payments probe
9th Nov 2016 09:50
(ShareCast News) - Rio Tinto has suspended one of its senior executives after the company became aware of email correspondence relating to payments of $10.5m to a consultant providing advisory services on the Simandou project in Guinea. The miner launched an investigation into the matter led by exte
Read moreSavannah Resources upbeat on Mutamba mineral estimate
8th Nov 2016 10:44
(ShareCast News) - Savannah Resources said results of its mineral resource estimate of the Jangamo and Dongane deposits in the Mutamba project underscored it as one of the largest ilmenite-dominant, mineral sands accumulations on the east coast of Africa. The AIM-quoted outfit said this was a major
Read moreWednesday broker round-up
2nd Nov 2016 11:59
(ShareCast News) - Lancashire: JP Morgan keeps at neutral with a target price of 595p. Rolls Royce: UBS stays at neutral, 800p target. Rio Tinto: Barclays reiterates overweight with a 3200p target. Derwent London: Goldnman Sachs reiterates buy with a 3035p target. TUI AG: UBS reiterates buy with
Read moreSector movers: Macquarie delivers boost for miners
31st Oct 2016 14:32
(ShareCast News) - Media and mining stocks paced gains at the start of the week. Advertising colossus WPP reported that quarterly revenues grew 23.4%, with over 15 percentage points of that growth rate coming from currency translation effects as the pound weakened. Indeed, LFL net sales growth was
Read moreRio Tinto signs non-binding deal to sell Simandou stake to Chinalco
28th Oct 2016 11:12
(ShareCast News) - Rio Tinto has signed a non-binding agreement to sell its entire stake in the Simandou project in Guinea to Chinalco. The heads of agreement sets out the proposed principal terms of the sale with the aim of signing a binding agreement within six months. Rio Tinto will receive paym
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