Miners Fall After Rio Tinto's Earnings, Dividend Drop
1001 GMT - Miners dominate the FTSE 100 fallers after Rio Tinto reported lower 2022 earnings and cut its dividend. Shares in Rio, Anglo American, BHP, Antofagasta and Glencore all drop about 3%. "With the era of sky-high commodity prices beginning to fade, Rio Tinto's earnings and dividend are sharply lower year-on-year, although both are in line with consensus expectations," Quilter Cheviot analyst Jamie Maddock writes, adding that falling iron-ore prices in the second half of 2022 hit the business. "However, there are still some positives at play for Rio. China's re-opening and the demand surge there has meant miners should benefit as infrastructure spend re-starts, industrial output increases and property restrictions loosen. Indeed, iron-ore prices have recovered somewhat." (philip.waller@wsj.com)
Companies News:
Science in Sport 2022 Performance in Line With Views, Optimistic for 2023
Science in Sport PLC said Wednesday that performance for 2022 was broadly in line with expectations despite a challenging economic and supply-chain backdrop.
---
Future PLC Appoints Jon Steinberg as Chief Executive
Future PLC said Wednesday that it has appointed Jon Steinberg as chief executive and that he will join the company on April 3 to succeed Zillah Byng-Thorne.
---
Rio Tinto Reports Lower 2022 Earnings, Cuts Dividend -- Earnings Review
Rio Tinto PLC, the world's second-largest mining company by market value, reported its 2022 earnings after the Australian market closed on Wednesday. Here is what you need to know:
---
Gooch & Housego 4-Month Performance in Line After Capacity Progress
Gooch & Housego PLC said Wednesday that its performance over the first four months of the new fiscal year has been in line with expectations as it made good progress in increasing its productive capacity.
---
Lloyds Banking 4Q Pretax Profit Rose on Higher Income, Updated Mid-Term Targets
Lloyds Banking Group PLC on Wednesday reported a rise in pretax profit for the fourth quarter of 2022 on higher income and a lower impairment charge and issued 2023 guidance as it updated its mid-term targets.
---
RWS Holdings Sees Robust FY 2022 Performance Despite Economic Uncertainty
RWS Holdings PLC said Wednesday that it booked robust results for fiscal 2022 despite continued economic uncertainty and the conflict in Eastern Europe.
---
Angling Direct Sees FY 2023 Adjusted Ebitda in Line With Market Views
Angling Direct PLC said Wednesday that it expects to deliver adjusted Ebitda in line with market expectations supported by a resilient performance in the U.K. market.
---
Hummingbird Resources to Raise Up to a Further $3.5 Mln for Balance Sheet, Guinea Mine
Hummingbird Resources PLC said Wednesday that it has secured a conditional subscription of around $1.4 million from certain existing institutional shareholders and that it is conducting an open offer to raise up to around $2.4 million.
---
Upland Resources Raises GBP1.7 Mln For Sarawak Activities
Upland Resources Ltd. on Wednesday said it raised around 1.7 million pounds ($2.1 million) in an oversubscribed fundraise to fund its activities in Malaysia's Sarawak.
---
Amedeo Air Four Plus to Return GBP28 Mln to Shareholders
Amedeo Air Four Plus Ltd. said Wednesday that it will return 28 million pounds ($33.9 million) by way of a partial compulsory redemption of shares and a quarterly dividend increase.
---
Applied Graphene to Wind Up Business After $1.3 Mln Disposal
Applied Graphene Materials PLC said Wednesday that it will wind up after agreeing with Universal Matter Inc's subsidiary, Universal Matter UK Ltd, to sell Applied Graphene Materials UK Ltd and Applied Graphene Materials LLC for $1.3 million.
---
Avingtrans 1H Revenue, Profit Rose Despite Inflation, Supply-Chain Issues
Avingtrans PLC said Wednesday that revenue and pretax profit rose for the first half of fiscal 2023 as its pinpoint-invest-exit model delivered robust results despite inflationary pressures and supply-chain instabilities.
---
Seeing Machines 1H Revenue Boosted by Global Focus on Transport Safety
Seeing Machines Ltd. said Wednesday that it expects revenue for the first half of its fiscal year to rise, thanks in part to a global heightened regulatory focus on transport safety.
---
City of London Investment Group 1H Funds Under Management Fell
City of London Investment Group PLC said Wednesday that funds under management for the first half of fiscal 2023 fell amid higher costs, but maintained its dividend payout.
---
Hammerson Says Accounting Change to Affect 2022 Results
Hammerson PLC said Wednesday that 2022's full year results will be affected by a change in its accounting policy which requires 2021's figures to be restated.
---
TBC Bank 4Q Pretax Profit Boosted by Interest Rates; Confirms Mid-Term Guidance
TBC Bank Group PLC said Wednesday that its fourth-quarter pretax profit rose 64% as it benefited from higher interest rates, fee and commission income, and the performance of its foreign exchange operations.
---
Boku to Update on Mid-Term Financial Targets at CMD
Boku Inc. said that it will provide an update on its mid-term financial targets to double revenue and increase earnings before interest, taxes, depreciation and amortization margins to more than 50% at its capital markets day on Wednesday.
---
Star Phoenix Shares Surge on Return to Trading After Publishing FY 2022 Earnings
Shares in Star Phoenix Group Ltd. more-than doubled Wednesday after being restored to trading following the publication of the company's fiscal 2022 earnings on Tuesday.
---
Corcel Signs Option to Acquire Lithium Rights at Australian Project
Corcel PLC said Wednesday that it has signed a 30-day option with Huntsman Exploration Inc. to fully acquire the lithium rights of the Canegrass project in Australia.
Market Talk:
UK July 2053 Green Gilt Looks Cheap Ahead of Auction
0947 GMT - The U.K. Debt Management Office's planned sale of GBP2 billion in the 1.5% July 2053 green gilt on Wednesday is expected to go well as the gilt looks around 2-2.5 basis points cheap, say RBC Capital Markets analysts in a note. "The bond has recently outperformed and still looks cheap after accounting for a 'greenium' [green premium] and hence we still see further room for performance," the analysts say. The auction is the last green gilt tap for this fiscal year, RBC says. (miriam.mukuru@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
02-22-23 0520ET
