RioTinto, Keller and Hayward Tyler

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“Equities opened lower after gains on Wall Street and in Asia, with sentiment undermined by ongoing Brexit jitters. Investors are looking to the European Central Bank's rate call soon after midday and a raft of US data including the Philly Fed's manufacturing index and the CB leading index,” says AJ Bell Investment Director Russ Mould. 

“Mining giant Rio Tinto’s shares were up in early trading following strong quarterly production figures. Iron ore output was 2% higher than a year ago while copper and aluminium production both saw double-digit increases. Rio Tinto’s figures follow an optimistic outlook from rival BHP Billiton yesterday with the group seeing early signs of a recovering in the market. 

“Ground engineering group Keller’s shares plunged after it warned its underlying full year results will be around 15% below current market estimates. This is mainly due to under-performance in its Asia Pacific division although the second half will also include an exceptional restructuring charge of around £10m in connection with further downsizing. Looking ahead, Keller has a strong order book and steadily growing construction markets in the US and Europe means it is well placed for 2017. Keller’s shares were down by more than 26% in early trading.

Hayward Tyler remains on track to meet its full-year forecasts but results are strongly weighted to the second half of the year. Revenue in the first six months is expected to result in the group making an operating loss of £5.5 million. But full-year confidence is based on the group’s strong pipeline of opportunities, recent improved levels of order intake, increased order book and reduced lead times from operational improvements that shorten the revenue cycle.”

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