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Share Price Information for Ferrexpo (FXPO)

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Share Price: 44.00
Bid: 44.00
Ask: 44.20
Change: -0.35 (-0.79%)
Spread: 0.20 (0.455%)
Open: 44.85
High: 45.00
Low: 44.00
Prev. Close: 44.35
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LONDON MARKET MIDDAY: UK GDP shrinkage fuels growth fears ahead of BoE

Mon, 13th Jun 2022 12:01

(Alliance News) - A worrying reading on the UK economy on Monday compounded market concerns over inflation and aggressive interest rate tightening, as a central bank-heavy week gets underway.

The FTSE 100 index was down 123.88 points, or 1.7%, at 7,193.64 midday Monday. The mid-cap FTSE 250 index was down 403.43 points, or 2.1%, at 19,269.89. The AIM All-Share index was down 22.48 points, or 2.4%, at 928.44.

The Cboe UK 100 index was down 1.6% at 717.27. The Cboe 250 was down 2.5% at 16,964.12, and the Cboe Small Companies down 1.2% at 14,381.24.

In mainland Europe, the CAC 40 in Paris was down 2.1%, while the DAX 40 in Frankfurt was down 2.1% on Monday.

Friday's hotter-than-expected US inflation print sent markets into a tailspin, with sentiment still depressed at the start of the new week.

"Markets were already expecting a 50-basis point rate hike at the Fed's policy meeting this week, but markets moved to price in a more aggressive tightening trajectory. Fed funds futures now point to greater than 50% odds of a 75-basis point move in July and close to 310 basis points of tightening for 2022 overall, up from around 240 basis points in April," explained UBS.

UBS said the potential for more a more hawkish Fed and softening economic data also added to worries over the growth outlook.

The Federal Reserve unveils its latest US interest rate decision on Wednesday.

In the UK, these fears were refreshed after the economy unexpectedly contracted again in April, leaving the Bank of England in a tough spot when it meets later this week.

Data from the Office for National Statistics on Monday showed gross domestic product contracted by 0.3% in April on a month before, badly missing FXStreet-cited market consensus of 0.2% growth. The reading also marked a deterioration from March's 0.1% fall.

The ONS added that this is the first time that all main sectors have contributed negatively to a monthly GDP estimate since January 2021.

The data comes ahead of Thursday's Bank of England policy announcement, with markets expecting the central bank to raise interest rates again. Some traders had braced for a half-point rate hike from the BoE this week - the same as the US Fed's recent pace - but expectations were scaled back to a 25 basis point hike following Monday's data.

Sterling was quoted at USD1.2211 on Monday, slumping from USD1.2321 at the London equities close on Friday and trading around its lowest price in a month.

The euro traded at USD1.0471, down from USD1.0518 late Friday. Against the yen, the dollar was quoted at JPY134.45, up versus JPY134.13, having earlier Monday topped JPY135.

Ahead of the US open, Wall Street was on track for a sharply lower open. The Dow Jones was pointed down 1.9%, while the broad-based S&P 500 and the tech-heavy Nasdaq Composite both were seen down 2.9%.

In London, precious metals miner Fresnillo remained the top gainer in the FTSE 100, up 5.4%.

"The mood out there is pretty grim, with the relief rally seen in late May starting to feel like a distant memory. You know things are bad when the best performer among the UK's top stocks is precious metal producer Fresnillo as investors reach for traditional safe havens," said AJ Bell investment director Russ Mould.

Gold was quoted at USD1,854.27 an ounce early Monday, down against USD1,862.37 on Friday. However, earlier on Monday, the price hit a high of USD1,878.75.

Brent oil was trading at USD119.99 a barrel, softening from USD120.90 late Friday. Oil major BP was down 2.5% and peer Shell down 2.7%.

The natural resources sector took a hit after Beijing started a new round of mass testing in its most populous downtown district on Monday, after a rapidly spreading outbreak linked to a bar saw Covid rules tightened again in the capital.

A night of partying by one Beijing resident last week threw the city's tentative reopening into chaos, leading authorities to shutter nightlife venues in the downtown district of Chaoyang days after they reopened last Monday.

Miners were gathered towards the bottom of the FTSE 100 index. Glencore fell 5.4%, Antofagasta was down 5.0% and Anglo American down 4.2%.

In the FTSE 250 index, Ferrexpo fell 10% after saying it has reduced its output of iron ore pellets, amid difficulties in getting production out of war-torn Ukraine, but the miner said it is in talks with additional port operators in central Europe for seaborne exports.

The Baar, Switzerland-headquartered firm mines for iron in central Ukraine. It produced 4.4 million tonnes of iron ore pellets so far in 2022 as of the end of May, down 8% from the same point in 2021.

Ferrexpo said it will lower production for a period of time as the war in Ukraine blocks its export routes.

National Express sat atop the mid-caps, up 4.7%, in a positive read-across from peer Go-Ahead.

Go-Ahead rose 15% to 1,390 pence at midday, giving the firm a valuation of around GBP600 million, after receiving two takeover proposals at terms it "would be minded to recommend" should a firm offer materialise.

The Newcastle, England-based public transport operator said it has received a takeover proposal from Sydney-listed transport Kelsian and another from a consortium consisting of Kinetic and Globalvia Inversiones.

Kinetic is a bus operator in Australia and New Zealand, while Globalvia is a Madrid-based transport infrastructure firm.

Kelsian operates transport services in the UK, Singapore and Australia. In May, Kelsian sold its Lea Interchange depot in east London to Stagecoach Group for GBP20 million.

Both approaches were unsolicited, Go-Ahead said.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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15 Mar 2023 11:49

Ferrexpo profit suffers amid continued conflict in Ukraine

(Alliance News) - Ferrexpo PLC on Wednesday said profit and revenue tumbled in 2022 as the war in Ukraine continues to affect production.

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15 Mar 2023 08:01

Ferrexpo revenue and earnings halve amid war in Ukraine

(Sharecast News) - Ukraine-focussed iron ore pellet producer Ferrexpo reported a 50% fall in revenue in its 2022 results on Wednesday, to $1.2bn, due to "operational and logistics constraints" caused by the ongoing Russian invasion.

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Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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7 Mar 2023 16:55

Ferrexpo says no intention of transferring shareholding in Swiss subsidiary

(Sharecast News) - Ferrexpo said on Tuesday that it has no intention of transferring its shareholding in Swiss subsidiary Ferrexpo AG.

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7 Mar 2023 16:48

Ferrexpo does not intend to transfer shareholding in Swiss subsidiary

(Alliance News) - Ferrexpo PLC on Tuesday confirmed it has no intention to transfer its shareholding in Swiss subsidiary Ferrexpo AG, following recent press reports to the contrary.

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7 Feb 2023 16:58

LONDON MARKET CLOSE: FTSE 100 outperforms thanks to record BP profit

(Alliance News) - Stocks in London were mixed at the close on Tuesday, though London's flagship index, the FTSE 100, finished higher thanks to strong results from oil major BP.

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7 Feb 2023 08:37

Ukraine court freezes one of Ferrexpo's accounts amid investigation

(Alliance News) - Ferrexpo PLC on Tuesday said Ukrainian courts have granted an order to freeze one of its subsidiary's bank accounts amid accusations of a "potential underpayment."

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7 Feb 2023 07:21

Ukraine court grants order to freeze Ferrexpo unit bank accounts

(Sharecast News) - Iron ore pellet maker Ferrexpo said Ukrainian courts have granted an order to freeze bank accounts belonging to one of its subsidiaries in the war-torn country over alleged royalty underpayments.

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12 Jan 2023 09:40

LONDON BROKER RATINGS: UBS cuts Beazley; Berenberg likes Rio and BHP

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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11 Jan 2023 10:45

Ferrexpo sales and production suffer as war in Ukraine continues

(Alliance News) - Ferrexpo PLC on Wednesday said full-year production was testament to the determination of its workforce, despite an "exceptionally difficult year".

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11 Jan 2023 08:12

Ferrexpo iron ore pellet production slumps in Q4

(Sharecast News) - Iron ore company Ferrexpo said on Wednesday that iron ore pellet production had crashed in the fourth and final quarter of the group's trading year amid the ongoing conflict in Ukraine.

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LONDON BRIEFING: JD Sports and Sainsbury's sparkle during Christmas

(Alliance News) - London's FTSE 100 was set to open higher on Wednesday, amid relief that Federal Reserve Chair Jerome Powell didn't add to the hawkish tone of recent commentary by Fed officials.

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29 Dec 2022 17:32

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29 Dec 2022 17:18

TOP NEWS: Ferrexpo majority owner to step down from board after arrest

(Alliance News) - Ferrexpo PLC on Thursday said its largest shareholder Kostyantin Zhevago has stepped down from the iron ore pellet producer's board, after he was detained in France at the request of Ukrainian authorities.

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