To try and give you some hope (if holding), also copied from advfn: "Here's the note from Deutsche: 1Q12 results preview A slow start in Q1 is unlikely to be a catalyst African Barrick are due to report their Q1'12 results on Thursday the 19th of April. We maintain our view that the stock is undervalued, but that the company has to deliver an improved operational performance on the back of realistic guidance as a first step to a re-rating. Furthermore, the company's growth options need to be developed further to start being factored into valuations. The company had a slow start in Q1, which is unlikely to demonstrate the latent improvement within the company. Maintain Buy. Power disruptions still hampered Q1 We forecast Q1 production of 153koz, which is 4% lower than Q4’11, and 12% lower than Q1’11. The company still struggled with erratic power in the beginning of the quarter at Buzwagi and Bulyanhulu. Buzwagi now has full diesel back-up, and Buly is expected to be in the same position by the end of Q2. The company expects power to be derived in a 30% diesel - 70% grid ratio on a group basis. We forecast a cash cost of US$821/oz, which is 5% higher than Q4’11, a function of higher reagent consumption and lower production. We forecast an earnings decline YoY, despite the higher gold price We forecast a Q1’12 EBITDA of US$102m, and an EPS of US$0.11/sh, 3% and 13% lower than Q1’11, with lower production and cost inflation outweighing the higher realized gold price. We still forecast net operating cashflow to be strong and the company’s net cash position to build modestly by US$6m to US$590m. Operation improvements, particularly the grades at North Mara should result in improving financials through the course of the year, although this is dependent on the mine receiving the necessary disposal permits. Valuation cut by 10% on lower gold grades Our 12-month price of £5.60 (down from £6.10) is based on 1.5x our end 2012 NAV. This equates to c.12x 2012F EPS of US$0.72/sh. We believe African Barrick Gold will continue to trade at a discount to its more established peers, given the company’s modest visible growth compared to peers and its chequered operational track record up to now. Our NAV of £3.94/share, is based on life-of-mine discounted cash flows, using a WACC of 5% (with beta of 0.3x). Key risks include lower than expected gold prices, higher than expected costs and an appreciation of the Tanzanian Shilling."
April 12 (Reuters) - African Barrick Gold PLC ABGL.L : * Goldman cuts African Barrick Gold ABGL.L to sell from neutral * Goldman cuts African Barrick Gold ABGL.L price target to 380P from 570P AND April 12 (Reuters) - African Barrick Gold PLC ABGL.L : * Deutsche Bank cuts African Barrick ABGL.L price target to 560P from 610P copied from advfn: "0831 GMT [Dow Jones] Goldman Sachs downgrades African Barrick Gold (ABG.LN) to sell from neutral and cuts price target to 380p from 570p, noting ABG's poor positioning versus peers. GS says African Barrick faces increasing costs, reduced growth in the medium term, and higher risk in Tanzania, all leading to declining returns. Shares down 3.8% at 357p. " I notice I keep putting a 4 instead of a 3 in my previous posts, but I'm sure you chaps have realised that error.
At least you've still got your sense of humour. IMO, the bottom will be when it hits that blue trendline 430-440 in the next fortnight. Weekly RSI nearly oversold, and that was the bottom last year at 483. I'd still be looking at that gap at 518 as a sell target in the next year. http://www.flickr.com/photos/13440710@N04/6899664384/ That's what I think anyway, for what that's worth, from a random guy on the net! GL everyone.
Limit order set for 1070, hoping for a spike down to fill, and a close not under 1100. (Like last time).
Gold very unpopular atm. -$25 today. Goodness knows where the floor is for ABG now? Guess, it depends largely on the UKX, but maybe 330. http://www.flickr.com/photos/13440710@N04/6899664384/ I sold at 481ish, for a small loss. Are you planning to average down? Could be worse: you could be holding CEY or POG, or RRS which will continue to tank to 4500 (IMO), at least you've got the best of a bad bunch! ATB.
Target sell 500-520. Time 2-3 months. Fingers crossed!
...........gold not exactly in vogue atm, so you may be right with lower lows. Still think it's a good buy at 485 next week. http://tinyurl.com/75z29xy Might be safer to wait for a breakout from the wedge?
It's worth a go when/if it gets there: Limit Order at 485, stop loss at 479, and cross fingers! lol
This is getting interesting again, test of low soon, will be worth a punt at 385 for a bounce. Anyone else?
Strong top and bottom line performance -- Net written premiums of GBP4.2bn up 10% (9% at constant exchange) -- Underwriting result of GBP206m and COR of 93.2% -- Investment gains of GBP59m ahead of guidance following action to reduce equity exposure -- Operating result of GBP467m up by 22% -- Profit before tax of GBP376m up by 25% -- IGD surplus of GBP1.4bn, coverage remains strong at 2.1x -- Interim dividend up by 7% to 3.34p Delivery against strategic objectives -- Delivering profitable top line growth in all regions driven by rating action, targeted initiatives and 2010 deals http://www.advfn.com/p.php?pid=nmona&article=48686825&symbol=L%5ERSA Andy Haste, Group CEO of RSA, commented:"We have made a strong start to the year on both the top and bottom line. Premium growth of 10% is driven by rate, targeted organic initiatives and the benefit of 2010 deals. The underwriting result is up by 51% and operating profit by 22%, despite the impact of the first quarter catastrophe events, demonstrating the benefits of our focus on underwriting discipline and our strong and diversified portfolio. We approach the second half of 2011 with confidence. While market conditions remain challenging, we continue to expect to deliver targeted profitable growth in the UK, around 10% growth in International and double digit growth in Emerging Markets. As it stands today and assuming a continuation of more normal levels of weather losses, we also expect to deliver a combined for the Group of better than 95%. This positive outlook is reflected in the 7% increase in the interim dividend to 3.34p (H1 2010: 3.12p)." Very good numbers. Hurry up Aviva!
STAN.L shareholders could be forgiven for dancing in the streets of Singapore. At a time when most big Western banks are firing employees and tearing up earnings targets, the emerging markets lender is doing the opposite. Operating income in the first half of the year was up 11 percent on the same period in 2010, and 2,000 more staff will be hired by January. But such growth is seldom linear. StanChart's purple patch is partly explained by its exposure to expanding Asian markets. At the end of June, its customer loan book was 22 percent larger than 12 months before. Consumer and wholesale operating income in Hong Kong, for example, leapt 23 percent and 33 percent, respectively. But StanChart is also helping itself by avoiding the usual pratfall of spiralling costs. Operating costs fell to 54 percent of income in the first half, compared to 58 percent in the second half of 2010, even though the cost of staff salaries rose by 9 percent over the same period. The bank reckons income growth will continue to outstrip costs in the second half. The catch is that this good news is already reflected in StanChart's share price, which has fallen just 7 percent since February -- a period when shares in most European banks are down almost 30 percent. The bank now trades at almost 1.9 times its current tangible book value per share. As long as StanChart can keep putting together stellar performances, the euphoria is justified. But a focus on emerging markets also means bigger risks. India, which generates about a tenth of Stanchart's overall business, fell off a cliff in the first half: operating income sank by 12 percent year-on-year, while operating profit fell 39 percent. The bank blames interest rate rises which dampened demand, greater competition, and regulatory curveballs. Outperformance elsewhere hid this hiccup. But it's a timely reminder that fast-expanding emerging markets remain capable of delivering nasty surprises. Add in faltering global economic growth and the still-uncertain direction of regulatory reforms, and investors preparing to join the party should bear in mind that StanChart's qualities are already well-appreciated. http://www.selftrade.co.uk/news-information/news.php?fullview=1&idNews=11037531&submit=
One for the bottom drawer. "our ninth successive first half of record profits." It's quite incredible, when you think about the last few years. Also, nice to have one or two shares that has not tanked in the last few days! GLA.
Standard Chartered PLC – Chairman’s statement Standard Chartered has performed strongly during the first six months of 2011: • Profit before taxation was up 17 per cent to $3.64 billion. • Income increased 11 per cent to $8.76 billion. • Normalised earnings per share were up 4.1 per cent to 105.2 cents. The Board has declared an interim dividend of 24.75 cents per share, up 10 per cent. These are excellent results, our ninth successive first half of record profits. Our continued growth results from diverse sources of income, from a wide range of geographies and products. We have been consistent in the execution of our strategy, which has delivered dependable and good returns to our shareholders. Our focus on the basics of good banking means our balance sheet is in excellent shape and remains highly liquid and well capitalised. This strength enables us to pursue the attractive opportunities arising from our strong competitive positioning in our distinctive international franchise. We are able to support the increasing number of people in Asia, Africa and the Middle East who are becoming economically active and entering the burgeoning middle classes. We can service businesses of all sizes as they start up, grow and trade internationally. We have increased our total lending by $115 billion since the start of the crisis, supporting economic growth and job creation. Our total lending has increased by 22 per cent in total since this time last year and, within that, our lending to small and medium-sized enterprises (SMEs) by 38 per cent. Standard Chartered is growing and winning market share in many product areas and markets. The Group’s strong performance in the first half of 2011 should be seen in the context of the ongoing economic uncertainties, particularly in the West, and the sustained global regulatory upheaval. Standard Chartered is supportive of many of the regulatory changes being made. It is in our interest to work within a much better regulated industry and to have greater financial stability. But we need far more prioritisation, better international coordination and clearer thinking about the trade-off between a stronger financial system and economic growth. Shareholders have an important role to play in this debate. Together we must ensure that banks can deliver good returns and attract the investment which enables them to play their pivotal role in supporting their customers and economic growth. A healthy and successful banking sector is good for the economy. With our focus on Asia, Africa and the Middle East, it is clear that we have the right strategy, in the right markets, to be successful. Standard Chartered has had a strong start to 2011 and this momentum has continued into the second half. I would like to thank the Board, management and staff for another impressive performance. Sir John Peace Chairman 3 August 2011 http://tinyurl.com/3ukg547
Thought you chaps would be celebrating? Another stellar set of results. Pre-tax profit rose to $3.64bn (£2.23bn) in the six months to June 30, up from $3.12bn a year earlier - its ninth successive first half of record profits. Markets were expecting profits of $3.47bn. Standard Chartered Peter Sands, the chief executive, said in the results statement: "We are maintaining our tight grip on expenses in both businesses while beginning to accelerate investment to underpin growth in 2012. Momentum is very good and we are continuing to take market share across a number of products and geographies." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8678594/Standard-Chartered-profits-jump-17pc.html
Should enter the FTSE100 on Wed, 7 September 2011 http://www.stockchallenge.co.uk/ftse.php Tricky to find any info on DPW. Research needed.
maybe wise to sell, as 120 was/is the key resistance. See what tomorrow brings. GLA.
Anyone added this morn? I did. :) When I bought at 93ish, after the last interim, I always had in mind that massive gap it left after the ~50% fall, and that's still the target, hopefully today's interims will be the catalyst, now that things have stabilised, at least as far as Pace is concerned. Target sell still 150p. I hope! Almost tempted to add another third? Anyone else?
I sold up on Friday at 475 (Oops!) ABG has not been kind to me, but my other gold share CEY has helped balence it out, which I also sold on Friday. You chaps not tempted to take any false (in my case) or real profit, or cut losses? Or maybe wise to hold for more gains on decent results? Still pretty poor SP, when you consider the price of gold is at all time highs.
This might interest you, or anyone for that matter on this page: http://www.fool.co.uk/news/investing/2011/06/27/a-british-engineering-success-story.aspx?source=ufwflwlnk0000001 Contemplating a double up. GL.