Saturday, 2 Mar 2024

Oil Rebounds On China Recovery Hopes

Anglo American Platinum FY22 Profit, Revenue Fall

Anglo American Platinum Limited (AAUKY.PK,AAL.L), a South African platinum producer, on Monday reported a decline in earnings for 2022, reflecting a fall in revenue.

For fiscal 2022, the firm registered a net profit attributable to owners of the company of R49.153 billion or 18,649 cents per share, lower than last year’s R78.978 billion or 29,976 cents per share.

Pre-tax income was at R66.768 billion, compared with R108.311 billion of 2021.

Net revenue moved down to R164.090 billion as against R214.568 billion of previous year.

Gross revenue fell to R164.104 billion from R 214.580 billion of previous year.

Almirall FY22 Sales Up On European Dermatology Business

Almirall, S.A. (LBTSF.PK), a Spanish pharmaceutical company, on Monday reported a rise in sales for fiscal 2022, driven by its European dermatology business, which grew 18.4 percent, year-on-year, boosted by new launches.

However, the company posted a decline in earnings, amidst higher R&D, SG&A investment related to new and coming launches, and a decrease in the U.S. sales.

For fiscal 2022, the drug maker registered a normalized net profit of 33.5 million euros, lesser than last year’s 81.4 million euros.

EBITDA was at 198.3 million euros, compared with 235.6 million euros of 2021.

Other income moved up to 15.3 million euros as against 9.3 million euros of previous year.

Net sales were at 863.2 million euros, versus 827.2 million euros of last year.

Total revenues grew to 878.5 million euros from previous year’s 836.5 million euros.

The company will pay an annual dividend of 0.19 euro per share.

Looking ahead, for 2023, Almirall expects to post EBITDA of 165 million euros – 180 million euros, with core net sales growth of low to mid-single-digit.

Carlos Gallardo, CEO of Almirall, said: “…We started 2023 on a high note. We are confident that Almirall’s growth drivers will continue their positive trajectory during 2023 while we keep preparing for Lebrikizumab’s launch. We are very well-positioned for mid and long-term growth. Our strong balance sheet and flexible capital structure will allow us to continue to explore inorganic growth options that align with our corporate strategy.”

Pre-market Movers: GTHX, VLON, ZIVO, ACGN, OCUL…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

Vallon Pharmaceuticals, Inc. (VLON) is up over 37% at $0.63.
Aceragen, Inc. (ACGN) is up over 22% at $5.95.
Ocular Therapeutix, Inc. (OCUL) is up over 15% at $4.47.
COMSovereign Holding Corp. (COMS) is up over 14% at $4.96.
Dingdong (Cayman) Limited (DDL) is up over 13% at $5.58.
The Gabelli Utility Trust (GUT) is up over 10% at $7.81.
Fastly, Inc. (FSLY) is up over 8% at $10.75.
PowerSchool Holdings, Inc. (PWSC) is up over 6% at $24.15.
JinkoSolar Holding Co., Ltd. (JKS) is up over 5% at $55.59.

In the Red

G1 Therapeutics, Inc. (GTHX) is down over 52% at $3.39.
ZIVO Bioscience, Inc. (ZIVO) is down over 29% at $2.50.
Oragenics, Inc. (OGEN) is down over 13% at $5.54.
Surmodics, Inc. (SRDX) is down over 10% at $25.80.
Xinyuan Real Estate Co., Ltd. (XIN) is down over 8% at $6.43.
Guardforce AI Co., Limited (GFAI) is down over 6% at $17.75.
NanoVibronix, Inc. (NAOV) is down over 5% at $5.70.
X Financial (XYF) is down over 5% at $3.28.

Gold Holds Steady As Dollar Rally Pauses

Gold prices were flat to slightly higher on Monday as the dollar took a breather from a three-week rally amid the Presidents’ Day holiday in the United States.

Spot gold edged up 0.1 percent to $1,845.32 per ounce, while U.S. gold futures were up 0.2 percent at $1,854.25.

As rate-hike worries mount, investors await the release of minutes from the U.S. Federal Open Market Committee (FOMC) meeting on Wednesday for further clarity on the rate outlook.

A report on personal income and spending due this week is also likely to be in focus, as it includes a reading on inflation said to be preferred by the Federal Reserve.

Federal Reserve Governor Michelle Bowman said in a speech on Friday that inflation remains “much too high” and the U.S. central bank will have to continue to raise the federal funds rate.

On the earnings front, financial results from Home Depot, Walmart and Etsy will offer fresh insights into consumer strength or weakness.

Geopolitical tensions also remained on investors’ radar after North Korea fired off two short-range ballistic missiles.

Oil Rebounds On China Recovery Hopes

Oil prices rose on Monday following last week’s steep losses after the United States reported higher crude and gasoline inventories.

Benchmark Brent crude futures jumped 1.1 percent to $83.90 a barrel while WTI crude futures were up 1 percent at $77.34, snapping the longest run of declines this year.

While optimism over China’s demand recovery lent some support, hawkish signals from ECB and Fed officials kept a lid on overall gains.

Analysts say that China will import a record amount of crude oil in 2023 due to increased demand for fuel following the lifting of its COVID-19 restrictions.

Hong Kong International Airport reported 2.1 million passengers in January, nearly 2,900 percent growth from the same period last year, as China reopened borders for the first time since the pandemic began.

Macau is also benefiting from China’s travel demand, which will soon spread to the rest of the world, Blackstone’s president and COO said.

On the flip side, concerns remain about the impact the Fed raising rates higher than currently anticipated will have on energy demand.

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