Q3 results were published by Fresnillo this morning. Production fell in line with expectations and the company remains on track to meet full year forecasts but critically it seems that gold output is set to come in at the upper end of forecast ranges and that’s been sufficient to give sentiment a boost. The Fresnillo share price was trading around 5% higher in the first few minutes of the day.
Keeping with precious metals and Hochschild tabled a Q3 production report on Wednesday. This reiterated full year guidance and cites that cashflows should increase running into the year end, supported by strong metals prices and a robust period of output being expected at two specific mines. Despite the relatively benign nature of the report, the market has applauded the news, with the Hochschild share price up as much as 5% in early trade, although some of that upside was quickly handed back.
Shares in the commercial broadcaster and TV production company ITV slumped this morning following the disposal of half of Liberty Global’s stake in the company. That has reduced their holding from 10% to 5%, with the deal generating proceeds of £135m. That means that the disposal was carried out close to market value, but the flood of stock seems to have depressed valuations in early trade. By 8.30am, the ITV share price was down by almost 9%.
Most read news on Investegate this morning
3rd Quarter Results - - Barclays (BARC)
