Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Antofagasta: sharp reduction in copper output owing to Chile drought
Full year numbers from Antofagasta LON:ANTO this morning show a 22% reduction in revenues and a 26% decline in pre-tax profits, reflecting the ongoing drought in Chile and the impact this is having on input prices. This situation is however expected to be short lived, with guidance for 2023 reflecting a 10% increase in copper production and a 30% uplift in gold.
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#2. HSBC Q4 numbers beat expectations
Full year numbers from HSBC LON:HSBA are also out today, with Q4 profits beating expectations, coming in at $5.2bn. The bank is upbeat on prospects for the Chinese economy now that it is reopening post COVID and is also noted as mulling the payment of a special dividend after the completion of the sale of its Canadian business.
#3. Finsbury Food Group interims show solid revenue growth
H1 numbers from Finsbury Food Group LON:FIF painted an upbeat picture for the company. Revenues are 14.7% ahead, whilst operating profits are flat, reflecting inflationary pressures. Management note growth is being seen across the board, helped by a well-managed M&A strategy. Macroeconomic pressures will persist making the short term outlook difficult to predict, but there’s confidence over the longer term.
