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Oil Prices Extend Climb On China Reopening Optimism

Serabi Gold Slips To Loss In Q3 On Weak Revenues – Quick Facts

Serabi Gold Plc (SRB.L), a Brazilian focused gold mining and development company, reported Tuesday that its third-quarter loss before taxation was $2.66 million, compared to last year’s profit of $2.72 million.

Loss after tax was $2.94 million or 3.89 cents per share, compared to profit of $1.31 million or 1.73 cents per share a year ago.

EBITDA declined to $700.82 thousand from $3.95 million last year.

Revenue declined to $13.19 million from $14.21 million a year ago.

Gold production for the third quarter was 8,541 ounces, bringing total gold production for the first nine months of 2022 to 24,021 ounces.

Average gold price received declined to $1,720/ ounce from last year’s $1,753/ounce.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Synthomer To Sell Laminates, Films And Coated Fabrics Units To Surteco In $255 Mln Deal

Synthomer Plc (SYNT.L), a supplier of acrylic and vinyl emulsions polymers, announced Tuesday its agreement to sell laminates, films and coated fabrics businesses to Surteco North America, Inc. for a total enterprise value of around $255 million or 208 million pounds.

The net proceeds from the deal would be approximately $245 million or 199 million pounds. The company said the net proceeds will be used to repay certain indebtedness in order to strengthen the balance sheet.

Synthomer said the planned sale is in line with its strategy as set out at the Capital Markets Day in October to increase the specialty weighting of its portfolio through the sale of identified non-core assets.

The transaction is expected to complete in the first quarter, and will be conditional on certain regulatory approvals, customary closing conditions and certain other conditions.

Michael Willome, CEO, said, “This divestment is consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions.”

Premium Bonds prize fund rate set to increase to 3%

Martin Lewis discusses Premium Bonds

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Earlier this morning, the financial institution confirmed the rate will rise from 2.20 percent to three percent in the first month of 2023. As a result, an extra £80million in prize money will be up for grabs for Premium Bonds savers this coming January. On top of this, NS&I also announced a wave of interest rate rises across its wide range of savings products.

More to follow…

Hyve Group Plc Preliminary FY22 Headline Pretax Profit Declines – Quick Facts

Hyve Group plc (HYVE.L) reported headline profit before tax of 11.5 million pounds for the year ended 30 September 2022 compared to 13.9 million pounds, prior year. Headline earnings per share declined to 4.2 pence from 4.9 pence.

Loss before tax was 31.0 million pounds compared to a loss of 27.5 million pounds, last year. Loss per share from continuing operations was 8.6 pence compared to a loss of 8.3 pence.

Revenue for the financial year ending 30 September 2022 was 122.5 million pounds compared to 21.8 million pounds, previous year.

The Group noted that it does not plan to recommence dividend payments in the year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Photronics Inc. Q4 Income Advances

Photronics Inc. (PLAB) reported a profit for its fourth quarter that increased from last year

The company’s bottom line came in at $37.060 million, or $0.60 per share. This compares with $19.811 million, or $0.33 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 16.0% to $210.266 million from $181.288 million last year.

Photronics Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $37.060 Mln. vs. $19.811 Mln. last year.
-EPS (Q4): $0.60 vs. $0.33 last year.
-Revenue (Q4): $210.266 Mln vs. $181.288 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.40 to $0.48
Next quarter revenue guidance: $203Mln to $213Mln

Gold Inches Higher Ahead Of US Inflation Data, Fed Decision

Gold edged higher on Tuesday and the dollar traded weak as investors awaited key U.S. inflation data later in the day and the Federal Reserve’s policy decision on Wednesday.

Spot gold rose 0.2 percent to $1,784.27 per ounce, while U.S. gold futures were up 0.1 percent at $1,794.85.

Traders await a closely watched report on U.S. consumer price inflation, which could show moderation in the annual pace.

The Federal Reserve’s last policy meeting of the year gets underway later today, with the U.S. central bank expected to sound ‘less-hawkish’ amid a decline in October’s inflation report and in-line PPI numbers.

The Fed, European Central Bank and the Bank of England are all expected to raise rates by 50 basis points this week, but the forecasts and guidance on interest rates will be key amid the weakening growth outlook.

Traders are likely to pay close attention to the Fed’s accompanying statement, although a lot of key data will be released before the next meeting in late January/early February.

Oil Prices Extend Climb On China Reopening Optimism

Oil prices rose sharply on Tuesday to extend gains from the previous session amid signs of further easing of China’s COVID restrictions.

The shutdown of the Keystone pipeline last weekend also added to supply uncertainty and put upward pressure on prices ahead of inventory data releases.

Benchmark Brent crude futures jumped 1.7 percent to $79.33 a barrel while WTI crude futures were up 1.5 percent at $74.23.

In the latest loosening of some of the world’s toughest anti-virus rules, China has withdrawn a state-mandated app used to track people whether they had travelled to COVID-stricken areas.

Beijing’s U.S. envoy on Monday said he expects further relaxations in the near future so that international travel to the country will become easier.

Meanwhile, it is not known as yet as to how long it will take TC Energy Corp to restart its Keystone oil pipeline that was shut after more than 14,000 barrels of oil leaked on the line last week.

Expectations are that the pipeline closure will cause U.S. crude inventories to decline.