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    FRES   GB00B2QPKJ12

FRESNILLO PLC

(FRES)
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Delayed London Stock Exchange  -  11:35 2022-08-17 am EDT
713.40 GBX   -1.30%
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British midcaps slide over 2% as data shows shrinking economy

06/13/2022 | 04:30am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* UK GDP falls 0.3% in April after rising 0.1% in March

* Ferrexpo falls after lowering output amid Ukraine crisis

* FTSE 100 down 1.5%, FTSE 250 off 2.6%

June 13 (Reuters) - London's FTSE 250 index fell to its lowest level in three months on Monday after data showed Britain's economy unexpectedly shrank in April ahead of a Bank of England policy meeting this week.

The domestically-focussed mid-cap index was off 2.6% and the blue-chip FTSE 100 index was down 1.5%. Both indexes recorded a fifth straight session of losses.

Britain's gross domestic product (GDP) contracted by 0.3% in April from March, while over the three months to April GDP was up by 0.2%, slowing sharply from growth of 0.8% in the three months to March, official data showed.

"The accumulating evidence that the UK economy is contracting should detract the Monetary Policy Committee from more aggressive moves," Gilles Moëc, AXA Group Chief Economist told the Reuters Global Markets Forum, adding that he expects a 25 bps hike this week.

The Bank of England (BoE) is expected to raise interest rates on Thursday by 25 basis points (bps) to 1.25%. If it opts for a bigger hike, it could stoke recession fears.

Separately, industrial and manufacturing output also logged a surprise monthly fall against a backdrop of inflation nearing 10%.

Among individual stock moves, oil majors BP Plc and Shell Plc fell more than 2%, while industrial miners shed 3.2%, as commodity prices slid on concerns around demand due to a rise in China's COVID-19 cases.

Mexico-focussed precious metals miner Fresnillo jumped 5.6%, topping the gainers on the FTSE 100 index.

Ferrexpo Plc, meanwhile, dropped 6.6% after the Ukraine-focused miner cut its iron ore production in the wake of Russia's invasion of its neighbour.

(Reporting by Devik Jain and Amal S; Additional reporting by Lisa Pauline Mattackal in Bengaluru; Editing by Amy Caren Daniel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.83% 0.5754 Delayed Quote.8.56%
AXA -0.55% 24.45 Real-time Quote.-6.11%
BP PLC 1.03% 430.9 Delayed Quote.29.05%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.10% 0.642946 Delayed Quote.9.89%
EURO / BRITISH POUND (EUR/GBP) 0.45% 0.84463 Delayed Quote.0.31%
FERREXPO PLC 0.56% 144.6 Delayed Quote.-51.97%
FRESNILLO PLC -1.30% 713.4 Delayed Quote.-19.04%
FTSE 100 -0.27% 7515.75 Delayed Quote.2.05%
FTSE MID 250 INDEX -1.52% 20027.04 Delayed Quote.-13.39%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.08% 0.010458 Delayed Quote.5.11%
LONDON BRENT OIL 0.82% 93.33 Delayed Quote.20.13%
S&P GSCI PRECIOUS METALS INDEX -0.82% 2294.97 Real-time Quote.-3.26%
SHELL PLC 0.62% 2182 Delayed Quote.33.71%
US DOLLAR / BRITISH POUND (USD/GBP) 0.39% 0.829965 Delayed Quote.12.22%
WTI 0.91% 87.784 Delayed Quote.15.49%
All news about FRESNILLO PLC
08/16National Bank of Canada Maintains MAG Silver's Outperform Rating, $23.50 Price Target
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Analyst Recommendations on FRESNILLO PLC
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Financials (USD)
Sales 2022 2 582 M - -
Net income 2022 261 M - -
Net cash 2022 135 M - -
P/E ratio 2022 25,2x
Yield 2022 2,12%
Capitalization 6 445 M 6 445 M -
EV / Sales 2022 2,44x
EV / Sales 2023 2,24x
Nbr of Employees 7 871
Free-Float 25,0%
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 8,75 $
Average target price 10,14 $
Spread / Average Target 15,9%
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Managers and Directors
Octavio Alvidrez Cano Chief Executive Officer
Mario Arreguín Frade Chief Financial Officer
Tomas Iturriaga Hidalgo Chief Operating Officer
Fernando Benjamín Ruíz Sahagún Independent Non-Executive Director
Bárbara Garza Lagüera Gonda Independent Non-Executive Director
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