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UK pre-market stocks update – Rio Tinto, Abrdn, Kingfisher, Unilever

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By Samuel Indyk – At 07:22GMT, FTSE 100 futures are trading higher by 0.5% at 7283.

In FX markets, GBP/USD is trading at 1.3476, EUR/GBP is trading at 0.8395. The US Dollar Index is up 0.05%.

Bitcoin is trading at $35,806.

Today’s calendar highlights include German Ifo, UK CBI Industrial Trends Orders, US House Price Index, US Consumer Confidence, Richmond Manufacturing Index.


Rio Tinto (LON:RIO) – Reached agreement with Turquoise Hill Resources (TRQ) and the Mongolian government to move the Oyu Tolgoi project forward. The Board, which comprises members from all three parties, have approved the commencement of underground operations. First sustainable production is expected in the first half of 2023. Until sustainable underground production is achieved, OT will be funded by cash on hand and rescheduling of existing debt repayments, together with a pre-paid copper concentrate sales agreement with TRQ. The capital forecast for the project is $6.925 billion, including $175 million of known COVID-19 impacts to the end of 2021.

Unilever (LON:ULVR) – Reportedly has plans to cut thousands of management positions across its operations.

Kingfisher (LON:KGF) – Instructed Barclays (LON:BARC) to commence the third tranche of share buyback. The maximum amount allocated to the tranche (excluding expenses) will be no greater than £75 million.

Abrdn (LON:ABDN) – Working with Citigroup (NYSE:C) on how to broaden access to investments in real assets – such as buildings, funds & infrastructure assets – using blockchain technology. (Times) 

TI Fluid Systems (LON:TIFS) – Chair of the Board, Manfred Wennemer, has informed the Board that he has decided to retire and step down immediately following the Company’s 2022 Annual General Meeting on 18 May 2022. The Board has appointed Tim Cobbold to succeed Manfred as Chair of the Board following the AGM. Separately, the Group is expected to report revenue of approximately €2.95 billion for the year ended 31 December 2021. Full-year 2021 Adjusted EBIT Margin is likely to be at, or slightly above, 7%.

Baillie Gifford US Growth Trust (LON:USAB) – During the six months to 30 November 2021, the Company’s share price and NAV (after deducting borrowings at fair value) returned 9.4% and 17.2% respectively.

Capricorn Energy (LON:CNE) – 2021 production in Egypt following completion of the acquisition in September, averaged 36,300 boepd net to Capricorn’s working interest. 2022 Capricorn WI production is anticipated to average 37,000-43,000 boepd. Expects $1.06 billion tax refund from India to be paid in early 2022.

Marston’s (LON:MARS) – Total like-for-like sales for 16-weeks to 22nd January were down 3.9% versus FY 2019. Prior to the emergence of Omicron and the subsequent introduction of renewed restrictions, like-for-like sales in the first 8 weeks to 27 November were +1.3%. Remain confident that the strong trading momentum experienced prior to Omicron will resume.

Amigo Holdings (LON:AMGO) – CFO Mike Corcoran to step down after shares slid 62% yesterday following reports of potential insolvency.

UK pre-market stocks update – Rio Tinto, Abrdn, Kingfisher, Unilever

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