Yahoo Finance Trending tickers: Glencore | Haleon | Abrdn | Weir Group
A look at the FTSE 100 top risers on Tuesday.
GLENCORE (GLEN.L)
Shares in Glencore were up 1.46% to 459.10 at the time of writing in morning London trade on Tuesday. Earlier in the session, its stock rose nearly 3% – putting the company at the top of the FTSE 100 basket.
The Swiss multinational commodity trading and mining company was in the green despite Teck Resources, Canada's largest diversified mining company, rejecting a takeover approach from the firm.
“The prospect of mega deals in the mining space has got investors excited, bringing a new lease of life to the sector which had previously been suffering from fears about weaker economic activity feeding through to reduced commodities demand,” Danni Hewson, head of financial analysis at AJ Bell, said.
“Glencore led the FTSE 100 higher on Tuesday following its $23m move on Canada’s Teck at the start of the week. While its business combination proposal was rejected, Glencore is likely to be persistent in its pursuit for greater things which means one cannot rule out a higher offer,” Hewson added.
She also noted how Teck’s board had said it wasn’t contemplating a sale of the business at this time - but said “there is a price for everything” and so it all boils down to how much Glencore is prepared to pay.
HALEON (HLN.L)
Another FTSE 100 top riser on Tuesday morning was Haleon with its stock up 1.53% to 327.60.
The consumer healthcare company, whose brands include Sensodyne toothpaste and Centrum, recently posted its 2022 full year results and forecasted 4-6% organic revenue growth in 2023.
It also reported organic revenue growth of 9% last year, ahead of the 8-8.5% increase it had predicted for 2022.
The company was created in July last year when pharmaceutical GSK (GSK.L) spun off its consumer health business in the biggest listing in Europe for more than a decade.
ABRDN (ABDN.L)
Shares in investment company Abrdn were also up on Tuesday – by 1.18% to 206.60.
It comes as Bloomberg reported that Virgin Money was joining forces with the asset manager to start an investment platform in a bid to grow beyond traditional retail bank offerings.
Officially set up in 2019, Abrdn – previously Standard Life Aberdeen – had said at the time that the joint venture would see it offer investment solutions to Virgin Money’s (then Clydesdale Bank’s) 6 million customers, the FT reported.
The same year, Abrdn was also appointed investment adviser – to look after £3.6bn of assets across a range of portfolios on behalf of Virgin Money’s unit trust arm.
WEIR GROUP (WEIR.L)
Weir Group was the other top FTSE 100 riser on Tuesday with its stock up 1.74% to 1,872.00.
The engineering company, also in the mining sector, recently posted its full year 2022 results and said revenue was 20% higher on a constant currency basis at £1.78bn, compared to £1.482bn in 2021 as order activity remained strong.
Its revenue exceeded analyst estimates by 6.1%. Moreover, its earnings per share (EPS) also surpassed analyst estimates by 7.1%.
Following the earnings report on 1 March, the company’s chief executive officer, Jon Stanton, said: “The value creation opportunity for Weir is compelling. The mining industry is playing a crucial role in meeting the twin demands for decarbonisation and economic growth, resulting in multi-decade demand growth for critical metals. Weir is the focused mining technology leader that is well placed to capitalise.”
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