A collection of mining services companies beginning to experience some attractive breakouts that point to these flow-on affects from mining activity translating to a sustained increase in earnings.
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A good interim result from explosives maker Orica saw the shares jump yesterday to a new 12 month high as it took the opportunity to boost interim dividend 10%.
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Confession time for Orica ahead of the release of its interim results on May 9 with news of a big write-down in the value of its interest in a big chemical plant in WA.
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A mixed reaction from investors to earnings reports from building products group, CSR and from explosives maker, Orica which didn’t set the market afire on Friday.
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Orica ((ORI)) may have guided to a weak result for the first half but it was worse than many brokers expected. The company sustained a poor manufacturing performance amid production problems at several plants.
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Credit Suisse found the increasing evidence of the uptake of technology and improved manufacturing reliability were favourable highlights of the company's strategy update.
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First-half results have cleared any doubts about the company's operating leverage, Citi acknowledges. Strong growth was driven by higher volumes, improved product mix, and better manufacturing. Market conditions are improving and price/cost headwinds fading.
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The company has made a -$155m write-down to Burrup. Deutsche Bank considers the non-cash adjustments of -$191m to be a minor negative as these highlight the ongoing earnings risk associated with the commissioning of the plant.
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Despite the improvement in the global commodity cycle, UBS believes the Australian ammonium nitrate market is not in balance.
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Despite the improvement in the global commodity cycle, UBS believes the Australian ammonium nitrate market is not in balance.
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