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Feb. 18, 2021, 5:45 a.m. EST

Mining stocks climb as copper trades near decade high

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By Steve Goldstein

Mining shares jumped on Thursday, getting a lift as copper futures rallied while broader European stock markets struggled for direction.

Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -1.76% shares rose 4%, as other miners including KGHM Polska Miedz PL:KGH +1.28% , BHP Group /zigman2/quotes/203323256/delayed UK:BHP -1.94% , and Antofagasta /zigman2/quotes/200173667/delayed UK:ANTO -0.72% gained, with copper futures /zigman2/quotes/210054311/delayed HG00 +0.33% surging nearly 4%. The copper contract on the London Metal Exchange touched its highest level since April 2012.

The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -1.97% wobbled between gains and losses, losing 0.1% in midmorning trade after two days of declines. Stocks are beginning to struggle, with the yield on the benchmark U.S. 10-year Treasury rising on hopes the global economy will reflate.

“Momentum has started to fade as U.S. equities were slowed by the tech sector and 10 year Treasury yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.62% , and the dollar /zigman2/quotes/210598269/delayed DXY +0.16% is being boosted by positive U.S. retail sales figures,” said Rony Nehme, chief market analyst at Squared Financial.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.35% were weaker heading into Thursday’s session, which will feature retailer Walmart’s /zigman2/quotes/207374728/composite WMT -0.90% earnings, a busy slate of economic releases, and a congressional hearing on videogames retailer GameStop /zigman2/quotes/203755179/composite GME +2.58% .

Traders in Europe digested a busy slate of earnings.

Airbus /zigman2/quotes/208224336/delayed FR:AIR -2.50% shares fell 4%, as the European aircraft maker forecast delivering the same number of aircraft and break-even free cash flow. It is targeting an adjusted earnings before interest and tax of €2 billion, after earning €1.7 billion on the same measure in 2020 and €6.95 billion in 2019.

Smith & Nephew /zigman2/quotes/207176500/delayed UK:SN -1.20% , the medical equipment maker, fell 5% as the company said its profit margins for 2021 will be worse than 2019, due to reduced production volumes, increased research and development investments, acquisitions and foreign-exchange moves.

Varta /zigman2/quotes/207924135/delayed XE:VAR1 -1.86% , the automotive battery company, dropped 10% amid reporting a 145% rise in adjusted operating profit on a 140% rise in revenue for 2020 and deciding to pay a special dividend of €2.50 per share. Varta stock nonetheless has jumped 67% over the last 12 months.

Temenos /zigman2/quotes/207982992/delayed CH:TEMN -0.96% shares jumped 14%, as the Swiss enterprise-software maker forecast revenue growth between 10% and 15% through 2025, ahead of its capital markets day.

/zigman2/quotes/208934945/delayed
UK : U.K.: London
6,541.00 p
-117.00 -1.76%
Volume: 2.58M
May 11, 2021 4:35p
P/E Ratio
14.06
Dividend Yield
6.24%
Market Cap
£110.41 billion
Rev. per Employee
£732,787
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PL : Poland: Warsaw
221.30
+2.80 +1.28%
Volume: 510,161
May 11, 2021 12:00a
P/E Ratio
47.54
Dividend Yield
0.00%
Market Cap
zł43.70 billion
Rev. per Employee
N/A
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/zigman2/quotes/203323256/delayed
UK : U.K.: London
2,329.50 p
-46.00 -1.94%
Volume: 5.55M
May 11, 2021 4:35p
P/E Ratio
21.78
Dividend Yield
4.94%
Market Cap
£134.81 billion
Rev. per Employee
N/A
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/zigman2/quotes/200173667/delayed
UK : U.K.: London
1,870.00 p
-13.50 -0.72%
Volume: 1.17M
May 11, 2021 4:35p
P/E Ratio
47.75
Dividend Yield
2.07%
Market Cap
£18.57 billion
Rev. per Employee
£172,054
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/zigman2/quotes/210054311/delayed
US : U.S.: Nymex
$ 4.78
+0.02 +0.33%
Volume: 10,859
May 11, 2021 9:58p
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/zigman2/quotes/210599654/delayed
XX : STOXX
436.61
-8.78 -1.97%
Volume: 0.00
May 11, 2021 11:03p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.63
+0.01 +0.62%
Volume: 0.00
May 11, 2021 10:08p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.28
+0.14 +0.16%
Volume: 0.00
May 11, 2021 9:58p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,131.50
-14.70 -0.35%
Volume: 60,872
May 11, 2021 8:58p
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/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 139.55
-1.27 -0.90%
Volume: 8.82M
May 11, 2021 4:00p
P/E Ratio
29.46
Dividend Yield
1.58%
Market Cap
$396.19 billion
Rev. per Employee
$243,109
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 146.92
+3.70 +2.58%
Volume: 4.68M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$10.14 billion
Rev. per Employee
$424,150
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/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
95.90
-2.46 -2.50%
Volume: 2.06M
May 11, 2021 5:39p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€77.27 billion
Rev. per Employee
€379,995
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/zigman2/quotes/207176500/delayed
UK : U.K.: London
£ 1,526.50
-18.50 -1.20%
Volume: 3.06M
May 11, 2021 4:35p
P/E Ratio
38.70
Dividend Yield
0.02%
Market Cap
£13.56 billion
Rev. per Employee
£198,502
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/zigman2/quotes/207924135/delayed
XE : Germany: Xetra
110.55
-2.10 -1.86%
Volume: 238,133
May 11, 2021 6:30p
P/E Ratio
46.84
Dividend Yield
2.24%
Market Cap
€4.55 billion
Rev. per Employee
€189,700
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/zigman2/quotes/207982992/delayed
CH : Switzerland: SWX
CHF 128.70
-1.25 -0.96%
Volume: 200,712
May 11, 2021 5:30p
P/E Ratio
53.00
Dividend Yield
0.70%
Market Cap
CHF9.41 billion
Rev. per Employee
CHF106,398
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