Metal Stocks Outlook for the week – 24 to 28.04.2017
Metal Stocks Outlook for the week – 10 to 14.04.2017
( www.rupeedesk.in )
The stocks of most metal and mining companies are seen continuing their consolidation next week, as they await triggers from quarterly earnings for Jan-Mar. The sentiment for shares of metal companies is weak given the recent correction in base metal prices globally due to geo-political tensions, and concerns of growth in major economies, including China. With the exception of aluminium major Hindalco Industries, shares of most metal companies have corrected this week. The stocks of Hindalco Industries gained close to 3% this week, as the stock was supported by higher aluminium prices globally on reports of some capacities being shut in western China. The stocks of Jindal Steel and Power, which were among the major laggards this week with over 8% losses, are also seen extending their fall. Weighed down by losses in most of its constituents, the Nifty Metal index ended lower for the second consecutive week yesterday. The Nifty Metal index is probably among the only sectoral index which has underperformed the Nifty 50 this year, and there is no strength technically. Fundamentally, earnings in the next few weeks, and prices of commodities globally will be the key triggers for these stocks. The stocks of most steel companies have been weak recently due to a surge in coking coal costs, but these shares could see some buying next week as most company officials have said they do not see a major hit to their margins.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week – 10 to 14.04.2017
( www.rupeedesk.in )
The stocks of most metal and mining companies are seen continuing their consolidation next week, as they await triggers from quarterly earnings for Jan-Mar. The sentiment for shares of metal companies is weak given the recent correction in base metal prices globally due to geo-political tensions, and concerns of growth in major economies, including China. With the exception of aluminium major Hindalco Industries, shares of most metal companies have corrected this week. The stocks of Hindalco Industries gained close to 3% this week, as the stock was supported by higher aluminium prices globally on reports of some capacities being shut in western China. The stocks of Jindal Steel and Power, which were among the major laggards this week with over 8% losses, are also seen extending their fall. Weighed down by losses in most of its constituents, the Nifty Metal index ended lower for the second consecutive week yesterday. The Nifty Metal index is probably among the only sectoral index which has underperformed the Nifty 50 this year, and there is no strength technically. Fundamentally, earnings in the next few weeks, and prices of commodities globally will be the key triggers for these stocks. The stocks of most steel companies have been weak recently due to a surge in coking coal costs, but these shares could see some buying next week as most company officials have said they do not see a major hit to their margins.
Source : Cogencis Information Services Ltd.
