Hints and tips:
...The varied portfolio within Alleghany Capital, including a steel fabricator and a maker of toy figurines, managed a healthy 12 per cent return on equity in 2021....
...The plant is a joint venture involving Chinese power company CMC and Bangladesh’s state-owned North-West Power Generation Co....
...CMC operates in five different markets, spanning scrap metal, US steel mills, the fabrication of reinforcing bars used in construction and international operations in Poland and Croatia....
...and US Steel climbed 24.9 per cent to $27.81....
...Similar to the Clorox situation, industry advisers had questioned Mr Icahn’s interest in owning CMC, despite the activist’s purported plan to combine the company with his existing scrap metals business,...
...Alpha Natural Resources , the metallurgical coal supplier which is dependent on Chinese demand for steel, fell 13.2 per cent to $17.69....
...Alpha Natural Resources , which supplies China with metallurgical coal for use in the manufacture of steel, was up 9.5 per cent to $23.79....
...The weakest market is nickel, suffering from a sharp downturn in the stainless steel industry....
...AK Steel closed down 10.6 per cent at $7.83 and US Steel was down 9.37 per cent at $27.27, in anticipation of falling industrial activity....
...The S&P material sector was up 1.6 per cent, with US Steel adding 2.3 per cent to $46.67 and Newmont Mining rising 1.8 per cent to $54.69....
...Rival US Steel was down 5.7 per cent to $56.63....
...Fitch started the ball rolling with a downgrade of Ireland to ‘A+’ from ‘AA-’, with a negative outlook,” said Michael Hewson, analyst at CMC Markets. Employment firms were big gainers....
...But in Vienna, steel tubing manufacturer Schoeller-Bleckmann gained 2.5 per cent to €39.96 after it second-quarter results impressed investors....
...“The data appears to have given equity bulls renewed confidence as markets have bounced up off their lows,” said Colin Cieszynski, an analyst at CMC Markets....
...Steel producers AK Steel and United States Steel were two of the biggest movers in the S&P 500 index, rising 6.4 per cent to $23.07 and 6.6 per cent to $51.14 respectively....
...But Michael Hewson, analyst at CMC Markets, voiced caution....
...United States Steel fell 4.6 per cent to $55 and Alcoa lost 6 per cent to $13.40....
...United States Steel gained 2.2 per cent to $43.28 while ExxonMobil rose 2.1 per cent to $70.65. The industrials index was buoyed by General Electric....
...Alcoa dropped 1.4 per cent to $13.12 and United States Steel lost2.6 per cent to $44.37....
...“The selling is not materialising,” said James Steel, a precious metal analyst at HSBC in New York, echoing a view held by other analysts and traders....
...US Steel fell 2.1 per cent to $48.02, while ExxonMobil lost 0.6 per cent to $69.57....
...AK Steel , the steel maker that has surged over 13 per cent this week, fell 5.7 per cent to $19.93....
...AK Steel shed8.1 per cent to $14.39, while US Steel dropped 2.1 per cent to $30.81....
...“Bullish sentiment still surrounds the economic stimulus plan,” said Ian Griffiths, dealer at CMC Markets....
...US Steel and Freeport-McMoRan Copper & Gold were particularly hard hit, down 12.9 per cent at $31.97 and 11.5 per cent at $25.44, respectively....
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