In today’s briefing:
- [Update] Tax-Loss Selling In Australia – Closing the Circle on the Rebound Trade
- Canacol Energy – Q2 results in line
- Southern Copper Corporation: Is the Decline of the Copper Market Affecting Their Revenue? – Major Drivers
[Update] Tax-Loss Selling In Australia – Closing the Circle on the Rebound Trade
- Originally, this was an analysis of tax-loss selling baskets over the years, and seasonal performance of baskets of stocks with certain attributes. On average, they fell vs index.
- Of course, on average, they also rose vs index after the selling was done.
- This insight puts a cap on the 2023 edition with results across the four baskets. The sell made 4.2% vs ASX200 in May, then is up
Canacol Energy – Q2 results in line
Canacol Energy released its Q223 results on 10 August, which were in line with our full year expectations. Adjusted Q2 EBITDAX increased to US$60.7m, which represents a 10% increase year on year. This was driven primarily by a rise in netbacks, which increased to US$3.94/mcf in the quarter, compared to US$3.66/mcf in Q222. We are not changing our forecasts after these numbers.
Southern Copper Corporation: Is the Decline of the Copper Market Affecting Their Revenue? – Major Drivers
- Southern Copper Corporation delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.
- Another element that is having an impact on the copper market is low copper inventories.
- We give Southern Copper Corporation a ‘Hold’ rating with a revised target price.
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