Energy stocks had a positive week, as the Energy sector itself was +4.28%. The sector’s YTD performance is +4.77%. Over the week Apa Corp (US)+6.35%, ConocoPhillips+5.90%, Baker Hughes+5.28%, ExxonMobil+4.43%, Chevron+4.41%, Phillips 66+4.25%,Halliburton+3.85%, Marathon Petroleum+3.82%, Occidental Petroleum+2.15%, and Shell+1.75%, while Energy Fuels-3.48%.
Mitsubishi explores offtake and equity participation in ExxonMobil's Baytown project.Mitsubishi and ExxonMobil have signed a project framework agreement to explore Mitsubishi's participation in a low-carbon hydrogen facility in Baytown, Texas. Discussions will focus on Mitsubishi's offtake of low-carbon ammonia for power generation and industrial use in Japan, and potential equity participation in the project.
Mitsubishi plans to convert part of its LPG terminal into an ammonia terminal for transshipment to various industries in Japan. A final investment decision is expected in 2025, with startup anticipated in 2029.
Additionally, Mitsubishi intends to partner with Idemitsu Kosan for joint equity and ammonia offtake from the Baytown facility.
Materials and Mining stocks had a positive week, as the materials sector was +2.49%, bringing the sector’s YTD performance to +8.68%. Sibanye Stillwater+29.29%, Freeport-McMoRan+6.34%, CF Industries+5.22%, Newmont Corporation+4.57%, Yara International+4.46%, Mosaic+3.98%, and Nucor+3.78%, while Albemarle-3.03%.
Nucor issues Q3 earnings guidance.Nucor has issued guidance for its Q3 2024 EPS, projecting a range of $1.30 to $1.40, excluding one-time items. This forecast falls below the FactSet consensus estimate of $1.81.
The guidance excludes approximately $123 million in one-time non-cash pre-tax charges, or $0.43 per share, related to the impairment of certain non-current assets in the raw materials and steel products segments.
Excluding these charges, the primary factor contributing to the anticipated decrease in earnings in Q3 compared to Q2 of 2024 is attributed to lower average selling prices within the steel mills segment. The steel products segment is also expected to experience decreased earnings in Q3 due to both lower average selling prices and reduced volumes.
During Q3, Nucor repurchased approximately 2.5 million shares at an average price of $156.07 per share. This brings the YTD total to approximately 11.0 million shares repurchased at an average price of $172.36 per share. Nucor will release its Q3 earnings report after the markets close on Monday, 21st October, 2024.
European Stock Indices Price Performance
Stoxx 600 -1.99% MTD +7.43% YTD
DAX-1.03% MTD +11.70% YTD
CAC 40-2.44% MTD -1.30% YTD
IBEX 35+2.48% MTD +15.67% YTD
FTSE MIB-2.09% MTD +10.89% YTD
FTSE 100-1.47% MTD +6.73% YTD
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