Stocks of the Hour: IOOF, Newcrest, Fortescue, Resolute Mining

Company News

by Melissa Darmawan

IOOF’s (ASX:IFL) funds under management, advice and administration grew by $1.5 billion for the March quarter despite the $2.1 billion of net outflows, as advisers exit from the business. The company’s results were propped up by favourable market conditions which saw a $5.4 billion lift cancel the $2.1 billion of net outflows from 53 advisers. The March quarter saw the company’s funds under management, advice and administration total to $203.9 billion. Shares in IOOF Holdings (ASX:IFL) are trading 0.3 per cent higher at $3.60.

Newcrest Mining (ASX:NCM) reports a 4 per cent drop in their gold production for the March quarter of this year. The company attributes the impact of planned shutdown events at their New South Wales operations in Cadia Hill and their Papua New Guinea operations, Lihir goldmine. This was partially offset by a 6 per cent increase in gold production at their Telfer mine in Western Australia driven by higher production rates and gold recovery improvements. The company saw an uplift of 1.38 per cent in copper productions The company says they’re on track to hit their FY21 guidance. Shares in Newcrest Mining (ASX:NCM) are trading 2.04 per cent higher at $27.06.

Mining giant Fortescue Metals Group (ASX:FMG) is projected to reset its record for the yearly volume of exported iron ore, capitalising on the industry’s momentum from the steel-making commodity’s record highs. Fortescue Metals’ Western Australia mining projects generated a total of 42.3 million tonnes of market-ready product in the March quarter of FY21. This surpassed Macquarie’s prediction by 100,000 tonnes. The data indicates a 2 per cent increase year-on-year for the total volume of exported iron ore in the first 3 quarters of FY21. Shares in Fortescue Metals Group (ASX:FMG) are trading 0.3 per cent lower at $22.55.

Resolute Mining (ASX:RSG) reports a 5 per cent fall quarter-on-quarter ending March this year following expected lower production from their Mako gold mine despite its highest Syama sulphide gold production since 2016. The company’s average realised gold price lifted by 1 per cent to average $1,729 per ounce and their all-in sustaining cost rose 24 per cent quarter on quarter to $1,239 per ounce which was in line with its 2021 guidance. The company has reaffirmed its full year guidance. Shares in Resolute Mining are trading 4.8 per cent higher at $0.49.