Portfolio

Rio Tinto reaches deal after destruction of sacred sites, JLEN valuation grows in first half

By Josh White

Date: Monday 28 Nov 2022

(Sharecast News) - London open
The FTSE 100 is expected to open 33 points lower on Monday, having closed up 0.27% at 7,486.67 on Friday.

Stocks to watch

Mining company Rio Tinto has reached an agreement with traditional land owners after the destruction of sacred rock shelters at the Juukan Gorge in Western Australia two years ago. Neither side disclosed financial terms for the deal, but Rio will fund a foundation to be led and controlled by traditional owners, focusing on education, training opportunities and financial independence through business development. The miner blew up the gorge to access iron ore, despite warnings. Subsequent outrage over the vandalism led to Australia's government planning heritage protection laws.

JLEN Environmental Assets reported an improved half-year portfolio valuation of £890.2m on Monday, up from £795.4m at the end of March. The FTSE 250 company said its net asset value at period end on 30 September was £829.6m, equalling a net asset value per ordinary share of 125.4p, up from 115.3p. It declared a second interim dividend of 1.79p per share, taking total dividends for the six months to 3.57p, in line with its target.

Newspaper round-up

Amazon's UK tax bill jump could jump by £29m next year as a result of changes to business rates that are scheduled to hit warehouses and online retailers the hardest. The online retailer is likely to be among firms facing big tax rises following the chancellor's autumn statement, according to analysis from the real estate adviser Altus Group. - Guardian

People selling their homes have typically had to settle for below the asking price in recent weeks, according to Zoopla, which is predicting house prices will fall by about 5% next year. The average price achieved in recent weeks has been 3% below a seller's asking price, when for much of 2021 and the first half of this year it matched the asking price, the property website said. Zoopla said it expects discounts to increase further in 2023. - Guardian

British Airways is planning to double its operations at Gatwick as a long-running row with Heathrow sours relations with bosses at Britain's busiest airport. The UK flag carrier is to increase flights from the Sussex airport instead of expanding operations at Heathrow. - Telegraph

British businesses are "at risk" because the government has failed to set out a coherent blueprint for a microchip supply industry, according to a critical report from the influential cross-party business select committee of MPs. A semiconductor strategy was due this autumn from the Department for Digital, Culture, Media and Sport. Work on it started almost two years ago but it is yet to materialise. At the weekend officials declined to comment, saying only that it would be "published as soon as possible". - The Times

The chairman of De La Rue has received backing from three key proxy shareholder agencies before this week's investors' vote to remove him from the banknote printer's board. ISS, Glass Lewis and Pirc have recommended re-electing Kevin Loosemore, 63, on Friday. - The Times

US close

Stocks were in a mixed state on Wall Street after Friday's half-day session, having been closed all day on Thursday for the Thanksgiving holiday.

The Dow Jones Industrial Average was up 0.45% at 34,347.03, while the S&P 500 lost 0.03% to 4,026.12 and the Nasdaq Composite was 0.52% weaker at 11,226.36.

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