Huntsman top list; Albemarle falls after tepid forecast for 2022
The S&P Materials sector ended marginally higher this week +0.19%with the Materials Select Sector SPDR (NYSEARCA:XLB) to take a slight dip in -0.24%.
gold prices (XAUUSD:CUR) were the highlight of the week, breaching the $1,900 an ounce mark and ending positive except for three sessions so far this month. The commodity has also hit a fresh 8-month high as investors are drawn to the risk-off instrument as inflation concerns continue to haunt the market.
SA staffer Mike Fay noted that global uncertainty could also weigh on silver prices (XAGUSD:CUR), with conditions in Russia/Ukraine and Canada fueling investor movement towards precious metals. Silver closed at $23.91, up around 2.4% from the start of the month.
Uncertainty in Canada also pushed timber futures higher (LB1:COM) to its highest level in a month, with two top Canadian producers cutting production and transportation issues disrupting shipments to customers.
Take a look at this week’s biggest gainers and losers among basic materials stocks (market cap of $300 million or more):
Hunter (WKN: 855866) +12.75%; Huntsman reported “the best year on record,” with fourth-quarter results beating earnings and shareholder returns rising.
century aluminum (NASDAQ:CENX) +12.62%; Like other aluminum stocks, Century has had an impressive February so far +24.52% like the prices of the metal (LMAHDS03:COM) reached 13-year highs.
Emx License Fees (NYSE:EMX) +12.50%; This week’s gold rally propelled Emx, Barrick and Yamana Gold onto the top gainers list.
Barrick Gold (NYSE:GOLD) +11.63%;
Yamana Gold (NYSE:AUY) +11.34%;
Albemarle (NYSE:ALB) -17.13%; The company narrowly beat estimates for fourth-quarter earnings and issued a cautious guidance for fiscal 2022 as higher costs stemming from commodity inflation weighed on the bottom line.
AdvanSix (NYSE:ASIX) -16.99%; AdvanSix announced its fourth quarter results and is targeting significant earnings growth in 2022. It also agreed to acquire US Amines in a roughly $100 million cash deal.
heart mining (NYSE:CDE) -16.73%; The company missed Q4 earnings sharply, forecast gold production lower, capital expenditures higher and talked about a stock issue.
largo (NASDAQ:LGO) -13.86%; Stocks are down -44.91% during the last 12 months.
ternium (NYSE:TX) -12.11%; The company missed estimates for Q4 earnings and revenue and forecast a sequential decline in Q122 EBITDA.
Other material ETFs to keep an eye on: iShares Global Timber & Forestry ETF (NASDAQ:WOOD)Materials Select Sector SPDR ETF, Vanguard Materials ETF (NYSEARCA:VAW)iShares Global Materials ETF (NYSEARCA:MXI)SPDR S&P Metals & Mining ETF (NYSEARCA:XME)VanEck Vectors Gold Miners ETF (NYSEARCA:GDX)iShares MSCI Global Gold Miners ETF (NASDAQ:RING)Global X Copper Miners ETF (NYSEARCA:COPX).