The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0730 GMT - SSAB's first-quarter Ebitda beat supports 2026 expectations, Jefferies analysts write. The company reported Ebitda of 3.24 billion Swedish kronor, 5% above Visible Alpha consensus, driven by Europe and Americas. Into the second quarter, SSAB expects stable volumes across special steel, Europe and Americas, with prices somewhat higher in all divisions. Jefferies sees second-quarter consensus Ebitda as achievable, with 2026 consensus of 13.1 billion kronor supported. Into 2026 the bank expects an improvement in supply/demand balance in the U.S. and European Union, with stricter trade policies supporting prices and volumes. Direct effects from the Middle East war were limited, but a prolonged conflict could negatively affect demand, the bank adds. Jefferies rates SSAB stock at buy with a 90 kronor price target. Shares slip 0.4% to 83.36 kronor.(dominic.chopping@wsj.com)
0657 GMT - Air Liquide's narrative isn't expected to change on the back of first-quarter revenue results, Bernstein analyst James Hooper says in a research note. The French industrial-gases company posted a slight miss to its comparable sales growth, as well as for its important gas-and-services division. "We see second-quarter revenues and first-half profits as more important to the story," Hooper says. With the guidance reaffirmed, the analyst doesn't expect the investment case to change. Nevertheless, consensus revenue forecasts are likely to increase, which is fair considering the Iran-related pricing opportunity, he adds. (nina.kienle@wsj.com)
0520 GMT - Newmont's 1Q result "was exceptional and demonstrated the exceptional cash generation of the business," Macquarie says in a note. The gold miner's 1Q output and costs both beat consensus, while Newmont also upgraded its buyback. "We believe the upsized share buyback demonstrates NEM's commitment to capital return to shareholders (as opposed to looking to M&A)," says Macquarie. The bank reiterates an outperform rating and raises its target on Newmont's Australian shares by 1% to A$192. The stock is down 3.6% in Sydney at A$160.11, erasing some of Monday's 6.8% jump. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0426 GMT - PLS Group's plan to expand the P2000 project appear to be speeding up, says Macquarie. The bank highlights progress on the project as a key positive in the miner's recent quarterly result. PLS says it expects to update the market on its plans in 4Q 2026. "We see early signs of acceleration, with PLS flagging potential pre-FID [final investment decision] spend in FY27," Macquarie says. Macquarie's base case now includes A$120 million of pre-FID capex in FY27 and total capex of A$1.32 billion, roughly 10% higher than the miner's 2024 study. It reiterates an outperform rating on PLS and raises its target by 13%, to A$6.20/share, to reflect the inclusion of a P2000 project. Shares are up 3.2% at A$6.12. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0245 GMT - West African Resources bull Macquarie says it will be watching closely for a maiden dividend or buybacks, or both, in the second half of 2026. "Kiaka ownership uncertainty has been resolved, and WAF finally has some clean air," says Macquarie in a note. "Moving forward, capital management key to watch." The company could also look for M&A opportunities elsewhere in West Africa now that its balance sheet is in a robust position, Macquarie says. The bank has an outperform rating and A$4.00 target on the stock. Shares are down 3.8% at A$3.08. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0103 GMT - Whitehaven's 3Q drop in managed saleable coal output to 8.4 million metric tons is still 9% better than market expectations, says Ord Minnett analyst Tim Elder. Equity sales of 6.8 million tons are also above expectations, Elder says. "This was offset by lower realized pricing," with a higher proportion of thermal sales, he says. "We expect WHC to trade ahead of peers today with this outperformance to consensus estimates," says Elder. The broker has a buy rating and A$10.10 target on the stock. Shares are up 2.6% at A$7.90. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0055 GMT - South Korean industrial-film maker SKC could see its unprofitable copper foil business turn around in 2H, Daiwa Capital's Henny Jung and Yoonki Bae say in a note. Costs related to a lawsuit with its key competitor led to a larger-than-expected operating loss in 1Q despite rising shipments, the analysts say. Its copper-foil business could return to profit in 2H, supported by the ramp-up in factory utilization at its new Malaysia plant, they add. Daiwa points to SKC's 24% on quarter increase in 1Q copper-foil shipments, driven by its largest customer's increased U.S. energy storage system production, and SKC management's expectation for a 40% jump in 2Q shipments.(kwanwoo.jun@wsj.com)
Polymetals Resources's revenue outlook is "extraordinary for a company with a current market capitalization of A$280 million," Shaw & Partners says. The bank starts Polymetals at buy, with a A$1.62/share price target. Polymetals owns the Endeavor silver, lead, and zinc mine. Once a stalled asset, it has become a high-margin silver-zinc producer. "By successfully restructuring an onerous 100% silver royalty that had hamstrung the project for 20 years, Polymetals has unlocked the economic value of its high-grade silver ore," analyst Peter Kormendy says. At current prices, silver from the mine could generate more than A$700 million in gross revenue over the next three years, Shaw says. "And that is before counting the zinc and lead credits that come with the ore," it adds. Polymetals ended Monday at A$0.895. (david.winning@wsj.com; @dwinningWSJ)
1839 GMT - Gold and silver have had a rough go in recent weeks, with today's lower close extending the losing period, according to data from FactSet. Front-month gold futures settle down 1% to $4,675 a troy ounce, while silver closes off 1.8% to $75.003 a troy ounce. It's the eighth lower session out of the past 12 for gold futures, while silver fell for four out of the past six sessions. Uncertainty about the war in Iran injected weakness into precious metals today, analysts say. (kirk.maltais@wsj.com)
1710 GMT - Ongoing uncertainty stemming from the war in Iran has gold under pressure, with the most-active contract down 1% to $4,694 a troy ounce. WSJ is reporting that Iran presented a new offer to stop its attacks in the Strait of Hormuz in exchange for a full end to the war and a lifting of the U.S. blockade of Iranian ports. Discussions about Iran's nuclear program would also be shelved. Gold appears to be consolidating and "coiling for its next big directional move," says RJO Futures in a note. Silver is down 1.6% to $75.19 a troy ounce. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
April 28, 2026 04:20 ET (08:20 GMT)
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