Bunzl profits in line with expectations, Anglo American cuts copper guidance

Stocks to watch

Bunzl said in a trading update on Tuesday that its adjusted operating profit was in line with expectations as it maintained its 2023 profit outlook. It said group revenue was down 4.8% in the third quarter after a decline in Covid-19-related product sales, reduced inflation benefits, and post-pandemic normalisation. Despite the revenue decline, its operating margin remained strong and was expected to reach record levels in 2023.

Multi-metal mining giant Anglo American has cut copper production guidance for the full year, but said it remains on track to all other output targets. Copper production guidance for 2023 has been revised to 830,000-870,000 tonnes, down from earlier forecasts of 840,000-930,000 tonnes, as a result of poor ore characteristics and an electrical substation fire at its Los Bronces project in Chile, as well as the impact of a geotechnical fault line on El Soldado's production.

Newspaper round-up

Almost £1bn meant to help build Britain’s electric vehicle charging network remains unallocated more than three years after it was first announced by Rishi Sunak. Promised in March 2020 before the first Covid lockdown in Sunak’s early weeks as Boris Johnson’s chancellor, the “rapid charging fund” was meant to support electrical capacity at motorway service stations. It was intended to help fund upgrades to the grid so that more electric cars can be rapidly charged at the same time. – Guardian

Rishi Sunak faces further pressure over his U-turn on net zero targets, after the head of the world’s energy watchdog said countries that water down green policies risked worsening the climate crisis and damaging their own economies. In its annual report, the International Energy Agency (IEA) hailed the gathering pace of the worldwide transition to cleaner energy, forecasting for the first time that demand for oil, gas and coal would peak before the end of the decade. - Guardian

London-based landlords are shunning investment in the capital to buy more lucrative properties in the North. Around two-thirds of London’s buy-to-let investors who have bought properties this year have done so in other parts of the country. The North of England has received the greatest boost from the shift as it now accounts for 24pc of all purchases by London landlords. - Telegraph

St James’s Place has suspended dealings in its property unit trust, the latest fund investing people’s savings in UK commercial property to be gated as clients look to get out of the struggling market. The wealth manager’s move means investors cannot take out or put in more money for the time being. The offices, warehouses and shops in the trust were last valued at £826 million. – The Times

Investors from the Middle East are choosing properties in London over rival international centres, given the “availability of diverse assets” in the capital. According to research from Al Rayan Bank, one of Britain’s largest Islamic banks, London “remains the primary focus” for investors thanks to its combination of strong rental growth, surplus demand and its status as a “reliable location for safe returns”. – The Times

US close

US stocks finished mixed on Monday after struggling for direction for most of the day, as big swings in bond yields provided the backdrop for a tumultuous trading session.

Meanwhile, traders were watching news flow from Israel closely, as Hamas released two more civilian hostages.

However, negotiations around the release of further captives stalled, meaning that humanitarian aid is mostly still being blocked.

After a brief spell in positive territory, the Dow Jones Industrial Average dropped into the red by the close, finishing down 0.6%; the S&P 500 followed a similar pattern, though losses were limited to 0.2%.

However, the Nasdaq closed 0.3% higher as gains from heavyweight tech stocks provided a lift.