Category: Top Story

Hochschild Mining (LSE:HOC) delivered first-quarter 2026 attributable production of 75,599 gold equivalent ounces, broadly meeting expectations. Performance was supported by strong output from the Inmaculada mine in Peru and increasing contributions from the Mara Rosa operation in Brazil, partially offset by slightly lower production at the San Jose mine in Argentina. The company maintained its full-year guidance of 300,000 to 328,000 gold equivalent ounces, alongside all-in sustaining cost expectations of $2,157 to $2,320 per ounce, supported by favourable metal prices.

Financially, the group continued to generate solid cash flow, ending March with approximately $412 million in cash and short-term investments and moving into a net cash position of around $95 million. This marks a notable improvement in its balance sheet and overall leverage. Operational progress at Mara Rosa remains a key focus, with improved plant stability and the phased introduction of a new mining contractor supporting the site’s turnaround. Elsewhere, development work continues at the Monte do Carmo gold project, while permitting advances at the Royropata silver project highlight the company’s longer-term growth pipeline. ESG performance also showed improvement during the period.

Hochschild’s outlook is underpinned by a strong financial recovery over 2024–2025 and an attractive valuation profile, including a low P/E ratio and a high dividend yield. However, this is balanced by mixed technical indicators, with the share price trading below its 50-day moving average and a negative MACD suggesting some caution in the near term.

More about Hochschild Mining

Hochschild Mining is a precious metals producer focused on underground gold and silver operations across Latin America, with key assets in Peru, Argentina, and Brazil. The company produces both gold and silver and is expanding its portfolio through new gold developments in Brazil and a silver project in Peru, supported by a strengthened balance sheet and ongoing operational improvements.

Fresnillo (LSE:FRES) reported first-quarter 2026 production broadly in line with its full-year targets, although performance varied across metals. Attributable silver production declined to 11.1 million ounces, down 8.5% quarter-on-quarter and 6.5% year-on-year, impacted by lower ore grades and reduced processing rates at key operations, as well as the absence of contributions from the legacy Silverstream agreement. Zinc and lead output showed modest year-on-year gains but were lower compared with the previous quarter.

Gold production remained stable at 136,074 ounces compared with the prior quarter but fell 12.8% year-on-year against a strong comparative period in early 2025. This decline was attributed to weaker grades and reduced throughput at the flagship Herradura mine following earlier inventory releases. Despite these pressures, the company highlighted continued progress across its development and efficiency initiatives, including the commissioning of a new leaching pad at Herradura and ongoing work to connect the Jarillas shaft at Saucito. Management reiterated its production guidance for 2026 through 2028, signalling confidence in operational stability despite ongoing cost pressures and market volatility.

Fresnillo’s outlook is supported by strong financial performance, including a rebound in profitability and cash flow in 2025 alongside low leverage, as well as a solid pipeline of development projects. However, this is tempered by weaker short-term technical momentum, with the share price trading below key moving averages, and a valuation that remains relatively elevated. Additional risks include the transitional nature of 2026, along with higher capital expenditure and tax-related cash outflows highlighted by management.

More about Fresnillo

Fresnillo plc is a London-listed precious metals producer focused primarily on silver and gold mining operations in Mexico. As one of the world’s largest primary silver producers, the company also generates by-product output of gold, lead, and zinc. Its performance is closely linked to global precious metals markets and supported by a portfolio of both underground and open-pit mining assets.

Aberdeen Group (LSE:ABDN) reported a mixed first-quarter performance, with total assets under management and administration falling to £547.7 billion from £556.0 billion. The decline reflects weaker market conditions, the impact of disposals, and net outflows of £2.9 billion. However, its interactive investor platform stood out, delivering record net inflows of £3.0 billion, increasing its customer base by 14% to 513,000, and benefiting from a surge in trading activity, despite a dip in assets under administration linked to market movements and the sale of its financial planning arm.

Within the adviser segment, net outflows remained negative at £0.6 billion, although higher gross inflows and the forthcoming appointment of new CEO Rich Denning suggest a renewed focus on returning the business to growth. In the investments division, assets under management declined to £383.4 billion as expected equity outflows outweighed gains. Nevertheless, areas such as fixed income, real assets, and insurance mandates showed encouraging progress, supporting management’s confidence in achieving its 2026 profit and capital generation targets and reinforcing its presence in UK wealth and institutional markets despite ongoing volatility.

The group’s outlook is supported by improving financial fundamentals, including recovering profitability, stronger free cash flow, and declining leverage, alongside an attractive valuation characterised by a low P/E ratio and high dividend yield. These strengths are balanced by weaker technical momentum and risks highlighted in recent earnings commentary, including pressure on adviser profitability, margin challenges, and expectations of continued near-term outflows even as full-year targets are maintained.

More about Aberdeen Group
Aberdeen Group plc is a UK-based diversified investment and wealth management firm, serving retail investors, financial advisers, and institutional clients. Its operations span self-directed investing through the interactive investor platform, adviser solutions, and institutional asset management across public markets and retirement-focused strategies.

Reckitt (LSE:RKT) reported first-quarter 2026 Core like-for-like net revenue growth of 1.3%, with strong performance in Emerging Markets helping to offset weaker conditions elsewhere. Growth of 7.6% in Emerging Markets—supported by double-digit gains in China and India—balanced declines in Europe, the impact of a milder cold and flu season, and disruption linked to geopolitical tensions in the Middle East. Excluding seasonal over-the-counter products, Core growth improved to 3.1%, while reported Group IFRS revenue fell 11.8%, reflecting the disposal of the Essential Home business and adverse currency movements.

In North America, like-for-like revenue declined slightly despite solid volume growth and strong demand for non-seasonal brands such as Lysol. Europe saw a sharper 4.2% decline, driven by softer category demand and heavy promotional activity in auto dishwashing. The non-core Mead Johnson Nutrition business recorded a 2.7% drop against a tough comparison, although underlying trends were described as stable. Meanwhile, Reckitt continues to execute its £1 billion share buyback programme, with around two-thirds completed by mid-April.

Management reaffirmed its full-year 2026 guidance, targeting 4% to 5% Core like-for-like revenue growth, with margin delivery expected to be weighted toward the second half of the year. This outlook assumes a return to more typical cold and flu patterns and benefits from the ongoing “Fuel for Growth” cost-saving programme, which is expected to help offset stranded costs following the Essential Home divestment. The company acknowledged continued uncertainty stemming from the Middle East conflict and the risk of pressure on consumer demand if commodity prices remain elevated, but believes these challenges can be mitigated through pricing, product mix, and supply chain efficiencies supported by a strong gross margin profile.

Reckitt’s outlook is supported by improving profitability and reduced leverage, alongside a reasonable valuation with a moderate P/E ratio and solid dividend yield. However, weaker technical indicators—such as the share price trading below key moving averages—and near-term concerns around cash flow, leverage, and margin visibility temper the overall picture.

More about Reckitt Benckiser Group

Reckitt Benckiser Group is a global consumer health, hygiene, and nutrition company, offering a portfolio of well-known brands across over-the-counter medicines, disinfectants, cleaning products, and infant nutrition. Its product range spans categories including germ protection, surface care, auto-dishwashing, sexual wellness, and paediatric nutrition, with a strong presence across North America, Europe, and fast-growing Emerging Markets such as China and India.

Wishbone Gold Plc (LSE:WSBN) has completed a £1.1 million institutional placing, facilitated by Marex Financial, issuing 4,174,573 new shares at 26.35 pence each. The fundraising also includes warrants exercisable at 40 pence over a two-and-a-half-year period. Following admission to trading on AIM and AQSE, the company’s total voting share capital will increase to 34,400,438 shares. Proceeds will be directed toward an expanded drilling campaign at the Red Setter project and early-stage development work at the Silver Lake prospect.

Chairman Richard Poulden noted that investor interest reflects the strategic positioning of Red Setter, located around 20km from Greatland Resources’ Telfer gold mine, as well as the potential upside from the Silver Lake option. The new funding is expected to accelerate exploration activity across Wishbone’s Western Australian portfolio, strengthening its pipeline and increasing exposure to future drilling outcomes in a highly active gold region.

The company’s outlook remains constrained by its early-stage financial profile, with no revenue generation, ongoing losses, and negative free cash flow, although there have been some signs of improvement. Market technicals appear mixed, with no clear directional trend, while valuation is limited by negative earnings and the absence of dividend metrics.

More about Wishbone Gold

Wishbone Gold Plc is a precious metals exploration company listed on the AIM and Aquis exchanges, focused on gold opportunities in Western Australia. Its key assets include the Red Setter project near the Telfer gold mine and an option over the Silver Lake project, both of which are being advanced through ongoing exploration and development efforts.

The UK government’s efforts to reduce electricity costs by separating them from gas pricing could put downward pressure on wholesale power markets and weigh on companies with exposure to UK generation.

Chancellor Rachel Reeves said she and Energy Secretary Ed Miliband are developing proposals to “delink” electricity prices from gas, with further details expected “in the next sort of few days, weeks.”

Currently, the UK electricity market relies on a marginal pricing model, where gas-fired plants frequently determine the overall price of power.

Analysts at Jefferies warned that such changes could have negative consequences for utilities with exposure to merchant renewable and nuclear generation in the UK, including Centrica Plc (LSE:CNA), SSE Plc (LSE:SSE), RWE (TG:RWE), and Ørsted (TG:D2G).

“We flag two potential negative developments for utilities exposed to renewable/nuclear merchant generation assets in the UK,” Jefferies said in a note, pointing to both the proposed pricing reform and the planned removal of the Carbon Price Support from April 2028.

The Carbon Price Support is a levy applied to fossil fuels used in UK power generation and plays a role in setting electricity prices when carbon-intensive sources, such as gas, determine the marginal cost.

Jefferies estimates that a shift of around £5 per megawatt hour in power prices could translate into a 2% to 3% hit to net income for UK generators, with Ørsted seeing an impact of roughly 1%.

Reeves also noted that the government is working through the technical aspects of North Sea oil and gas “tiebacks,” which involve using existing infrastructure to bring additional resources into production.

Greencoat UK Wind (LSE:UKW) has outlined the potential impact of the UK Government’s plan to abolish Carbon Price Support (CPS) from April 2028, a mechanism that currently helps sustain electricity prices when fossil fuel generation sets the market rate.

While the company’s investment manager had already factored in a gradual decline in CPS influence as renewable capacity increases, the confirmed policy change brings forward this transition in the pricing environment.

Preliminary estimates indicate that the removal of CPS could reduce assumed power prices in Greencoat’s valuation models by around £4–5/MWh between 2028 and the early 2030s, and by £2–3/MWh thereafter. This adjustment is expected to lower net asset value by approximately 3–5 pence per share. The company said further detail will be provided in its upcoming first-quarter factsheet.

The outlook remains pressured by recent earnings volatility, including reported losses and zero free cash flow in 2025. Market indicators also suggest a weak trend, with the share price trading below longer-term averages and momentum signals negative. However, these factors are partly offset by a high dividend yield, moderate leverage, and continued positive operating cash flow.

More about Greencoat UK Wind

Greencoat UK Wind PLC is a London-listed investment company focused on owning and operating UK wind farms, both onshore and offshore. It offers investors exposure to renewable energy infrastructure with relatively stable, inflation-linked cash flows, playing a significant role in the UK’s transition toward cleaner electricity generation.