Tui (TUI), copper and Galliford Try (GFRD)
Tui (TUI) shares soared 8 per cent in early trading after the leading European tour operator reported a record first quarter performance, as shareholders prepare to vote today on the company’s proposal to delist from London and upgrade its listing in Frankfurt.
Revenue rose 15 per cent to €4.3bn (£3.7bn) in the three months to 31 December as consumers showed a “continued willingness to prioritise spend on travel and holidays”, helping the company post an underlying profit (of €6mn) in its first quarter for the first time. Management expects strong travel demand to continue, given its guidance for at least a 10 per cent increase in revenue this year. CA
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Dr Copper supply woes continue
Copper stockpiles are looking decidedly unhealthy after top producer Codelco reported an 8 per cent drop in production for 2023, at 1.4mn tonnes. The Chilean state miner is closely watched by metals traders because of its significant output. This year’s production will remain weak as well, making an uptick in the red metal’s price more likely – UBS analysts said yesterday that consensus expectations had just shifted from surplus to deficit and this would likely continue.
“In our view, the probability of a strong rebound in mine supply in 2025 is low and if the market moves into deficit in 2H24, we think tightness is likely to persist for an extended period,” the UBS analysts added. Copper has dropped from $8,500 (£6,724) a tonne at the start of February to $8,100 a tonne this week, as per the London Metal Exchange. AH
