Equities

We expected Q2 to be tough for JHG, but the figures were worse than we expected. Our price target is 18.3% above the current share price and we retain a BUY recommendation.

MIN guided sales of ~225kt of lithium spodumene concentrates for FY22.

We resume coverage of RMC with a Buy rating following a change of analyst.

We have transferred analyst coverage of MAD, with our investment thesis unchanged.

We have reviewed commodity drivers, milk flows and farmgate pricing (FMP) for Bega Cheese, and have downgraded our rating from Buy to Hold.

On 23 June 2022 MCR announced that it had received its first payment from nickel concentrate sales for FY22 of 1,003t (vs 962 BPe).