Equities

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).

Our analysis of YTD wholesale, retail and export pricing for CGC suggests reasonable pricing outcomes across most categories, with our Buy rating remaining unchanged.

In the latest ETF Report we discuss if there is value in fixed income, with a combination of a hawkish Federal Reserve and a developing conflict between Russia and Ukraine elevating commodity prices, recalibrated interest rate expectations and spiralled financial markets.