Equities

We expect another weak quarter of production with Maules Creek output curtailed and a scheduled longwall change at Narrabri.

This calendar year has proved to be similar to 2020 in many aspects with the global financial and economic landscapes being continually dominated by the COVID-19 pandemic and its associated challenges.

There is no change in our forecasts for Uniti which we last updated at the release of the FY21 result in August. At our updated PT of $4.75 the total expected return is only 2% so we downgrade our recommendation from BUY to HOLD.

WSA has entered into a Scheme Implementation Deed (SID) with IGO Limited (IGO, under review) under which IGO will acquire WSA for A$3.36/sh in cash, by way of a scheme of arrangement.

There is not much difference in the Chairman’s address, being about COVID-19 and work continues in respect of performance and future of the business.

There is no change to our Buy rating. We see NUF as better placed to navigate a normalisation in Australian demand levels, given recovering acreages in North America and Europe.