Fresnillo PLC (LSE:FRES) was one of the rare FTSE 100 risers on a day of selling, with the world's biggest silver miner in demand ahead of its results next week.
With some investors seeking out haven assets in the wake of Russia's invasion of Ukraine, the silver price has climbed sharply over the past month, putting some extra juice into the results and lifting the shares 16% since the start of February.
The Mexico-based miner's shares are still down by around 19% over the past year after disappointing updates that included missing production targets and a lowering of output targets.
For Tuesday's numbers, analysts are looking for EBITDA to be up 11% to US$1.3bn, implying a sharp drop in the second half, to be followed by guidance for even weaker earnings in 2022.
12.15: Morgan advances
Morgan Advanced Materials plc (LSE:MGAM) shares were among the biggest FTSE 350 risers as the maker of ceramic and carbon products reported faster than expected full-year sales growth and a solid outlook.
Supplying industries including healthcare, transportation, clean energy and semiconductors, the group posted results showing organic revenue growth of 10.3%, above its guided 7-9% range after a long restructuring and repositioning process over the past five years.
The new year has started with a 4-7% organic revenue growth range and further improvement in margin, with management reassuring that Russia accounts for around £4mln of sales.
While "there is clearly a 'but' there about broader ramifications" around Russia, analysts at Peel Hunt said it was "a terrific set of numbers supported by a realistic outlook" and that the shares are "very cheap" at nine times full year forecast earnings and a 4% dividend yield.
10.50am: Ten hit for six by profit warning
Concierge group Ten Lifestyle Group (AIM:TENG) slipped 18% to 87p after warning that underlying profits (EBITDA) would be below expectations for the year.
It said the effects of Russia's invasion of Ukraine on its business was "currently expected to be limited" as around 1-2% of annual net revenue relates "to Russia and the directly affected region" - though not many oligarchs still seem to live there any more.
The AIM-listed outfit said it will keep on the additional staff hired during a strong autumn period, despite the Omicron variant leading to reduced demand since December, as it reported the beginnings of increased activity in February in Europe, Middle East and Africa, along with a "healthy pipeline of new business and high conversion rates".
9.35am: Russian stocks rebound
Russian commodity stocks Polymetal International PLC (LSE:POLY) and Evraz PLC (LSE:EVR) led the risers on Friday, up 27% to 225.4p and 17% to 62.36p respectively in early deals.
For the former, a precious metals miner with assets across Russia, its shares were bouncing back from a 64% plunge earlier in the week.
Polymetal was also in the news as BlackRock, the world's largest asset manager, backtracked on its purchase of shares in the London-listed miner, adding that it had “suspended the purchase of all Russian securities” in both its active and index tracker funds.
BlackRock, which said the new policy had come in on Monday, days after it had spent millions topping up its stake in Polymetal to 10.1%.
The asset management colossus said it was putting pressure on index providers to remove Russian securities from wider benchmarks and that, “moving as quickly as possible”, it had cut Russian securities to less than 0.01% of client assets.