BHP and Rio Tinto investors not tempted by rising yields
Unusually high yields on offer from BHP Billiton and Rio Tinto are not tempting big investors in the miners, who still have questions over the sustainability of their progressive dividends, according to the Australian Financial Review.
Senior investment manager at Aberdeen Investment Management Michelle Lopez says BHP and Rio are becoming yield plays but it is “purely share price related”, and short-term momentum behind both stocks is quite negative.
China’s imports of iron ore shrink, steel exports surge
Iron ore imports by China shrank in the first six months of the year, highlighting weakness in demand in the world's largest buyer as mills sold a record amount of production overseas amid a domestic glut, according to the Sydney Morning Herald.
Inbound cargoes of iron ore totalled 452.9 million tonnes between January and June, 0.9% lower than the same period a year earlier, according to customs agency figures released on Monday. Overseas sales of steel products surged 28% to 52.4Mt in the six months, the agency said.
Macmahon must get more work: new CEO
Macmahon Holdings's new chief executive Sybrandt van Dyk says the company “definitely needs to win new work” and his focus will be firmly on growth as he takes the helm of the struggling mining services group, according to the Sydney Morning Herald.
Macmahon appointed Van Dyk as its new CEO and managing director on Monday, more than six months after former boss Ross Carroll resigned.
