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Metal Tiger PLC - Winchester, England-based investment company focused on natural resources sector - Narrow widens significantly as movement in price of equity holdings turns negative due to macroeconomic uncertainty. Pretax loss in the six months to June 30 balloons to £9.4 million from £567,000 a year prior. Movement in fair value of fair value accounted equities is negative £9.7 million versus gain of £495,000 a year ago.
‘The first half of 2022 was a challenging six months for Metal Tiger given very difficult market conditions caused by a variety of factors but, notably, run-away inflation pushing up costs, especially energy, rising interest rates, negative market sentiment, a significant market sell off, the war in Ukraine, continued difficulties with Covid restrictions in China, supply chain disruptions and increasing geopolitical tensions between the East and the West,’ Metal Tiger says.
‘Commodities across the board fell substantially from the beginning of the year with copper falling to around $3.60 per pound from an inter-period high of $4.90 per pound. Nevertheless, the board remains very confident of the medium to long term macro picture for commodity prices, especially those critical for the energy transition.’
Current stock price: 18.48 pence, up 1.3% on Friday
12-month change: down 32%
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