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Vedanta (H1 earnings Tuesday 10 October)
Quarterly earnings for Vedanta were encouraging, with a 48% rise in earnings to $777.8 million. Revenue was up 32% to $3.09 billion, with the zinc and oil and gas businesses making up most of the strong performance. Since then the global economic outlook has continued to improve, with the performance exemplified by the US Institute of Supply Management (ISM) readings in the first week of October, both of which hit multi-year highs. Earnings are expected to be 18 cents per share, with revenue up 26% year-on-year at $6.14 billion.
Vedanta shares have held their steady uptrend from the lows of the year, pushing back above £9 per share. Above £9.2, and the £9.72 and £11.12 levels come into play. It would take a move below £8 to negate the sequence of higher highs and higher lows seen since June.
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