Mining giant Anglo American has outlined its June timeline for the separation of Anglo American Platinum, following the platinum company’s release of its 2024 annual results.

Anglo American has scrambled to fight off takeover interest from BHP, and this demerger is one measure undertaken in an attempt to keep the Anglo listing going.

The unit will be listed on both the Johannesburg Stock Exchange and the London Stock Exchange, meaning the London-listed AAL entity will retain some exposure to its platinum business.

Anglo American Platinum has declared dividends amounting to R16.5 billion (approximately £0.7 billion), which comprises both a final dividend for 2024 and an additional cash dividend.

These payments will be distributed to all shareholders before the demerger takes place. As Anglo American currently holds approximately 67 per cent of Anglo American Platinum’s shares, it anticipates receiving roughly £0.5 billion from these dividend payments.

Anglo American Platinum reported adjusted EBITDA for 2024 of R19.8 billion, approximately $1.1 billion.

“We are on a clear timeline towards demerging Anglo American Platinum – the world’s leading PGMs producer – in June, with its primary listing on the Johannesburg Stock Exchange and an additional listing on the London Stock Exchange,” said Duncan Wanblad, Chief Executive of Anglo American.

“Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9% shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be demerged. Anglo American will no longer have any representation on the Anglo American Platinum board post demerger and we intend to exit our residual shareholding responsibly over time, and subject to customary lock-up arrangements.”

The FTSE 100 dipped marginally on Friday as corporate announcements again weighed on the index, and investors digested the latest developments from the White House.

London’s leading index was down 0.15% at the time of writing but remained within touching distance of all-time record highs.

Trump’s threat of ‘reciprocal tariffs’, which could target every trading partner based on existing tariffs on US imports and trade balances, gave investors something to think about on Friday with a potentially complex impact on global trade.

The president’s new plan risks a slowdown in activity as businesses cautiously move forward. Such a move by Trump also risks higher inflation.

Given the backdrop of uncertainty, UK investors with holdings in a selection of London’s leading shares should be content with this week’s performance as the FTSE 100 again displayed its defensive attributes and navigated a week of mixed corporate earnings and macro uncertainties.

However, a second straight day of disappointing corporate updates dragged on the index despite mining companies putting in a solid shift at the top of the leaderboard.

“Banking and pharma stocks pulled the market down, led by HSBC amid talk of more job cuts. Reducing staff numbers typically yields a positive reaction from the market as the business is saving money, yet investors might fear HSBC isn’t going hard enough with trimming its bloated headcount,” said Russ Mould, investment director at AJ Bell. 

“NatWest also weighed on the FTSE as its results were solid rather than spectacular. The bank has been doing well, yet the market has already priced in that success. Investors were upset there wasn’t enough in the forward guidance to warrant large upgrades to earnings forecasts, so there was an element of profit-taking on the results.”

NatWest shares were down 2% at the time of writing while HSBC dropped 1%.

Antofagasta and Glencore were the top two risers after metals, including copper, rallied again overnight. Copper prices are 11% higher over the past month and 20% higher year-to-date.

Supply@ME Capital shares soared on Friday after the inventory monetisation platform announced the appointment of a new auditor.

Supply@ME Capital has appointed Bright Grahame Murray as its new auditor for the 2024 financial year, effective immediately. The appointment follows the resignation of the previous auditor, Crowe U.K., in September 2024, who resigned citing ‘risks’ of carrying out an audit of the company.

Shareholders will vote on Bright Grahame Murray’s re-appointment at the next Annual General Meeting.

The resignation of an auditor is, of course, a major red flag, and shares reacted accordingly when the resignation was announced last year. That said, the 150% rally in Supply@ME shares on Friday took the price back to around the same level they were before Crowe resigned.

SYME operates a fintech platform that provides Inventory Monetisation solutions to manufacturing and trading companies, helping them improve cash flow management. Supply@ME Capital reduced its operating losses by nearly 40% in the first half of 2024, reporting a loss of £1.4 million compared to £2.3 million in the same period last year. The improved performance stemmed from cost-cutting measures implemented in late 2023 and reduced corporate activity.

Nonetheless, the company reported negligible revenue during the period despite claiming a strong business pipeline.

NatWest shares have followed Barclays’ playbook, declining despite the FTSE 100 bank reporting broadly positive Q4 and full-year 2024 results.

Fourth-quarter 2024 earnings were reasonably good, with total income and profit before tax slightly exceeding expectations and net interest margin meeting estimates.

However, shares fell 2% as investors looked to 2025 and booked gains in the stock that has rallied over 100% since lows in October 2023. NatWest’s guidance for the coming year was in line with expectations, leaving investors with little reason to build on existing positions.

NatWest reported a 2024FY profit of £4.5 billion and earnings per share of 53.5 pence, marking a 12% increase from the previous year. The banking group achieved a return on tangible equity of 17.5%, demonstrating robust profitability.

The bank’s total income, excluding notable items, grew by £0.3 billion to £14.6 billion, representing a 2.2% increase compared to 2023. This growth was primarily driven by expanded deposit margins and increased lending activity. The net interest margin remained relatively stable at 2.13%, slightly higher than the previous year.

Given the economic uncertainty towards the end of 2024, investors will be more than happy with the bank’s performance.

In terms of lending and deposits, NatWest saw significant growth in its core business areas. Net loans to customers increased by £12.9 billion to £368.5 billion, with notable growth in both retail banking and commercial sectors. Customer deposits also showed healthy growth, rising by £12.2 billion to reach £431.3 billion.

The bank has also announced a final dividend of 15.5 pence per share, bringing the total dividend for 2024 to 21.5 pence, representing a 26% increase compared to 2023. Total capital distributions for the year amounted to £4.0 billion, reflecting the bank’s strong capital position and commitment to shareholder returns.

“NatWest caps off a strong year with a good set of fourth-quarter numbers that saw a slight beat on the profit line driven by higher non-interest income and better impairments,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“There’s been a seismic sentiment shift over 2024, as the NatWest has moved on from its troubles at the helm and the UK banking environment has played out much better than some had feared. The setup for 2025 is one of cautious optimism, with borrowers remaining resilient, inflation in a more manageable place, and a UK economy that’s trying its hardest to squeeze out some growth.

“2025 could be the year NatWest finally sheds its government ties, with plans to return to full private ownership. After the UK government’s failed attempt to sell its stake earlier in 2024, this news will be a welcome development for investors who have long been waiting for the bank to regain its full independence.”