Umicore rises on read-across from Johnson Matthey's catalyst biz sale
Shares in Belgian metals recycling group Umicore UMI.BR are up 2%, paring earlier gains of nearly 5%, in a read-across effect from peer Johnson Matthey's JMAT.L divestiture of its catalyst technologies business
Johnson Matthey announced the sale of its Catalyst Technologies division for GBP 1.8 billion ($2.42 billion) to Honeywell HON.O to streamline its business
Broker KBC notes that JMAT expects growing profit for its Clean Air division in the upcoming year, which is also the core stronghold of Umicore
"We considered the recent strategy update for Umicore to be comforting as well," KBC adds
Another analyst contacted by Reuters says that JMAT seems to be positioning the remaining business to focus on cash rather than growth, possibly prompting Umicore's investors to be hoping for similar portfolio divestment measures
Out of 18 analysts that cover Umicore SA, two rate the stock "buy," 13 "hold" and three or "sell"
($1 = 0.7448 pounds)
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