Nasdaq FB FaceBook

French construction-to-telecoms conglomerate Bouygues on Tuesday reported an annual operating profit above its target, as good performance across nearly all its segments, especially at the Equans unit, offset weakness in its real estate business.

(RTTNews) - Bouygues SA (BOUYY.PK), a French telecommunications, media, and construction company, reported Tuesday that its fiscal 2023 net profit attributable to the Group increased to 1.04 billion euros from last year's 973 million euros.

The German reinsurer Munich Re on Tuesday said it posted a 12% fall in net profit in the fourth quarter, a drop that was not as steep as analysts had expected and a result that helped the company surpass its full-year earnings target.

John Hathaway, managing partner at Sprott (TSX:SII,NYSE:SII), shared his thoughts on the disconnect between the gold price and gold stocks, explaining why it's happening and what could make gold stocks start moving.In his view, the rise of passive investing is one reason gold stocks have gotten stuck. Hathaway noted that this style of investing dominates the markets today, and it doesn't favor smaller sectors like precious metals. The popularity of exchange-traded funds (ETFs) is another factor. "I think it's fair to say that the gold-backed ETFs have cannibalized demand for gold-mining equities," he said. "Before (gold ETFs existed) it was really difficult for equity investors to position in the macro thesis behind gold ... without owning gold stocks." The gold price is already historically high, but Hathway said more momentum could push gold stocks up. "Is it US$2,100? Is it US$2,500? Somewhere along the way higher gold prices will generate interest in gold-mining stocks because they're leveraged to the gold price," he said, adding, "At some point a higher gold price will lead to such incredible cashflow and profitability that even this tiny little space will catch somebody's eye." But aside from a higher gold price, there are other elements that could drive interest in the gold space. "What would that be? I think it would be a reversion to mean, not just in the gold-mining space, but a reversion to mean in the external markets. We all know that the stock market basically has been driven by seven names ... again, if you're a contrarian it's an easy trade to make — sell the Mag 7 like (Stanley) Druckenmiller just did and look for something that's completely discounted," Hathaway said during the conversation. "That's not just the gold-mining space, you can talk about oil and gas, you can talk about some cyclical names. So I think that's one thing." The other is potential issues in the banking system, possibly in terms of commercial real estate. "In a way, you could have ... the dot-com crash in 2000, 2001 and the global financial crisis in 2007, 2008 combining to turn consensus investment banking upside down. That's the sort of thing that would lead investors to look for diversification, which gold represents," he said. "I believe that that's the scenario I would point to for the gold-mining industry and gold itself to come back into favor." Watch the interview above for more from Hathaway on gold and gold stocks. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Swiss dental implant maker Straumann on Tuesday forecast 2024 sales growth at a similar level to last year's, taking a cautious stance amidst prolonged economic uncertainty.

Bitcoin hit a two-year high on Tuesday on signs of large players buying the cryptocurrency, while smaller rival ether topped $3,200 for the first time since 2022.

The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.

Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to "adopt a more streamlined and agile structure", acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters.

Global companies are setting up more offices in India and expanding in-house teams but that does not mean the end of the road for Indian IT firms, which rely heavily on outsourcing deals, executives said at a Nasscom event last week.

Japan's core consumer inflation slowed for a third straight month in January but beat forecasts and held at the central bank's 2% target, keeping alive expectations it will end negative interest rates by April.

The Australian and New Zealand dollars were on the defensive on Tuesday as risk aversion dominated ahead of a raft of global inflation data, and a local policy meeting that might just see a fresh hike in interest rates.

Global hedge funds sold tech stocks at their highest pace in almost eight months in the week to Feb. 23, Goldman Sachs said, piling into bets against the sector just as Nvidia's latest earnings fuelled a surge in tech shares.

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, sinking more than 50 points or 1.6 percent along the way. The Straits Times Index now sits just above the 3,170-point plateau and it may take further damage on Tuesday.

Prices in British shops rose at the slowest pace in nearly two years this month, the British Retail Consortium (BRC) said on Tuesday, adding to signs of easing inflation pressures that will be welcomed by the Bank of England (BoE).

Male employees in Australian private firms earn around 22% more than their women colleagues, official data showed on Tuesday, as the government released for the first time gender pay gaps at companies with more than 100 employees.

Image source: The Motley Fool.

It's always good to buy an affordable car -- unless you sacrifice long-term dependability for that low MSRP. So, when you head to the dealership, remember that cost and reliability don't have to be...

Some U.S. residents will be going from wearing Bermuda shorts to snow pants in less than 24 hours, forecasters said on Monday, as a heat wave in the central plains and South gives way to weather more typical for this time of year.

David Greenbaum has been named to the newly created role of president, overseeing Disney Live Action and 20th Century studios, reporting to Disney Entertainment co-Chairman Alan Bergman, Walt Disney Studios announced on Monday.

Veteran player in the video game arena Nintendo (OTC: NTDOY) scored a few points on the stock exchange Monday. The Japan-based company saw its U.S.-listed shares rise by 2% following an analyst's reiteration of his buy recommendation on the stock.