The Artic Effect of Earnings Announcements in FTSE 250 Companies

Discussion Rio Tinto (Metals and Mining Industry) Good Announcements “Rio Tinto share price: iron ore shipments hit 86.1mt in Q3” The production and shipment activities of the company reflects positive outcomes in the third quarter by rising to some 0.45% as the operational issues and weather condition improved to some extent (IG, 2020). Bad Announcements “Rio Tinto shares fall 6% as iron ore outlook grows gloomy” Iron ore is an important element of steelmaking, reflects price rise to $120 from

Running head: ACCOUNTING
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Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Conclusion................................................................................................................................17
References................................................................................................................................18
Appendix..................................................................................................................................22

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Introduction
The report consists top ten companies of FTSE 250 and evaluates the wealth effect of
earnings announcements that has been taken place between 1 July 2019 and 31 December
2019. The article reflects five good news announcement and five bad news announcement of
each of the company. Even reasons have been mentioned classifying why the announcement
is a good one or bad one. All the selected companies comes under the top ten FTSE 250 firms
of United Kingdom. The ten companies operates in different sectors and assumes to be the
largest British companies in the FTSE 250 firms.
Discussion
Rio Tinto (Metals and Mining Industry)
Good Announcements
“Rio Tinto share price: iron ore shipments hit 86.1mt in Q3”
The production and shipment activities of the company reflects positive outcomes in the third
quarter by rising to some 0.45% as the operational issues and weather condition improved to
some extent (IG, 2020).
“Rio Tinto investment in Pilbara haul truck automation proving to be successful”
By end of 2019, the company is expecting 50% of its iron ore truck fleet to be autonomous
(International Mining, 2020).
“The company reflects decline in H1 net profit however, declared $1B special dividend”
Surge in iron ore prices the firm pays $1B special dividend and even interim dividend raised
to $1.51 per share (Seeking Alpha, 2020).
“WA contractor saved $250m of Rio Tinto work”

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The progress of the West Angela’s will be profitable for the company, as it will sustain the
manufacturing of premium Pilbara Blend iron ore product (Australian Mining, 2020).
“The company provides extra $1bn”
In the first half of 2019, the firm handed out $1bn special dividend to shareholders despite
various issues in iron ore production (Investorschronicle.co.uk, 2020).
Bad Announcements
“Rio Tinto shares fall 6% as iron ore outlook grows gloomy”
Iron ore is an important element of steelmaking, reflects price rise to $120 from $70 due to
which the company has to bear a fall in share price more than 6% (IG, 2020).
“Rio Tinto shares drop 4.3% as a $1 billion special dividend is revealed”
The company failed to meet the interim dividend expectations due to specific reason one of
which is Trump’s tweet on increasing tariffs by additional 10% (IG, 2020).
“Rio Tinto addresses operational problems, delivers record pay-out”
Due to some micro-economic tensions in China, growth slows down and China is the biggest
iron-ore customer of the Rio. The manufacturing of Pilbara iron ore asset has been impacted
due to operational issues (REUTERS, 2020).
“The firm’s share slumps to 3 month low irrespective of highest earnings”
The operational activities of the company are getting affected due to unclear energy policy
and raising energy prices (The Sydney Morning Herald, 2020).
“Price falls and iron ore miners slammed”
Rio Tinto fell 4.2% and since July 3, the company is down by more than 10%.

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Diageo (Beverages, Wineries and Distilleries)
Good Announcements
“The Diageo gained 82% in its share price”
The company outperformed in the market and shareholders are expecting more profit.
“Diageo sales increases because of Games of Thrones inspired scotch”
The annual profit of company increases because of the popularity of scotch inspired by
Games of Thrones.
“Due to strong demand Diageo profit rises”
Production of innovative products such as Smirnoff vodka, Johnnie Walker Scotch Whisky,
and Guinness stout has increased the operating profit of the company by 10% (CNBC, 2020).
“White Walker proves to be profitable for Diageo”
Launching of this product increased the sales to 12.9 billion and even there is a rise in the
profit of the company.
“Diageo increased marketing investment by 8%”
The net sales increased that gives the opportunity to raise the marketing investment by 8% to
£2bn.
Bad Announcements
“The Diageo workers of Scottish denied the insulting pay offer”
The workers rejects the pay offer of increase in 2.5% and said it be insulting for the excellent
workers and could even go for a strike for this insulting offer.

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“Despite increase in sales and profit the outlook of the company disappoints the
shareholders”
The growth in operating profit is not as per the expectations and even the shares fell by 1.6%.
“Diageo resilient in face of tariffs threat from US”
US is the biggest exporter of scotch by value and it has given threat to slap tariffs in Scotch
whisky imports to the Diageo (Press and Journal, 2020).
“Distilleries disrupted because of strikes in Diageo”
The operational activities of the Scotch whisky activities will be affected due to various
strikes conducted by the workers over company’s insatiable corporate greed.
“Whisky production abrupt due to strike related to over pay dispute”
The union declared strikes related to over pay issues and because of this, the production of
whisky is disrupted.
British American Tobacco (Tobacco Industry)
Good Announcements
“BAT not out of puff just yet”
The use of e-cigarettes assumes to be less harmful than the traditional ones and the vaping
market has grown exponentially.
“FDA looking forward to ban flavoured e-cigarettes”
The Food and Drug Administration plans to ban flavoured e-cigarettes in US and this step
could be profitable for the BAT.
“BAT reflects rise in share prices”

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Shares in tobacco and cigarettes production were trading over 2% higher rate and even the
revenue is expected to increase to 5% in coming future.
“BAT reflecting profitable outcomes”
The firm is showing profitable results both in terms of growth in price and decline in net debt.
The overall performance of the company is strong in both traditional tobacco and new
category products of the business.
“Market supports BAT strategy to cut top staff”
BAT plans to form a simple structure and the reduction of staff would result in obtaining
reinvestment opportunity in growth of new products that includes tobacco heating products,
oral tobacco, and many more (Iol.co.za, 2020).
Bad Announcements
“2,300 jobs has been cut globally by British American Tobacco”
Increase in the demand for e-cigarettes has led to retrenchment of employees as the demand
for traditional tobacco declines.
“Nigerians may lose their jobs as mass sack looms at BTA”
To sustain in long-run and to drive more revenue the company has taken this big step. The
company wants to attract a sustainable return for the shareholders.
“Philip Morris-Altria Combo proves to be threat for BAT”
If the New York based Philip Morris-Altria combines with Richmond, Virginia-based Altria
then it will be a threat for BAT. Even the share price of BAT has fall to 6.5%
(Bloomberg.com, 2020).
“BAT -5% after trading update”

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The demand for cigarettes has fallen due to which the sales volume will approximately fall
around 3.5%. BAT is planning to invest in profitable portfolios that consists of Vype and
Vuse pens.
“Global sales dwindle that affects the BAT share price”
Demand for traditional cigarettes declines greatly affecting the sale of BAT products. The
shares of the company fell around 4%.
BHP (Industrial Metals and Mining)
Good Announcements
“BHP shows miners are turning to low carbon leaders”
The company is trying to use more resources to obtain low-carbon energy production.
“BHP CEO focuses on social licence and improving efficiencies”
The company CEO is trying to focus more on safety and social licence.
“The share price has gained 63% and shareholders are expecting more”
The EPS has changed within the last three years and it is extremely profitable for the
company.
“BHP reflects positive results in terms of annual profit, pays record dividend”
The company shows 2% rise in annual profit due to increase in iron ore prices.
“Despite challenges in the productivity process the company offers record return”
Even after facing productive challenges such as resource headwinds and unfavourable
climatic condition, the company delivers an impressive return.

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Bad Announcements
“BHP pays impressive dividends however, flags global growth headwinds”
BHP uses its most of the cash to face risks associated with global economic growth.
“Risk associated with iron ore demand can be unfavourable for the company”
Slowing global economy could affect the demand of iron ore and copper largely.
“Shares of BHP down on FY 2019”
Share prices falling to 0.8% - to A$35.96 per share. The resulted profit is below as per the
analyst expectation.
“BHP faces trade disruption even after paying record dividend”
Due to increase in nationalism and issues related to US-China trade tension, the company is
facing trade disruption.
“Share price falls as costs of iron ore falls”
As price of iron ore flirts with US$80 per ton level, the Australian miners share price
declines.
GlaxoSmithKline (Pharmaceuticals)
Good Announcements
“GSK forecasted rise in profit for the company”
The company is expecting to gain more revenue as more HIV treatments and even expects to
sell more in the coming time.
“Q3 proves to be profitable for the company”

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Sale of shingles vaccines resulted to raise its annual profit and giving a tough competition to
its rivals in the market.
“Sale of shingles vaccine outperform the market”
Shingles vaccine has upgrade the earnings of the GSK and helps the company for further
expansion in US.
“GSK rise in earnings for the second consecutive quarter”
There is an impressive performance in consumer health and vaccines by using the shingles
vaccine. Overall sales rose to 11% resulting in profitability for the company.
“Q1 net profit rises to 35% at Rs 113.54 crore”
The company rise in its standalone profit to Rs 113.54 crore in the first quarter.
Bad Announcements
“Slip of share price over 3% due to suspension of sale of ranitidine products”
The regulatory authorities do the detention of genotoxic nitrosamine in ranitidine products.
“Halt in supply of top selling acidity drug Zinetac”
There is substance that is found in the acidity drug Zinetac that can cause cancer and due to
this reason the GSK stops supplying the acidity drug.
“GSK halts distribution of ranitidine in India”
Upon the advice of the regulatory authority, GSK decided to suspend distribution of
ranitidine products, as there is a detection of NDMA in the products.
“Health alert on antacid ranitidine”

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GSK is one of the significant manufacturer of the antacid products and recently there is some
issue with the cancer causing substance found in the antacid products leading to loss for the
GSK.
“Impurity found in Sandoz ranitidine capsules”
Strict actions are being taken regarding all antacids products, as there has been some
substance that can cause cancer and hence GSK is halting supply of any such products, this is
affecting the sales revenue of the company.
BP (Oil and Gas Industry)
Good Announcements
“Despite lower oil prices, BP reflects positive results in second quarter”
The company maintains 10.25% share as quarterly dividend.
“BP beats the analyst estimates and gained profits”
BP beat the lower oil prices and reflects a strong operating cash flow and earnings.
“Dividend of BP rose to 6.6%”
Due to fall in stock, the dividend yield of BP raised to 6.6% and stand out in the market.
“BP ensures profitable operating cash flow”
The operating cash flow was 6.5 billion for the third quarter and even the company reflects a
positive strategic delivery.
“Positive momentum in BP share price”
The company is beating the broker expectations and outperforming the market in terms of
quality and value.

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Bad Announcements
“Oil prices slips and profit falls by 40%”
The lower oil prices lead to fall in profit in the third quarter by 40%.
“The hurricane impact led to BP profit tumble”
The underlying profit is reported to $2.3bn resulting sharp fall in BP profits.
“The company gets affected due to asset sales”
Over the period of three years, the company declares its first loss of $2.6 billion mainly
associated to large asset sales.
“Due to weaker upstream earnings BP swings to loss”
The company declared a non-cash and non-operating after-tax charge of $2.6 billion
regarding divestments.
“BP shares slumps 4.5% because of weak oil price”
Tension between China and US have affected the oil prices globally and hence its shares
slumped to 4.5%.
AstraZeneca (Pharmaceuticals)
Good Announcements
“Collaboration with Sun Pharma for a new cancer drugs in china”
This collaboration will led to bring cost effective and will ensure quality drugs to patients in
China.
“AstraZeneca and Sun Pharma shares rises to 5%”

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An agreement is made between two companies for selling cancer drugs in China and the
agreement proves to be beneficial for both the companies.
“62% profit in share price of AstraZeneca”
Shareholders have gained 62% profit in share price and even an excess of market return
around 3.7%.
“Share price of AstraZeneca is rising at a faster pace”
The share price is close to all time high and almost rising by 5.5%, the company is expecting
higher profitability.
“4% rise in share prices after getting permission from DCGI”
The Drugs Controller General of India gave permission to AstraZeneca pharma for launching
its products in India proves to be beneficial for the pharma company.
Bad Announcements
“Maintain or grow dividend per share is the dividend policy of the pharma company”
Paying large amount of dividend incurs a huge cost to shareholders. There is a decline in the
operational cash flow of the company.
“AstraZeneca miss in NEPTUNE”
The pharma company obtains negative result for NEPTUNE and it proves to be gain for
Merck & Co. rival Keytruda.
“Appeal for negative reimbursement decision by AstraZeneca”
The pharma company does not accept the decision on UK Tagrisso reimbursement and it has
decided to lodge an appeal.

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“The analyst warned the dividend to be under threat”
The innovation of new cancer drugs that are giving better results to patients incurs huge costs
to the shareholders.
“Drug makers worried about losing pricing power”
As pharmaceutical companies are spending more on advertisements, they can lose the pricing
power of the drugs.
HSBC (Diversified Banks)
Good Announcements
“Euribor fine gets scrapped”
HSBC wins the court case and has won £27.9m.
“Investors holding shares three years ago gained profit by 53%”
Compound earnings of 5.9% per share growth per year is achieved by the HSBC holdings
during three years of tenure.
“HSBC indicates 10% upside in Reliance industries”
As per current levels, the target price reflects nearly 10% upside and the shares advanced
over 1%.
“HSBC plans to lend extra £35bn to homebuyers”
The bank plans to offer competitive deals to its customers by providing extra share of
mortgage market.
“Extra mortgage market share is risky even though profitable for borrowers”

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The bank can lose its UK market however; HSBC is the bank that prospered from
globalization.
Bad Announcements
“HSBC to cut jobs relating to practice cost control system”
The company plans to cut jobs more than 4,000 to maintain efficient cost control system.
“After CEO exist HSBC falls 2% in premarket trading”
1.7% slips in HSBC holdings in London trading after its CEO ousted.
“HSBC to cut 10,000 high paid jobs”
To take up cost cutting measures due to various uncertainties such as global trade war and
many more in the banking sector (BBC News, 2020).
“HSBC share price slumped by 11%”
China covers the largest market share of HSBC and because of recent political instability in
China; its operating profit is disrupted.
“The shares fell 3% in early trading”
The revenue slips 2% and investment banks are expected to face poor results by keeping in
mind the compensation to customers and restructuring costs.
Unilever (Household and Personal Products)
Good Announcements
“2% rise in share price of Unilever”
Q2 net profit rise by 21% resulted in share price rises nearly 2%.
“HUL revenue may rise to 7 to 8% in the second quarter”

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Due to fall in commodity prices and cost savings factors, the operating performance of the
company is increasing (The Economic Times, 2020).
“Shares of Godrej Consumer Products rises over 2%”
FMCG trading on mixed note and shares of Godrej consumer product were up by 2.34%.
“Commitment to reduce use of virgin plastic by 2025”
Company is focusing towards reducing use of plastic and to halve use of virgin plastic by
2025.
“As waste grows company decided to halve use of plastic”
Concerning the environmental issues, the company decided to halve its newly manufactured
plastic.
Bad Announcements
“HUL reflects positive result in Q2 however, volume growth remains flat”
Despite of increase in profit the volume level remains flattened. The growth stood at 5% and
failed to meets its required expectations.
“3% fall in share price of HUL”
FMCG share price fall to 2.7% after credit Suisse cut its target price (Businesstoday.in,
2020).
“Unilever sales declines and HUL shares falls over 1%”
Slowdown in South Asia and West Africa market, the underlying sales growth declines
leading to fall in share price.

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“Unilever growth may have ripple impact on Indian FMCG companies”
The consumption process is slow in rural India hence the Indian companies are reeling under
pressure.
“Unilever to miss its sales target”
The company is forecasting lower sales in the South Asian region because of slower
economic growth.
Royal Dutch Shell (Oil and Gas Industry)
Good Announcements
“Oil investment entirely legitimate”
Investing in oil and gas projects will be profitable for the company in coming future (ABS-
CBN News, 2020).
“Enhancement in quarterly update”
The energy major will reflect quarterly consensus cash flow from operations. The output of
integrated gas is expected to be 930 and 960 thousand barrels of oil equivalent per day.
“The company to return $125B to shareholders within 5 years”
The company ensures that it will return $125 to its shareholders by dividends and buybacks
within a year of 5 years from 2021 to 2025 (CNBC, 2020).
“Shell claims to become a force in power”
The company capitalizes on years of cost cutting to obtain a lower carbon future by investing
on oil, gas, and power.
“Shell focuses on dividend and spending boost after 2020”

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Despite of slow growth in oil prices the company reported largest profit in its respective
industry and plans to focus on increasing spending and dividends after 2020.
Bad Announcements
“Shell reflects slump in profits for Q2 in 2019”
In Q2, the current cost of supplies is $3.6bn and it decreases from $5.3bn in Q1 2019. The
reason for this decrease is mainly due to lower realized oil, gas, and LNG prices.
“Oil price crash results in worst financial result since 2016”
The main reason for this worst condition is fall in gas prices and the company has invested
much of its capital in new gas export projects.
“Slower economy results in less profit for Shell”
The profit of the company was down by 25% and earnings were lower in all of its production
division such as upstream oil and gas production, refining and chemicals, and other branches
of the firm.
“Shell to be heard by UK Supreme court related to issue addressing pollution in Nigeria”
The subsidiary of the company associated in Nigeria is alleged to cause pollution from
pipelines and infrastructure (Royal Dutch Shell Plc .com, 2020).
“Earnings fell to a two year low”
Report states that the earnings almost fell about 50% over the years due to lower realization
of the liquefied natural gas.
Earnings report are essential for every company as an earnings announcement is an
official statement of the company’s profitability for a specific period. Earnings
announcements are more important than dividend announcements and are assumed to be one

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of the significant events to the equity market. For all the selected FTSE 250 Firms the
earnings announcement are important as it is related to their company’s profitability position
and by depending on the earnings announcement the companies will get further investment.
Profitable earnings announcement are beneficial for companies as they tends to attract more
investments and the company can attain a leading position in their respective industry. The
market hypothesis is greatly affected by the earnings announcement of a company as the
stock price of a company arises when earnings exceeds the market expectations and vice-
versa. An investor will analyze the earnings of a company before making any investment and
will ensure that profitable outcomes must be gained for any investment made. Stock prices
fluctuates based on market expectation. In this report, it is seen that all the companies are
getting affected because of the earnings announcements that has been made and if there is
some negative announcements then the company had the bear the consequences.
Conclusion
Lastly, it can be concluded from the report that all the top ten companies of FTSE 250
are taken into consideration. All companies reflects there bad and good news related to the
financial year 2019 and even evaluation related to various impact on the companies has been
discussed in details. All companies belongs to different sectors, each has their respective
issues, and even the change in market condition has different impact on each of the
companies.

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References
ABS-CBN News, 2020. Shell CEO Says Further Oil Investments 'Entirely Legitimate'.
[online] ABS-CBN News. Available at: <https://news.abs-cbn.com/business/10/15/19/shell-
ceo-says-further-oil-investments-entirely-legitimate> [Accessed 11 March 2020].
Australian Mining, 2020. Leading WA Contractors Secure $250M Of Rio Tinto Work -
Australian Mining. [online] Australian Mining. Available at:
<https://www.australianmining.com.au/news/leading-wa-contractors-secure-250m-of-rio-
tinto-work/> [Accessed 11 March 2020].
BBC News, 2020. HSBC Boss Out In Top-Level Reshuffle. [online] BBC News. Available at:
<https://www.bbc.com/news/business-49230568> [Accessed 13 March 2020].
Bloomberg.com, 2020. Bloomberg - Are You A Robot?. [online] Bloomberg.com. Available
at: <https://www.bloomberg.com/news/articles/2019-08-27/bat-faces-heightened-juul-threat-
from-philip-morris-altria-combo> [Accessed 11 March 2020].
Businesstoday.in, 2020. HUL Share Price Falls Nearly 3% After Credit Suisse Cuts Target
Price. [online] Businesstoday.in. Available at:
<https://www.businesstoday.in/markets/company-stock/hul-share-price-falls-credit-suisse-
cuts-target-price/story/392271.html> [Accessed 13 March 2020].
Businesstoday.in, 2020. Sun Pharma, Astrazeneca Shares Rise Up To 5% On Agreement For
Sale Of Cancer Drugs In China. [online] Businesstoday.in. Available at:
<https://www.businesstoday.in/markets/company-stock/sun-pharma-astrazeneca-shares-rise-
up-to-5-on-agreement-for-sale-of-cancer-drugs-in-china/story/388780.html> [Accessed 13
March 2020].

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CNBC, 2020. BP's Third-Quarter Net Profit Tumbles 41% On Weaker Oil Prices, Weather
Impacts. [online] CNBC. Available at: <https://www.cnbc.com/2019/10/29/bp-earnings-q3-
2019.html> [Accessed 13 March 2020].
CNBC, 2020. Diageo Profit Rises On Strong Demand And Cost Cuts. [online] CNBC.
Available at: <https://www.cnbc.com/2019/07/25/diageo-earnings-2019.html> [Accessed 11
March 2020].
CNBC, 2020. HSBC Reportedly Plans To Cut Jobs After CEO John Flint's Departure.
[online] CNBC. Available at: <https://www.cnbc.com/2019/08/05/hsbc-reports-h1-2019-
earnings-says-ceo-john-flint-to-step-down.html> [Accessed 13 March 2020].
CNBC, 2020. Shell Share Price Dips After Warning Q4 Income Will Be Hit By Impairment
Charges. [online] CNBC. Available at: <https://www.cnbc.com/2019/12/20/shell-share-
price-dips-after-fourth-quarter-profit-warning.html> [Accessed 13 March 2020].
IG, 2020. Rio Tinto Share Price: Iron Ore Shipments Hit 86.1Mt In Q3. [online] IG.
Available at: <https://www.ig.com/au/news-and-trade-ideas/rio-tinto-share-price--iron-ore-
shipments-hit-86-1mt-in-q3-191016> [Accessed 11 March 2020].
IG, 2020. Rio Tinto Shares Drop 3% As $1 Billion Special Dividend Is Revealed. [online] IG.
Available at: <https://www.ig.com/en/news-and-trade-ideas/rio-tinto-shares-drop-as--1-
billion-special-dividend-is-revealed-190802> [Accessed 11 March 2020].
IG, 2020. Rio Tinto Shares Fall 6% As Iron Ore Outlook Grows Gloomy. [online] IG.
Available at: <https://www.ig.com/uk/news-and-trade-ideas/rio-tinto-share-price-crushed--
down-6--on-weak-iron-ore-outlook-190725> [Accessed 11 March 2020].
IN, 2020. Astrazeneca To Distribute Sun Pharma Cancer Drugs In China. [online] IN.
Available at: <https://in.reuters.com/article/uk-sun-pharm-astrazeneca-china/astrazeneca-to-

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distribute-sun-pharma-cancer-drugs-in-china-idINKBN1XG0A2> [Accessed 13 March
2020].
IN, 2020. BP Profits Fall 40% As Oil Prices Slide. [online] IN. Available at:
<https://in.reuters.com/article/uk-bp-results/bp-profits-fall-40-as-oil-prices-slide-
idINKBN1X80MU> [Accessed 13 March 2020].
International Mining, 2020. Rio Tinto Continues To Invest In Pilbara Haul Truck Automation
- International Mining. [online] International Mining. Available at:
<https://im-mining.com/2019/08/01/rio-tinto-continues-invest-pilbara-haul-truck-
automation/> [Accessed 11 March 2020].
Investorschronicle.co.uk, 2020. Rio Tinto Hands Back Extra $1Bn. [online]
Investorschronicle.co.uk. Available at:
<https://www.investorschronicle.co.uk/shares/2019/08/01/rio-tinto-hands-back-extra-1bn/>
[Accessed 11 March 2020].
Iol.co.za, 2020. Market Welcomes BAT Plan To Cut Top Staff And Simplify Structure.
[online] Iol.co.za. Available at: <https://www.iol.co.za/business-report/markets/market-
welcomes-bat-plan-to-cut-top-staff-and-simplify-structure-32880856> [Accessed 11 March
2020].
Press and Journal, 2020. Diageo ‘Resilient’ In Face Of Tariffs Threat From US | Press And
Journal. [online] Press and Journal. Available at:
<https://www.pressandjournal.co.uk/fp/business/north-of-scotland/1805372/diageo-resilient-
in-face-of-tariffs-threat-from-us/> [Accessed 11 March 2020].
REUTERS, 2020. [online] REUTERS. Available at: <https://www.reuters.com/article/us-rio-
tinto-plc-results/rio-tinto-addresses-operational-problems-as-it-delivers-record-dividend-
payout-idUSKCN1UR3O1> [Accessed 11 March 2020].

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Royal Dutch Shell Plc .com, 2020. Appeal On Shell Pollution In Nigeria Case To Be Heard
By UK Supreme Court. [online] Royal Dutch Shell Plc .com. Available at:
<https://royaldutchshellplc.com/2019/08/03/appeal-on-shell-pollution-in-nigeria-case-to-be-
heard-by-uk-supreme-court/> [Accessed 11 March 2020].
Seeking Alpha, 2020. [online] Seeking Alpha. Available at:
<https://seekingalpha.com/news/3485246-rio-tinto-reports-decline-in-h1-net-profit-
announces-1b-special-dividend> [Accessed 11 March 2020].
The Economic Times, 2020. Home Care, Food & Beverage Boost Q2 Revenue For HUL:
Key Takeaways. [online] The Economic Times. Available at:
<https://economictimes.indiatimes.com/markets/stocks/earnings/home-care-food-beverage-
boost-q2-revenue-for-hul-key-takeaways/articleshow/71582151.cms> [Accessed 13 March
2020].
The Sydney Morning Herald, 2020. Rio Tinto Shares Slump To Three-Month Low Despite
Highest Profits In A Decade. [online] The Sydney Morning Herald. Available at:
<https://www.smh.com.au/business/companies/rio-tinto-shares-slump-to-three-month-low-
despite-highest-profits-in-a-decade-20190802-p52d8b.html> [Accessed 11 March 2020].

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Appendix
Daily Return of Data Analyzed
Date
Rio
Tinto
Diag
eo BAT BHP GSK BP
Astra
Zeneca
HSB
C
Unil
ever RDS FTSE
7/1/2019
7/2/2019
1.51
%
1.75
%
1.36
%
0.81
%
1.87
%
-
0.36
% -0.36%
1.07
%
2.19
%
-
0.31
%
0.13
%
7/3/2019
-
0.66
%
1.50
%
2.50
%
-
0.22
%
1.30
%
-
1.73
% -1.73%
0.39
%
1.34
%
-
0.56
%
0.67
%
7/5/2019
-
5.15
%
-
0.46
%
-
0.20
%
-
1.64
%
-
0.13
%
-
0.07
% -0.07%
0.01
%
-
0.41
%
0.50
%
0.03
%
7/8/2019
0.72
%
-
1.15
%
0.57
%
-
2.75
%
-
0.15
%
-
0.62
% -0.62%
0.13
%
-
0.34
%
-
0.27
%
-
0.72
%
7/9/2019
0.17
%
0.70
%
1.54
%
1.88
%
-
0.53
%
0.63
% 0.63%
-
0.59
%
0.32
%
-
0.25
%
-
0.38
%
7/10/2019
1.34
%
0.01
%
-
2.16
%
-
0.87
%
0.75
%
0.09
% 0.09%
0.33
%
-
0.45
%
0.58
%
-
0.58
%
7/11/2019
-
0.88
%
-
0.36
%
-
0.57
%
1.11
%
0.18
%
-
0.13
% -0.13%
-
0.60
%
-
0.32
%
0.48
%
-
0.25
%
7/12/2019
-
0.23
%
-
0.12
%
-
1.61
%
-
0.87
%
-
0.66
%
0.02
% 0.02%
-
0.33
%
-
0.47
%
-
0.04
%
0.12
%
7/15/2019
1.32
%
-
1.27
%
0.19
%
0.42
%
-
0.53
%
0.04
% 0.04%
-
0.17
%
0.09
%
-
0.59
%
0.56
%
7/16/2019
-
1.76
%
0.29
%
0.69
%
0.93
%
0.91
%
-
0.71
% -0.71%
0.57
%
0.44
%
0.06
%
0.17
%
7/17/2019
0.88
%
0.56
%
0.89
%
1.17
%
1.61
%
0.28
% 0.28%
0.49
%
1.31
%
0.08
%
0.37
%
7/18/2019
-
0.51
%
0.54
%
-
0.90
%
0.20
%
-
0.26
%
-
2.87
% -2.87%
-
0.92
%
-
0.24
%
-
1.43
%
-
0.21
%
7/19/2019
0.76
%
-
1.13
%
6.14
%
-
1.81
%
-
0.65
%
-
2.33
% -2.33%
-
0.44
%
-
0.28
%
-
1.04
%
-
0.40
%
7/22/2019
-
0.59
%
-
0.37
%
-
0.37
%
1.57
%
-
0.21
%
0.39
% 0.39%
0.20
%
-
1.07
%
0.45
%
0.44
%

24ACCOUNTING
7/23/2019
-
0.33
%
-
0.21
%
-
0.92
%
0.10
%
0.50
%
1.02
% 1.02%
-
0.02
%
0.38
%
0.90
%
0.13
%
7/24/2019
-
4.15
%
0.81
%
-
0.02
%
0.59
%
0.36
%
0.82
% 0.82%
1.25
%
0.24
%
0.18
%
0.53
%
7/25/2019
-
1.27
%
-
1.58
%
-
1.42
%
-
4.00
%
-
0.42
%
-
0.72
% -0.72%
-
2.16
%
-
0.87
%
-
0.95
%
0.18
%
7/26/2019
0.40
%
-
3.37
%
-
0.02
%
-
0.14
%
0.99
%
0.02
% 0.02%
-
0.20
%
-
2.04
%
-
0.12
%
0.16
%
7/29/2019
0.49
%
2.55
%
-
0.03
%
-
0.15
%
0.95
%
-
0.11
% -0.11%
1.11
%
0.06
%
0.45
%
0.19
%
7/30/2019
0.40
%
2.68
%
2.88
%
1.98
%
2.62
%
0.76
% 0.76%
0.60
%
2.33
%
2.15
%
0.15
%
7/31/2019
-
1.65
%
1.07
%
-
4.12
%
0.18
%
-
0.07
%
3.07
% 3.07%
-
0.24
%
0.52
%
0.34
%
-
0.56
%
8/1/2019
-
4.47
%
-
0.14
%
-
0.87
%
-
0.66
%
-
1.52
%
0.46
% 0.46%
-
1.22
%
-
1.66
%
-
0.59
%
-
0.55
%
8/2/2019
-
2.29
%
2.40
%
6.89
%
-
2.42
%
0.46
%
-
1.28
% -1.28%
1.42
%
1.04
%
-
5.01
%
-
0.16
%
8/5/2019
-
2.14
%
-
2.35
%
-
1.43
%
-
4.76
%
-
1.13
%
-
2.19
% -2.19%
-
2.99
%
-
1.35
%
-
2.57
%
-
1.94
%
8/6/2019
0.00
%
-
1.77
%
-
4.20
%
-
2.15
%
-
1.67
%
-
2.14
% -2.14%
-
2.99
%
-
1.45
%
-
1.93
%
-
1.98
%
8/7/2019
-
1.11
%
-
0.84
%
0.00
%
-
1.42
%
-
0.95
%
-
1.67
% -1.67%
0.18
%
-
0.86
%
-
1.38
%
-
0.13
%
8/8/2019
-
1.76
%
0.76
%
0.87
%
-
1.06
%
0.67
%
-
0.28
% -0.28%
-
0.08
%
0.77
%
-
0.47
%
0.50
%
8/9/2019
-
3.69
%
-
0.50
%
2.16
%
4.26
%
0.57
%
-
0.53
% -0.53%
1.10
%
0.08
%
1.14
%
1.04
%
8/12/2019
0.04
%
0.68
%
-
0.46
%
-
1.80
%
0.14
%
0.00
% 0.00%
-
1.94
%
0.15
%
-
0.26
%
-
0.24
%
8/13/2019
2.48
%
1.15
%
-
0.11
%
-
0.26
%
-
0.04
%
-
0.42
% -0.42%
-
1.77
%
1.09
%
0.43
%
-
0.94
%
8/14/2019
-
2.90
%
-
0.72
%
-
0.67
%
1.03
%
0.89
%
1.22
% 1.22%
0.54
%
-
0.42
%
1.34
%
0.50
%
8/15/2019 0.84 0.22 - - - - -1.76% - 1.22 - -

25ACCOUNTING
% %
0.81
%
1.83
%
1.45
%
1.76
%
1.97
% %
2.02
%
1.46
%
8/16/2019
-
0.31
%
0.25
%
1.36
%
-
0.57
%
-
0.84
%
-
1.67
% -1.67%
-
1.81
%
0.19
%
-
3.17
%
-
0.48
%
8/19/2019
0.63
%
1.07
%
-
0.67
%
-
0.98
%
0.75
%
0.10
% 0.10%
1.00
%
0.69
%
0.31
%
0.97
%
8/20/2019
-
0.83
%
-
0.17
%
0.25
%
1.49
%
0.40
%
2.02
% 2.02%
1.09
%
1.60
%
1.72
%
1.47
%
8/21/2019
-
0.49
%
-
0.09
%
-
1.86
%
-
2.62
%
0.11
%
-
1.35
% -1.35%
-
1.13
%
-
0.41
%
-
1.52
%
-
0.47
%
8/22/2019
0.14
%
1.23
%
1.49
%
-
1.21
%
1.12
%
1.11
% 1.11%
0.23
%
0.93
%
1.76
%
1.05
%
8/23/2019
-
1.17
%
-
1.85
%
-
1.52
%
-
0.89
%
-
0.53
%
-
0.88
% -0.88%
-
0.77
%
-
1.80
%
-
1.34
%
-
0.01
%
8/26/2019
0.77
%
-
0.09
%
-
0.59
%
-
1.07
%
0.91
%
-
1.30
% -1.30%
-
1.23
%
-
0.30
%
-
1.16
%
0.16
%
8/27/2019
-
0.31
%
0.78
%
-
4.36
%
-
0.46
%
-
0.24
%
0.01
% 0.01%
-
0.94
%
1.70
%
-
0.40
%
0.52
%
8/28/2019
1.04
%
0.29
%
-
0.07
%
2.36
%
0.31
%
2.19
% 2.19%
0.15
%
0.80
%
1.23
%
-
0.69
%
8/29/2019
1.15
%
1.03
%
1.48
%
1.05
%
1.00
%
0.83
% 0.83%
1.67
%
0.27
%
0.79
%
0.47
%
8/30/2019
2.68
%
0.39
%
0.28
%
2.49
%
0.13
%
-
0.54
% -0.54%
-
0.02
%
0.89
%
-
1.03
%
0.52
%
9/3/2019
-
1.21
%
2.50
%
0.75
%
-
0.42
%
1.47
%
0.72
% 0.72%
0.59
%
1.44
%
0.62
%
0.45
%
9/4/2019
3.26
%
0.96
%
0.38
%
-
0.06
%
0.38
%
-
0.18
% -0.18%
-
0.20
%
1.01
%
-
0.42
%
-
0.09
%
9/5/2019
1.10
%
-
0.43
%
-
0.27
%
2.37
%
0.10
%
0.82
% 0.82%
1.75
%
-
0.32
%
0.46
%
0.80
%
9/6/2019
-
0.02
%
-
3.35
%
0.19
%
-
3.09
%
-
2.49
%
0.00
% 0.00%
-
0.88
%
-
2.41
%
-
0.04
%
0.16
%
9/9/2019
0.44
%
-
0.87
%
0.76
%
0.50
%
0.79
%
-
1.18
% -1.18%
0.37
%
0.21
%
-
1.01
%
0.28
%
9/10/2019 0.90
%
-
2.34
-
1.24
-
0.06
-
2.10
0.76
%
0.76% 1.00
%
-
2.45
0.51
%
-
0.14

26ACCOUNTING
% % % % % %
9/11/2019
0.72
%
-
1.41
%
2.37
%
0.94
%
-
2.24
%
1.56
% 1.56%
1.09
%
-
2.16
%
2.27
%
0.31
%
9/12/2019
0.85
%
0.98
%
2.67
%
0.11
%
0.51
%
-
0.12
% -0.12%
1.94
%
0.18
%
-
0.88
%
1.23
%
9/13/2019
2.16
%
0.57
%
0.99
%
1.51
%
0.73
%
-
1.58
% -1.58%
0.11
%
0.82
%
-
0.67
%
-
0.10
%
9/16/2019
-
2.19
%
-
2.99
%
-
2.48
%
1.81
%
-
1.18
%
0.00
% 0.00%
0.20
%
-
1.85
%
-
0.15
%
1.17
%
9/17/2019
-
0.07
%
-
1.34
%
-
3.10
%
-
0.66
%
-
0.92
%
4.09
% 4.09%
-
1.41
%
-
1.24
%
1.89
%
-
0.67
%
9/18/2019
-
1.04
%
1.30
%
1.58
%
-
1.62
%
1.14
%
-
1.45
% -1.45%
-
1.07
%
1.81
%
0.41
%
-
0.10
%
9/19/2019
-
0.26
%
-
0.27
%
0.37
%
0.06
%
0.07
%
-
0.37
% -0.37%
-
0.39
%
-
0.17
%
0.30
%
0.07
%
9/20/2019
-
0.17
%
-
0.18
%
0.02
%
-
0.17
%
0.66
%
0.35
% 0.35%
1.05
%
-
0.18
%
0.36
%
0.18
%
9/23/2019
0.32
%
-
1.27
%
-
1.49
%
-
0.21
%
0.83
%
0.79
% 0.79%
-
0.06
%
-
2.54
%
-
0.55
%
0.40
%
9/24/2019
-
2.96
%
0.79
%
-
1.15
%
-
1.54
%
0.85
%
-
0.40
% -0.40%
-
0.44
%
1.51
%
0.99
%
-
0.62
%
9/25/2019
0.93
%
0.37
%
-
1.80
%
-
2.86
%
0.84
%
-
1.50
% -1.50%
-
0.26
%
0.76
%
-
1.42
%
-
0.62
%
9/26/2019
-
0.92
%
-
0.81
%
3.27
%
1.30
%
-
1.18
%
-
0.47
% -0.47%
0.74
%
-
0.88
%
0.19
%
-
0.72
%
9/27/2019
1.09
%
1.52
%
0.34
%
0.09
%
1.86
%
1.10
% 1.10%
0.55
%
0.85
%
1.27
%
0.22
%
9/30/2019
0.21
%
0.53
%
0.36
%
1.16
%
0.81
%
0.97
% 0.97%
0.82
%
0.30
%
2.21
%
0.77
%
10/1/2019
-
1.38
%
1.02
%
2.12
%
-
1.28
%
1.14
%
-
0.67
% -0.67%
0.05
%
-
0.56
%
-
0.58
%
-
0.17
%
10/2/2019
-
3.15
%
-
0.44
%
-
0.70
%
0.21
%
-
0.80
%
-
0.31
% -0.31%
-
0.75
%
0.04
%
-
0.02
%
-
0.32
%
10/3/2019
0.08
%
-
3.01
%
-
3.00
%
-
4.09
%
-
3.50
%
-
4.32
% -4.32%
-
2.73
%
-
2.18
%
-
3.99
%
-
1.99
%
10/4/2019 0.70 1.88 - - 0.04 - -1.44% 0.02 - - -

27ACCOUNTING
% %
3.73
%
0.32
% %
1.44
% %
0.03
%
0.70
%
0.66
%
10/7/2019
-
0.90
%
0.29
%
0.45
%
1.42
%
1.70
%
2.06
% 2.06%
-
0.20
%
0.37
%
1.12
%
0.68
%
10/8/2019
-
0.91
%
1.20
%
0.80
%
0.18
%
0.97
%
1.50
% 1.50%
0.40
%
0.86
%
1.08
%
-
0.31
%
10/9/2019
0.63
%
-
0.24
%
-
0.60
%
-
0.88
%
-
0.14
%
-
0.14
% -0.14%
-
0.84
%
-
0.13
%
-
1.07
%
-
1.13
%
10/10/2019
2.72
%
1.05
%
0.43
%
-
0.44
%
0.43
%
0.94
% 0.94%
0.90
%
0.07
%
-
0.11
%
-
0.15
%
10/11/2019
3.83
%
-
1.00
%
-
0.32
%
1.96
%
-
0.49
%
-
0.85
% -0.85%
-
1.09
%
-
1.25
%
-
0.13
%
0.33
%
10/14/2019
-
1.91
%
-
3.36
%
-
3.56
%
1.40
%
-
2.16
%
-
1.68
% -1.68%
1.57
%
-
2.77
%
-
0.95
%
4.19
%
10/15/2019
-
0.85
%
0.64
%
0.26
%
-
2.64
%
0.55
%
-
0.16
% -0.16%
-
0.02
%
-
0.04
%
-
0.20
%
-
0.56
%
10/16/2019
-
1.71
%
-
2.06
%
-
0.74
%
-
1.96
%
-
1.70
%
-
0.52
% -0.52%
-
0.23
%
-
1.65
%
-
0.97
%
1.34
%
10/17/2019
0.49
%
-
0.03
%
-
0.13
%
-
1.19
%
-
1.17
%
-
0.82
% -0.82%
-
0.38
%
0.88
%
-
1.02
%
-
0.04
%
10/18/2019
0.35
%
-
0.54
%
-
0.43
%
-
1.02
%
0.95
%
0.42
% 0.42%
0.46
%
0.95
%
0.60
%
0.16
%
10/21/2019
1.83
%
-
0.94
%
-
0.69
%
-
0.37
%
-
0.34
%
-
0.66
% -0.66%
-
0.79
%
-
0.57
%
-
0.87
%
0.04
%
10/22/2019
0.62
%
-
0.66
%
-
0.58
%
0.21
%
-
0.39
%
1.02
% 1.02%
0.52
%
-
1.47
%
0.00
%
0.40
%
10/23/2019
-
0.13
%
0.60
%
0.76
%
0.94
%
0.94
%
1.87
% 1.87%
0.94
%
0.60
%
2.18
%
-
0.62
%
10/24/2019
-
0.21
%
0.29
%
1.82
%
1.31
%
1.66
%
1.45
% 1.45%
0.05
%
-
0.44
%
1.30
%
0.00
%
10/25/2019
1.04
%
0.59
%
1.62
%
0.33
%
2.19
%
0.71
% 0.71%
1.10
%
1.45
%
0.37
%
-
0.14
%
10/28/2019
1.48
%
-
0.67
%
-
1.87
%
0.74
%
-
1.13
%
0.39
% 0.39%
0.00
%
0.00
%
0.48
%
-
0.24
%
10/29/2019 0.06 - 0.18 1.28 2.15 0.00 0.00% - - 0.13 0.53

28ACCOUNTING
%
0.77
% % % % %
3.73
%
1.60
% % %
10/30/2019
-
1.57
%
0.27
%
0.07
%
-
0.05
%
0.18
%
-
3.80
% -3.80%
-
1.08
%
0.83
%
0.32
%
-
0.21
%
10/31/2019
-
0.99
%
2.33
%
1.12
%
-
1.47
%
2.43
%
1.63
% 1.63%
0.00
%
1.23
%
-
0.51
%
-
0.26
%
11/1/2019
3.79
%
-
0.42
%
-
1.62
%
-
1.10
%
-
0.75
%
-
2.26
% -2.26%
-
0.85
%
-
0.63
%
-
4.50
%
-
0.47
%
11/4/2019
2.32
%
-
0.33
%
1.46
%
2.36
%
-
0.43
%
1.59
% 1.59%
0.99
%
-
0.23
%
1.60
%
0.69
%
11/5/2019
1.07
%
-
0.75
%
1.66
%
2.95
%
-
0.40
%
2.82
% 2.82%
1.22
%
-
0.37
%
2.17
%
0.45
%
11/6/2019
-
0.29
%
-
0.93
%
0.14
%
2.43
%
-
1.37
%
1.04
% 1.04%
0.32
%
0.23
%
0.96
%
0.22
%
11/7/2019
-
0.27
%
0.76
%
1.83
%
-
0.09
%
-
0.45
%
-
0.45
% -0.45%
0.03
%
1.82
%
0.54
%
-
0.39
%
11/8/2019
-
2.52
%
-
0.29
%
0.81
%
-
0.64
%
0.06
%
-
0.04
% -0.04%
0.45
%
-
0.75
%
-
0.09
%
1.07
%
11/11/2019
-
1.35
%
-
0.83
%
0.72
%
-
1.43
%
0.80
%
-
1.03
% -1.03%
-
0.87
%
0.44
%
-
0.24
%
-
0.37
%
11/12/2019
-
0.67
%
0.61
%
0.87
%
-
1.99
%
-
1.08
%
-
0.37
% -0.37%
-
1.51
%
-
1.33
%
-
0.28
%
0.26
%
11/13/2019
-
1.58
%
-
1.58
%
0.58
%
0.24
%
0.74
%
1.03
% 1.03%
0.36
%
-
0.35
%
0.34
%
0.08
%
11/14/2019
1.42
%
1.83
%
-
0.77
%
-
1.16
%
0.49
%
-
0.21
% -0.21%
-
2.46
%
0.62
%
-
0.26
%
-
0.67
%
11/15/2019
1.98
%
0.24
%
-
0.17
%
-
0.13
%
-
2.20
%
-
0.88
% -0.88%
-
0.68
%
-
0.49
%
-
1.72
%
-
0.29
%
11/18/2019
0.04
%
-
0.86
%
-
1.66
%
0.92
%
-
0.08
%
0.51
% 0.51%
0.60
%
-
0.76
%
0.33
%
0.85
%
11/19/2019
1.00
%
0.34
%
0.91
%
-
0.22
%
0.85
%
-
1.40
% -1.40%
0.23
%
-
0.02
%
-
0.72
%
0.18
%
11/20/2019
-
2.60
%
0.37
%
0.40
%
1.07
%
0.13
%
0.02
% 0.02%
0.99
%
-
0.21
%
-
0.37
%
0.43
%
11/21/2019 0.36 - - - - - -0.96% - - - -

29ACCOUNTING
%
0.14
%
0.99
%
0.80
%
1.15
%
0.96
%
0.74
%
0.68
%
0.75
%
0.26
%
11/22/2019
0.94
%
-
0.50
%
3.86
%
-
1.21
%
0.29
%
0.03
% 0.03%
-
1.16
%
-
0.70
%
-
0.02
%
-
0.51
%
11/25/2019
1.62
%
0.68
%
0.32
%
2.39
%
0.72
%
0.35
% 0.35%
1.77
%
0.48
%
0.84
%
0.57
%
11/26/2019
0.35
%
1.03
%
0.96
%
0.58
%
0.77
%
0.26
% 0.26%
0.52
%
0.04
%
-
0.07
%
1.06
%
11/27/2019
0.22
%
1.30
%
-
0.78
%
0.80
%
0.75
%
-
1.44
% -1.44%
0.00
%
0.93
%
-
1.43
%
0.78
%
11/29/2019
-
0.76
%
-
0.11
%
3.15
%
-
0.42
%
1.18
%
-
0.76
% -0.76%
0.39
%
0.04
%
-
0.69
%
0.43
%
12/2/2019
1.08
%
0.02
%
-
0.24
%
1.02
%
0.09
%
-
0.66
% -0.66%
-
0.73
%
0.20
%
0.18
%
0.33
%
12/3/2019
-
1.00
%
-
0.77
%
-
0.41
%
-
1.97
%
-
0.47
%
-
1.21
% -1.21%
-
0.77
%
0.14
%
-
1.53
%
-
1.00
%
12/4/2019
0.48
%
-
1.30
%
-
0.33
%
0.51
%
-
1.32
%
0.32
% 0.32%
-
1.23
%
-
0.79
%
0.46
%
-
0.54
%
12/5/2019
-
0.46
%
-
0.21
%
-
2.13
%
-
2.58
%
-
1.36
%
-
2.43
% -2.43%
-
2.28
%
-
0.39
%
-
2.71
%
-
0.96
%
12/6/2019
1.39
%
-
1.09
%
-
0.34
%
0.87
%
0.05
%
0.49
% 0.49%
0.47
%
-
0.09
%
0.21
%
0.80
%
12/9/2019
0.98
%
-
0.79
%
-
0.66
%
-
1.62
%
-
0.07
%
-
1.48
% -1.48%
-
1.16
%
-
1.01
%
-
0.84
%
0.20
%
12/10/2019
0.27
%
1.36
%
1.44
%
2.54
%
1.32
%
1.67
% 1.67%
1.74
%
1.70
%
1.86
%
1.09
%
12/11/2019
1.52
%
-
0.79
%
0.07
%
0.67
%
-
0.06
%
-
0.39
% -0.39%
-
0.27
%
-
0.14
%
-
0.37
%
-
0.05
%
12/12/2019
1.07
%
-
0.11
%
-
0.20
%
-
0.27
%
1.26
%
-
0.41
% -0.41%
-
0.27
%
0.09
%
-
0.07
%
-
0.68
%
12/13/2019
0.35
%
0.24
%
0.08
%
1.08
%
0.16
%
-
1.29
% -1.29%
0.50
%
-
0.53
%
-
0.51
%
-
0.64
%
12/16/2019
1.91
%
-
0.65
%
0.12
%
0.84
%
-
0.50
%
1.32
% 1.32%
2.63
%
0.11
%
0.96
%
0.71
%
12/17/2019
-
0.24
%
-
0.29
%
1.30
%
-
0.31
%
-
1.10
%
-
1.47
% -1.47%
-
0.33
%
0.34
%
-
1.41
%
3.44
%

30ACCOUNTING
12/18/2019
-
0.26
%
2.08
%
4.38
%
2.31
%
2.27
%
1.20
% 1.20%
1.90
%
1.88
%
1.15
%
1.92
%
12/19/2019
-
0.09
%
1.30
%
0.87
%
0.98
%
0.79
%
2.32
% 2.32%
1.38
%
-
7.16
%
3.19
%
-
1.05
%
12/20/2019
0.50
%
-
0.22
%
1.23
%
0.10
%
0.91
%
0.09
% 0.09%
0.93
%
-
0.48
%
0.87
%
-
0.12
%
12/23/2019
0.34
%
0.25
%
0.51
%
0.10
%
0.67
%
0.91
% 0.91%
0.15
%
1.34
%
1.07
%
0.01
%
12/24/2019
0.07
%
1.08
%
1.00
%
-
0.30
%
0.38
%
0.29
% 0.29%
0.03
%
0.71
%
-
1.72
%
0.04
%
12/26/2019
0.81
%
1.19
%
-
0.12
%
0.46
%
0.10
%
0.82
% 0.82%
-
0.20
%
1.42
%
1.14
%
0.78
%
12/27/2019
-
0.24
%
-
0.25
%
-
0.38
%
-
0.60
%
0.14
%
-
0.28
% -0.28%
0.07
%
-
0.89
%
0.73
%
0.63
%
12/30/2019
-
0.30
%
0.28
%
-
0.17
%
1.08
%
0.07
%
-
0.77
% -0.77%
-
0.27
%
0.60
%
-
0.20
%
0.35
%
Actual Daily
Return
-
0.04
%
-
0.03
%
0.12
%
-
0.08
%
0.11
%
-
0.10
% -0.10%
-
0.07
%
-
0.08
%
-
0.10
%
0.10
%
Risk Free
Rate
0.00
58%
0.00
58%
0.00
58%
0.00
58%
0.00
58%
0.00
58%
0.0058
%
0.00
58%
0.00
58%
0.00
58%
0.00
58%
Beta -0.15
-
0.02 0.33 0.83 0.19 0.31 0.31 0.68 0.12 0.38 1.00
Market
Return
0.10
%
0.10
%
0.10
%
0.10
%
0.10
%
0.10
% 0.10%
0.10
%
0.10
%
0.10
%
0.10
%
Expected
Return (Re)
-
0.01
%
0.00
%
0.04
%
0.08
%
0.02
%
0.03
% 0.03%
0.07
%
0.02
%
0.04
%
0.10
%
Alpha Test
-
0.03
%
-
0.03
%
0.08
%
-
0.16
%
0.09
%
-
0.14
% -0.14%
-
0.14
%
-
0.09
%
-
0.14
%
0.00
%

31ACCOUNTING
7/2/2019
7/12/2019
7/22/2019
8/1/2019
8/11/2019
8/21/2019
8/31/2019
9/10/2019
9/20/2019
9/30/2019
10/10/2019
10/20/2019
10/30/2019
11/9/2019
11/19/2019
11/29/2019
12/9/2019
12/19/2019
12/29/2019
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
British American Tobacco
7/2/2019
7/12/2019
7/22/2019
8/1/2019
8/11/2019
8/21/2019
8/31/2019
9/10/2019
9/20/2019
9/30/2019
10/10/2019
10/20/2019
10/30/2019
11/9/2019
11/19/2019
11/29/2019
12/9/2019
12/19/2019
12/29/2019
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
HSBC
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-6.00%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
RDS

32ACCOUNTING
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
Unilever
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
Astra Zeneca
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
GSK

33ACCOUNTING
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
BHP
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
Rio Tinto
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
Diageo

34ACCOUNTING
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
BP PLC
7/2/2019
7/10/2019
7/18/2019
7/26/2019
8/3/2019
8/11/2019
8/19/2019
8/27/2019
9/4/2019
9/12/2019
9/20/2019
9/28/2019
10/6/2019
10/14/2019
10/22/2019
10/30/2019
11/7/2019
11/15/2019
11/23/2019
12/1/2019
12/9/2019
12/17/2019
12/25/2019
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
FTSE