0050 GMT - The main positives in miner South32's FY result are the Cannington mine, where Ebitda tops consensus by 5%, and group free cash flow, which is a 17% beat, says Citi. The main negatives are its manganese business, which posts a 3% miss on Ebitda, and Brazil Alumina, where Ebitda falls 33% short, the bank says. "The retained base metals assets delivered above estimates, the misses were concentrated in the assets being sold, and the strong cash generation supports higher returns under the updated capital management framework post the Alcoa transaction," Citi says. It reiterates a buy rating and A$5.30/share target. Shares are up 0.6% at A$5.17.
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