The standstill at Konkola Deep, a high-grade underground pit that also contains cobalt, was triggered by a shortage of funds to develop new mining areas, said Barnaby Mulenga, permanent secretary in the Ministry of Mines. The lack of capital is also curbing output at other operations of Konkola Copper Mines Plc, which was placed under provisional liquidation in 2019 after the government alleged Vedanta lied about expansion plans and paid too little tax.
KCM said on Thursday that Konkola Deep is still operating. Higher copper prices will also make it economical to open up new mining areas, it said in a statement.
The developments at KCM come as copper surged back above $10,000 a ton, with the reopening of major industrial economies sparking a commodities rally. Africa’s No. 2 copper producer is reliant on exports of the metal, but production at Konkola Deep may only resume after the resolution of a legal arbitration with Vedanta opens the way for new investment, Mulenga said.
“This demand for copper will only get higher and the sooner these issues are resolved there is still an opportunity to exploit this resource,” Mulenga said. “This is a giant which is sleeping and we remain positive that it will be mined at some point.”
Zambia Plan to Sell Billionaire’s Mines Stuck in Legal Mire
Mulenga said KCM’s current challenges result from Vedanta failing to complete underground works that would have allowed more ore to be extracted from Konkola Deep. The flagship mine in Zambia’s Copperbelt requires most of the $1.2 billion needed to turn KCM around, he said.
Vedanta, which has denied the government’s allegations, said it was “saddened” to hear about the production halt at Konkola Deep. The company said it had invested more than $1.7 billion in KCM and had planned to spend a further $1.5 billion to make the operations profitable.
Last month, employees of more than 30 contractors at KCM stopped work and staged protests over workers’ grievances.
The mounting problems at KCM highlight the political risks as President Edgar Lungu’s government seeks a greater share of mining revenues ahead of elections this year. While Zambia’s copper production rose to a record last year, that didn’t prevent the nation from defaulting on its external debt.
Zambia also plans to sell a majority stake in Mopani Copper Mines Plc after acquiring the operations from Glencore Plc, Mulenga said earlier this year. The government wants to raise about $300 million to expand output and pay off the $1.5 billion it owes the commodities giant.
A Copper Mining Lesson From Zambia: History Repeats Itself
(Updates with comment from KCM in third paragraph)
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Iron ore logs its highest price on record Thursday, buoyed by an insatiable demand for steel in China.
BEIJING (Reuters) -The resumption of student visa applications at U.S. missions in China got off to an acrimonious start this week when netizens took exception to an American embassy social media post they interpreted as likening Chinese students to dogs. Former U.S. President Donald Trump, whose time in office was marked by tense relations in Beijing, had in January last year barred nearly all non-U.S. citizens who were in China from entering the United States after the coronavirus outbreak.
(GM) can’t seem to catch a break from investors. In summarizing the quarter in a Wednesday report, Morgan Stanley analyst Adam Jonas wrote “they didn’t warn!”—referring to the company essentially maintaining full-year earnings guidance.
General Motors Co. stock rallies toward its best in a month after the car maker reported record first-quarter results, kept its guidance intact, and sounded optimistic about its electric-car and autonomous-vehicle prospects.
(Bloomberg) -- Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high prices, according to the CEO of the world’s second-largest producer.“Fund managers just bash the table and want money -- they’re not interested in this industry reinforcing its foundations,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.”While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, its shares are down about 3% this year. Bristow urged fund mangers to take a longer-term approach, with miners having to navigate tricky jurisdictions and geologies as well as gain the trust of politicians and populations at a time of rising environmental standards.It’s not the first time the investment community has resisted growth at times of high prices and earnings. Fund managers took some convincing on Barrick’s 2018 tie-up with Randgold Resources, which kicked off a flurry of deal making in the industry, Bristow said.That wave of consolidation has since stalled, “and all we’ve got from the market is ‘returns, returns, returns,’” the CEO said by phone from South Africa.Those calls are also heard by host nations, he said, some of which are now looking for a bigger slice of the mining windfall as prices of industrial metals such as copper surge to the highest levels in a decade.‘Irrational’ BehaviorCopper is benefiting from the global economic recovery and concerns that supply will struggle to keep up with demand growth driven by the clean-energy transformation. Gold, on the other hand, has gotten back toward $1,800 an ounce amid signs of inflationary pressures and weakness in the U.S. dollar.Bristow sees gold supported by “irrational” behavior in response to a pandemic-stressed global economy that threatens the value of paper money. The pandemic has also exacerbated economic inequalities as more vulnerable people lose their incomes and more secure people get wealthier, he said.Mining has a role to play in alleviating poverty and rebuilding economies and infrastructure, but it has to be acceptable to future generations, he said.“I’m cautioning people not to become too obsessed with stripping the industry out of its cash, and not allowing strengthened balanced sheets to be built and investments in the future,” he said. “Whether it’s exploration or deal making, it’s got to create value and you can’t create value as a mining executive if you don’t have support from the fund managers.”(Adds share prices)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Moderna Inc on Thursday said it believes countries around the globe would continue buying its COVID-19 vaccine for years even if patents on the shots are waived, noting that rivals would face significant hurdles in scaling up manufacturing. The comments come a day after the United States said it would support waiving intellectual property rights for COVID-19 vaccines in order to help speed an end to the pandemic, paving the way for what could be months of negotiations to hammer out a specific waiver plan. Shares of other COVID-19 vaccine manufacturers like Pfizer Inc were also down on the patent news.
(Bloomberg) -- Spot iron ore broke $200 a ton for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following a three-day holiday.The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a ton for the first time since 2011 on Thursday. In the wake of mounting evidence of inflation -- fueled by higher raw materials prices -- investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries -- which include switching to electric vehicles and expanding wind and solar power -- are likely to generate additional demand for metals.”Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.Read more: Copper’s Surge Toward a Record High Is Hitting Chinese IndustryStill, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Volkswagen earnings boomed in Q1 and the auto giant raised 2021 targets, after differing chip shortage views from GM and Ford.
Gold futures rallied Thursday to top $1,800 an ounce, with prices marking their highest settlement since February. Prices got a boost from weakness in the U.S. dollar, as well as a decline in 10-year Treasury note yields. Getting above the key level of $1,800 is a "positive as it keeps the series of higher highs and higher lows that began in April in place, and the near-term trend to the upside," said Dan Russo, portfolio manager at Potomac Fund Management. June gold rose $31.40, or 1.8%, to settle at $1,815.70 an ounce. That was the highest most-active contract settlement since Feb. 12, FactSet data show.
Last month, there were 71 listings that mentioned crypto or bitcoin in their descriptions on the real estate listing site. That's 14.3 listings per 100,000 homes, or the highest rate on record.
The coronavirus pandemic doesn't seem to be slowing down the real estate market in the greater Baltimore area.
In an email, chief executive Sundar Pichai suggests working three days in the office is the way forward.
The Dow was struggling to maintain altitude in record territory Thursday, with technology shares being hit hardest, despite a report showing weekly jobless benefit claims at the lowest level in the COVID era, ahead of the nonfarm payrolls report for April due on Friday.
Bruce Willis and Demi Moore's youngest daughter announced on Instagram Tuesday that she's engaged to Dillon Buss. See her beautiful engagement ring!
(Bloomberg) -- The U.K.’s financial regulator handed down its first penalty over the Cum-Ex tax scandal, fining a broker 178,000 pounds ($248,000) for failings regarding its relationship with hedge-fund manager Sanjay Shah.Sapien Capital, which executed more than 6 billion pounds of trades in Danish and Belgian stocks on behalf of Shah’s Solo Capital group through 2015, had inadequate financial-crime controls in place, the Financial Conduct Authority said in a statement Thursday.Shah has emerged as a key figure in a scandal over alleged tax fraud that has engulfed multiple European countries, with investigators raking over a trading strategy that allowed investors to claim multiple refunds on a dividend tax that was paid only once. The FCA said the trading “is highly suggestive of sophisticated financial crime.”“These transactions ran money-laundering and other financial-crime risks, which Sapien incompetently failed to see,” Mark Steward, the agency’s director of enforcement and market oversight, said. The fine was reduced due to serious financial hardship.Ramesh Kumar Ahuja, Sapien Capital’s chief executive officer, declined to comment by phone. The firm told the FCA that “it is only with the benefit of hindsight that the shortcomings in relation to the Solo business have become apparent,” according to a summary of its submissions.While more than 25 bankers, traders and lawyers have been charged in Denmark and Germany, U.K. authorities have faced criticisms from the courts for the speed of their investigations.Danish prosecutors said earlier this year that Shah was the mastermind behind a a 9.6 billion-krone ($1.6 billion) tax-fraud case. Shortly after that, Shah and six others were indicted by Hamburg prosecutors over more than 50 cases of money laundering relating to Cum-Ex trades in Denmark and Belgium that went through German accounts.Shah has consistently said he did nothing wrong other than take advantage of loopholes in national laws.The FCA said Sapien had just 40 clients before adding more than 160 customers linked to Solo. The brokerage was expecting to take in as much as 700,000 pounds in brokerage fees annually.Even when Sapien couldn’t be sure about the identity of one of the Solo clients, a mix of offshore companies and pension plans, it proceeded to add the firm as a customer anyway, the FCA said. The client presented mismatched signatures as part of a bundle of documents and Sapien simply asked it to re-sign the forms, the regulator said.Inside Sapien, the mismatched signatures were known as a “touchy subject,” according to the FCA.(Updates with details on Sapien Capital’s submissions in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The highest-flying tech names are getting no help from one of the sector’s usual lifelines amid a fierce selloff that’s showing few signs of slowing.Plunging U.S. real yields -- which strip out the effects of inflation -- failed to stem a 2.9% fall in Cathie Wood’s ARK Innovation exchange-traded fund (ARKK) Thursday, now in the midst of its worst stretch since 2018. Drops in the likes of Twilio Inc., Zoom Video Communications Inc. and Roku Inc. dragged down the ETF, even as the mega-cap Nasdaq 100 rallied for the first time this week.The break-apart in riskier tech and real rates is a sea change in a relationship that’s held through much of the past year. With bonds offering a negative rate of return after stripping out inflation, speculative tech and growth have flourished as investors hunt for yield. That the decoupling is happening at a time when a standard explanation for weakness in equities is “concern about inflation” shows the challenges of assigning cause and effect to a market where everything from retail day-traders to options-fomented hedging is acting on prices.“Even though the bond market is suggesting that tech should be doing better, commodities are what the equity market is listening to and that is causing less of a bid for technology,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “Commodities are whispering in the ear of the equity market and saying inflation is coming.”A surge in everything from copper to corn prices has pushed the Bloomberg Commodity Spot Index to its highest level in almost a decade. Meanwhile, 2-year breakevens touched the highest level since 2008 on Wednesday. The market’s sensitivity to a potential rise in rates was on display this week, with the Nasdaq 100 careening lower after Treasury Secretary Janet Yellen said interest rates may have to rise moderately to keep the economy from overheating -- a point she later walked back.ARKK has bled about $785 million in outflows over the past six days, according to data compiled by Bloomberg. Amid the carnage, hedge funds sold technology shares for seven straight days, cutting their exposure to the lowest since December, prime broker data compiled by Goldman Sachs Group Inc. show.Retail investors have also absorbed blows after chasing momentum into the high flyers like green energy and electronic-vehicle stocks. Plug Power Inc. tumbled 7.1% Thursday after a 973% surge in 2020. Xpeng Inc., a Chinese maker of electric cars, dropped 5.8% for its eighth decline in nine days.A Goldman Sachs basket of retail favorites has fallen five straight weeks, the longest losing streak in data going back to July 2018. That’s a turnaround from earlier this year, when a Reddit-driven rally in meme stocks like GameStop Corp. handed the retail crowd a win against some short sellers.As growth gets hit, cyclically-oriented sectors -- those with earnings viewed as being more tied to economic swings -- have pulled ahead. The financial and energy sectors have rallied 3.6% and 6.9% so far this week, respectively, putting both on track for their strongest showings since March.“With the data continuing to suggest a faster than expected recovery, the recovery/reflation trade is winning and expensive growth becomes a source of funds,” said Dan Suzuki, Richard Bernstein Advisors LLC’s deputy chief investment officer. “The rising inflation expectations indicate that people’s confidence in the reflation trade is picking up.”(Updates with closing prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Indonesia is setting its sights on a sharp turnaround starting this quarter as it assembles more stimulus programs to lift stubbornly weak domestic demand.Gross domestic product declined 0.74% in the first quarter from a year ago, the statistics bureau said Wednesday, worse than the median estimate of -0.65% in a Bloomberg survey of economists. Still, it represented an improvement from the 2.19% contraction in the final quarter of 2020.Southeast Asia’s largest economy should return to growth this quarter as the government readies tax and sales measures to support the retail sector, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a briefing. GDP is expected to expand 6.9%-7.8% in the second quarter period, a pace that would be its fastest since 2008, according to Bloomberg data.“The trend of economic recovery is toward positive growth,” Hartarto said. “The curve is V-shaped, as seen in many other countries.”“Until we return the consumer confidence that will revive demand, the risk will be on the downside,” said Enrico Tanuwidjaja, an economist at PT Bank UOB Indonesia in Jakarta. He added that he’d be downgrading his full-year outlook because of the first-quarter numbers.The country’s benchmark stock index pared the day’s gains to 0.2% after the GDP data were released. The rupiah was little changed at 14,435 to the dollar.“The virus resurgence at the start of the year is likely to have put a dent in consumption, even though there have been some signs of nascent recovery more recently,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp in Singapore. “Bank Indonesia is most likely going to continue to keep its policy rate unchanged, focusing on pushing for more forthright transmission of its previous rounds of rate cuts by the banking system.”Main DriversThe government recently maintained its outlook for 4.5%-5.3% GDP growth for 2021, expecting consumption around Eid celebrations in April-May to boost growth in the second quarter. On Tuesday it cut its forecast for 2022, now expecting growth of 5.2%-5.8% next year, down from an earlier projection of 5.4%-6.0%.What Bloomberg Economics Says...“Indonesia’s recovery should continue to advance in 2Q in year-on-year terms, but more quarterly contractions this year can’t be ruled out given the higher infection rate of Covid-19 variants now circulating alongside relatively slow inoculations. We still expect a muted recovery this year, with growth coming in well short of the central bank’s 4.1-5.1% forecast range.”-- Tamara Mast Henderson, Asean economistSolid performance in trade and investment have been the main growth drivers early this year. Exports and imports bested estimates, while foreign direct investment climbed to a three-year high, mostly in provinces outside the main growth engine of Java.“The process of economic recovery will differ between provinces and sectors,” Suhariyanto, head of the country’s Statistics Office, said in announcing the GDP data. “Sectors that are highly dependent on public mobility, such as transportation and accommodation, will take longer to be able to pick up.”While factory activity and consumer confidence have shown a steady increase, core inflation and retail sales remain subdued as movement curbs limits household spending, which accounts for almost 60% of the economy.Other details from Wednesday’s release:The economy shrank 0.96% from the previous quarter on a non-seasonally adjusted basis, worse than the 0.85% drop forecast by economistsSectors that expanded the most in the first quarter, in year-on-year terms, include information and communications, +8.72%; water supply, +5.49%; health services, +3.64%; and agriculture, +2.95%Biggest decliners were transportation and warehousing, down 13.12%; accommodation, food and beverage, -7.26%; company services, -6.1%; and other services, -5.15%Private consumption fell 2.23%, while government spending rose 2.96% and gross fixed capital formation declined 0.23%Exports rose 6.74% from a year ago. Imports rose 5.27%Vaccine DriveAs many as 12.7 million Indonesians had been inoculated as of early May, though that’s still a small percentage of the country’s 270 million population. Private companies will begin inoculating workers once the government sets a selling price on vaccines.“The high frequency mobility data we track from Google suggest that government restrictions and social distancing remain a major drag on activity,” Gareth Leather, senior Asia economist at Capital Economics Ltd., wrote in a research note.By maintaining restrictions even as infections decline, “the government is making a clear trade-off to get ahead of the infection curve, because the cost of future lockdowns will be even worse for the economy,” UOB’s Tanuwidjaja said. “This is necessary to get a more sustainable recovery in coming quarters.”(Recasts lead and adds minister’s comments in third and fourth paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Mike Novogratz’s Galaxy Digital Holdings agreed to buy crypto custodian BitGo Inc. in a cash and stock transaction valued at about $1.2 billion.Galaxy is paying $265 million in cash and is issuing 33.8 million shares to finance the acquisition. BitGo shareholders will own 10% of the company. The deal broadens Galaxy’s offerings and geographic reach.“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology,” Novogratz, Galaxy’s New York-based chief executive officer and founder, said in a statement.Cryptocurrency prime broker BitGo was founded in 2013 by Mike Belshe, an engineer who’s previously worked on Google’s Chrome. He’s joining Galaxy as deputy chief executive officer and will become a member of the company’s board of directors.“Joining Galaxy Digital represents an exciting new chapter for our business, as our current clients gain access to a wide set of financial solutions,” Belshe said in a release.BitGo, with over 400 institutional clients, has more than $40 billion in assets under custody and serves over 150 exchanges, according to a press release. The company processes roughly 30 billion transactions per month and supports the custody of more than 400 coins and tokens.“We’ve built this company where we invested in all things blockchain, we traded and participated on top of the blockchain, and now with the 60-plus blockchain engineers, we actually get to build the infrastructure of the future,” Novogratz said in an interview on Bloomberg Television.It’s the second high-profile acquisition in the crypto space in recent days. Coinbase Global Inc., the newly public crypto firm, at the end of April acquired Skew, a data analytics and trade execution platform focused on cryptocurrency derivatives.The cryptosphere has grown in recent months as institutional and retail investors take a greater interest amid a red-hot rally in digital-asset prices. Bitcoin, the largest digital coin, has gained more than 500% over the past year. The Bloomberg Galaxy Crypto Index, which tracks multiple cryptocurrencies, is up nearly 800% over the same period.(Updates with comments from BTV interview.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Mubadala Investment Co. joined global investors like KKR & Co. in pouncing on opportunities presented by the pandemic, embarking on a record dealmaking spree while many of its peers among sovereign wealth funds hunkered down.In a year that saw the worst oil-price crash in a generation, Mubadala delivered a record income for the Abu Dhabi government as it doubled down on a bet that sectors like technology and consumer goods will benefit the most from the economic recovery. Abu Dhabi’s second-largest wealth fund said on Thursday that new investments last year amounted to 108 billion dirhams ($29.4 billion).With stakes in businesses from the retail unit of India’s Reliance Industries Ltd. to U.S. private equity firm Silver Lake and an ambition of doubling in size over the next decade, Mubadala stood out in seizing on dislocations in markets caused by the pandemic. State funds’ overall investments dropped almost 20% last year, according to New York-based adviser and data firm Global SWF.Mubadala’s pace put it on par with KKR, which was the top spending private equity firm globally from the start of April through December last year, according to data compiled by Bloomberg. KKR invested a total of $29.5 billion in public and private markets in 2020.“We navigated our portfolio through the dramatic macro-economic decline of early 2020, and decided to accelerate the pace of our capital deployment, ending the year with record profit and growth,” said Mubadala’s managing director and group chief executive officer, Khaldoon Al Mubarak.The annual review published on Thursday showed Mubadala’s assets under management across the group reached 894 billion dirhams, from 853 billion dirhams in 2019. It also said five-year returns on its portfolio were 9.8%, dating to 2016.The fund recently changed the way it reports its results. It eliminated categories such as annual revenue and net income, saying it would no longer release data “not relevant to a long-term investor” and would instead disclose a multi-year metric.Technology, HealthMubadala is plowing money into high-growth sectors such as technology and health care as the emirate looks to reduce its traditional reliance on oil and gas. Abu Dhabi, the capital of the United Arab Emirates, is home to almost 6% of the world’s oil reserves.For 2020, Mubadala said its total comprehensive income rose to 72 billion dirhams from 53 billion dirhams in 2019, citing growth in its public equities portfolio and funds in addition to the company’s assets across various sectors. It said the UAE and the U.S. remain its largest investment destinations but that it also expanded in India, France, China and Russia.Mubadala, which earlier this year overhauled its internal structure, also cashed out of some commitments, collecting 104 billion dirhams last year by monetizing mature assets and distributing investments locally and abroad.“In line with our long-term strategy, we increased our investments in sectors where we have high conviction, and with high performing fund managers,” Al Mubarak said.Abu Dhabi’s $232 Billion Mubadala Wants to Take Crack at Top 10Funds from Gulf states have been chasing overseas investments to reduce reliance on their oil-dependent home markets. Kuwait’s $124 billion pension fund is reducing its allocation to stocks in favor of alternatives and sees “lots of opportunities” in infrastructure over the next few years, especially in the U.S., its director general said in November.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
U.S. stock index futures rose on Thursday ahead of data that is expected to show a decline in weekly jobless claims, while shares of vaccine makers looked to extend losses after President Joe Biden's plan to back intellectual property waivers on COVID-19 shots. Shares in Pfizer Inc, Moderna Inc, Johnson & Johnson and Novavax Inc, all involved in the making of COVID-19 vaccines, fell between 0.6% and 5.4% in premarket trading.