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Rio Tinto Limitedâs (ASX:RIO) shares tumbled 4.6 per cent on August 02, 2018 following the recent update on first half year result wherein investors have been discontented with the results because the group did not meet the market expectation due to the escalation of the trade war between the United States and China. Besides this, Rio's London-listed shares slipped by about 3.40 per cent after the news on buy-back event, despite the company has set out an additional $1 Bn to buy back London-listed stock. As per the announcement, the group will start a US$1.0bn share buy-back programme of its ordinary shares of 10 pence each. This is in addition to the on-market buy-back event of its shares worth US$1.925 bn (announced on September 21, 2017) and $1.0 Bn (announced on February 07, 2018) been completed. As per the release, the existing buy-back programme is expected to be completed by 31 December 2018 while the new buy-back programme will be completed by February 27, 2019.
[optin-monster-shortcode id="wxhmli4jjedneglg1trq"]Following the announcement of the New Programme, Rio Tinto Plc has entered into a new non-discretionary irrevocable instructions with each of Deutsche Bank AG, London Branch and J.P. Morgan Securities Plc, to act as a riskless principal in connection to the purchase of Rio Tinto Plcâs ordinary shares and making trading decisions to  the purchase of Rio Tinto Plcâs ordinary shares independently of Rio Tinto Plc, for an aggregate maximum price of US$2.175 Bn for the period between August 02, 2018 and February 27, 2019. Rio Tinto Plc will pay the aggregate maximum amount of US$3.925 Bn to the shareholders under the repurchase programmes. The objective of this event is to minimize the share capital of Rio Tinto Plc.
Rio Tinto Limited traded at a market price of $77.86 with the market capitalization of circa $ 33.67 Bn (AEST: 03:30 P.M.)
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