Dividends from the materials sector may not be as lucrative for shareholders as it has been in the past after wild swings in the price of commodities created a murkier outlook for the mining companies.

That’s the view of First Sentier’s head of equity income, Rudi Minbatiwala, who said that the “biggest swing factor” for shareholder payouts this year would be in the resources sector. “We expect dividend cuts in the miners to be linked to lower expectations in the prices received for commodities,” he noted.