Proactiveinvestors Australia News http://www.proactiveinvestors.com.au Proactiveinvestors Australia News RSS feed en Sun, 18 Feb 2018 06:44:08 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[S&P/ASX 200 loses early gains to close 5 points down]]> http://www.proactiveinvestors.com.au/companies/news/191738/spasx-200-loses-early-gains-to-close-5-points-down-191738.html S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) remained mostly unchanged on Friday, closing -0.08% down at 5904, held back by falls in the financial, materials and energy sectors.

4.10pm: Australian dollar strengthens

The Australian dollar hovered near two-week highs on Friday, helped by a positive outlook for global growth. The greenback continued its downward spiral.

Citi upped its average gold price forecasts for 2018 by around 7% to US$1355 an ounce.

Whitehaven Coal (ASX:WHC) shares dropped 4.5% to $4.45 after the miner downgraded its full year production guidance.

2.20pm: ASX200 up 0.1%

The ASX200 is up 5.5 points or 0.1% to 5,914.5 after retreating from its morning high of 5,938.1

After showing strength over the last week, it is the resources sector weighing down the market, down 0.61%.

Healthcare stocks managed to offset some of the losses, with Medibank's (ASX:MPL) half-year profit increasing 5.9% to $245.6 million.

11.05am: ASX200 up 0.3%

Investors have cheered results from Medibank (+3%), Primary Health (+3%) and Village Roadshow (+2%).

However, investors were underwhelmed with IOOF (-3%) and Star (-5%).

Super Retail Group has been flat this morning suggesting its result was as expected.

Pre-market wrap: ASX 200 set to open higher after another strong day in the US

The Dow Jones Industrial Average (INDEXDJX:DJI) finished 1.23% higher to 25,200.

Interestingly, the Dow sold off in the first 90 minutes, hitting a low around 11.05am but then rallied for the rest of the day of trade.

Consequently, the SPI 200 Futures, which are based on the ASX200 are up 0.67%.

Crude oil was 1.52% higher to US$61.52, gold was flat and the AUDUSD is trading at 0.7940.

Nickel also had a solid 24 hours, putting on 1.07%.

MPL, IFL, SGR, PRY, SUL, VRL report today

Companies of note reporting results today include:

Medibank Private Ltd (ASX:MPL);
IOOF HOLDINGS LIMITED (ASX:IFL);
• Star Entertainment Group Ltd (ASX:SGR);
• Primary Health Care Limited (ASX:PRY);
• Super Retail Group Ltd (ASX:SUL); and
Village Roadshow Ltd (ASX:VRL).

Cryptocurrency resurgence

Bitcoin and other cryptocurrencies alike have continued to rally from the early February lows, where Bitcoin traded under US$6,000.

Around 5.00am AEST, Bitcoin traded above US$10,200 setting a new high in the recent rally from the early February lows.

Chartists believe fibonachi resistant points exist around the US$10-11,000 mark for Bitcoin.

Litecoin has been one of the leaders of the recent crypto recovery.

Litecoin has plans to now launch LitePay, a payments processor, on February 26.

Upcoming economic data: Lowe to speak, US building permits tonight

At 9.30am AEST, RBA Governor Philip Lowe is due to speak in Sydney.

As head of Australia’s central bank, which controls short-term interest rates, he has a large influence over our economy and consequently, our stock market.

In the US, monthly building permits will be released, which is a good gauge of future construction activity.

US 10 year bond yielding more than Australian 10 year bond

For the first time in 18 years, the US 10 year treasury bond is yielding more than the Australian 10 year treasury bond.

Currently the pair are both yielding about 2.90%.

With the consensus amongst economists that US rates will rise much faster than Australian rates, the US 10 year bond yield is expected to maintain its new dominance.

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Fri, 16 Feb 2018 16:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191738/spasx-200-loses-early-gains-to-close-5-points-down-191738.html
<![CDATA[Noxopharm attracts $4 million for three drugs targeting unmet medical needs]]> http://www.proactiveinvestors.com.au/companies/news/191750/noxopharm-attracts-4-million-for-three-drugs-targeting-unmet-medical-needs-191750.html Noxopharm Ltd (ASX:NOX) is aiming to develop three first-in-class drugs, following a capital raise of $4 million via the issue of convertible notes to 40 Australian investors.

Noxopharm has raised the funds for its U.S.-based subsidiary, Nyrada Inc, which is aiming to list on the ASX in the form of CHESS Depositary Interests (CDIs) during 2018 along with an initial public offering.

The notes have a maturity date of July 2019 and will automatically convert to Nyrada shares at the time of a public listing.

Drugs targeting major unmet needs

The new funds are to be applied for the development of three drug assets:

• NYX-104 - a first-in-class neuroprotectant drug designed to minimise brain damage following stroke and traumatic brain injury such as concussion (e.g. sporting injuries);

• NYX-205 - a first-in-class anti-inflammatory drug designed to treat the condition of peripheral neuropathy, a painful condition affecting about 40% of cancer patients receiving certain common chemotherapies; and

• NYX-330 - a first-in-class small molecule PCSK9-inhibitor intended to treat high blood LDL cholesterol levels.

Key development milestones targeted over the next 12 month

Each of these three drugs is currently in pre-clinical development. The respective clinical indications have been identified and the first phase I study is targeted to commence in mid-2019.

Importantly, the new funds are expected to take each drug asset through a number of key development milestones over the next 12 month.

Preclinical programs in Australian universities and hospitals

Noxopharm’s R&D program is led by the experienced neuroscientist, James Bonnar.

He leads a group of Australian scientists who will oversee the preclinical programs, currently centred around Australian university and hospital research groups.

The recently raised funds give Noxopharm the ability to expand those collaborations offshore and to begin the process of raising the company’s profile internationally.

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Fri, 16 Feb 2018 15:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191750/noxopharm-attracts-4-million-for-three-drugs-targeting-unmet-medical-needs-191750.html
<![CDATA[Latin Resources enhances lithium strategy in Argentina with additional prospects]]> http://www.proactiveinvestors.com.au/companies/news/191749/latin-resources-enhances-lithium-strategy-in-argentina-with-additional-prospects-191749.html Latin Resources Ltd (ASX:LRS) is enhancing its lithium strategy in Argentina by seeking an additional five concessions close to its existing San Luis Province projects.

The Condor lithium concessions comprise 44,177 hectares in the northeast of the Sierra de San Luis and in the vicinity of historic lithium mines.

Latin now controls more than 145,000 hectares of lithium prospective tenements in San Luis and 294,000 hectares in Argentina.

Binding term sheet is signed

The company has signed a binding terms sheet with Kontrarian Resources Fund No 1 to secure the tenements for total consideration of $3.5 million in cash and shares.

Chris Gale, managing director, said: “The acquisition of the Condor concessions is further to Latin Resources’ strategy of building scale by controlling all of the known hard rock lithium pegmatites in Argentina.

“Latin Resources is very focused on developing a JORC resource and then moving into production to take advantage of the buoyant and high lithium prices.”

READ: Latin Resources receives approvals paving way for lithium drilling

The area hosts known historical lithium pegmatite mines that produced spodumene concentrate grading 6.3% to 8.1% lithium carbonate, including La Meta and Cabeza de Novilla.

Many smaller-scale pegmatite outcrops are evident within the concessions with some larger bodies being exploited by open pit mining for feldspar and quartz.

Latin’s geological staff recently examined close-spaced pegmatites with thicknesses up to 30 metres and extending for more than a kilometre in strike.

Pegmatites considered prospective

Given the location and proximity to known spodumene occurrences, these pegmatites are considered prospective for lithium mineralisation.

The area is within Sierras Pampeanas geological province which contains more than 95% of Argentina’s pegmatites and has historically been the source of spodumene, beryl, quartz, feldspar muscovite and tantalite.

Latin Resources is securing additional concessions in San Luis Province.

Until now, there has been little to no modern exploration on the concessions and Latin intends to incorporate them into its grassroots exploration plan for 2018.

This will include detailed mapping and geochemical sampling to identify prospective zones for follow-up drilling.

READ: Latin Resources attracts investors as news flows from Argentina and Peru

San Luis Province has an established small mining industry that produces quartz and feldspar for the glass and ceramics industry from hundreds of small mines.

There are circa eight crushing/grinding plants that process and sell minerals up the value chain for the ceramics and glass industry.

Processing options

Latin is in discussions with plant owners/operators to enable a spodumene circuit to be added to an existing crushing plant.

It has recently appointed Western Australian-based Primero Group, a turnkey design, construction and commission engineering company with experience on hard rock spodumene deposits.

The brief for Primero is to start test work on Latin’s spodumene samples to determine a flowsheet to produce a spodumene concentrate.

Use of an existing plant would negate the normally lengthy process of mine plant approvals based on building a new plant as well as provide cost-saving benefits.

Gale said the acquisition coupled with other lithium pegmatite projects and plant processing capacity presented a unique opportunity to fast-track production of spodumene concentrate.

READ: Latin Resources adds significant value to portfolio as it focuses on battery mineral assets

The company has recently positioned itself to take advantage of the production of battery minerals by divesting its Peruvian copper assets. 

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Fri, 16 Feb 2018 14:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191749/latin-resources-enhances-lithium-strategy-in-argentina-with-additional-prospects-191749.html
<![CDATA[Paladin Energy is back to being the ASX’s largest pure-play uranium producer]]> http://www.proactiveinvestors.com.au/companies/news/191748/paladin-energy-is-back-to-being-the-asxs-largest-pure-play-uranium-producer-191748.html Paladin Energy Ltd (ASX:PDN), the world’s 8th largest uranium company, is back trading on the ASX today.

The company regains its crown as the largest pure-play uranium producer trading on the ASX. 

Its reinstatement to official quotation follows the successful completion of a recapitalisation.

READ: Paladin Energy to recommence trading on the ASX tomorrow

Paladin currently sells uranium concentrates from the operating Langer Heinrich Mine (LHM) in Namibia.

Langer Heinrich is a low-cost, tier one asset

LHM is the fourth largest open-pit uranium mine in the world, has a remaining production life in excess of 20 years and is within the first quartile of global cash costs.

Importantly, the company has the benefit of substantial medium grade stockpiles at LHM, estimated to be available till early-to-mid-2019 at the current processing rate.

Well-funded following recapitalisation

Paladin has raised US$115 million through the issue of new notes and has extinguished all of its existing debt obligations pursuant to the restructure.

The company is in a position to meet its financial obligations for the next 12 months without having to raise any additional capital.

Opportunity to enhance operating margins

Paladin has an industry-leading position in being able to introduce optimisation projects that enhance its operating margins.

Its bicarbonate recovery plant (BRP) has reduced C1 cash costs by US$5-6 per pound since its implementation in FY2015 and FY2016.

Furthermore, additional savings are potentially available through the introduction of the backend upgrade and the U-pgrade™ process.

Leveraged to uranium price upside

Paladin has unique leverage to uranium price upside.

It is generally more exposed to spot prices as opposed to fixed contract prices than its peers.

Furthermore, Paladin can also quickly bring on an additional 3-4 million pounds of annual production through unwinding of the mining curtailment at LHM and a restart of its Malawi mine on care and maintenance.

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Fri, 16 Feb 2018 13:51:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191748/paladin-energy-is-back-to-being-the-asxs-largest-pure-play-uranium-producer-191748.html
<![CDATA[Immuron achieves strong sales growth for travellers’ diarrhoea product]]> http://www.proactiveinvestors.com.au/companies/news/191747/immuron-achieves-strong-sales-growth-for-travellers-diarrhoea-product-191747.html Immuron Limited’s (ASX:IMC) (NASDAQ:IMRN) flag-ship product Travelan® has achieved a revenue in excess of $914,000 for the first six months of FY2018, experiencing strong sales growth in both the U.S. and Australia.

Travelan is a natural product, specifically designed to reduce the risk of infection by E.coli, the most common cause of travellers’ diarrhoea or Bali Belly.

The company sold $335,000 worth of Travelan in the U.S. market during H1 FY2018, representing a 250% increase on the same period last year.

Travelan had $579,000 in sales in the Australian market, representing a 27% increase on the same period last year.

New clinical study of IMM-529

Immuron is also developing and commercializing other oral immunetherapeutics for the treatment of gut related diseases.

Last month, the company enrolled the first patients into its first-in-human IMM-529 clinical study for the treatment of clostridium difficile infection (CDI).

Most commonly affecting older adults after use of antibiotic medications, CDI can cause symptoms that range from diarrhea to life-threatening gut inflammation.

IMM-529 uses a combination of polyclonal antibodies to target and neutralise the three main virulence factors of CDI without negatively impacting the microbiome.

Clostridium-difficile infection is a multi-billion dollar market

According to the Centers for Disease Control and Prevention (CDC), clostridium-difficile infects more than 450,000 patients causing over 29,000 deaths per year in the U.S alone.

There is a high likelihood for recurrence of symptoms, which nearly triples the healthcare costs per patient, resulting in annual healthcare costs of nearly $4.5 billion.

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Fri, 16 Feb 2018 13:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191747/immuron-achieves-strong-sales-growth-for-travellers-diarrhoea-product-191747.html
<![CDATA[Strategic Elements’ memory ink research supported by government funding]]> http://www.proactiveinvestors.com.au/companies/news/191746/strategic-elements-memory-ink-research-supported-by-government-funding-191746.html Strategic Elements Ltd (ASX:SOR) has received Federal Government financial support for its joint CSIRO and Nanocube Memory Ink Project.

Grant funding has been awarded to trial methods of optimising the levels of organic material within a Memory Ink for industrial-scale processes.

Minimising the carbon content within a Memory Ink potentially enhances larger-scale manufacturing capability by reducing the number of steps in the fabrication process.

Grant awarded to joint team

The grant has been awarded to the Nanomaterials and Devices Team of CSIRO Manufacturing based in Melbourne and Strategic’s 100%-owned Australian Advanced Materials (AAM).

Charles Murphy, managing director, said: “Being awarded grant funding reflects the creditability of the joint CSIRO Innovation Connections Project.

“Recent participation in PrintoCent Industry Cluster meetings in Finland with some of the world’s leading printed electronics companies has continued to enable networking and expose the team to cutting-edge developments.

Overseas partner options

“Options for development of Memory Ink with overseas partners have also been increased and significant potential cost reduced through an overseas finding enabling access to the 43% cash rebate on overseas work.”

The grant has enabled the placement of a CSIRO researcher to work collaboratively with AAM on an Innovation Connections project to develop and implement a new idea with commercial potential.

CSIRO and AAM recently demonstrated that it was possible to scale up the synthesis batch of Nanocubes to a litre scale.

This eliminated an existing bottleneck present in the previous syntheses where 15-millilitre autoclaves limited the amount of Nanocubes that could be synthesised at the University of New South Wales.

Simplifying manufacturing process

This work aims to simplify the potential manufacturing process by eliminating certain steps in post-print layer deposition processing.

CSIRO staff will also provide consultation on a program of work being conducted at the University of New South Wales to further enhance the performance of the Memory Ink.

The $100,000 project will be co-funded by the Federal Government and Strategic Elements until April 2018.

Strategic is unaware of any commercially available memory ink with characteristics of transparency, flexibility and potential for larger memory capacity.

Membership of cluster

AAM views membership of PrintoCent Cluster as an important gateway for its technology.

As such, the company attended a recent industry seminar in Finland organised by the cluster and attended by leading industrial companies.

Strategic also continues to invest significant time into the identification and assessment of a project acquisition for 100%-owned Stealth Technologies Pty Ltd.

Due diligence has been conducted on deals in the Artificial Intelligence and IOT sectors, however, the company is investigating opportunities across a number of emerging sectors.

Cash back on overseas R&D

AAM recently received an ‘overseas finding’ from the Australian government that enables eligible research and development to be provided with a 43% rebate.

More than $840,000 in cash is expected to be received by the company in March 2018.

Murphy said: “Potential for large-scale uplift for shareholders is certainly top of mind.

“The company also expects to increase its cash position by $840,000 without shareholder dilution through the successful application of the R&D rebate which in combination with ongoing low corporate overheads and existing funds provides a strong platform.”

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Fri, 16 Feb 2018 12:45:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191746/strategic-elements-memory-ink-research-supported-by-government-funding-191746.html
<![CDATA[Cape Lambert Resources leveraged to high-grade copper results from Kasombo project]]> http://www.proactiveinvestors.com.au/companies/news/191745/cape-lambert-resources-leveraged-to-high-grade-copper-results-from-kasombo-project-191745.html Cape Lambert Resources Limited (ASX:CFE) is leveraged to the high-grade copper results received from Fe Limited’s (ASX:FEL) Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.

The first hole drilled at the Kasombo 5 prospect has intersected two zones of mineralisation.

READ: Fe Limited hits high-grade copper in first drill hole, cobalt results due shortly

Best result was 10 metres at 5.18% copper within a broader intersection of 23 metres at 3.18% from 54 metres in the lower zone.

In the upper zone, an intersection of 5 metres at 1.98% copper from 25 metres was returned.

Cape Lambert is a major shareholder

Cape Lambert is a major shareholder of Fe Limited holding 39.63% of issued capital and completed the sale of project rights from Kasombo to Fe in November 2017.

Kasombo is close to Cape Lambert’s Kipushi Tailings Project and processing plant.

READ: Cape Lambert Resources to begin engineering review at cobalt project

An engineering review of the processing plant at the cobalt project is being undertaken as Cape Lambert and joint venture partner Paragon Mining SARL prepare to begin operations this year.

Non-executive director resigns

Meantime, Jason Brewer has tendered his resignation as a non-executive director of the company due to other work commitments.

The resignation will take effect on 28 February 2018.

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Fri, 16 Feb 2018 11:35:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191745/cape-lambert-resources-leveraged-to-high-grade-copper-results-from-kasombo-project-191745.html
<![CDATA[Nexus Minerals’ drilling continues to highlight gold potential at Pinnacles]]> http://www.proactiveinvestors.com.au/companies/news/191744/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-191744.html Nexus Minerals Ltd (ASX:NXM) has received positive assays from a 3,092 metre drill program at its Pinnacles Gold Project in the Eastern Goldfields of Western Australia.

Six drill holes at the GT6 prospect returned wide anomalous gold intersections including:

• 21 metres at 0.88 g/t gold, including 10 metres at 1.66 g/t gold from 18 metres; and
• 22 metres at 0.78 g/t gold, including 14 metres at 1.02 g/t gold from 9 metres.

Importantly, the drilling to date at GT6 has tested only a fraction of the 3 kilometres x 600 metres anomalous gold corridor.

Similar to the 1990 Karari discovery

The geological and mineralisation features exhibited to date are consistent with results returned from initial exploration programs at the Karari gold mine, 20 kilometres to the north, in the mid 1990’s.

The Karari discovery hole was drilled in 1997 and returned 12 metres at 2.05 g/t gold from 38 metres.

This Karari-style gold mineralisation is known to be confined to volcanic sediments and is associated with quartz-hematite alterations.

Notably, these features were observed in the recent drilling at GT6 and the prospect will be subject to targeted exploration programs in 2018.

READ: Nexus Minerals highlights gold potential at project being acquired

Nexus is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.

The company’s tenement package commences along strike from Saracen Mineral’s (ASX:SAR) 4 million ounce Carosue Dam mining operations, and operating Karrari underground gold mine.

The recent addition of the Wallbrook Gold Project is expected to further advance Nexus’ gold exploration efforts.

READ: Nexus Minerals to boost gold portfolio with acquisition from Saracen

The company’s review of historical data for the Wallbrook Gold Project has revealed significant gold assay results including 3 metres at 16.6 g/t gold, 5 metres at 13.0 g/t gold and 12 metres at 4.1 g/t gold.

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Fri, 16 Feb 2018 11:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191744/nexus-minerals-drilling-continues-to-highlight-gold-potential-at-pinnacles-191744.html
<![CDATA[Fe Limited hits high-grade copper in first drill hole, cobalt results due shortly]]> http://www.proactiveinvestors.com.au/companies/news/191743/fe-limited-hits-high-grade-copper-in-first-drill-hole-cobalt-results-due-shortly-191743.html Fe Limited (ASX:FEL) has received high-grade copper results from the first drill hole at the Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.

The hole was drilled at Kasombo 5 prospect and intersected two zones of mineralisation.

Best result was 10 metres at 5.18% copper within a broader intersection of 23 metres at 3.18% from 54 metres in the lower zone.

In the upper zone, an intersection of 5 metres at 1.98% copper from 25 metres was returned.

READ: Fe Limited set for near-term copper and cobalt assays

Tony Sage, chairman, said: “I am pleased to see that the early results of the preliminary drill program support our high hopes for this project.

“We are building the justification to proceed with a planned 5,500-metre drill-out of Kasombo 5 and Kasombo 7.”

Preliminary reverse circulation drilling was completed at Kasombo 5 and Kasombo 7 in late December 2017 and early January 2018.

Testing concepts observed in mapping

Drilling was designed to test two styles mineralisation observed in a mapping program.

The first style conforms to that typical of deposits of the Katanga Copper Belt.

A second showed a cross-cutting breccia style, which provides the potential to significantly increase deposit size.

Holes target copper mineralisation

At Kasombo 5 two holes were completed for 149 metres targeting copper mineralisation mapped in the pit wall of an open cut with assays for the second hole expected shortly.

There were also two abandoned holes for 114 metres.

Cobalt assays are expected

At Kasombo 7 four reverse circulation holes were completed for 190 metres targeting cobalt mineralisation with assay results due shortly.

The mineralisation was observed in bedding cross-cutting breccias and in conformable bedding layers exposed by small-scale artisanal workings.

Evaluation of the drilling program will conclude after assays are received from three further batches.

Results by end of February

ALS is committed to finalising these assays by the end of February.

The Kasombo project comprises three mineralised areas of circa 600 hectares.

Kasombo 5, 6 and 7 are within two granted mining licences circa 25 km from the DRC’s second largest city, Lubumbashi.

READ: Fe appoints experienced Bouchart as general manager of Kasombo copper-cobalt project

Fe Limited has appointed Philippe Bouchart as general manager of the Kasombo project.

He has held executive positions in the mining industry for 26 years and brings experience in exploration, development and production, much of it across copper and cobalt.

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Fri, 16 Feb 2018 10:33:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191743/fe-limited-hits-high-grade-copper-in-first-drill-hole-cobalt-results-due-shortly-191743.html
<![CDATA[Pioneer Resources completes lithium drilling program in Canada]]> http://www.proactiveinvestors.com.au/companies/news/191742/pioneer-resources-completes-lithium-drilling-program-in-canada-191742.html Pioneer Resources Ltd (ASX:PIO) has completed a 1,200-metre drilling campaign at the Mavis Lake lithium joint venture project in Canada.

The program, conducted in conjunction with partner International Lithium Corp (CVE:ILC), was aimed at testing for extensions to spodumene-bearing pegmatites intersected in 2017.

Assay results are awaited but three spodumene-bearing pegmatites were observed in core from the first hole.

Thick pegmatite is observed

Observations included one pegmatite with a downhole thickness of 20 metres from 82 metres.

The drill program was wholly-funded by Pioneer as part of its earn-in on the project.

Mavis Lake project is 19 kilometres east of the town of Dryden in Ontario.

The project is in close vicinity to the Trans-Canada Highway and railway major transportation arteries linking larger cities such as Thunder Bay, to the southeast and Winnipeg, Manitoba, to the west.

READ: Pioneer Resources' Leo's Dam drilling results support management's geological model

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Fri, 16 Feb 2018 09:37:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191742/pioneer-resources-completes-lithium-drilling-program-in-canada-191742.html
<![CDATA[Argonaut Resources enters trading halt regarding material update]]> http://www.proactiveinvestors.com.au/companies/news/191741/argonaut-resources-enters-trading-halt-regarding-material-update-191741.html Argonaut Resources NL (ASX:ARE) has been granted a trading halt by the ASX.

The halt was requested due to the release of upcoming information regarding the outcome of an application by the Torrens Joint Venture under the South Australian Aboriginal Heritage Act.

The trading halt will end on the earlier of the commencement of normal trading on Monday 19 February 2018 or the release of the relevant information to the market.

READ: Argonaut Resources shares continue to run, more news flow from Torrens Project expected

The Torrens Copper Project in South Australia has been a catalyst for the improved share prices.

The project hosts the large-scale Torrens anomaly that has been likened to the nearby Olympic Dam deposit.

READ: Argonaut Resources issues 1 million shares after exercising options

Argonaut is a 30% partner in the Torrens Joint Venture with Aeris Resources Ltd (ASX:AIS) holding 70%.

The company’s subsidiary, Kelaray Pty Ltd, is managing the joint venture.

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Fri, 16 Feb 2018 09:37:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191741/argonaut-resources-enters-trading-halt-regarding-material-update-191741.html
<![CDATA[Corazon Mining commences drilling targeting nickel-copper-cobalt]]> http://www.proactiveinvestors.com.au/companies/news/191740/corazon-mining-commences-drilling-targeting-nickel-copper-cobalt-191740.html Corazon Mining Ltd (ASX:CZN) has commenced drilling at the Fraser Lake Complex within the Lynn Lake Project in Canada.

A minimum of 1,500 metres of core drilling is to be undertaken targeting nickel-copper-cobalt mineralisation.

The Fraser Lake Complex is five kilometres south of its 100% owned Lynn Lake Nickel-Copper-Cobalt Mining Centre.

READ: Corazon Mining gets ready to drill for nickel-copper-cobalt in Canada

At least two holes will test the previously identified  large geophysical anomalies.

Drilling is scheduled to be completed mid- March and results will be released as they become available.

First hole going as planned

The initial drill target is a deep-rooted, funnel-shaped, strongly magnetic anomaly.

It has similar characteristics to the nearby high-grade nickel-copper-cobalt sulphide deposit within the major historic Lynn Lake Mining Centre.

Drilling commenced on Wednesday and 90 metres have been drilled in the first hole, expected to be over 600 metres in length.

Sulphide mineralisation has been intersected from surface in the first hole, consistent with mineralisation intersected in the 2017 drilling program.

This is encouraging insofar as it supports the geophysical models being used to target drilling.

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Fri, 16 Feb 2018 09:18:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191740/corazon-mining-commences-drilling-targeting-nickel-copper-cobalt-191740.html
<![CDATA[Aspire Mining rail partners seek future freight capacity guarantees]]> http://www.proactiveinvestors.com.au/companies/news/191739/aspire-mining-rail-partners-seek-future-freight-capacity-guarantees-191739.html Aspire Mining Ltd (ASX:AKM) and its investment partner in the Erdenet to Ovoot Rail Project in Mongolia will extend the option period for an investment agreement in order to confirm future rail capacity guarantees.

China Gezhouba Group Corporation International Ltd (CGGC) has agreed with Aspire and its rail subsidiary Northern Railways LLC to extend the option for three months to 15 May 2018.

The future capacity guarantees are being sought for freight from Northern Railways south along the Trans Mongolian Railway.

READ: Aspire Mining's revised rail consortium brings technical and financial benefits for Ovoot

CGGC has confirmed that the guarantees are the only outstanding documentation required for approval of its investment into the project.

A binding MOU was signed in October 2017 providing for CGGC to complete the final feasibility study for the rail project.

CGGC was also given the opportunity to earn a 51% shareholding in Northern Railways by funding it to complete the other conditions of the concession agreement with a decision to be made by 15 February 2018.

Ulaanbaatar Railways JSC has confirmed that Northern Railways' freight demand along the Trans Mongolian Railway has been included in its forward capacity planning.

The extension will allow the partners to discuss with other stakeholders the securing of future commitments to carry freight.

Feasibility study completion brought forward

CGGC has also confirmed that the feasibility study, which was due to be delivered on or before 31 March 2018, is now expected to be submitted by the end of February.

Completion of the study is a key condition in the concession agreement and will allow for more advanced funding discussions with potential investors, including China Development Bank.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

Aspire also has the Nuurstei and Ovoot coking coal projects, which will benefit from the Erdenet to Ovoot Rail Project and the eventual Northern Rail Corridor through northern Mongolia to Russia.

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Fri, 16 Feb 2018 08:55:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191739/aspire-mining-rail-partners-seek-future-freight-capacity-guarantees-191739.html
<![CDATA[Tlou Energy updates on Botswana CBM project after government meeting]]> http://www.proactiveinvestors.com.au/companies/news/191713/tlou-energy-updates-on-botswana-cbm-project-after-government-meeting-191713.html Tlou Energy Limited (LON:TLOU, ASX:TOU) has updated investors on its coal bed methane projects in Botswana following a debriefing meeting with the authorities.

The meeting provided the company with more information following the government’s cancellation of a tendering process for CBM-based power projects, and confirmed that original bidders like Tlou would be asked to re-tender.

READ: Tlou Energy focused on coal bed methane in Botswana

In a statement, Tlou revealed that neither of the submitted bids met compliance requirements and it has been given details regarding the non-compliant issues.

“The non-compliant areas were discussed, and it was clear that most of them could not be complied with, as the requirements could only be met by a party that was already in commercial operation,” the company said.

Tlou added that it believes the ministry is amenable to amending the tender document as required, and, it intends to write to the ministry to respond to all compliance matters raised.

“The company will also suggest that the Ministry consider establishing a separate process for a smaller pilot project without the necessity for a long tender process. 

Favourable outcome can be achieved

“Once this pilot project is successfully operating, it could then lead to a re-tender in line with the Ministry's current plan.”

Tlou told investors that it is confident that a favourable outcome can be achieved, as there’s an eagerness on both sides to get the CBM industry up and running in Botswana.

In Thursday’s trading, Tlou shares were down around 20%, changing hands at 8.58p.

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Thu, 15 Feb 2018 23:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191713/tlou-energy-updates-on-botswana-cbm-project-after-government-meeting-191713.html
<![CDATA[S&P/ASX 200 closes 67 points higher led by gains in base and precious metals, as well as oil ]]> http://www.proactiveinvestors.com.au/companies/news/191669/spasx-200-closes-67-points-higher-led-by-gains-in-base-and-precious-metals-as-well-as-oil-191669.html S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) closed up 67.8 points or 1.16% higher to 5,909 points.

Resources stocks led the way, and this was reflected in the circa 2.5% gains in the S&P/ASX 200 Energy (INDEXASX:XEJ) and Materials indices (INDEXASX:XMJ).

4.10pm: Gold shines brightest in resources sector

These sectors were only outdone by the S&PASX All Ords Gold index (INDEXASX:XGD) which surged 3.2%.

Notable performances came from Doray Minerals (ASX:DRM) and Resolute Mining (ASX:RSG) which were up 12.5% and 7.6% respectively.

In the energy sector it was Origin Energy (ASX:ORG) that led the way, gaining 6.7% after delivering a result that pleased investors.

S&P/ASX 200 (INDEXASX:XJO) has climbed 0.9% by mid-day and is trading at 5,893.

Mid-day: ASX200 is trading up 0.9% at 5,893

There are broad gains across the index at large but some big names drop earnings, including the likes of Telstra (ASX:TLS), South32 (ASX:S32) and Suncorp (ASX:SUN).

Telstra's net profit in the six months ended December 31 fell 4.9% to $1.7 billion from $1.8 billion in the previous corresponding period.

South32 reported a stronger than expected $684.2 million first-half underlying profit.

10.30am: ASX200 is trading up 0.8% at 5,889

Resources stocks have led the ASX shares higher in early trade as the global recovery continues, thanks in part to a 3.3% jump in BHP (ASX:BHP) shares.

Origin Energy (ASX:ORG) has been dragged into a first-half net loss due to write-downs on gas fields that it flagged, while underlying earnings jumped.

Home appliances company Breville Group Ltd (ASX:BRG) released a strong first half result, trading up 5.3%.

Listed legal services company, IPH Ltd (ASX: IPH) has been sold down heavily after investors were clearly not pleased with the half-year result.

IPH was down over 20% this morning, trading as low as $4.03.

Pre-market wrap: S&P/ASX 200 expected to jump 44 points on the back of strength in overseas markets

The S&P/ASX 200 is set to open higher following a strong overnight performance in all major overseas markets.

The Dow (INDEXDJX:DJI) was up 1% or 253 points, closing at 24,893 points.

 

 

The NASDAQ (NASDAQ:IXIC) was even stronger, rallying 1.9% to 7143 points on Wednesday.

The FTSE 100 (INDEXFTSE:UKX) gained 0.6% to finish at 7213 points.

READ: FTSE 100 and is in positive territory with precious metals miners leading the way

Markets in Germany and France were both up more than 1%.

Commodities could be the driver of Thursday

With precious and base metals surging overnight, and a 2.5% kick in the oil price, Australian stocks could receive most of their momentum from the resources sector.

The SPI futures are pointing to a gain of 44 points.

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Thu, 15 Feb 2018 16:14:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191669/spasx-200-closes-67-points-higher-led-by-gains-in-base-and-precious-metals-as-well-as-oil-191669.html
<![CDATA[Marindi Metals finds conglomerate gold at second Bellary Dome site]]> http://www.proactiveinvestors.com.au/companies/news/191686/marindi-metals-finds-conglomerate-gold-at-second-bellary-dome-site-191686.html Marindi Metals Ltd (ASX:MZN) has found conglomerate gold at a second site within the Bellary Dome project in the Pilbara region of Western Australia.

Two rock chip samples from the Mt Roe/Bellary Formation contact zone have returned gold of 0.6 g/t and 0.1 g/t respectively.

They are the first confirmation that the contact is auriferous in this second location.

READ: Marindi Metals’ shares surge on new conglomerate gold opportunity in the Pilbara

The project lies on the southern margin of the Hamersley Basin and covers circa 25 kilometres of the contact between the Bellary Formation conglomeratic units and the overlying Mt Roe Basalt.

This is the equivalent stratigraphic contact to where the Novo Resources Corp (CVE:NVO) and Artemis Resources Ltd (ASX:ARV) JV and others have discovered gold at Purdy’s Reward and other West Pilbara prospects.

Creek sampling program

Marindi has designed a comprehensive creek sampling program to test all drainages which cross the prospective Mt Roe/Bellary Formation contact.

This sampling is expected to get underway by the end of February.

Creek samples will be panned as well as sub-samples sent to laboratories for analysis.

The first location of auriferous conglomerate, Edney Find, has significant historic alluvial workings, dry blowings and evidence of recent metal detecting.

This was the location in which Marindi panned coarse gold from local creeks.

Gold-in-soil sampling program

Marindi will also complete a gold-in-soil sampling program over the conglomerate with the aim of assessing the total strike length for gold mineralisation.

To the company’s knowledge, this will be the first time the area has been explored using this technique.

Marindi will be on site next week conducting orientation sampling to determine the most suitable sampling size for the sampling campaigns.

READ: Marindi Metals maps out lithium exploration for new year

The company recently also completed a sampling program at the Cosmic Boy and Digger Rocks prospects, part of its Forrestania Lithium Project in Western Australia.

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Thu, 15 Feb 2018 15:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191686/marindi-metals-finds-conglomerate-gold-at-second-bellary-dome-site-191686.html
<![CDATA[Rimfire Pacific Mining expands gold and copper signature at Fifield project]]> http://www.proactiveinvestors.com.au/companies/news/191679/rimfire-pacific-mining-expands-gold-and-copper-signature-at-fifield-project-191679.html Rimfire Pacific Mining NL’s (ASX:RIM) earn-in partner, Canadian producer New Gold Inc (TSE:NGD), has extended gold and copper prospectivity at the Fifield project in central New South Wales.

A phase II aircore drilling program managed by New Gold has confirmed robust gold prospects at Steeton and extending to the new Pluto area.

Results support an anomalous gold zone extending for circa 3 kilometres beyond the Transit prospect while a gold anomaly at the Fortuna-Quartzite Hill prospect was also confirmed.

READ: Rimfire Pacific Mining awaits golds, copper assays from scaled up drilling at Fifield

John Kaminsky, chief executive officer, said: “The broad-scale systematic geochemical sampling programs have produced some very encouraging results.

“These provide further confirmation of the highly prospective nature of the Fifield project area to yield new gold discoveries.

“The Steeton area gold prospectivity has been greatly extended to the northeast to the newly added Pluto prospect, and now provides additional targeting opportunities.

“It was very pleasing to see this coincident gold and copper anomaly in close association with favourable geology and anomalous multi-element geochemistry emerge on such a large scale.

“The Transit trend continues to provide positive results for additional discovery outcomes.”

Program substantially increased

There were 343 holes of aircore reconnaissance drilling completed in phase II for 8,290 metres.

This program was substantially increased in scale and intensity during its deployment, to more than double the original design size using two rigs.

The Fifield project is within the prolific Lachlan Transverse Zone.

Combined phase I and phase II aircore programs have covered a circa 150 square kilometre area at nominal 250 x 250 metre hole spacing.

The primary objective was to better define mineralisation potential and improve geological understanding in selected areas of the Fifield project area.

Large gold and copper anomaly identified

At Steeton, a promising northeast trending zone of anomalous gold and copper circa 4 kilometres by 1 kilometre in size has been identified.

Geologic logging has identified an associated altered porphyry.

Rimfire’s goal at Steeton-Pluto is to discover a gold-copper porphyry system, similar to the North Parkes style of deposit 70 kilometres to the east, also hosted in Ordovician age geology.

Planning next stage of work

Kaminsky added: “The aircore work builds on the important gold and copper intersections of the reverse circulation drilling in September 2017.

“We look forward to planning the next stage of follow-up work on these significant gold anomalies in the Fifield project area, which continues to strengthen in its overall credentials.”

It is anticipated that the aircore drilling, combined with supplemental field reconnaissance work, will generate significant insights for new target positions at Fifield, particularly east and north of the Sorpresa gold and silver resource.

This will include the use of other important data sets, such as geophysics, to provide the next range of discovery targets to be drilled in 2018.

Examining cobalt potential

Rimfire is also examining cobalt potential within its tenements.

New Gold is a multi-billion dollar capped company and gold producer, which is familiar with the region as it operates the Peak mine at Cobar.

The Canadian company has committed to spending $2 million during the first 12-month earn-in period to 21 March 2018.

It may choose to spend up to $12 million within five years to earn up to a 70% interest.

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Thu, 15 Feb 2018 12:57:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191679/rimfire-pacific-mining-expands-gold-and-copper-signature-at-fifield-project-191679.html
<![CDATA[Thred harnessing blockchain technology for its augmented reality app]]> http://www.proactiveinvestors.com.au/companies/news/191678/thred-harnessing-blockchain-technology-for-its-augmented-reality-app-191678.html Thred Ltd (ASX:THD) has introduced blockchain ledger technology to its Sweep platform, in advance of its O-Week initiative which begins on 19 February 2018.

Sweep is a geo-locked chat and augmented reality (AR) app that allows people in the same area to chat with each other.

In-app challenge to discover digital coins

In a product first, the O-Week activation will unveil the use of augmented reality enabled digital incentives.

Users complete an in-app challenge to discover digital coins located around the campuses that allows them to win rewards.

Sweep has introduced blockchain ledger technology to operate this innovative feature, allowing the company to design and engineer additional platform features to enhance user experience.

Blockchain technology has the potential to unleash new capabilities

Geoff Marshall, chief executive officer, said: “The exciting truth about Blockchain is we know it is changing the world.

“It ensures trust with clever code and it has the potential for unleashing many new applications and capabilities in terms of security and transferring assets.

“We know this is just the beginning to expand the Sweep app and what it can deliver.”

READ: Thred reveals first of its kind augmented reality trial

Thred remains ahead of schedule for the release of augmented reality functionality for Sweep next week, as it continues to test additional mechanics and features.

Importantly, the O-week program trials provide an opportunity to get first-hand feedback from users, which in turn will fast-track platform development.

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Thu, 15 Feb 2018 11:59:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191678/thred-harnessing-blockchain-technology-for-its-augmented-reality-app-191678.html
<![CDATA[PNX Metals zinc-rich results likely to extend Hayes Creek resource]]> http://www.proactiveinvestors.com.au/companies/news/191676/pnx-metals-zinc-rich-results-likely-to-extend-hayes-creek-resource-191676.html PNX Metals Ltd (ASX:PNX) has received high-grade zinc-rich results which have potential to extend the resource and increase mine life at Hayes Creek project in the Northern Territory.

Drilling at the Mt Bonnie deposit intersected zinc, gold and silver mineralisation in 15 holes outside the existing mineral resource envelope.

Mineralisation has been extended below the pit design and both up and down-dip to the existing resource.

READ: PNX Metals now debt free, Hayes Creek DFS due in 2018

Best result was 4 metres at 6.14% zinc, 1.14 g/t gold, 176 g/t silver, 1.29% lead and 0.11% copper from 73 metres, including 2 metres at 10.28% zinc, 1.92 g/t gold, 304 g/t silver, 2.11% lead and 0.17% copper.

James Fox, managing director, said: “Extensions to zinc-rich massive sulphide mineralisation below the existing pit design, and new mineralisation have potential to improve the already strong project economics.

“This would be possible by reducing the mine strip ratio, providing additional ore feed to the proposed process plant and therefore extending mine life.”

Results to be used in definitive feasibility study

In addition to resource extension drilling, the drilling was designed to provide geotechnical, resource, hydrological and metallurgical information for incorporation in the definitive feasibility study (DFS).

The study is due to be completed later in 2018.

In total 65 reverse circulation holes for 3,314 metres, nine diamond holes for 737 metres and one aircore hole were completed.

Other results include 1 metre at 7.68% zinc, 1.48 g/t gold, 305 g/t silver, 1.88% lead and 0.31% copper from 76 metres; 7 metres at 2.24 g/t gold and 81 g/t silver from 88 metres; and 5 metres at 3.28% zinc and 1.37 g/t gold from 35 metres.

Early production schedules supported

Shallow grade control drilling has confirmed near-surface gold-silver rich mineralisation to support early production schedules.

Fox said: “Since the PFS was published in mid-2017, an ideal site to construct process and tailings management facilities has been acquired, debt has been eliminated and there has been considerable improvement in spot commodity prices.

“Current zinc spot prices of US$1.57 per pound are +34% higher than the PFS average price used of US$1.17 per pound.

“Forward price updates along with ongoing project optimisation will be incorporated into the DFS.”

The Hayes Creek project is 170 kilometres south of Darwin.

Hayes Creek comprises the Iron Blow and Mt Bonnie zinc-gold-silver deposits, less than 3 kilometres apart within the Pine Creek region.

READ: PNX Metals poised to acquire preferred site for Hayes Creek processing plant

PNX recently executed an agreement with a subsidiary of Kirkland Lake Gold Ltd to acquire four mineral leases at Fountain Head, thus securing the preferred site for the proposed processing plant and tailings facility.

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Thu, 15 Feb 2018 11:05:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191676/pnx-metals-zinc-rich-results-likely-to-extend-hayes-creek-resource-191676.html
<![CDATA[The Hydroponics Company progresses cannabis growing and distribution model]]> http://www.proactiveinvestors.com.au/companies/news/191675/the-hydroponics-company-progresses-cannabis-growing-and-distribution-model-191675.html The Hydroponics Co Ltd (ASX:THC) has completed stage I of its research and development facility and growing capability in Queensland.

Since October 2017, the company has increased the investment in, and focus upon, the development of the Queensland site.

A premium growing facility that will focus on the production of high-quality medicinal cannabis has been established.

David Radford, chief executive officer, said: “We look forward to being granted the manufacturing licence and final approvals.

“These will allow us to commence the growing and manufacturing program of high-quality medicinal products”.

New site allows for increasing demand

The site has been developed to allow for increasing demand for high-quality medicinal cannabis products in both local and export markets.

Stage I of the development includes greenhouses for indoor cultivation and growth of medicinal cannabis.

It also has a drying and shredding facility for the initial processing of the dried plants, and an extraction laboratory for the processing of crude extract from the shredded plants.

The site will provide an onsite laboratory for the development of new strains, as well as testing and quality control of harvested products.

Vertically integrated business model

The current site, when fully optimized, will be scalable to meet the demands of a growing market.

THC plans to vertically integrate along the industry value chain by producing a high quality, processed product.

This will differentiate The Hydroponics Company from companies focused solely upon the production of medicinal cannabis as an agricultural commodity.

Stage II to focus on processing of raw material

Stage II of the company’s growth plan will focus on the processing of raw material into higher value medicinal cannabis oils for use in Australia and overseas.

These products will be provided to approved Australian patients through the National Access Cannabis (NAC) clinics in Australia as a branded product.

There will also be the opportunity to promote other premium products sourced from the company’s international partners.

Discussions have commenced with NAC Canada to supply high-quality Canndeo products to supplement NAC’s existing product portfolio.

Management is also considering an acquisition in Canada.

READ: The Hydroponics Company assesses Canadian entity with C$20 million a year in revenues

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Thu, 15 Feb 2018 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191675/the-hydroponics-company-progresses-cannabis-growing-and-distribution-model-191675.html
<![CDATA[S&P/ASX 200 opens down but bounces above 5,800]]> http://www.proactiveinvestors.com.au/companies/market_reports/191413/spasx-200-opens-down-but-bounces-above-5800-191413.html S&P/ASX 200 (ASX: XJO) (INDEXASX: XJO) opened this morning down around 100 points to 5,790.

10.40am: The ASX200 is trading at around 5,800

Energy and Utilities have been the hardest sectors hit this morning, both down over 2%.

Pre-market wrap: S&P/ASX 200 to open lower after 1,000 point fall in the Dow

The Dow Jones industrial Index (INDEXDJX:DJI) plunged 4.1% to close at 23,860 points.

Tech stocks were caught up in the fallout, and the NASDAQ (INDEXNASDAQ:IXIC) shed 3.9% to close at 6,777 points.

SPI Futures indicates 107 point decline in ASX 200

The SPI Futures was indicating a 107 point decline in the ASX 200 as US markets closed, but this is likely to increase as the late fall in the Dow is digested.

The acceleration in the downturn in the Dow towards the end of trading will prove all the more worrying for Australian investors.

Having fallen approximately 500 points with only 90 minutes of trading remaining, the sell-off escalated towards the close with the index finishing down 1032 points or 4.1%.

Based on sectors that were hardest hit overseas, ASX financials, energy and tech stocks look the most vulnerable today.

Dow closes below last week’s low

The close of 23,860 points is below last week’s trough of circa 24,150 points.

Based on stock movements in the US, the financial sector could be the subject of broad-based selling.

One of the worst performers in the US was American Express (NYSE:AXP) as it plummeted 5.6%.

Other losses across that sector were Visa Inc (NYSE:V) and JP Morgan Chase (NYSE:JPM), which were down circa 4%.

Tech stocks also were caught up in the sell-off with Intel Corporation  (NASDAQ:INTC) and Microsoft Corporation (NASDAQ:MSFT). falling 5.4% and 4.7% and respectively.

FTSE 100 sheds 1.5% on rate rise talk

FTSE 100 (INDEXFTSE:UKX) fell 1.5% to close at 7170 points after the Bank of England lifted its 2018 growth forecast from 1.6% to 1.8%.

In saying that inflation is likely to rise above 2% through to 2020 the BOE was seen as flagging both earlier rate rises and more substantial medium-term increases.

Mark Carney, Governor of the Bank of England, said: “It will likely be necessary to raise interest rates somewhat earlier and to a somewhat greater extent than we had thought”

READ: FTSE 100 closes firmly lower as strong pound weighs

Fall in crude prices adds to decline

In the course of trading in the UK, oil prices fell 1.4% to circa US$61.00 per barrel, prompting a sell-off in major oil stocks.

Royal Dutch Shell plc (LON:RDSB) was one of the biggest casualties, falling 2.1%.

Mining stocks also took a hit with Glencore PLC (LON:GLEN) and Rio Tinto PLC (LON:RIO) falling more than 3%.

Base metals mixed while gold gains ground

Zinc and lead were the best performers amongst the base metals increasing circa 1% and 1.4% respectively.

Copper and nickel both lost a little more ground after the recent sharp declines, but the extent of the falls was less than 1%.

Nickel closed at US$5.94 per pound and copper finished at US$3.09 per pound.

There was little movement in the iron ore price, and it is sitting at US$77.32 per tonne.

Gold hovered in and out of positive territory, but as US equities markets started to spiral the precious metal was well sought after, closing up 0.4% at US$1319 per ounce

The oil price continued its decline after UK markets closed, and was down circa 2.4% as US markets drew to a close.

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Fri, 09 Feb 2018 10:54:00 +1100 http://www.proactiveinvestors.com.au/companies/market_reports/191413/spasx-200-opens-down-but-bounces-above-5800-191413.html
<![CDATA[FTSE 100 lower at lunch unlike European counterparts]]> http://www.proactiveinvestors.com.au/companies/market_reports/129231/ftse-100-lower-at-lunch-unlike-european-counterparts-129231.html

LUNCH

Britain's blue chips stand out as being lower among European equities at lunch.

FTSE 100 is 21 points down at 6,844, while small cap shares are actually doing better. The FTSE AIM 100 is up 0.9% to 3,728, while the FTSEAIM All share is 0.14% higher at 778.020.

In European indices, France's CAC 40 is 33 ahead at 4,485 and the German DAX is over 75 higher.

Jasper Lawler, market analyst at CMC, says lower volumes over the summer months in the last few years has been a 'godsend' and cites the old adage: "Sell in May and Go Away”.

"Lower liquidity in the summer means there are fewer market participants with an opposing viewpoint to counteract sudden bursts of volatility. The volatility has often focused market attention on serious problems at hand."

But he adds: "The  summer of 2016 is not quite over but it’s already seen some substantial volatility. FTSE 100 trading volume in June surrounding the EU referendum blew out to £25.7bn whilst the political turmoil in its wake saw a volume of £20bn in July, substantially higher than a 12-month average of £16.7bn.

"As it stands, August looks like a substantial slowdown with a volume projection of about £15bn. A new Prime Minister and action from the Bank of England has calmed nerves and allowed a few much-deserved holidays to the South of France."

Among the top laggards on Footsie was financial and investment firm Old Mutual (LON:OML), which shed around 5% to 214.10p as the market failed to be impressed with half year results.

Challenger bank Aldermore (LON:ALD) posted a 45% leap in first-half underlying pretax profit, as it brushed aside any Brexit woes.

It said it would pass on the recent base rate cut to borrowers and savers but said it was not expected to be material to group’s net interest income, which was 3.6%.

In small caps a noteable riser was China Africa Resources (LON:CAF) up 105% to 5.13p although there was no news out from the mining group. It owns 100% of the zinc, lead, silver and vanadium deposit at Berg Aukas, near Grootfontein, Northern Namibia and currently has negative earnings.

On the flip side, Stratex Resources plc (LON:STI), the mine developer, lost over 10% to stand at 1.875p  as the market mulled over interim results and a production update  from its Altintepe gold mine in Turkey.

 

 

OPEN

FTSE 100 is down over 32 points at 6,833 as financial stocks and insurers took a hit.

In small caps, the picture was more mixed, with FTSE AIM 100  down  0.02% to 3,724, while FTSE AIM All share  added 0.04% to stand at  777.250.

It comes as the oil price eases, as new data showed  a build in crude stockpiles in the US. Brent crude is  0.88% lower at the time of writing - at US$44.18 a barrel.

Shares in Old Mutual (LON:OML) dropped 5.63% to 212.80p as it posted numbers six months to June 30 and said the macro-environment had been challenging.

The firm, which declared an interim divi of 2.67p, said pre-tax adjusted operating profit was £708mln, down 9% in constant currencies or down 22% in reported currency.

In small caps, Bezant Resources plc (LON:BZT) shed over 16% to 1.25p as it said  notice of a general meeting was sent to shareholders.

Meanwhile, Noricum Gold (LON: NMG) shed 8.82% to 0.16p despite it announcing " significant new copper and gold intersections from ongoing drilling at the Kvemo Bolnisi Gold & Copper project" - one of the targets at the 861 sq km Bolnisi project in the Republic of Georgia.

On the winning front, Cloudbuy (LON:CBUY) added over 7% to stand at 7.50p, while Energiser (LON:ENGI) was top London riser, adding over 27% to 1.75p.

 


The top-share index took a step back at the outset, due in part to a few big dividend payers trading ex-dividend.

Direct Line Insurance Group PLC (LON:DLG) and Rio Tinto PLC (LON:RIO) are both more than 2% lower as they now trade without the right to receive recently announced dividends.

Elsewhere in the insurance sector, South African outfit Old Mutual PLC (LON:OML) was down 6% at 212.1p after a negative reaction to half-year results.

Greek bottlers, Coca-Cola HBC AG (LON:CCH), cheered the market with their interims.

“The business delivered robust revenue growth and significant margin expansion, driven by improved pricing and mix trends, good progress on operating costs and a favourable input cost environment,” said Dimitris Lois, chief executive.

The FTSE 100 index was down 53 at 6,814.


Preview

London’s FTSE 100 is expected to pull back at the start of Thursday’s trading, setting the benchmark to break a five day streak of gains.

It comes after weaker oil prices – Brent fell 2.5% to US$43.85 and WTU dropped 3% to US$41.50 - and thus energy stocks weighed on US equities.

The narrative in the oil market sounds a lot like a broken record, with rising inventories and a will-they-won’t-they talk over an OPEC freeze.

“US markets finished on the back foot yesterday after oil prices slid sharply after a surprise build in inventories saw the recent rebound go into reverse gear,” said Michael Hewson, analyst at CMC Markets.

“With the latest OPEC data showing that Saudi Arabia posted record output in July it became clear that for all the chatter about a production freeze, and predictions of higher demand that any agreement would have to overcome significant hurdles from the main swing producers, which at this moment appears unlikely.”

The Dow Jones ended Wednesday 37 points, 0.2%, lower at 18,495 while the S&P 500 and Nasdaq lost 0.29% and 0.4% to close at 2,175 and 5,204 respectively.

In Asia equities traded was mixed. The Shanghai Composite edged up 0.10% to 3,021 and Hong Kong’s Hang Seng gained 0.51% to 22,605. Japan’s Nikkei dipped 0.18% to 16,735.

In Australia, the ASX 200 fell 0.76% to 5,501.

London’s FTSE 100 is meanwhile predicted to open around 33 points lower, with IG Markets calling the benchmark at 6,825 to 6,830 about an hour before the start of Thursday’s trading.

 

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Thu, 11 Aug 2016 21:30:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129231/ftse-100-lower-at-lunch-unlike-european-counterparts-129231.html
<![CDATA[Papers: Brexit uncertainty hits housing market hard]]> http://www.proactiveinvestors.com.au/companies/market_reports/129232/papers-brexit-uncertainty-hits-housing-market-hard-129232.html The Daily Telegraph

Number of homes on the market at record low as Brexit uncertainty hits house prices: The number of homes on the market hit a record low in July as house price growth slumped on the uncertainty in the wake of the Brexit referendum.

Lookers to sell parts business for £120 million as it focuses on car sales: Motoring group Lookers is to dispose of its car parts division as the business focuses on selling cars in a deal that has been welcomed by the City.

‘Biggest rail investment in UK since Victorian age’ safeguards 1,000 engineering jobs in Derby: A huge contract for hundreds of new trains - described as the “biggest investment in the railways since the Victorian era” - has secured 1,000 British engineering jobs.

Gold miner Centamin rides high after raising forecasts for the year: Shares in gold miner Centamin enjoyed another bounce this morning after the company beat expectations for the first half of the year.

The Guardian

Lloyds says António Horta-Osório has ‘no case to answer’: Lloyds Banking Group has told its 75,000 staff that the chief executive has “no case to answer” over questions he may have breached the bank’s expenses policy.

City turbulence drives some bond yields into negative territory: Turbulence in City markets have driven yields on some bonds into negative territory as the Bank of England pressed on with its post-Brexit economic recovery plan.

Scottish government to spend £100 million to cushion post-Brexit vote effects: The Scottish government is to redirect £100 million from a budget underspend last year into a new initiative to help cushion the economy from the impacts of a post-EU referendum downturn.

Prudential may relocate M&G funds following Brexit vote: The new head of Prudential’s M&G fund management arm, Anne Richards, has said it is considering shifting more funds to Dublin and Luxembourg after the Brexit vote.

Crunch time for cashew nut lovers as wholesale costs soar: Cashew nut consumers may face hefty price rises next year, because adverse weather conditions have caused wholesale costs to soar.

Southern rail dispute: Thursday and Friday strikes called off: Strikes by Southern railway workers on Thursday and Friday have been called off to allow fresh talks in the row over the role of conductors, Acas said.

The Times

Bill to clean up nuclear reactors rises by £1.6 billion: Taxpayers face a big rise in the bill for cleaning up the first generation of nuclear power stations in Britain after the company that was wrongly awarded the contract raised its estimate by £1.6 billion.

Bank buys £1.2 billion gilts after yields go negative: Investors flocked to sell government bonds to the Bank of England, restoring confidence in its new £60 billion stimulus plan, which had taken a knock on Tuesday when it failed to attract enough sellers.

Facebook will force users to view adverts: Facebook is to force users to look at adverts on the social network even if they have installed software to block them. The company said that its advertising platform had been redesigned to circumvent ad-blocking software on desktop computers.

Apprentices may be shunned if reforms are costly: Government reforms to apprenticeship funding could result in smaller companies rejecting vocational training, an employers’ group has warned.

Interserve’s waste of time and energy: Shares in Interserve shook off a dive into the red as the office cleaning group and former star of the outsourcing industry counted the cost of a move into building incinerator-based power stations.

E.ON hit by Merkel’s nuclear power shutdown: E.on recorded a loss of €3 billion for the first half of the year as it continued to suffer from Angela Merkel’s nuclear power shutdown and the switch to renewable energy sources.

Michael Kors sees a wobble: A decline in visitors to shopping malls and lower tourism in cities has prompted Michael Kors to warn that its “September quarter results are on track to disappoint”.

The Independent

Apple buys Turi machine-learning startup for a reported US$200 million: Apple has reportedly bought a Seattle-based machine-learning startup as part of its continued investment in artificial intelligence.

Scotland just produced enough wind energy to power it for an entire day: For the first time on record, wind turbines have generated more electricity than was used in the whole of Scotland on a single day.

US sells Saudi Arabia £880 million of tanks and weapons: The US State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armoured recovery vehicles and other equipment, worth about £880 million ($1.15 billion), to Saudi Arabia, the Pentagon has said.

Daily Mail

Royal Mail axes its gold-plated final salary pension scheme claiming it’s too expensive to run: Royal Mail has become the next big name to close its gold-plated pension scheme, saying it is too expensive to run.

Stock Spirits revolt ends as Britain’s first Polish boss of a big UK company is appointed: The revolt at vodka maker Stock Spirits seemed to draw to a close with its new boss becoming the first Polish chief executive of a big British company.

Resign now! ‘Rottweiler’ Hedge fund boss rages at Speedy Hire Chairman over falling share price: A bitter row has erupted over the leadership of rental firm Speedy Hire with a millionaire hedge fund boss demanding the Chairman quits.

William Hill rejects joint £3.6 billion bid from Mecca bingo owner Rank and online gambling firm 888: Troubled bookie William Hill has rejected an ‘opportunistic’ joint £3.6billion bid from Mecca bingo owner Rank and online gambling firm 888.

Daily Express

Single market membership worth two years of economy growth to UK, says think tank: British membership of the European Union’s (EU) single market could boost the economy by around four% after leaving the political bloc, according to a report by a top think tank.

The Scottish Herald

Tom Cross eyes more North Sea deals as sellers ‘get realistic’ amid downturn: Tom Cross is set to ramp up expansion at the Parkmead Group he runs by cutting more deals against a grim oil and gas industry backdrop after unveiling what looks likely to have been a cut price acquisition.

ScottishPower caps cost of pensioners living longer: Manweb, the ScottishPower subsidiary, has done a £1billion deal to control the costs of its pension scheme.

The Scotsman

Visitor numbers at Scotch distilleries hit record 1.6 m: Scotland’s whisky distilleries attracted a record number of visitors last year, according to a study published.

Younger Scots priced out of buying their own home: A lack of supply and unaffordable mortgage deposits have been blamed for the historic decline in younger Scots owning their own home.

City A.M.

Government urged to implement new tax credit scheme for UK exporters for economy boost after Brexit vote: The government is being urged to implement a tax credit scheme for UK exporters to boost British business and the economy after the Brexit vote.

Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger: Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange.

Coal industry urges UK government to reconsider carbon capture storage: The coal industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS).

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Thu, 11 Aug 2016 16:07:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129232/papers-brexit-uncertainty-hits-housing-market-hard-129232.html
<![CDATA[US stocks dragged lower by energy woes]]> http://www.proactiveinvestors.com.au/companies/market_reports/129230/us-stocks-dragged-lower-by-energy-woes-129230.html US stocks ended soft on Wednesday, dragged lower by weaker oil prices on account of an upset from the official inventories numbers.

The S&P 500 closed down 0.3% at 2,175.

Energy was the biggest decliner of the 10 major sectors on the benchmark S&P 500, falling 1.4%, following a report from the Energy Information Administration which showed that stockpiles of US crude unexpectedly climbed in the latest week.

Adding to the bearish trade was the OPEC’s latest monthly oil market report, that showed that Saudi Arabia’s oil output climbed to a record level last month adding to the glut of supply. The news dimmed already low hopes for a production freeze at the OPEC’s informal September meeting.

Meanwhile, the S&P Midcap 400 was off 0.4% to 1,556, the S&P Smallcap 600 lost even more, 0.5%, to 742, while the broader small-cap Russell 2000 had a nosebleed of 0.7% to 1,223.

While energy stocks may have felt the brunt of the days oil news, the drop in the US oil benchmark, the West Texas Intermediate, of 3.1% to $41.46 helped drag the bourse lower too.


Midsession

US stocks sank at midsession on Wednesday after the latest official oil inventories took oil prices south.

Even better news that the number of US job openings ticked up in June failed to cheer the market.

The number of job openings rose 5.6m in June, from 5.5m the previous month, the Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey.

The market bellwether S&P 500 index was down 0.3% at 2,174, while the S&P Midcap 400 also lost 0.3% to 1,557.

The biggest mid-cap decliner was defence equipment maker Orbital Atk Inc (NYSE:OA), down 21.6% to $69.64 lawyers Wolf Popper LLP said they are investigating potential securities fraud claims on behalf of investors resulting from Orbital's revelation that it is "reviewing the prior accounting" of a $2.3 billion long-term contract with the US Army.

The S&P Smallcap 600 was down 0.5% to 742 and led by Tidewater Inc (NYSE:TDW) down 23.4% to $3.57.

The US oil benchmark West Texas Intermediate was down 1.9% to $41.97 after an unseasonal growth in crude stockpiles offset the second-biggest weekly draw in US gasoline this summer.

Data showing Saudi Arabia pumping oil at record high volumes in July added to worries about a global crude glut.

US crude inventories gained 1.1 million barrels in the week ended Aug. 5, the US Energy Information Administration (EIA) reported, in a third straight week of builds that surprised the market. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.


Open

US shares were a mixed bag at the open, with the Dow Jones the only main index higher.

It added 0.5% to 18,541, while the S&P500 lost 0.05% to 2,180.

The tech-heavy Nasdaq shed 0.17% to 5,216.


US shares are poised to head higher as European equities are drifting lower.

Some Wall Street shares did well yesterday, with the tech-heavy Nasdaq composite posting a fresh record close at 5,225.48, up 0.24%.

However, the Dow Jones closed just 0.02% up at 18,533, while the S&P500 gained just 0.04% to 2,181, both finishing around flat.

It is possible, according to commentators, that there will be fresh highs today.

In futures today, the Dow Jones is six points ahead, the S&P500 is two points higher and the Nasdaq is three points ahead.

FTSE100 is currently 16 down at 6,834. The DAX is 47 lower and the CAC 40 is 13 down.

Gold is o.89% higher at US$1,358 an ounce, while oil is at US$42.57 a barrel - down 0.47%.

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Thu, 11 Aug 2016 06:15:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129230/us-stocks-dragged-lower-by-energy-woes-129230.html
<![CDATA[Wall St shares fall after oil inventories take down oil prices]]> http://www.proactiveinvestors.com.au/companies/market_reports/129225/wall-st-shares-fall-after-oil-inventories-take-down-oil-prices-129225.html US stocks sank at midsession on Wednesday after the latest official oil inventories took oil prices south.

Even better news that the number of US job openings ticked up in June failed to cheer the market.

The number of job openings rose 5.6m in June, from 5.5m the previous month, the Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey.

The market bellwether S&P 500 index was down 0.3% at 2,174, while the S&P Midcap 400 also lost 0.3% to 1,557.

The biggest mid-cap decliner was defence equipment maker Orbital Atk Inc (NYSE:OA), down 21.6% to $69.64 lawyers Wolf Popper LLP said they are investigating potential securities fraud claims on behalf of investors resulting from Orbital's revelation that it is "reviewing the prior accounting" of a $2.3 billion long-term contract with the US Army.

The S&P Smallcap 600 was down 0.5% to 742 and led by Tidewater Inc (NYSE:TDW) down 23.4% to $3.57.

The US oil benchmark West Texas Intermediate was down 1.9% to $41.97 after an unseasonal growth in crude stockpiles offset the second-biggest weekly draw in US gasoline this summer.

Data showing Saudi Arabia pumping oil at record high volumes in July added to worries about a global crude glut.

US crude inventories gained 1.1 million barrels in the week ended Aug. 5, the US Energy Information Administration (EIA) reported, in a third straight week of builds that surprised the market. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.


Open

US shares were a mixed bag at the open, with the Dow Jones the only main index higher.

It added 0.5% to 18,541, while the S&P500 lost 0.05% to 2,180.

The tech-heavy Nasdaq shed 0.17% to 5,216.


US shares are poised to head higher as European equities are drifting lower.

Some Wall Street shares did well yesterday, with the tech-heavy Nasdaq composite posting a fresh record close at 5,225.48, up 0.24%.

However, the Dow Jones closed just 0.02% up at 18,533, while the S&P500 gained just 0.04% to 2,181, both finishing around flat.

It is possible, according to commentators, that there will be fresh highs today.

In futures today, the Dow Jones is six points ahead, the S&P500 is two points higher and the Nasdaq is three points ahead.

FTSE100 is currently 16 down at 6,834. The DAX is 47 lower and the CAC 40 is 13 down.

Gold is o.89% higher at US$1,358 an ounce, while oil is at US$42.57 a barrel - down 0.47%.

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Thu, 11 Aug 2016 04:15:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129225/wall-st-shares-fall-after-oil-inventories-take-down-oil-prices-129225.html
<![CDATA[London stocks mark 5th successive session of gains as financials rise]]> http://www.proactiveinvestors.com.au/companies/market_reports/129224/london-stocks-mark-5th-successive-session-of-gains-as-financials-rise-129224.html London’s blue-chip ticker ended Wednesday higher for a fifth successive session after financial stocks put weaker energy stocks in their place.

The FTSE 100 index closed up 0.2% at 6866 – a fresh 14-month high.

The UK insurance sector was the powerhouse for the bourse, with Prudential (LON:PRU) closing up 2.3% at 1,424.30p after reporting operating profits rose by a larger-than-expected 9% to £2.06bn boosted by rapid growth in Asia. It said it was well placed to deliver both growth and cash.

But the buoyant interim earnings were tarnished by the company’s suggestion it is mulling moving its funds from London to either Dublin or Luxembourg, according to a Reuters report. The move would be part of the insurer’s efforts to maintain access to the European Union's single market after Britain's vote to leave the trading bloc.

But wherever the Pru manages its funds from, it is evident that the insurer’s business growth is now focused on Asia.

Other insurers were lifted too, such as Legal & General (LON:LGEN) up 3.2% to 212.54p, and Admiral (LON:ADM) up 0.2% to 2,246.41p.

But the oil sector nursed losses after Brent Crude dropped by 1.7% to $44.20 after an unseasonal growth in crude stockpiles offset the second-biggest weekly draw in US gasoline this summer.

Data showing Saudi Arabia pumping oil at record high volumes in July added to worries about a global crude glut.

US crude inventories gained 1.1 million barrels in the week ended Aug. 5, the US Energy Information Administration (EIA) reported, in a third straight week of builds that surprised the market. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.

BP (LON:BP) shares were down 0.4% to 423.65p while Royal Dutch Shell (LON:RDSB) lost 1.1% to 1,973.31p.

The mid-cap FTSE 250 index edged 0.07% higher to 17,699 on Wednesday.

Among its risers, shares in security firm G4S (LON:GFS) jumped as much as 16.16% after it reported a near-10% increase in half-year pre-tax profits to £203m. The stock closed up 6.8% at 208.88p.

Revenues at G4S rose 3.2% to £3.5bn, and the company said it had won £1.4bn of new contracts. Investors were also relieved that G4S maintained its dividend, as there had been speculation it would be cut.

Shares in the company behind the Peppa Pig children's TV character, Entertainment One (LON:ETO), closed up 9% at 237p after it said it had rejected a 236p-a-share takeover offer from ITV plc (LON:ITV). The broadcast network ended up 0.6% at 199.83p.

But the smallest stocks struggled on Wednesday. The FTSE AIM 100 Index ended down 0.3% at 3,725 while the FTSE AIM All-Share Index was flat at 776.

A total of 33% of London shares gained, 29% fell and 38% were unchanged.

London’s top gainer was Xcite Energy (LON:XEL) up 37.7% at 11.5p while the top faller was Nyota Minerals (LON:NYO) down 22.7% to 0.0425p. Neither of the stocks had fresh news.


Midsession

London’s blue chips marked time with the holiday season in full swing and trading levels subdued.

A flat start was also predicted for Wall Street with no major economic news expected today.

FTSE 100 shed seven points to 6,844 with falls evenly spread across the board.

Best of the bunch was aero engine group Rolls-Royce Holding PLC (LON:RR.) as US broker Morgan Stanley upgraded to ‘equal weight’ from ‘underweight’.

RR’s cash position has improved said the broker, which was sufficient for its price target to rise to 780p from 655p.

Randgold Resources (LON:RR.)  was also going well on the back of a jump in the gold price on news that the Bank of England’s bond-buying plans had flopped and the UK had joined the growing club of countries with negative bond yields.

Randgold rose 180p to 8,675p while the gold price spiked US$13 per oz.

Troubled security firm G4S PLC (LON:GFS) led the FTSE 250 as its half-yearly report sent the shares 15% higher to 224p.

Results also helped another perennial laggard, support services Interserve PLC (LON:IRV), jump 17% higher to 374p.

Peppa Pig owner Entertainment One Ltd (LON:ETO) was in demand  as it confirmed a bid approach from ITV. Reports suggest that the film producer has rejected ITV’s offer.

Shares rose 10% to 238p or higher than the mooted 236p approach.

In the small cap space, dual-listed Harvest Minerals Ltd (LON:HMI, ASX:HMI) soared 30% to 8.15p on good numbers from a scoping study at its Maximus  fertiliser project.

Another junior miner, Ironridge Resources (LON:IRR), jumped 17% to 15.8p on plans to buy a stake in a company with gold interests in Chad.

Sales are soaring at Midatech Pharma Plc (LON:MTPH), the oncology and immunology specialist. Shares rose to 134p from 113.5p overnight. Sales have risen ten-fold it said.

On the downside, Arcontech Group PLC (LON:ARC) dipped 6% to  0.38p after it said that it was taking longer to win new business than it would like.

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Thu, 11 Aug 2016 03:32:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129224/london-stocks-mark-5th-successive-session-of-gains-as-financials-rise-129224.html
<![CDATA[PREVIEW - Aldermore, Derwent London and others to report]]> http://www.proactiveinvestors.com.au/companies/market_reports/129221/preview-aldermore-derwent-london-and-others-to-report-129221.html Challenger bank Aldermore Group PLC (LON:ALD) reports interims on Thursday and like all in the banking sector (well all sectors, actually) traders will be keen to hear what the outlook is like post the Brexit vote.

It comes after some mixed noises from the big players recently, noteably being from Royal Bank of Scotland plc (LON:RBS), which took a big hit due to provisions.

RBS posted a £1.08bn deficit (£280mln profit) in the three months to June and said Brexit would make it more difficult to achieve its targets by 2019.

Also tomorrow, we will hear from Derwent London, the REIT -  a real estate investment trust (REIT) -  focused on central London.

Of course, property prices has been a much talked about topic since the referendum, with  prices in London taking a big hit - so too the share price of Derwent.

It owns and manages a portfolio of around 6.2mln sq ft in over 15 villages in London’s West End and City borders and focus on middle market rents. Its portfolio includes investment property, owner-occupied property and trading property.

Broker Numis says: "After the unexpected result in the EU referendum DLN sold off heavily, and we continue to believe that too much downside is being priced into the shares."

"One of the hardest hit in the sector (second only to HLCL) the shares bottomed out on 27 June, 34% below the 23 June value, and while they have recovered by c.16% the shares still currently trade at a 24% discount to our 1H16 NAV estimate."

Numis rates shares a 'buy' targeting 3.850p.

"While we agree that London offices are the sector most at risk post-Brexit, we believe that fears of an occupier exodus from London, whether led by financial services through the potential loss of passporting (DLN has just 2% of its tenant base in the financial sector as at FY15, so would be relatively insulated from the immediate impact) or more generally driven by wider uncertainty, are overdone."

Announcements expected

Final: UK Select Trust Ltd (LON:UKT)

Interims: Aldermore Group PLC (LON:ALD), Coca-Cola HBC (LON:CCH), Derwent London (LON:DLN), Grupo Clarin (LON:GCLA), Hastings Group Holdings PLC (LON:HSTG), Old Mutual Group PLC (LON:OML), PageGroup PLC (LON:PAGE), Tritax Big Box Reit PLC (LON:BBOX), TUI AG (LON:TUI)

Trading statement: Glencore PLC (LON:GLEN).

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Thu, 11 Aug 2016 02:13:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129221/preview-aldermore-derwent-london-and-others-to-report-129221.html
<![CDATA[Crude stockpiles rise again while Saudi Arabia opens up the taps some more]]> http://www.proactiveinvestors.com.au/companies/market_reports/129220/crude-stockpiles-rise-again-while-saudi-arabia-opens-up-the-taps-some-more-129220.html Oversupply concerns continue to weigh on the oil price, though today’s losses are relatively minor, after the weekly US crude inventories report today.

The Energy Information Administration (EIA) revealed that domestic crude supplies rose again, by 1.1mln barrels, dashing hopes that the figures would show the first decline in stockpiles in two weeks.

In truth, those hopes had dissipated after the American Petroleum Institute (API) reported yesterday a 2.1mln barrels week-on-week increase in its measure of US crude stockpiles.

Forecasts prior to the API release has been for a 1.3mln barrels decrease.

In London, Brent crude was off 60 cents, or 1.33%, at US$44.94 a barrel in afternoon trading, while stateside West Texas Intermediate was 67 cents cheaper (1.6%) at US42.09 a barrel.

Sentiment was not helped by Saudi Arabia reporting it pumped a record 10.67bn barrels of oil a day in July in response to a summer surge in domestic demand.

The main consolation for those wishing for an upturn in the oil sector was that inventories of gasoline and distillates fell back, with gasoline supplies down 2.8mln barrels and distillate reserves 2mln barrels lower.

“While US oil production may well increase again later this year, the recent renewed weakness in oil prices means this outcome is now probably priced in, but if oil prices were to remain around their current levels, I would be very surprised to see a marked increase in production,” said Fawad Razaqzada of spread betting outfit City Index.

“In any case, many oil forecasters, including the EIA, expect the crude market to be under-supplied in the second half of next year. This argues against another significant drop in the price of oil. If anything, prices ‘should’ actually rise in the event of undersupply. What’s more, the surging US equity prices to record high levels point to improving economic conditions (the markets tend to lead the economy), which in turn implies even stronger demand for oil next year,” the analyst concluded.

 

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Thu, 11 Aug 2016 01:29:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129220/crude-stockpiles-rise-again-while-saudi-arabia-opens-up-the-taps-some-more-129220.html
<![CDATA[Proactive news highlights: Cloudtag, Genedrive, Harvest Minerals, Kibo Mining, Midatech and more...]]> http://www.proactiveinvestors.com.au/companies/market_reports/129217/proactive-news-highlights-cloudtag-genedrive-harvest-minerals-kibo-mining-midatech-and-more-129217.html Mayan Energy Limited (LON:MYN) has appointed Stephen Brock as Vice President of Operations with immediate effect.

Brock brings more than 15 years’ experience in drilling, workover, oilfield infrastructure & waste disposal and production operations, having previously been employed by Tervita, Henley & Associates, and Exco Resources, to name a few.

“We believe that Stephen has already shown he has what it takes to enhance and extract the value within our portfolio of interests, particularly those at Shoats Creek,” said chairman Ross Warner.

In other news, CloudTag Inc (LON:CTAG) has raised £580,000 through the issue of 10mln shares at a price of 5.8 pence per share, representing a premium of 5.45% to last night’s mid-market closing price.

In addition, the personal well-being monitoring device developer said certain trade creditors have agreed to accept shares, also priced at 5.8p a pop, in lieu of cash to settle £268,000 in invoices.

Meanwhile, Solo Oil PLC (LON:SOLO) unveiled a series of board changes, which sees oil and gas executive Daniel Maling  appointed as finance director.

Donald Strang, who had been in the role, is stepping down to become  a non-executive director.

Over at Harvest Minerals (LON:HMI, ASX:HMI), a scoping study for its Maximus project in Brazil confirmed that fertiliser could be produced at low cost with a very simple processing method.

The Maximus target is part of the group's Arapua fertiliser project, and significantly the study is based on an initial resource of  883,000 tonnes, which represents only around 3% of the estimated mineralisation.

Elsewhere, Kibo Mining PLC (LON:KIBO) has completed the merger of its Imweru gold project with Lake Victoria Gold’s adjacent Imwelo property and intends to float it on AIM as separate entity within months.

Katoro Gold Mining Limited will be the name of the new venture, with Louis Coetzee, Kibo’s chief executive (CEO), to be executive chairman and Seth Dickinson CEO.

Next, Genedrive PLC (LON:GDR), the molecular diagnostics company, said its Genedrive point-of-care IL28B human genotyping test is to be used in a Hepatitis C clinical trial.

The STOP-HCV-1 clinical trial is being run by STOP-HCV, a consortium designed to use stratified medicine to optimise the treatment of patients with Hepatitis C Virus infection, and it will use the Genedrive test to quickly process cheek swab tests, saving weeks on the normal process, which involves sending swabs off to a lab for processing.

Over at Midatech Pharma’s (LON:MTPH NASDAQ:MTP), shares jumped by a fifth as it said interim revenues had met expectations and risen ten-fold.

The US-focused pharma reported turnover in the half year to June was £3.8mln (£0.32mln), with no impact as yet from the Brexit vote. 

And finally, IronRidge Resources Limited (LON:IRR) shares shot higher as it confirmed ‘very advanced’  discussions were underway over an investment in a gold prospect in Chad.

The deal would be structured through IronRidge taking a stake in Tekton Minerals, which has exclusive rights to 'an extensive land package and associated major new gold discovery' in the Central African country.

 

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Thu, 11 Aug 2016 01:15:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129217/proactive-news-highlights-cloudtag-genedrive-harvest-minerals-kibo-mining-midatech-and-more-129217.html
<![CDATA[Risers & Fallers: IronRidge, MX Oil , Prospex Oil & Gas...]]> http://www.proactiveinvestors.com.au/companies/market_reports/129197/risers-fallers-ironridge-mx-oil-prospex-oil-gas-129197.html Below are some of the main news-driven share price changes at 4.15pm

RISERS

IronRidge Resources Limited (LON:IRR) up 20% to 16.22p. Company confirmed ‘very advanced’ discussions were underway over an investment in a gold prospect in Chad. The deal would be structured through IronRidge taking a stake in Tekton Minerals, which has exclusive rights to 'an extensive land package and associated major new gold discovery' in the Central African country.

MX Oil PLC (LON:MXO) up 15% to 0.92p. Company is to take full control of OML 113 stake in Nigeria. "Given the progress that has been achieved to date in proving the value of the Aje Field and the further potential from the next phases of development, we believe that now is the right time to complete our investment in OML 113."

Andalas Energy and Power PLC (LON:ADL) up 10% to 0.157p Indonesia’s national energy company, Pertamina, approved proof of concept work programme at the Tuba Obi East concession.

FALLERS

Prospex Oil and Gas PLC (LON:PXOG), down 13%. The investment company has raised £775,000 through an oversubscribed placing of shares at 1.1p each.

Imaginatik Plc (LON:IMTK), down 6.3%. Quob Park Estate Limited has reduced its stake below 3%.

Solo Oil PLC (LON:SOLO), down 4.0%. Resource sector veteran Dan Maling is taking over as finance director from Donald Strang, who will now become a non-executive director.


Below are some of the main news-driven share price changes at 1.15pm

RISERS

Interserve PLC (LON:IRV), up 17%. The company crashed into the red at the half-year stage, largely as a result of its Energy from Waste business, which it is exiting.

Orosur Mining Inc (LON:OMI), up 11%. The South America-focused gold explorer saw its shares surge, and all it had to do was announce it is releasing prelims on 16 August.

Avacta Group PLC (LON:AVCT), up 11%. Avacta and Leeds University have been awarded £3.8m by the Medical Research Council to develop new diagnostic tests.

FALLERS

M Winkworth PLC (LON:WINK), down 9.0%. The estate agent chain announced a second quarter dividend of 1.8p, unchanged from the previous quarter.

Kibo Mining PLC (LON:KIBO), down 6.8%. The company has made the fifth draw-down from its Sanderson Capital loan facility, in return for issuing 971,429 ordinary shares at 5.25p each.

Regus PLC (LON:RGU), down 5.6%. Regus’s headline on its results statement said: Strong profit growth and cash generation, increased dividend, improving efficiency and attractive returns. The market’s verdict? Sell.


Below are some of the main news-driven share price changes at 10.45am

RISERS

Quadrise Fuels International PLC (LON:QFI), up 28%. The emulsion fuels specialist said it has announced the execution of the memorandum of understanding for progressing the previously announced production-to-combustion trial in the Kingdom of Saudi Arabia.

Harvest Minerals Limited (LON:HMI), up 22%. A scoping study for the company’s Maximus project in Brazil confirmed that fertiliser could be produced at low cost with a very simple processing method.

G4S PLC (LON:GFS), up 19%. The world’s largest security group reported a 44% increase in profit in the first half of the year.

FALLERS

RTC Group plc (LON:RTC), down 16%. The provider of recruitment services disappointed the market with half-year results.

Karelian Diamond Resources Plc (LON:KDR), down 12%. The diamond exploration company focused on Finland said a re-modelling of the kimberlite pipe at Lahtojoki is planned to establish optimum locations for any further drilling that may be required.

Trafalgar New Homes PLC (LON:TRAF), down 12%. Full-year results revealed the company had moved into the black, but the market was underwhelmed by the numbers.

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