Proactiveinvestors Australia News http://www.proactiveinvestors.com.au Proactiveinvestors Australia News RSS feed en Thu, 23 Nov 2017 14:26:40 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[PolarX’s drilling confirms high‐grade copper‐gold at Alaska Range Project]]> http://www.proactiveinvestors.com.au/companies/news/187683/polarxs-drilling-confirms-highgrade-coppergold-at-alaska-range-project-187683.html PolarX Limited (ASX:PXX) has confirmed wide, high‐grade intersections of copper and gold from drilling the Zackly deposit at the Alaska Range Project in Alaska, U.S.

The assays for the first 5 holes returned high‐grade results of up to 3.9% copper and 3.7 g/t gold.

Significantly, these initial results confirm the presence of high‐grade copper and gold mineralisation at the Zackly deposit from near the surface.

The results will help underpin a revision of the existing historical copper and gold resource to JORC standard, which is scheduled for the coming quarter.

The drilled grades exceed those from historical drilling

A total of 13 holes were drilled, 11 of which were designed to twin or validate existing drill intersections and better define the deposit.

Significant results from the first five holes include:

- 14.5 metres at 2.5% copper and 2.0 g/t gold from 34.9 metres;
- 5.3 metres at 2% copper and 2.7 g/t gold from 9.7 metres; and
- 3.5 metres at 3.9% copper and 2.2 g/t gold from 99.1 metres.

The assay grades are broadly consistent with or exceed those from drilling done in the early 1980s upon which a historical resource of 1.5 million tonnes at 2.9% copper and 4.5 g/t gold was calculated.

PolarX drilled larger diameter core than the previous explorers at Zackly, meaning a greater level of sample confidence has been gained. 

Importantly, some of the new holes also measure mineralisation over significantly wider intercepts than the twinned historical holes.  

Revised resource estimate on the cards

Zackly lies 6 kilometres to the east of the Mars prospect along a mineralised structural corridor which may host several buried porphyry copper‐gold deposits including underneath Mars and Zackly.

This corridor is now a high priority target for PolarX at the Alaska Range Project.

Assay results for the remaining eight holes are expected in December 2017. 

PolarX is aiming to re‐model the deposit and calculate a revised resource estimate which is expected to be published in the coming quarter.

Background

The recently formed PolarX brings together multiple Alaskan assets under the “Alaska Range Project”.

The project contains high‐grade existing resources and numerous large unexplored advanced targets within a 35 kilometre mineralised belt.

READ: PolarX shares continue run, copper-gold assays imminent

]]>
Thu, 23 Nov 2017 13:41:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187683/polarxs-drilling-confirms-highgrade-coppergold-at-alaska-range-project-187683.html
<![CDATA[I Synergy Group posts October operating stats showing growth]]> http://www.proactiveinvestors.com.au/companies/news/187682/i-synergy-group-posts-october-operating-stats-showing-growth-187682.html I Synergy Group (ASX:IS3) has 26,260 total affiliates as at the end of October 2017, an increase of 18% compared to the same period last year.

It also grew its total number of advertisers by 31% to 1,483 for the same period.

The company connects advertisers with affiliates via its affiliate marketing platform, Affiliate Junction.

READ: I Synergy Group shows that its products are valuable

Under the platform, there is a variety of affiliate programs available which cater to different business segments and markets.

The total transaction count for affiliate programs increased 196% to 43,638 at the end of October compared to the same period last year.

The total transaction amount for affiliate programs increased 280% to $1.35 million for the same period.

New key advertisers for Smart$aver Malaysia

Smart$aver is an online retail affiliate program on the company’s proprietary affiliate marketing platform, Affiliate Junction.

It is an online shopping reward program that connects shoppers with retailers.

Shoppers enjoy retail privileges at the online participating advertisers and affiliates are rewarded with incentives for driving results to the advertisers.

Two new advertisers were recently added to the Smart$aver Malaysia program, Taobao and Tmall.

Taobao is a Chinese online shopping website similar to eBay (NASDAQ:EBAY) and Amazon (NASDAQ:AMZN), which is operated by Alibaba Group (NYSE:BABA).

Tmall, which is a Chinese business-to-consumer online retail website was spun off from Taobao which is consumer-to-consumer.

]]>
Thu, 23 Nov 2017 12:29:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187682/i-synergy-group-posts-october-operating-stats-showing-growth-187682.html
<![CDATA[St George Mining extends nickel-copper drill program at Mt Alexander]]> http://www.proactiveinvestors.com.au/companies/news/187681/st-george-mining-extends-nickel-copper-drill-program-at-mt-alexander-187681.html St George Mining Ltd (ASX:SGQ) is planning further drilling at the Mt Alexander Project in Western Australia to follow up on the recent massive nickel-copper sulphide intersections.

Downhole electromagnetic surveys are now being carried out in all drill holes completed to date in the current drill program to identify further mineralisation around the drill holes.

Additional drill holes are currently being designed at the Stricklands Prospect, to follow-up on the recent significant intersection of magmatic nickel-copper sulphides.

READ NOW: St George Mining’s shares surge after drilling high-grade nickel, copper at Mt Alexander

The mineralisation is open to the west and north, and is associated with strong electromagnetic anomalies that remain largely untested in this area.

A strong magnetic anomaly also covers this area, which is likely to represent prospective ultramafic stratigraphy.

The diamond drill rig at site will continue drilling at Mt Alexander 24 hours a day, 7 days a week until the Christmas break.

Meanwhile, a second drill rig has arrived at St George’s East Laverton Project to drill three, strong latetime conductors at the Windsor nickel sulphide prospect.

READ NEXT: St George Mining targets nickel sulphide in new drilling at East Laverton

John Prineas, executive chairman, commented: “The thickness of the ultramafic and the nickel-copper sulphides intersected at Stricklands is supportive of further significant mineralisation being intersected at this prospect.

“The target area for further drilling is to the west and north of MAD71 where the SAMSON and SQUID EM anomalies remain largely untested and a strong magnetic anomaly also indicates further prospective ultramafics.

“We are excited to be able to fast-track this follow-up drilling to the significant intersection in MAD71”.

]]>
Thu, 23 Nov 2017 11:29:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187681/st-george-mining-extends-nickel-copper-drill-program-at-mt-alexander-187681.html
<![CDATA[Cobalt Blue Holdings to reveal next funding steps for Thackaringa cobalt]]> http://www.proactiveinvestors.com.au/companies/news/187675/cobalt-blue-holdings-to-reveal-next-funding-steps-for-thackaringa-cobalt-187675.html Cobalt Blue Holdings Ltd (ASX:COB) is set for increased news flow in the near-term as the company advances its Thackaringa drilling program which is targeting a 40 million tonne Indicated Resource.

Looking into 2018, Cobalt Blue is aiming to deliver the upgraded resource by the 1st April 2018 and then shortly thereafter a full PFS by 30 June 2018.

To continue to advance Thackaringa, the company is now preparing to reveal funding steps, with the ASX granting a trading halt to finalise.

READ: Cobalt Blue's Joe Kaderavek discusses potential Korean and Japanese partners in Proactive Q&A Sessions™

The halt will remain in place until the opening of trade on Monday 27th November 2017, or earlier if an announcement is made to the market.

]]>
Thu, 23 Nov 2017 11:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187675/cobalt-blue-holdings-to-reveal-next-funding-steps-for-thackaringa-cobalt-187675.html
<![CDATA[Wangle Technologies does deal for $2 million loan]]> http://www.proactiveinvestors.com.au/companies/news/187679/wangle-technologies-does-deal-for-2-million-loan-187679.html Wangle Technologies Ltd (ASX:WGL) has entered into a convertible loan agreement for an amount of up to $2 million.

The loan will enable the Wangle to invest in aggressive brand and customer acquisition strategies for Wangle Family Insites, its recently released family protection software suite.

This will then prepare the company for a focus on domestic distribution partnerships and international expansion in 2018.

The loan is with Golden State Capital, Inc, an unrelated party and the loan facility commences on 1 December, 2017 and will last until 30 April 2018.

READ: Wangle Technologies’ shares rise following Android release of family protection software

The convertible loan facility has a limit of $2 million and a minimum commitment of $500,000.

Wangle is required to pay a coupon of $12,500 per $250,000 tranche drawn from the facility upon maturity.

Should the lender elect to convert the loan to equity, shares will convert at the lower of a 15% discount to 5-day volume weighted average price (VWAP) or  $0.02.

Wangle Family Insites monitors children's internet access

Wangle Family Insites (WFI) is a family protection software suite that is now available via the Apple and Android App stores.

It is available on a monthly or annual family subscription and will initially target Australia’s six million families before a planned international expansion.

The WFI product suite is able to analyse children’s internet access in real time and also send parents notifications in real time to help manage cyber threats.

Cyber threats include gaming addiction, cyberbullying, pornography and online predators.

]]>
Thu, 23 Nov 2017 10:32:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187679/wangle-technologies-does-deal-for-2-million-loan-187679.html
<![CDATA[Petsec Energy commences production from Hummer oil and gas field]]> http://www.proactiveinvestors.com.au/companies/news/187678/petsec-energy-commences-production-from-hummer-oil-and-gas-field-187678.html Petsec Energy Ltd (ASX:PSA) has commenced production from its discovery well within the offshore Hummer Project in the Gulf of Mexico.

The well was brought into production on the 21 November 2017.

Updates on the well and production performance are now expected over the coming weeks as the operator ramps up production to target rates.

The Hummer Project discovery well, Main Pass 270 #3 BP 1, is located in U.S. federal waters around 80 kilometres south-east of Venice, Louisiana.

The initial design capacity of the platform facilities is for production rates of up to 50 million cubic feet per day plus 1,000 barrels of oil per day which will accommodate the discovery well.

READ: Petsec Energy's shares trade higher as Hummer progresses towards production

Petsec Energy has a 12.5% working interest in the well.

]]>
Thu, 23 Nov 2017 10:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187678/petsec-energy-commences-production-from-hummer-oil-and-gas-field-187678.html
<![CDATA[Broo to reveal latest beer penetration in China]]> http://www.proactiveinvestors.com.au/companies/news/187677/broo-to-reveal-latest-beer-penetration-in-china-187677.html Broo Ltd (ASX:BEE) is preparing to provide details of a material contract relating to the company's product distribution in China.

Broo targets a unique niche within the beer sector.

The halt will remain in place until the opening of trade on Monday 27th November 2017, or earlier if an announcement is made to the market.

]]>
Thu, 23 Nov 2017 10:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187677/broo-to-reveal-latest-beer-penetration-in-china-187677.html
<![CDATA[Noxopharm calls for halt pending clarification of intellectual property]]> http://www.proactiveinvestors.com.au/companies/news/187674/noxopharm-calls-for-halt-pending-clarification-of-intellectual-property-187674.html Noxopharm Ltd (ASX:NOX) has been granted a trading halt by the ASX, pending details clarifying the company’s position on an ASX release made by Kazia Therapeutics Ltd after close of trading on 22 November 2017.

Kazia (ASX:NRTDA;NASDAQ:NVGN) was formally known as Novogen Ltd.

Kazia noted to the ASX that it seeks to provide clarification regarding a recent media report referring to Noxopharm and its managing director and chief executive officer, Dr Graham Kelly, and a former chief executive officer of the company.

The company will now look to provide details regarding the company's intellectual property position.

The halt will remain in place until the opening of trade on Monday 27th November 2017, or earlier if an announcement is made to the market.

]]>
Thu, 23 Nov 2017 09:47:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187674/noxopharm-calls-for-halt-pending-clarification-of-intellectual-property-187674.html
<![CDATA[Paradigm Biopharmaceuticals ahead of schedule with trials]]> http://www.proactiveinvestors.com.au/companies/news/187680/paradigm-biopharmaceuticals-ahead-of-schedule-with-trials-187680.html Paradigm Biopharmaceuticals Ltd (ASX:PAR) is ahead of schedule with two phase II clinical trials.

Once the studies are complete in 2018, commercially valuable data will be available.

Patients are being treated with the drug pentosane polysulfate sodium (PPS) and the trial is randomised, double-blind and placebo-controlled.

At 11.30am shares were up 3.3% to $0.31.

Paul Rennie, chief executive, said: “The trials are aimed at diseases for which there are very few safe and effective drugs.”

READ: Paradigm Biopharmaceuticals meets primary endpoint in clinical trial

The first study is evaluating the effects of PPS on pain in participants with knee osteoarthritis (OA) and concurrent subchondral bone marrow lesions.

It is almost 25% complete and well ahead of schedule.

PPS has potential to be a break-through osteoarthritis treatment

The company says injectable PPS has potential to be a break-through in the treatment of OA, which is the most common form of joint disease and a leading cause of pain and disability among the elderly.

“Current therapies do not have adequate pain-relieving effects, provide no protection for the degenerating joint structures and can also have significant adverse side effects,” Paradigm said.

The second study involves evaluating patients with Ross River virus (RRV) induced painful joints for safety, tolerability and effects on disease symptoms of PPS subcutaneous injections.

There are 24 people taking part in trials in Victoria and Queensland.

The company says recruitment is more than 60% complete and the study is well ahead of schedule with results on track for mid-2018.

An influx of participants is expected in coming months as mosquito numbers rise.

Ross River virus is on the rise

The incidence of Ross River virus is on the rise in Australia and Papua New Guinea and recent research has shown that it has the potential to become a global epidemic, similar to the Zika virus.

Results from Paradigm’s study are expected to provide important safety data and will be further evaluated to design subsequent larger trials.

The company hopes that the trials will demonstrate the potential of PPS as an effective treatment for patients with persistent symptoms following Ross River virus infection, where a treatment is desperately needed.

In 2017 Paradigm has completed one phase II clinical trial and started two additional phase II clinical trials in arthritis.

READ: Paradigm reveals outcomes from patient case studies on Osteoarthritis

]]>
Thu, 23 Nov 2017 09:32:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187680/paradigm-biopharmaceuticals-ahead-of-schedule-with-trials-187680.html
<![CDATA[Creso Pharma takes advantage of positive re-rating to fill bank]]> http://www.proactiveinvestors.com.au/companies/news/187672/creso-pharma-takes-advantage-of-positive-re-rating-to-fill-bank-187672.html Creso Pharma Ltd's (ASX:CPH) shares hit a fresh 12-month high of $1.65 yesterday before closing at $1.35, with the positive re-rating driven by the company securing a major deal for the Australian import of its first cannabinoid-based human health product, cannaQIX®50, in early 2018.

Most recently shares in the company have been trading in the $0.50 range, and a year ago they were $0.25.

Creso is partnering with Health House International to import and distribute cannaQIX®50 in Australia under local medicinal cannabis regulations.

The move is part of the company's overall corporate strategy to expand the international distribution of its products and expands its position in the local market.

Creso is now taking advantage of the increasing share price to boost its cash position, and has been granted a trading halt by the ASX pending details of a placement and a share purchase plan.

The halt will remain in place until the opening of trade on Monday 27th November 2017, or earlier if an announcement is made to the market.

]]>
Thu, 23 Nov 2017 09:25:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187672/creso-pharma-takes-advantage-of-positive-re-rating-to-fill-bank-187672.html
<![CDATA[Tando Resources to detail massive sulphide intersection from Quartz Bore]]> http://www.proactiveinvestors.com.au/companies/news/187671/tando-resources-to-detail-massive-sulphide-intersection-from-quartz-bore-187671.html Tando Resources Ltd's (ASX:TNO) Quartz Bore Project is adjacent to new discoveries in the Pilbara by De Grey Mining Ltd (ASX:DEG), Venturex Resources Ltd (ASX:VXR) and DGO Gold Ltd (ASX:DGO).

Tando shares are currently in pre-open following the ASX granting a trading halt, pending details from Quartz Bore regarding a massive sulphide intersection from the company’s drilling program.

The halt will remain in place until the opening of trade on Monday 27th November 2017, or earlier if an announcement is made to the market.

]]>
Thu, 23 Nov 2017 09:12:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187671/tando-resources-to-detail-massive-sulphide-intersection-from-quartz-bore-187671.html
<![CDATA[Rimfire looking to emulate CleanTeq's success]]> http://www.proactiveinvestors.com.au/companies/news/187669/rimfire-looking-to-emulate-cleanteq-s-success-187669.html Rimfire Pacific Mining NL (ASX:RIM) is committing resources to further explore the known cobalt occurrences and potential within its tenements at Fifield, New South Wales.

The company has identified a potential lateritic style of nickel and cobalt mineralisation.

Management indicated that this demonstrates similar geologic attributes to the ultramafic Tout Intrusive trend that hosts the neighbouring Sunrise nickel, cobalt, scandium, platinum deposit, being developed by CleanTeQ (ASX:CLQ).

It is worth noting that CleanTeQ’s share price has surged 50% in the last two months following an updated mineral resource and confirmation that it had secured an offtake agreement.

Aircore drilling program planned

An aircore program of up to 3,000 metres has been designed for the Tout East area, and is subject to permitting, access and contractor availability, for likely deployment in December or January.

A second style of cobalt mineralisation, sulphide related, occurs at the Northern View area, and is anomalous in cobalt, gold and manganese.

Management explained that this mineralisation was distinctly different to the lateritic style observed at the Tout East area.

It is anticipated that the current aircore drill program will be completed within late November, allowing Rimfire to conduct first-pass reverse circulation drilling which should start in early December.

Region prospective for both polymetallic metals and cobalt

Commenting on these developments, John Kaminsky, Rimfire’s chief executive underlined the polymetallic potential of the region.

He said: “Fifield is an extraordinary location for its polymetallic diversity which includes a platinum history, and whilst our primary focus through the New Gold Inc. earn-in structure has been gold, silver and copper, the occurrences of other key metals within our tenement area, cannot be ignored."

Kaminsky said he would be prioritising an early stage cobalt exploration program.

On this note he highlighted the potential for extensions to recently identified mineralisation.

In discussing this prospect, Kaminsky said: “At Tout East, the earlier aircore drilling in the first half of 2017, whilst sufficient to identify cobalt and nickel anomalism in a laterite profile, requires more detailed follow up to fully assess the area’s mineralisation potential."

He believes the additional 55 aircore holes will give greater coverage to this large area, and improve the company’s understanding of the potential for additional cobalt resources at Fifield, as well as identifying the potential for other metals.

Recent news has buoyed investor confidence in Rimfire with the company’s shares increasing 65% in November.

READ: Rimfire expands aircore drill program

"

]]>
Thu, 23 Nov 2017 08:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187669/rimfire-looking-to-emulate-cleanteq-s-success-187669.html
<![CDATA[Prima BioMed granted European patent for its lead cancer product]]> http://www.proactiveinvestors.com.au/companies/news/187639/prima-biomed-granted-european-patent-for-its-lead-cancer-product-187639.html Prima BioMed Limited (ASX:PRR) has been granted a patent geared toward the use of its lead candidate IMP321 in combination with a chemotherapeutic agent for the treatment of cancer.

The patent entitled “Use of recombinant LAG-3 or the derivatives thereof for eliciting monocyte immune response” was granted by the European patent office.

This patent was filed as a divisional application and follows the grant of the European parent patent, which was issued in August 2013.

According to the claims, IMP321 elicits a monocyte-mediated immune response and is administered before, with, or subsequent to administration of the chemotherapeutic agent.

Importantly, these granted claims support the application of IMP321 in Prima’s AIPAC (Active Immunotherapy PAClitaxel) clinical trial in metastatic breast cancer in Europe.

The patent expiry date is 3 October 2028.

Prima’s IMP321 is an immunotherapeutic product, based on the LAG-3 immune control mechanism which plays a vital role in the regulation of the T cell immune response.

IMP321 is currently in a Phase II clinical trial as a chemo-immunotherapy for metastatic breast cancer and in a Phase I combination therapy trial in metastatic melanoma.

The company’s shares closed circa 9% higher on Wednesday, at $0.025.

]]>
Thu, 23 Nov 2017 08:23:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187639/prima-biomed-granted-european-patent-for-its-lead-cancer-product-187639.html
<![CDATA[Cobalt Blue identifies further targets at Thackaringa]]> http://www.proactiveinvestors.com.au/companies/news/187670/cobalt-blue-identifies-further-targets-at-thackaringa-187670.html Cobalt Blue Holding Ltd (ASX:COB) has identified multiple exploration targets at its Thackaringa Cobalt Project in the far west of New South Wales.

Targets sourced during an aerial geophysical survey have potential to extend known cobalt mineralisation.

The heliborne electromagnetic survey covered the entire 63 square kilometre project area and also identified a new target south of the Pyrite Hill deposit.

Cobalt Blue’s shares increased 7.55% yesterday to close at $0.285 on volume of 1.612 million.

READ: Cobalt Blue's Joe Kaderavek outlines latest from Korea and Japan visit in Proactive Q&A Sessions

The three known deposits at Thackaringa, 23 kilometres southwest of Broken Hill have a combined strike length of 4.5 kilometres and the survey results support substantial future additions to the resource.

Joe Kaderavek, chief executive officer, commented: "Thackaringa is potentially much larger than previously thought.

"The results support considerable down dip potential and the new target near Pyrite Hill is also a major surprise.

"Cobalt Blue is highly encouraged by these results, which support a world-class, long-life operation."

Drilling program expected to support resource upgrade

Cobalt Blue is completing a 13,500-metre drilling program at the project, which is expected to support a resource upgrade.

This campaign is targeting confirmation of geological continuity.

READ: Cobalt Blue's Joe Kaderavek discusses metallurgical breakthrough at Thackaringa in Proactive Q&A Sessions

A detailed geotechnical drilling program is also nearing completion with results expected to allow for detailed pit optimisation and mine planning.

Pre-feasibility study due by mid-2018

The drilling forms part of a pre-feasibility study, which also includes geotechnical and environmental work, and is due for completion by mid-2018.

The cobalt pyrite deposits comprise 54.9 million tonnes at 910 ppm cobalt, 9.56% sulphur and 10.9% iron.

]]>
Thu, 23 Nov 2017 07:45:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187670/cobalt-blue-identifies-further-targets-at-thackaringa-187670.html
<![CDATA[Admedus receives approval to sell CardioCel in India]]> http://www.proactiveinvestors.com.au/companies/news/187668/admedus-receives-approval-to-sell-cardiocel-in-india-187668.html Admedus Ltd (ASX:AHZ) has received regulatory approval to launch the company’s flagship CardioCel® product in the Republic of India.

This approval allows for the immediate commercial sale of CardioCel in India, a healthcare market worth $158 billion and growing rapidly.

CardioCel is the company’s flagship product and is becoming a surgeon-preferred biomaterial for heart valve repair surgeries.

Admedus has appointed Syncronei Medical India Pvt Ltd as its exclusive commercial partner managing all sales, marketing and distribution.

Wayne Paterson, chief executive, said

“We are excited to partner with Syncronei Medical to offer Indian hospitals and surgeons our clinically superior ADAPT® technology with CardioCel.

“This is a clinically meaningful offering for them and a significant long-term opportunity for Admedus.”

A market with a need for CardioCel

India has circa 50 million cardiac patients.

Heart problems continue to be a challenge for the Indian healthcare system with 280,000 babies being born annually with a congenital heart defect.

The Indian market is a growth opportunity

The regulatory approval is a result positive pre-market research to determine the demand for CardioCel.

Results showed strong interest from Indian key opinion leaders who are eager to start using CardioCel as soon as possible.

Furthermore, pre-market assessment for VascuCel® and CardioCel 3D is now in the final stages.

During 2018, Admedus plans to move up the value chain with the entire platform of ADAPT products in the large Indian market.

An emerging healthcare company

Admedus has two key revenue streams which totalled $22.3 million in FY17.

These include ADAPT®, the company's clinically superior regenerative tissue technology.

Sales for the ADAPT® portfolio of products for the period climbed 30% to $6.9 million

The second is the company's infusion business in Australia and New Zealand, where revenue increased 74% to $15.5 million.

READ: Admedus secures debt funding to expand business

]]>
Thu, 23 Nov 2017 07:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187668/admedus-receives-approval-to-sell-cardiocel-in-india-187668.html
<![CDATA[Verdant Minerals making steady progress at Ammaroo Phosphate Project]]> http://www.proactiveinvestors.com.au/companies/news/187618/verdant-minerals-making-steady-progress-at-ammaroo-phosphate-project-187618.html Verdant Minerals Ltd (ASX:VRM) is continuing to progress the bankable feasibility study (BFS) and environmental approvals process for its Ammaroo Phosphate Project in the Northern Territory.

The company is also advancing associated financing activities in order to commercialise and de-risk Ammaroo to underpin the project’s value.

Verdant is aiming to develop an open-cut mining operation at Ammaroo which is located circa 220 kilometres south-east of Tennant Creek.

The company plans to produce up to 2 million tonnes per annum of phosphate rock concentrate for export to regional fertiliser manufacturers.

Verdant had submitted the draft environmental impact statement in October 2017, representing a key milestone in the progression of approvals for the project.

READ NOW: Verdant Minerals achieves key milestone for phosphate project

The public comment and Northern Territory government review period remains open until 8 December 2017.

Meanwhile, the bulk beneficiation pilot has been completed demonstrating the production of a high-quality rock concentrate containing 33.2% phosphorus pentoxide.

Five regional importers of phosphate rock have received, or are in the process of receiving, samples of Ammaroo phosphate concentrate to allow them to conduct internal assessments and testing.

The importers are testing the concentrate as feed for their existing phosphoric acid plants and single super phosphate production facilities. 

Verdant is also continuing discussions with a number of other regional rock buyers as it continues to work towards establishing off take agreements.

The detailed engineering design of the process plant and associated infrastructure is 30% complete, and the rail spur preliminary design has been completed.

The company’s discussion with the Northern Territory government regarding a project development agreement is also underway.

]]>
Wed, 22 Nov 2017 15:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187618/verdant-minerals-making-steady-progress-at-ammaroo-phosphate-project-187618.html
<![CDATA[Argosy Minerals confirms initial positive lithium drill results in Argentina]]> http://www.proactiveinvestors.com.au/companies/news/187617/argosy-minerals-confirms-initial-positive-lithium-drill-results-in-argentina-187617.html Argosy Minerals Limited (ASX:AGY) has received positive preliminary analytical results from drilling at its Rincon Lithium Project in the “Lithium Triangle” in Salta Province, Argentina.

The company is conducting two concurrent phases of drilling - production well drilling for pumping of lithium brine into the stage 2 evaporation ponds and resource exploration drilling.

Three exploration diamond drill-holes have been completed to a depth of 102.5 metres to date:

- Results from the first drill-hole averaged 487 milligram/litre lithium in three samples from 82- 100 metres, with average magnesium/lithium ratio of 4.3;

- the second drill-hole averaged 385 milligram/litre lithium over the length of the hole, with average magnesium/lithium ratio of 7.6; and

- the third drill-hole was recently completed and samples are en-route to the laboratory for analysis.

Jerko Zuvela, managing director, commented “The exploration diamond drilling program is exceeding our expectations with deeper drilling confirming greater brine bearing thickness than previously assumed.

“Initial analytical results to date confirm lithium brine grade varies in the general range of 400 to near 500 milligram/litre lithium, with a magnesium/lithium ratio lower than historical reference data.

“Confirmation of a thick sequence of black sand in the project area is also very good news for future brine extraction.

“These initial results further validate Argosy’s aggressive development strategy to fast-track toward production of LCE (lithium carbonate equivalent) product.”

It is expected that the lithium brine from the pumping tests will be pumped directly into the Stage 2 evaporation ponds, taking advantage of the 2017/18 summer peak evaporation season to produce lithium brine concentrate.

Stage 2 evaporation pond construction works are nearing completion.

Argosy’s objective is to drill circa three production wells for pumping of lithium brine into the evaporation ponds and complete the exploration diamond drilling works to delineate a resource.

READ NEXT: Argosy to resume trading after closing $15 million placement for lithium in Argentina

]]>
Wed, 22 Nov 2017 13:28:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187617/argosy-minerals-confirms-initial-positive-lithium-drill-results-in-argentina-187617.html
<![CDATA[Stonewall Resources starts drilling gold reefs in South Africa]]> http://www.proactiveinvestors.com.au/companies/news/187616/stonewall-resources-starts-drilling-gold-reefs-in-south-africa-187616.html Stonewall Resources Ltd (ASX:SWJ) has commenced drilling at its Theta Hill project in South Africa, targeting multiple level gold reefs.

Theta Hill is part of Stonewall’s TGME project which contains 26.6 million tonnes grading 4.34 g/t gold for 3.7 million ounces of gold.

The company’s focus at TGME is growing the high-grade resource base with forecast gold production from fully permitted mines to begin within 12-18 months of project financing.

READ NEXT: Stonewall Resources taps market for near-term gold production

In September, Stonewall revealed an exploration target of 3.4 - 5.6 million tonnes at Theta Hill, including a target for the Lower Theta seam of 1.0 - 1.7 million tonnes at 16.6 - 26.6 g/t gold.

Drilling gold reefs to test for open cut mining potential

Stonewall is initially planning 20 reverse circulation (RC) holes for a total of 1,000 metres on the northern portion of Theta Hill. 

This campaign is expected to be completed by mid‐December, with the first assay results anticipated before Christmas.  

Following this first phase of the drilling campaign, the RC rig is scheduled to move to Columbia Hill to complete another 20 holes.

The first phase of drilling at Theta Hill is targeting shallow, high grade gold reefs, which have not had any drilling conducted on them in several decades.

The drilling will target multiple level gold reefs from surface down to between 50 metres and 150 metres, testing for open cut mining potential

Stonewall’s drilling at Columbia Hill is also designed to investigate open cut potential and expedite further investigation and development should initial results warrant progression. 

Both areas offer some of the shallowest gold targets in South Africa today. 

TGME: well-established portfolio of gold assets

Stonewall has a well-established portfolio of gold assets in South Africa. The TGME assets can be divided as follows:

- Existing CIL plant and facilities;
- Rietfontein gold deposit (905,000 ounces grading 11 g/t gold);
- Beta gold deposit (1.0 million ounces grading 6.6 g/t gold);
- Other gold resources to be further developed (3.7 million ounces of gold);
- Theta / Browns Hills exploration targets; and
- Columbia Hills exploration target.

Consulting geologist Phil Bentley appointed as project manager

Phil Bentley has been engaged as the project manager to oversee the drilling program with assistance from the company’s independent geological consultants Minxcon.

Between 1986 and 1995 Bentley worked with Randgold Resources (LON:RRS) and Rand Mines as chief geologist covering the TGME gold fields.

His most recent role was executive (geology and resources), for Asanko Gold Inc (TSE:AKG), responsible for strategic exploration and resource growth for the 200,000 ounces per annum Asanko open cut gold mine in Ghana.

]]>
Wed, 22 Nov 2017 11:57:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187616/stonewall-resources-starts-drilling-gold-reefs-in-south-africa-187616.html
<![CDATA[AusCann Group Holdings secures medical cannabis cultivation licence ]]> http://www.proactiveinvestors.com.au/companies/news/187612/auscann-group-holdings-secures-medical-cannabis-cultivation-licence-187612.html AusCann Group Holdings Ltd (ASX:AC8) through its 50:50 joint venture in Chile, DayaCann, has secured its second cultivation licence for its second medical cannabis crop.

This is the only licence granted in Chile to cultivate medical cannabis and allows the joint venture to commence cultivation activities.

The DayaCann joint venture will commence planting crops immediately at its licensed 30-hectare facility south of Santiago, Chile.

The licence follows the successful harvest of 400 plants earlier this year that provided a range of chemotypes to be used in initial trial formulations.

DayaCann is currently the only licensed producer in Chile, giving it a key competitive advantage in a growing market.

Elaine Darby, managing director, commented

“The regulatory landscape and market for cannabinoid medications continues to evolve and grow.

“Chile is one of the regions at the forefront of change and access to cannabis medications for patients in need is advancing rapidly in the region.

“This licence allows us to commence growing our second crop in the region, building on our position in the market and expanding our supply chain as AusCann becomes a fully integrated medical cannabis company that will service both the Australian and Latin American markets.”

Looking ahead to local export markets

Under current regulations, Chile allows the export of products, once registered as medicines.

DayaCann is well positioned to leverage the growing opportunity across Latin America, where medical cannabis is currently legal in a number of countries including Brazil, Argentina, Peru, Columbia, Uruguay, Panama, Puerto Rico and Mexico.

AusCann anticipates the planting of the next crop to commence before year-end, with the harvest to be undertaken during the first half of 2018.

READ: AusCann Group Holdings welcomes medical cannabis legislation

]]>
Wed, 22 Nov 2017 10:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187612/auscann-group-holdings-secures-medical-cannabis-cultivation-licence-187612.html
<![CDATA[Hazer Group takes another step to advance pre-pilot plant]]> http://www.proactiveinvestors.com.au/companies/news/187610/hazer-group-takes-another-step-to-advance-pre-pilot-plant-187610.html Hazer Group Ltd (ASX:HZR) has taken a significant step towards de-risking the scale-up of its Hazer Process technology.

The Hazer Process enables the effective conversion of natural gas and similar feedstocks, into hydrogen and high-quality graphite, using iron ore as a process catalyst.

The company has now successfully demonstrated on-line injection of iron ore catalyst into the pre-pilot plant.

Geoff Pocock, managing director, commented: “This is a key achievement for the company, and we are extremely excited by this demonstration of catalyst addition while maintaining underlying reaction conditions.

“This milestone positions us for implementing further improvements in our next generation reactor design, and significantly de-risks the commercial implementation of the Hazer Process. “

Pre-pilot plant commissioned in July 2017

Hazer commissioned its pre-pilot plant located in St Marys in Western Sydney during July 2017.

READ: Hazer Group Ltd advancing hydrogen, graphite production process

Hazer’s operations since commissioning the pre-pilot plant have also demonstrated preliminary success in ejection of graphite from the reactor, thus partially demonstrating initial fully continuous operation.

The pre-pilot plant has also generated valuable information on process operations and has shown significant improvements across a range of parameters including runtime, conversion rates, reaction selectivity and fluidisation behaviour.

What the results mean

This represents the first time that fresh catalyst has been introduced to the reactor while maintaining temperature and pressure conditions for production of hydrogen and graphite.

Significantly, it is a key process condition necessary for continuous operation of the Hazer process.

These positive results enable Hazer to implement significant design improvements in the development of a next-generation reactor system.

Increasing production and purity

Hazer is now undertaking the design and implementation of a second-generation reactor system.

This second-generation Pre-Pilot Plant is anticipated to enable superior performance including increased graphite and hydrogen production increased raw graphite purity.

These improvements and the commissioning of the second-generation reactor are expected to be completed in the middle of 2018.

READ: Hazer Group receives interest from steel industry for its technology

]]>
Wed, 22 Nov 2017 10:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187610/hazer-group-takes-another-step-to-advance-pre-pilot-plant-187610.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.

 

]]>
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).

]]>
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%.

]]>
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%.

]]>
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.

]]>
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).

]]>
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.

 

]]>
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[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.

]]>
Thu, 11 Aug 2016 01:15:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129197/risers-fallers-ironridge-mx-oil-prospex-oil-gas-129197.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.

 

]]>
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[Wall Street shares mixed at the open]]> http://www.proactiveinvestors.com.au/companies/market_reports/129204/wall-street-shares-mixed-at-the-open-129204.html 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%.

]]>
Wed, 10 Aug 2016 23:33:00 +1000 http://www.proactiveinvestors.com.au/companies/market_reports/129204/wall-street-shares-mixed-at-the-open-129204.html