Argonaut | The Natural Choice in Resources
Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.
U.S. stocks climbed intraday, lifted by a series of upbeat earnings reports. The Dow Jones Industrial Average rose 246 points, or 1.2%, to 21010 intraday, on track for its biggest one-day point gain in 2017. The S&P 500 climbed 0.7%, and the Nasdaq Composite added 0.7%, on track to close above 6000 for the first time. The U.S. gold price bucked the trend falling 0.9% to 1,264 US$/oz. Major stock indexes have rebounded in recent sessions as corporate earnings have showed sustained strength among U.S. companies. S&P 500 firms have reported better-than-expected quarterly results, Bank of America Merrill Lynch said this week, with the share of companies beating analysts' estimates for both per-share earnings and sales rising to its highest level since 2012. Solid results from companies could help major indexes keep climbing, investors and analysts say, even as many hold concerns that stock valuations are stretched.More >
Only time will prove whether QIN and McKinsey are right about end markets. Naysayers’ strong assertions on the other hand need only stoke fear to see predictions fulfilled. Regardless of who’s right or wrong, ructions caused will impact the business. Accordingly, we assume downgrades in the near term and are more conservative longer term. This reduces our valuation, although at $2.09 (prior $3.30) it still reflects our long-term belief in significant value. We expect this to be largely ignored though while near-term risks are elevated. As a result we downgrade to hold with a $1.50 target price.More >
Argonaut as Lead Manager has been successful in raising of A$52.4 million for Metro Mining Limited (ASX: MMI) (“Metro”) to Australian and international institutional and professional investors via a combined placement and 1:2 fully underwritten non-renounceable entitlements offer at an issue price of A$0.125 per share.More >