Argonaut congratulates ABM Resources on Capital Raising

Argonaut has been successful in the Placement of A$5 million (gross) for ABM Resources Limited (ASX: ABU) (“ABM”) via a Placement to Australian and Asian institutional and sophisticated investors of approximately 22.7 million new ordinary shares at an issue price of A$0.22 per share together with joint lead manager, Canaccord Genuity.


Morning Notes

U.S. stocks advanced, rebounding from last week's downdraft, as investors snapped up health-care companies following a spate of deal announcements. The Dow Jones Industrial Average rose 286 points, or 1.6%, to 17999 in afternoon trade. The S&P 500 rose 27 points, or 1.3%, to 2088. The Nasdaq Composite climbed 55 points, or 1.1%, to 4947. Despite Monday's gains, trading volumes were relatively subdued. Shares of biotechnology stocks were among the sharpest decliners last week, amid fresh worries about their lofty valuations. On Monday, the Nasdaq Biotechnology Index gained 1.1%, and is up nearly 3% over the last two sessions. Deal-making elsewhere in the health-care sector helped buoy shares Monday.

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Latest Research

We initiate coverage of OEC with a speculative buy recommendation and a target price of $1.05. We expect a rejuvenated board to help realise OEC’s potential, the firming relationship with Boeing subsidiary Insitu will help drive the traditional business, and the recent investment in REMSAFE will deliver diversification and a further growth option. Synerject, meanwhile, provides a comfortably stable contribution that in our view largely underpins OEC’s current market capitalisation.

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