News

Congratulations to Gold Road Resources Limited

Argonaut, acting as Sole Lead Manager and Global Bookrunner for Gold Road Resources Limited (ASX: GOR) (“Gold Road”), has been successful in the Placement of 77.3 million new ordinary shares at an issue price of A$0.30 per share to new and existing institutional and sophisticated investors. The placement to raise A$23.2 million, was strongly oversubscribed and the calibre of the participants is testimony to the quality of Gold Road’s exploration projects.

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Morning Notes

U.S. stocks rallied Thursday, as strong corporate earnings helped the market extend its rebound from recent sharp losses and continued volatility for investors. U.S. stocks jumped this week as better than expected third quarter profit reports have combined with reassuring data on the U.S. economy. The Dow Jones Industrial Average climbed 216.6 points, or 1.3%, to 16677.9. The S&P 500 index gained 23.7 points, or 1.2%, to 1950.82.

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Latest Research

TOX’s share price has declined 25% since announcing FY14 results. At that time we downgraded to a sell recommendation on lower earnings forecasts and a belief that the trading multiples at the time were lofty. With no change to forecasts, our $2.70 target price implies recent falls have more than priced in the disappointing 2H14 performance. TOX is a quality business and we believe the Company’s shares are back in buy range below $2.40. We upgrade our recommendation accordingly.

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