News

Congratulations Metro Mines on your Capital Raising

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.

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Morning Notes

U.S. stock indexes climbed intraday, led by gains in shares of financial and industrial companies. The Dow Jones Industrial Average rose 165 points, or 0.8%, to 20570 intraday. The S&P 500 was up 0.7%, and the Nasdaq Composite rose 0.9%. Also rising was the U.S. gold price overnight, which jumped 0.1% to 1,281.70 US$/oz. A stabilisation in oil prices and a stream of better-than-expected earnings reports helped lift major indexes. Signs of corporate and economic health should buoy stocks, analysts say, even as investors weigh doubts over the Trump administration's ability to push through policy changes like tax reform and fiscal stimulus. Still, some say the stock market has already largely priced in expectations of firming economic data and improving earnings.

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Latest Research

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.

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