Market Update & Important Indicators
Stocks rose on the heels of a pair of economic reports that gave investors more reason for optimism about U.S. growth. The S&P 500 index added five points, or 0.3%, to 1,891, with eight of 10 sectors higher. The Dow Jones Industrial Average advanced 40 points, or 0.2% to 16,573, less than 0.1% shy of its Dec. 31 record high of 16,577.
European stocks edged higher, notching a seventh straight day of gains, helped by signs that the U.S. economy continues to improve. The benchmark Stoxx Europe 600 index closed 0.2% higher, with investors looking ahead to Thursday's European Central Bank policy meeting.
Asian stock markets rose Wednesday, with Japan leading the region higher as the yen hit its weakest level since January. Japan's Nikkei Share Average rose 1% to 14,946, helped by weakness in the yen.
Aluminium on the London Metal Exchange closed substantially higher Wednesday as the metal tracked gains in copper after a powerful earthquake off the coast of Chile lifted prices for the red metal. Base metals on the LME ended higher with the exception of tin which finished slightly lower. Gold advanced 0.8% to US$1,289.9/oz while WTI crude lost 0.1% to US$99.62/bbl. The AUD is buying US$0.925.
In This Issue
SCEE (SXE)
We review and reduce our forecasts following the financial and operating update from SXE. Our FY14 numbers are decreased to align with guidance and we have scaled back our margin and revenue assumptions for FY15. SXE is operating in a difficult space and margin pressure and a lower pool of potential work are continuing to provide headwinds for contractors. We reduce our target price to $0.60 and maintain a Hold recommendation.
Argonaut’s Stock Coverage & Recommendations
Recent Contacts & Presentations
Flinders Mines (FMS), BC Iron (BCI), Austin Engineering (ANG), Ausdrill (ASL), High Peak Royalty (TEY), Hot Chili (HCH), Swala Energy (SWE), Sino Gas (SEH), Pura Vida Energy (PVD), Renaissance (RNS), Deep Yellow (DYL), Energy Metals (EME), Toro Energy (TOE), Independence Group (IGO), Orion Gold (ORN), CTI Logistics (CLX), OTOC (OTC), Vmoto (VMT)
Upcoming Roadshows, Conferences & Site Visits
APPEA (Oil and Gas Conference), Perth – 6th –9th April
Please read Argonaut's Important Disclaimers & disclosures
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