Metals have been strong this morning - profit taking from the US in the afternoon! It´s almost getting boring - but blue chips like RIO, BHP, Fortescue, Antofagasta or Anglo/Glencore, all with new highs today...and lacklustre trading at the junior end. New highs for iron ore and steel in China ( iron ore trading at 82,50 US$ yesterday in London !!)
labour market figures in the States in line, Chinese imports very strong today.
Draghi will continue to buy bonds, but will be reducing the scale of it. Markets a bit disappointed with that - bonds very weak in Europe, but equities continue to trade very strong.
Gold stocks as well as gold are trying to build a base - stocks especially are feeling much more positive than say a week ago.
West African Resources - the company has received enviromental approval for it´s planned new gold mine in Burkina Faso. This was certainly expected - but these days, you never know...They also appointed a very experienced COO , Lyndon Hopkins, who has bulit and managed the in-country aspects of the Bonikro gold mine in Ivory Coast, and the Rosemont Mine in Australia. They also appointed a sustainability manager, not unimportant in Burkina Faso. The market is now awaiting the bankable feasibility study for the project!
Genex - raised 9.3 mill$ at 22ct...Honestly, I did not know anything, when I speculated about it the other day. I certainly would not have thought, that tehy would do the raising at 22ct - I would have rather tipped 24-25ct! In so far, slightly disappointing for a company, which has been valued by analysts at 85ct with upside potential to double that! I am hearing, that a very large Australian small cap fund has been the cornerstone with an investment of 2 mill A$. I would have rather not have them in, but get a better price for existing shareholders. In any case - it´s done and dusted now, and the company should be fully financed now for the solar project!
Strike Energy - the rights issue closed oversubscribed - bids over the entitlement will be scaled back. Again - disappointing price, but it´s done now, and we look forward to receiving definite flow-rates at some stage in the next month ot two. Operations have gone well lately, so I remain hopeful of having results rather sooner than later!
Paringa - suspended today for an expected placement..I understand, that it ahs gone very well - more definite news tomorrow.
Have a nice evening
Schröder Equities GmbH
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Geschäftsführer: Wilhelm Schröder
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