Market Update

General - West African

Good afternoon

I am really enjoying watching US-politics these days! Much better fun than under Obama, and much more action! I have not paid him /and I did not know anything /and I did not f..k her anyway / to yes maybe and that´s what rich people do - pay a retainer on a monthly basis for problems like "this" coming up ...and if there is not enough money to pay for settlements ( this must clearly be the reason???? )  I will pay over the enxt few month, trust me....the entertainement value of all of this is excellent. The main surprise to me is, that obviously, Mr.President is employing second rated lawyers! Perhaps they are the only ones happy to do the job??

Anyway...payroll numbers in the States strong, but not as stronga s expected...perhaps not enough unemployed workers around even? Hard to say - in any case, a solid number, with wages growth of 2.6% YoY in check and hence, there should not be any drama in the bond market! Metals are not doing much today, either - looks like everybody wants to have a relaxing weekend!

Strong result from Macquarie Bank - the bank has exactly the same market cap as Deutsche Bank today! Testament to a great performance ove rthe years, and to a never-ending desaster at Deutsche Bank!

West African Resources - have raised 35 Mill A$ at 32ct! 47 Mill A$ cash in the bank, once this placement has settled. The company will only need a few mill to finish teh feasibility study over the coming weeks, to be announced in June I guess, alongside a new resource/reserve statement. I understand, that there was some very strong demand from Australia, while the foreign tranche was also heavily oversubscribed. This placement is certainly a strong indication, that the company can go this alone, and that Sanbrado can easily be financed ! Great news! I still believe, that we will see a takeover this year - but if the company would not want to develope this themselves, tehy would not have done the placement, in my opinion! The real news will be in June - for now, we will have hopefully seen the bottom of teh share price! I participated in this placement. The news is out, so I assume, that the stock will relist in Canada later today.

You have a nice weekend!


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