Market Update

General - Graphex

Good afternoon

increasing fears for extremely low growth in Europe this year are sending equities down today, on profit-taking. Not surprisingly, bonds are strong around the world except for Italy!

Metals are holding, and are even stronger as nickel + zinc are up by about 1% in late afternoon - gold is improving a little. Australian gold stocks also down, even though the A$ gold price continues to trade around 1840 A$/oz. The gold miners especially are just printing it in Australia…EVN for example could hit 1 bill A$ in EBITDA and 500 mill A$ in free cash generation next year….I guess we all remember the humble beginnings of EVN and NST, and the depressed share prices ( and in some cases, near-busts ) of others like SBM just a few years ago! Truly amazing! And share prices are currently retreating - another buying-opportunity coming up?

German Industrial Production in Dec lower than expected - slight fall vs expected small rise…This together with a profit warning from yet another car producer ( Fiat-Chrysler ) is imposing some quite heavy selling pressure on equities, as the day progresses.

DAX-member Wirecard and the FT are continuing with their strange spat - will be interesting to see, who is wrong! Wirecard hitting the lows again today, down by 2.5 bill Euro in market cap, amid renewed accusations in the FT about dodgy accounting.

Graphex - good news for them in Tanzania: The government announces The MIining ( Mineral Value Addition ) Guidelines 2019, stating that exports of concentrates with a minimum of 65% grade is permitted. I think none of GPX´s material would be below 94% or so, hence no problem with export. This had been a possible stumbling block for the project, and presented one of the conditions precedent for the agreed financing with Castlelake.

Have a nice evening



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