Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

U.S. stocks drifted lower Thursday, with market attention focused on the Federal Reserve's annual meeting at Jackson Hole, Wyo. Chairwoman Janet Yellen is set to give a speech at the central bankers' conference on Friday. While little guidance on interest rates is expected, investors will be watching for any clues on the course of monetary policy or her assessment of the U.S. economy. Stocks and the dollar have been locked in a narrow range ahead of the conference, with little else on the earnings or economic calendar to steer direction. Investors are roughly evenly divided on whether the Fed will raise rates in December, but few are expecting a move at the bank's September meeting.

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Latest Research

ASL has delivered an impressive result, with rationalisations and business improvement initiatives leading to margin growth on relatively stable revenues. Strategy execution has been impressive, and a willingness to put a number to earnings growth in FY17 is indicative of a sector that’s slowly beginning to turn. A recovery will take time however, and in our view earnings growth needs to catch up with multiple expansion. On valuation grounds we downgrade to a hold (prior buy).

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Latest News

Argonaut, as Co-Manager, has been successful in raising A$6.47 million for St George Mining Limited (ASX: SGQ) (“St George”) to both Australian and overseas institutional and sophisticated investors of 43,165,470 new ordinary shares at an issue price of A$0.15 per share. Proceeds from the capital raising will enable St George to continue exploration activities at the Mt Alexander Project

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