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 soared Thursday, putting the Dow Jones Industrial Average on course for its biggest one-day gain in four months, as upbeat earnings reports and stabilizing commodities prices helped dim investors' fears about the global economy. Stocks around the world had slumped just a day earlier as fears about an economic crisis in Turkey spread through a variety of markets, pulling everything from copper to oil prices lower. Much of the slide had been driven by fears among investors that what had begun as a relatively limited pullback in emerging markets could trigger a more violent, durable reversal across risky assets around the world. Some of investors' fears appeared to fade Thursday as copper and the Turkish lira stabilized and a flurry of upbeat data and earnings reports pointed to sustained strength in the U.S. economy. Signs that Washington and Beijing were willing to resume negotiations on trade also helped reassure investors, sending stocks and Treasury yields higher. The US Gold price decreased 0.1% to 1,173.70 US$/oz.

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Latest Research

There were no big surprises in DCG’s FY18 result, with revenue of $342m (we had $350m) and group EBITDA from continuing operations of $4.7m (we had $2.4m). Eyes were on the outlook though, where DCG has maintained guidance for revenue of at least $500m (underpinned by a solid order book and large potential pipeline). We expect the efforts to diversify into new sectors and geographies to pay off from FY19, make little change to our earnings forecasts, and maintain a valuation of $1.35. A positive macro view and valuation upside continues to support a BUY recommendation.

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Latest News

Argonaut Congratulates Dacian Gold on a Highly Successful Capital Raising
Argonaut acted as Joint Lead Manager to successfully raise A$40 million for Dacian Gold Limited (ASX:DCN) (“Dacian” or “the Company”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$2.70 per share. The placement was heavily oversubscribed with significant demand generated from new major domestic and international institutional investors.

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