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 slid Monday as escalating trade tensions between the U.S. and China weighed on investors' appetite for risk. The Dow Jones Industrial Average was down 0.4%. The S&P 500 dropped 0.2%, while the Nasdaq Composite fell less than 0.1%. President Donald Trump approved tariffs of 25% on about $50 billion of Chinese goods on Friday, prompting Beijing to hit back by announcing the country would levy penalties on hundreds of U.S. goods. The moves exacerbate concerns among investors that the world's two biggest economies could descend into a trade war. Rising frictions in international trade in recent months already have instilled uncertainty in global markets, which are experiencing one of their most volatile stretches in years. Concerns about the fate of the North American Free Trade Agreement and tariffs that the Trump administration imposed on European allies also are adding to investor anxiety. The US gold price was down 0.1% to 1,277.90/t

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Latest Research

DCG has pared back FY18 guidance, confirmed FY19 revenue expectations, announced a NZ$125m contract extension in New Zealand, and provided a general update across its businesses. While our FY18 numbers have been pulled back, we remain upbeat on DCG’s medium-term prospects across east coast infrastructure and WA resource projects, as well as the increasing exposure to New Zealand. We have reduced longer term margins slightly and our blended valuation is now $1.35 (prior $1.40). Our positive macro view and the valuation upside continues to support a BUY recommendation.

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Latest News

Argonaut Congratulates Atrum Coal Limited on a Highly Successful Equity Raising. Argonaut acted as Lead Manager to successfully raise approximately A$10.6 million for Atrum Coal Limited (ASX:ATU) (“Atrum” or “the Company”). The Company raised funds from existing and new domestic and international institutional investors by way of a $8.0m Two Tranche Placement (“Placement”) and a $2.6m 1 for 5 non-renounceable Entitlements Offer (“Entitlements Offer”) at an issue price of A$0.10 per share (together, the “Equity Raising”).

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