Argonaut | The Natural Choice in Resources

US equities had the biggest rally for 6 months as earnings beat expectations. The Dow closed up 547 points, 2.2% in line with broader indices. Morgan Stanley +5% and Goldman Sachs +3% beat estimates as their investment banking businesses helped revenues surge, both saw improved revenues in equity trading; Commodity companies are beginning to feel the impact of President Trump’s trade policies and their earnings report cards will signal how well they have been able to protect shareholder value. Raw material producers are coming off their worst week in February following the longest quarterly sell off in commodities since 2015; Copper posted the biggest decline in more than a week as inventories rose and concerns over the impact of trade conflicts on the global economy gripped metals markets

ASL has confirmed its expectation for standalone profit growth of 20-30% in FY19, and remains upbeat on growth opportunities. We expect the Barminco acquisition to proceed and deliver significant benefits for the combined entity. The FY19 accounts are likely to be complicated, and we provide forecasts on a reported and adjusted basis to aid analysis. We maintain our positive stance and BUY call on a $2.40 blended valuation (prior $2.45).

Argonaut is pleased to announce the successful $12.5 million Initial Public Offering (“IPO”) on the ASX of Stealth Global Holdings Ltd (“Stealth” or “the Company”). Stealth is a fast-growing sales and distribution group supplying safety, industrial, workplace and healthcare consumable products and customised supply solutions to business customers across the resources, engineering, transport and general industrial sectors.