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03/10/2019 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 03/10/2019 – Argonaut Morning Note
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    03/10/2019 – Argonaut Morning Note

    By Jonas Dorling | Morning Notes | 0 comment | 3 October, 2019 | 0

    Key News Overnight:

    U.S. stocks tumbled after a disappointing ADP payrolls report exacerbated concerns the American economy is slowing. The S&P 500 recorded its biggest two-day slump in two months and took out its 100-day-moving average.

    European equities fell across the board, with every sector in the Stoxx 600 declining. Most regional bonds were also down, with the exception of Sweden’s.

    Hong Kong’s protests are taking a toll. Retail sales slumped a record 23% in August, more than the 14% projected. Thousands marched a day after police shot a demonstrator, again becoming violent in the evening.

    Oil fell to the lowest level in almost two months after swelling U.S. crude inventories added to a pessimistic and weakening economic backdrop.

    Nickel posted its biggest gain in three weeks as stockpiles extended declines, while aluminium dropped in London. Precious metals rose across the board, led by silver and palladium.

    In This Issue:

    Dacian Gold (DCN) | Maiden Resource for Phoenix Ridge | HOLD | Analyst | James Wilson

    Metro Mining (MMI) | September Production Results | BUY | Analyst | Matthew Keane

    Galena Mining (G1A) | Construction Commences at Abra | BUY | Analyst | James Wilson

    Agrimin Ltd | AMN award design contract for Wyndham Port Facility | SPEC BUY | Analyst | Michael Eidne

    Recent Research:

    Saracen Mineral Holdings (SAR) | Potash Sector Review | Gold: Forecasting more M&A in the WA Goldfields | Nickel – Near-term headwinds from growing stainless steel inventories

    Please read Argonaut’s Important Disclaimers & disclosures

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