Market Update & Important Indicators:
The Dow Jones Industrial Average edged higher intraday, led by a rise in shares of industrial companies. The blue-chip index rose 39 points, or 0.2%, to 20,689. The S&P 500 rose less than 0.1% and the Nasdaq Composite added 0.1%. Stocks have made few big moves in recent sessions, with major indexes recently closing out their quietest quarter in decades. Some investors and analysts have attributed the sluggish trading in stocks to a reluctance to make new bets ahead of a number of key events this week, including minutes from the Federal Reserve's March meeting, due Wednesday, Friday's U.S. jobs report and a meeting between President Donald Trump and Chinese leader Xi Jinping on Thursday and Friday. Energy stocks were among the best performers, rising 0.6% in the S&P 500 as oil prices climbed. U.S. crude oil rose 1.7% to $51.11 a barrel. Industrial stocks led gains in the Dow industrials whilst the U.S. price of gold jumped 0.2% at 1,255.70 US$/oz.
European stocks finished modestly higher, with gains for miners and oil giants offsetting concerns over U.S. President Donald Trump's meeting later this week with his Chinese counterpart and U.S. jobs data. The Stoxx Europe 600 index nudged 0.2% higher to end at 380.03, after swinging between small gains and losses. The pan-European benchmark erased part of the 0.5% loss that it suffered Monday to kick off the new quarter. European oil giants helped stabilize the markets, rebounding after recent declines.
In Asian trading, growing investor uncertainty about U.S.-China trade sapped demand for stocks. Korea's Kospi index edged down 0.3%, while markets in China, Taiwan, India and Hong Kong were closed for holidays. Japanese stocks lagged, as a stronger local currency and declines in U.S. Treasury yields sent the index down 0.9% to a 10-week low. Financials and exporters were among the weakest areas. The Nikkei Stock Average fell 172.98 points, or 0.9%, to 18810.25.
Australian shares ended a choppy session lower, pulled down by a retreat in big banks and heavyweight iron-ore producers. Both miners and banks underpinned the broader market's rise over the last quarter, and the four largest banks were the main driver of a push toward a two-week high last week. The central bank as expected left its benchmark cash rate on hold for an eighth month at a record-low 1.5%, but in its commentary it cautioned the job market had lost momentum and added commentary on the risks of rising debt to its observation that home prices were rising briskly in some markets. Data released a day earlier showed house prices had growth at their fastest pace in seven years, while regulators in recent days have warned banks against pushing home buyers into riskier interest-only mortgages that are often used by property speculators. After initially stumbling, the S&P/ASX 200 recovered to levels before the Reserve Bank of Australia's policy statement, ending the day down 16.1 points, or 0.3%, at 5856.6. The four biggest banks collectively knocked more than 10 points off the index.
The London Metal Exchange's three-month copper contract closed up 0.46% at $5,780/t. The other base metals finished mixed on Tuesday. Aluminium prices fell 0.8% at 1,926/t, whilst tin prices fell 0.2% at 20,049/t. Rising for the day, lead prices rose 0.9% at 2,297/t, nickel prices rose 1.3% at 9,915/t, and zinc prices rose 1.0% at 2,709/t.
In this Issue:
Agrimin (AMN) | March Quarterly – Progressing to PFS | SPEC BUY
Market Cap $81m | Current Price $0.58
AMN’s quarterly activities support the release of a PFS in October 2017. Importantly, just prior to quarter end AMN announced an equity raising for ~$13.2m (before costs). The capital raise provides the impetus for AMN to continue unlocking potential value as a key player in the fledgling Australian SOP industry.
Recent Contacts & Presentations:
Botanix Pharmaceuticals Ltd (BOT), Thundelarra Ltd (THX), DTI Group Ltd (DTI) OpenDNA Limited (OPN), Metro Mining Ltd (MMI), Tox Free Solutions Ltd (TOX), St George Mining Ltd (SGQ), Venturex Resources Ltd (VXR), Creso Pharma Limited (CPH), Sino Gas & Energy Holdings Ltd (SEH), Orecorp Limited (ORR) Doray Minerals Limited (DRM), Capricorn Metals Ltd (CMM) Independence Group (IGO), Cardinal Resources Limited (CDV), Metal Bank Ltd (MBK), MOD Resources Ltd (MOD) Quintis Ltd (QIN), Regis Resources Ltd (RRL), Apollo Minerals Ltd (AON), Ironbark Zinc Ltd (IBG), Sovereign Metals Ltd (SVM), Pilbara Minerals Ltd (PLS), Laconia Resources Ltd (LCR)