Market Update & Important Indicators
US Stocks rose and the dollar weakened as the Federal Reserve signalled that interest rates would increase more slowly than many investors had been expecting. Many investors read the statement as affirmation that the first interest-rate increase in nearly a decade would happen this year. But fund managers say expectations of the first rate increase are already reflected in financial markets, prompting market watchers to look beyond it.
European stocks fell Wednesday as investors warily monitored the situation in Greece and the U.S. Federal Reserve's policy meeting. Greece's Athex Composite index fell 3.2%. It has lost more than 4% during each of the previous two sessions and is down nearly 17% so far in June. Greece's central bank warned on Wednesday that failure to clinch a deal with international creditors on its future funding needs could lead the country into an "uncontrollable crisis," describing the issue as being of historical significance for the nation.The euro was little-changed against the dollar at $1.1245.
Stocks in Hong Kong rebounded ahead of the conclusion of a U.S. Federal Reserve meeting later in the day, while shares in China gained back some of the ground lost on first two trading days of the week. In China, stocks rebounded from a selloff caused by a wave of IPOs sucking liquidity from the market. But investors and analysts are bracing for more volatility.
Base metals were mixed on the LME overnight, with copper finishing fractionally higher and zinc down 0.7%. Brent crude finished marginally higher at $63.69/bbl. Gold is steady, trading at $1,183.5/oz.
In This Issue
Sandfire Resources (SFR
Sandfire Resources (SFR) has intercepted 14m of massive sulphides (true width unknown) in drill hole TLDD004A in the Monty Prospect, within the Talisman Mining (TLM) joint venture (SFR earning up 70%), part of the greater Doolgunna Project. Importantly, this is the first significant massive sulphide intercept outside the DeGrussa ore body, 10km to the east. The intercept contains visible chalcopyrite similar to DeGrussa mineralisation. Mineralisation is ~400m deep, comparable the deeper zones of DeGrussa.
Argonaut’s Stock Coverage & Recommendations
Recent Contacts & Presentations
Medusa (MML), Pacific Energy (PEA), Orbital (OEC), Peet (PPC), Alexium (AJX), Austal (ASB), Empired (EPD), Rewardle (RXH), Saracen (SAR), Kibaran (KNL), Sino Gas & Energy (SEH), Dacian (DCN), Saracen (SAR), Fertoz (FTZ), Atrum (ATU), Buru Energy (BRU), Carnarvon Energy (CVN), Otto Energy (OEL), Empire Oil & Gas (EGO), Pura Vida Energy NL (PVD), MZI Resources (MZI), High Peak Royalties (HPR)