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21/09/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 21/09/2016 Argonaut Morning Note
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    21/09/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 20 September, 2016 | 0

    Market Update & Important Indicators:

    U.S. stocks rose Tuesday, but moves in global markets were muted as looming decisions from the Federal Reserve and the Bank of Japan kept many investors on the sidelines. Shares of health care companies were some of the best performers Tuesday, boosted by biotechnology shares. Biotech slumped earlier this year, but recently the group has rebounded. The Nasdaq Biotechnology Index is up 15% since the end of June, though it remains down 12% in 2016. On Tuesday, the biotech index gained 1.5%, lifted by news in the group. The Fed is widely expected to leave interest rates unchanged, but investors are watching to see if officials signal a rate rise in December. Fed funds futures, used to bet on central-bank policy, currently price just a 15% probability of a rate rise in September, but a more than 50% chance of a move by year-end, according to data from CME Group.

    Stocks across Europe struggled for direction in Tuesday's trade, with investors largely sitting tight before the Bank of Japan and the Federal Reserve issue highly anticipated policy decisions. The Stoxx Europe 600 slipped 0.1% to close at 341.01 after seesawing between small gains and losses through the session. The pan-European index on Monday jumped 1% as commodity shares led the way higher, resulting in the index's largest percentage rise since Sept. 2. But as oil prices fell for most of the European trading day, European energy shares were losing ground.

    Asian shares churned aimlessly Tuesday with volumes holding steady, as investors awaited key policy decisions from the U.S. Federal Reserve and the Bank of Japan. Japan's Nikkei Stock Average closed down 0.2%. Utilities and telecoms shares led gains as insurers and real-estate stocks slipped. The BOJ is due to release a comprehensive review of its negative-interest-rate policy at its meeting Wednesday, which will address concerns about banks' lending margins after it cut interest rates on some deposits to negative earlier this year. Hong Kong's Hang Seng Index closed down 0.08%, while rates to borrow the Chinese yuan overnight fell to 12.13533% from 23.683% on Monday, the highest rate since January. The Hong Kong interbank offered rates for the Chinese yuan have become elevated in the past few weeks, a sign that the People's Bank of China is trying to deter speculators from shorting the currency. South Korea's Kospi was up 0.5% overnight.

    Australian shares edged higher as investors avoiding taking on fresh risk before central-bank policy decisions in Japan and the U.S. Tuesday also marked a return to normal operations for the local equities market after it had been disrupted Monday by a technical glitch, shortening the trading session. Gains by the major banks, mining companies and those in other sectors were balanced by weakness in energy stocks after oil futures eased in Asian trade. After spending much of the session marginally lower, the S&P/ASX 200 picked up in the final hour or so to end the day up 8.8 points, or 0.2%, at 5303.6. It was the index's first finish above the 5300 mark since Sept. 9.

    The London Metal Exchange's three-month copper contract closed up 0.4% at $4,793.00/t. Most other base metals also gained on Tuesday. Zinc rose 2.3% to $2,288/t, tin rose 0.7% to $19,480/t, nickel gained 1.6% to $10,262/t, lead gained 1.1% to $1,973/t, and aluminium fell 0.3% to $1,564/t.

    Recent Contacts & Presentations:

    Dakota Minerals Ltd (DKO), Breaker Resources NL (BRB), Bard1 Life Sciences Ltd (BD1), Alto Metals Ltd (AME), Birimian Limited (BGS), Antipa Minerals Ltd (AZY), Vault Intelligence Ltd (VLT), Noxopharm Ltd (NOX), Gage Roads Brewing Co. (GRB), West African Resources (WAF), Cedar Woods Properties Ltd (CWP), Sino Gas & Energy Holdings Ltd (SEH), Salt Lake Potash Ltd (SO4), Kalina Power Ltd (KPO), Austal Limited (ASB), Agrimin Ltd (AMN), Stavely Minerals Ltd (SVY), MGC Pharmaceuticals Ltd (MXC), Vital Metals Ltd (VML), Tox Free Solutions Ltd (TOX), Swick Mining Services Ltd (SWK), Davenport Resources Ltd (DAV), Orthocell Ltd (OCC), BC Iron Limited (BCI)

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