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23/03/2017 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 23/03/2017 Argonaut Morning Note
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    23/03/2017 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 22 March, 2017 | 0

    Market Update & Important Indicators:

    U.S. stocks alternated between slight gains and losses as weakness in the financials sector offset gains in technology shares. Technology stocks were providing a haven for bullish investors avoiding sectors such as financials Wednesday, some analysts said. Financial shares in the S&P 500 suffered their worst percentage decline since June on Tuesday as doubts mounted, ahead of Thursday's scheduled vote to dismantle the Affordable Care Act, about President Donald Trump's ability to enact corporate-friendly policies. Expectations for government stimulus had helped lift U.S. stocks to record highs earlier this year, and some were concerned about the new administration's ability to deliver on campaign promises such as tax cuts, deregulation and infrastructure investment as President Trump struggled to round up support for health-care legislation. Technology shares in the S&P 500 rose 0.7%, whilst financial shares fell 0.3%. The U.S. gold price continued its movement upwards rising 0.3% at 1,248.2 US$/oz.

    European stocks fell to a one-week low, with bank shares among the worst performing, as investors questioned whether the new U.S. administration can soon deliver the fiscal and regulatory changes needed to support the "Trump trade." The Stoxx Europe 600 dropped 0.4% to end at 374.03, marking its lowest closing level since March 14. Wednesday's loss built on a 0.5% drop on Tuesday, when a sharp selloff in the U.S. dampened the investment mood globally. Shares of European banks, many of which have U.S. operations, have been beneficiaries of expectations that regulatory restrictions will be loosened and that the Fed will continue to raise interest rates. The Stoxx Europe 600 Bank Index ended down 0.9% on Wednesday.

    Stocks in Asia pulled back Wednesday after major U.S. indexes posted their steepest decline of the year. Asian markets were lower across the board amid a retreat in global bank shares. Futures pointed to a 0.3% opening dip for the S&P 500. As investors dialled down on risk Wednesday, gold, the yen and government bonds continued to strengthen. Japan's Nikkei Stock Average fell 2.1%, its biggest daily drop since the November election, as the yen approached a four-month high against the dollar. Hong Kong's Hang Seng Index was recently off 1.3%. Japan's Topix bank subsection plunged 3.2% to its lowest level in two months, while Korea's financial subindex dropped 1.7%. Stocks in China generally logged smaller declines than in other Asian markets amid an influx of liquidity from the People's Bank of China. The Shanghai Composite Index was down 0.5%.

    Australian shares closed at their lowest level in more than a month, as global markets turned skittish over questions about U.S. President Donald Trump's ability to implement an agenda that includes fiscal stimulus and tax cuts. The S&P/ASX 200 index Wednesday closed down 1.6% at 5684.5 points, taking its cue from Wall Street where the Dow Jones Industrial Average had its worst day since September. Mining companies and energy stocks were sold off as commodity prices fell further in Asian trading.

    The London Metal Exchange's three-month copper contract closed up 0.55% at $5,808/t. The other base metals finished mixed on Wednesday. Lead prices rose 4.3% at 2,368/t, zinc prices rose 1.0% at 2,836/t, whilst tin prices finished the day flat at 20,505/t. Falling for the day, aluminium prices dropped 0.1% at 1,912/t and nickel prices fell 1.4% at 9,956/t.

    In this Issue:

    Botanix (BOT) | Initiation Report | SPEC BUY
    Market Cap $24.5m | Current Price $0.06

    We initiate coverage of BOT with a speculative buy call. BOT’s flagship product, using a synthetic cannabidiol based active, has the potential to be a ‘game-changing’ treatment for moderate to severe acne, a global market currently valued at over US$4bn. Significantly, the Company is investigating potential pipeline products that pair its Permetrex drug delivery technology with on-the-market active ingredients to generate early revenues (these reformulations will not require FDA approval).

    Recent Contacts & Presentations:

    Vital Metals Ltd (VML), Mincor Resources (MCR), Dacian Gold (DCN), Leaf Resources Ltd (LER), Alchemy Resources Ltd (ALY), MZI Resources Ltd (MZI), Seafarms Group Ltd (SFG), Marindi Metals Ltd (MZN), Rift Valley Resources Ltd (RVY), 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)

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