Market Update & Important Indicators
The Nasdaq Composite Index added 36.02 points (0.71 per cent) at 5,092.08, boosting the record broken on Thursday, 15 years after the heights of the dot-com boom. The Dow Jones Industrial Average edged up 21.45 (0.12 per cent) to 18,080.14, while the S&P 500 added 4.76 (0.23 per cent) at 2,117.69, 0.3 point above the previous record on March 2. The Nasdaq surge came on the back of good data in the quarterly reports of the three big tech stocks: Amazon shares soared 14.8 per cent and Microsoft 10.5 per cent as they reported strong gains in cloud computing.
European stock markets closed higher on hopes embattled eurozone member Greece will take strides towards a debt deal to unlock bailout money. London's benchmark FTSE 100 ended 0.24 per cent higher at 7,070.70 points, while in Paris the CAC 40 finished 0.44 per cent ahead at 5,201.45 points. Frankfurt's benchmark DAX 30 index closed up 0.74 per cent at 11,810.45 points, helped by data showing German business confidence at a 10-month high. In Greece, the Athex index finished 3.39 per cent higher after earlier gains on Friday of over four per cent. Madrid's stock market wound up 0.22 per cent ahead, and Milan ended the day with a 0.98 per cent rise.
Shanghai and Tokyo shares were hit by profit-taking but most other Asian markets rose after a positive US lead as the Nasdaq broke a 15-year-old record high. Tokyo, which hit a 15-year high on Thursday after a three-day rally, slipped 0.83 per cent. The index lost 167.61 points to end at 20,020.04, with a stronger yen also hitting exporters. Shanghai gave back 0.47 per cent, or 20.82 points, to 4,393.69, and Seoul fell 0.63 per cent, or 13.61 points, to close at 2,159.80. However, Sydney rallied 1.51 per cent, or 88.53 points, to 5,933.3 as energy firms were helped by higher oil prices. And Hong Kong jumped 233.28 points to 28,060.98 – the first time it has ended above 20,000 since December 2007 – boosted by ongoing hopes for more stimulus to boost the Chinese economy.
In Australia, the market on Friday ended the week strongly, with gains on the back of a rally in iron ore prices from decade lows. The benchmark S&P/ASX200 index was up 88.5 points, or 1.5 per cent, at 5,933.3 points, while the broader All Ordinaries index was up 86.5 points, or also 1.5 per cent, to 5,906.68 points.
World oil prices have traded mixed after sharp gains in the previous session as traders weighed copious US supplies and Yemen unrest in the crude-rich Middle East. West Texas Intermediate for June delivery fell 59 cents to close at $US57.15 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for delivery in June, the global benchmark, settled at $US65.28, up 43 cents. On Thursday WTI had rallied $US1.58 and Brent advanced $US2.12.
Metals on the LME were up with Nickle the stand out gaining 4.0% to US$13,158/t followed by Aluminium up 2.5% to US$1,843/t. Gold was down -1.1% to US$1,180/oz, while Brent rose slightly up 0.3% to US$65.46/bbl.
In This Issue
Paladin Energy (PDN) | SPEC BUY
Paladin Energy (PDN) released March Q production results with 1.2Mlb U3O8 from the Langer Heinrich mine (LHM), down 10% Q-on-Q (in line with Argonaut forecast 1.2Mlb). Sales revenue was down significantly to US$16.7m, from US$69.9m on lumpy sales. During the Q, PDN completed a US$150m convertible bond (CB) offering which will be used to retire the remaining US$300m November 2015 CBs and add working capital. Argonaut maintains a SPEC BUY recommendation with a $0.50 target price.
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