Reports
US stock market, economy and companies update (May 17, 2013)
May 17, 2013, Friday
Remarkably yesterday's equity declines were the biggest losses US indices had seen in two weeks, inspired by some poor data and yet another afternoon missive from the WSJ's Hilsenrath. Friday is another story, and US equities are surging higher. As of writing the DJIA is up 0.32%, the S&P500 is up 0.37% and the Nasdaq is up 0.38%. Russian stock market daily morning report (May 17, 2013, Friday)
May 17, 2013, Friday
We see no signs that trade at the russian market might be positive. Most likely russian shares continue quotes reduction. We are positive about the company's results for 1Q, which turned out to be above market average expectations. European stock market, economy and companies update (May 17, 2013)
May 17, 2013, Friday
European bourses are trading mixed, as traders continue to debate when the Fed will reduce the scale of its quantitative easing program. Switzerland's SMI has underperformed amid weakness in shares of heavyweights including Zurich Financial and Roche. European banks are mostly higher, led by gains in the UK banking sector. Shares of BBVA have lagged, as Spain's bad loan ratio rose again in March. UK stock market commentary (May 17, 2013): A negative close in the US leaves traders eyeing up the exit door
May 17, 2013, Friday
European equities are set to open flat to marginally lower as a negative close in the US leaves traders eyeing up the exit door. Another afternoon of awful US data yesterday looked set to be the basis for the now common place move higher on bad news across the Atlantic. With expectations that the weak data would keep the end of the bond purchase program at bay for a little while longer, traders were able to shrug it off and close in on new all time highs. Asian stock market, economy and companies update (May 17, 2013)
May 17, 2013, Friday
Asian markets are mixed in the final trading day of the week, with liquidity thinned by Buddha Birthday celebrations in Hong Kong and South Korea. A more tempered tone stemmed from the US trading session, where disappointing weekly jobless claims, housing starts, and Philly Fed prompted a short covering rally in the US treasuries that sent the 10-year yield down about 10bps to 1.86%. Indian stock market daily morning report (May 17, 2013, Friday)
May 17, 2013, Friday
Key benchmark indices extended gains to end marginally higher on Thursday, amid a range bound trading session, led by index heavyweight Reliance Industries and bank shares. The 30- share Sensex ended at 20,247 up 34 points. Nifty ended up 23 points at 6,170. Markets edged higher after a weak opening but gains were capped as profit taking was seen at higher levels after the sharp surge on Wednesday. News
- The U.S. Dollar stopped its uptrend due to weak data of U.S. economy
May 17, 2013, Friday
- Currency pairs technical review (May 16, 2013)
May 16, 2013, Thursday
- The euro fell sharply against the dollar, which was primarily due to the weak GDP data for the euro zone
May 16, 2013, Thursday
- Currency pairs technical review (May 15, 2013)
May 15, 2013, Wednesday
- The U.S dollar was in strong demand today. The dollar index grew above 83.7 areas
May 15, 2013, Wednesday
- Currency pairs technical review (May 14, 2013)
May 14, 2013, Tuesday
- The yen weakened on news that the G7 did not criticize the aggressive monetary policies of Japan
May 14, 2013, Tuesday
Centamin: Q1 Financial Results: Better Than Expected
17 May 2013
Centamin announced its unaudited results from its Sukari Gold Mine in Egypt for the quarter ended 31 March 2013. Total gold production for the quarter was a record 87,016oz and sales totalled 86,054oz. The gold price received was $1,604/oz, giving revenues of $138.2M. Cash operating costs were $556/oz and this resulted in a profit before tax of $71.89M before a loss of $3.087M on the sale of financial assets. Antofagasta: March Quarter Financials: No Surprises
17 May 2013
Antofagasta announced its March quarter unaudited results. The group reported revenues of $1,504.0M. The group EDITDA was $781.7M and net attributable cash was $2,636.1M as at 31 March 2013. Minera IRL: Q1 Production and Financials
17 May 2013
Minera IRL has released its Q1 production and financial figures. The Corihuarmi mine produced 5,848oz of gold and sold 5,660oz at an average price realised price of $1,631/oz. This produced revenues of $9.2M, an EDITDA of $1.9M and a profit before tax of $0.2M. The net loss after tax was $1.1M. Hochschild Mining: Cashflow Optimisation Plan Update
15 May 2013
Hochschild announced an update on the measures that the Company is taking to optimise cash flows in the light of silver and gold prices that are substantially lower than in 2012. The key is that the exploration budget has been reduced by 29% to $55M with an emphasis on the most promising projects. There is no change to the production guidance of 20.0M attributable silver equivalent ounces but the unit cost increases have been revised downwards for Peru. Previously they were between 15 and 20% whereas they are now between 10 and 15%. There are no changes to unit cost increases in Argentina. At the main operations, sustaining capex, has been reduced by $20M to approximately $160M. Premier Gold Resources, Petropavlovsk, Sable Mining Africa, Sunkar Resources, Vane Minerals news briefs
13 May 2013
Premier Gold Resources has announced an expansion to its Cholokkaindy Licence in the Kyrgyz Republic. Petropavlovsk announced that following the recommendations of its Operating and Executive Committees, the Company's Board of Directors has approved adjustments to the Company's business plan in response to the recent volatility in the gold price. Sable Mining Africa has expanded drilling at the Nimba Iron Ore Project in Guinea. Sunkar Resources has released its FY'12 results. Vane Minerals has released a 1Q'13 update from its gold and silver operations in Mexico. Forex
Global Outlook
Shale Brings Big Changes to Markets, Infrastructure
May 17, 2013, Friday
America is moving toward energy independence, and that means a lot for the global energy market and domestic stocks. Darren Schuringa, managing partner at Yorkville Capital Management, says that within four years, America will be the largest energy exporter and, by 2020, the U.S.A. will surpass Saudi Arabia as the worlds largest oil producer. The Greatest Silver Story Ever Told
May 17, 2013, Friday
It is the most thrilling story in the history of precious metals. A tale of high-rolling Texas tycoons, Middle Eastern princes, sharpshooting cowboys, and one hundred million ounces of silver. In honor of silver's big crash a few weeks ago, we decided it was time to revisit the infamous Hunt brothers debacle that completely crashed the silver market in the 1980s. Symptoms Don't Lie
May 11, 2013, Saturday
A good doctor will not simply make a diagnosis based on measurements. The symptoms and complaints expressed by the patient are at least as important in making a determination as the data provided by diagnostic tools. When the data says one thing and the symptoms continuously say another, it makes sense to question the reliability of the instruments. This would be particularly true if the instruments are furnished by a party with a stake in a favorable diagnosis, say an insurance company on the hook for treatment costs. Germany Under Pressure To Create Money
May 8, 2013, Wednesday
Currently, central banks around the world are walking in lock step down a dangerous path of money creation. Led by the Federal Reserve and the Bank of Japan, economic policy is driven by the idea that printed money can be the true basis of growth. The result is an unprecedented global orgy of currency creation. The only holdout to this open ended commitment has been the hard money bias of the German-dominated European Central Bank (ECB). Recommendations
Zydus Q4FY13 results update
May 17, 2013, Friday
Zydus posted a strong quarter in terms of Net Sales/EBITDA/PAT growing 28.2%/22.3%/59.7% respectively. The EBITDA margin contracted by 140bps YoY to 29.3% and expanded by 160bps QoQ. The PAT registered a growth of 59.7% YoY to Rs. 37.4 crore and by 65.7% QoQ.
Bajaj Finance Q4FY13 results update
May 17, 2013, Friday
Bajaj Finance (BFL) reported net profit of Rs 163.8 cr (+51.1% YoY) in Q4FY13 driven by strong growth across SME and consumer business. Overall disbursement growth remained healthy at 21.3% YoY for FY13. However, net interest income declined sequentially and was marginally below estimates owing to the higher composition of the lower yielding SME product. The overall share of the SME segment increased to 48% in Q4FY13 as compared to 46% in Q3FY13.