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Market Wrap - Wednesday 16th May 2012
Australian shares slumped to a two-month low today, led by resources stocks, on intensifying worries of a possible messy Greece exit from the eurozone and its impact on the global economy.
The benchmark S&P/ASX200 index plunged 100.8 points, or 2.4 per cent, to 4165.5, while the broader All Ordinaries index fell 101.6 points, or 2.4 per cent, to 4214.7.
It was the biggest one-day fall on the Australian bourse since December 19 last year. Since the beginning of May, the sharemarket has lost more than $75 billion in value amid fears of another escalation in Europe's debt crisis.
After six rounds of fruitless wrangling, Greece abandoned efforts to form a government and called a new election that some investors fear may hand victory to the leftists, undo the country's financial bailout package, and push it closer to bankruptcy and out of the eurozone.
Greek political leaders are due to meet later tonight to establish a caretaker government before heading to a second election in just over one month.
The dollar also suffered, falling to 98.85 US cents, its lowest level this year, as investors fled riskier assets.
The sharemarket's falls were broad-based with the defensive utilities sector the only winner, albeit with a small 0.2 per cent gain.
The materials sub-index dropped 3.9 per cent, energy fell 3 per cent, financials dropped 1.8 per cent and industrials lost 3.2 per cent.
The only positives were that short sellers - investors that bet on stocks falling - were winning and that value could be found quality stocks such as BHP Billiton and Rio Tinto, he said.
BHP Billiton closed at a three-year low, down $1.37, or 4.05 per cent, at $32.49.
The miner's chairman this afternoon said he expects commodity markets to cool further and that investors have lost confidence in the longer-term health of the global economy, in the most cautious outlook taken by the mining giant.
Rio Tinto lost $2.32, or 3.85 per cent, to $57.99 and iron ore miner Fortescue Metals plunged 26 cents, or 5.1 per cent, to a four-month low at $4.84.
Australia’s largest listed oil and gas play, Woodside Petroleum, shed $1.08 to $31.72 and Santos retreated 27 cents to $12.28.
The major banks were slightly less ugly, with Commonwealth Bank losing 89 cents to $51.77, ANZ dropping 50 cents to $51.61, Westpac shedding 22 cents to $21.68 and National Australia Bank closing 27 cents worse at $24.40.
Toll Holding shares slumped 15.23 per cent, or 85 cents, to $4.73 after the transport and logistics group flagged lower earnings because of weaker demand from the struggling retail sector.
Industrea shares jumped by 43 per cent to $1.23 after US giant General Electric (GE) announced a $700 million friendly takeover for the mining equipment-maker.
Westfield Group shares fell 2.3 per cent after the shopping centre giant revised down its 2012 forecast for funds from operations following the sales of a stake in its US shopping mall portfolio and some UK assets.
Shares in CSR slipped 1.5 per cent after the building products maker recorded a slight increase in net profit for the year to $90.7 million, but said it expected challenging market conditions in the housing construction industry to continue.
National turnover was 2.23 billion shares worth $5.74 billion with 178 stocks gaining, 937 weaker and 312 unchanged.
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Company Environmental Sector Rating (CESR) Reports
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Merah Resources Limited is seeking to raise up to $3,000,000 on the ASX by the issue of up to 15,000,000 Shares at an issue price of $0.20 each with a minimum subscription of $2,500,000 by the issue of 12,500,000 Shares at an issue price of $0.20 each.
Managing Director Mr. David Deloub explained the funds raised will enable the exploration on the Mt Adamson, Bounty and McAuley Projects collectively known as the Lawlers Project.
(Updated: 3-4-2012)
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Is the timing right for a revaluation of the Sumatra Copper and Gold stock?
Sumatra Copper and Gold is a Sumatran based emerging gold producer. Production is targeted for 2013 and the company strategy involves a two stage development plan that requires relatively small initial capital expenditure.
(Updated: 3-5-2012)
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New gold company Crest Minerals announce an underwriter that reveals the true strength of the company management, fundamentals and their tenements
Chairman Mr. Angus Middleton explained that
“We have an underwriter for AUD$ 2 million of the AUD$3½ million minimum subscripition. The underwriter is a Financial Planning Group from Adelaide which combined with the Barrington Corporates Lead Management means we should be assured of the minimum subscription of AUD$3.5 million. Broker interest allows us to target full subscription including over-subscriptions. We are on the home run with regard to the fundraisings close on May 4th and the excitement of the operational side is soon to begin. Broker interest has been substantial and that is testimony to our strong fundamentals which led to the underwriting success and the opportunity for investors.”
(Updated: 20-4-2012)
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Gossan Hill Gold Limited was incorporated in November 2010 to provide a gold-focused entity to fund and develop several gold exploration prospects.
Executive Chairman Dr. Andrew White explained “The primary focus for the company is gold. We have four project areas in New South Wales where we have over 20 individual targets already prepared to drill.”
(Updated: 20-4-2012)
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Chile offers Estrella the very finest mining ores and laws
Estrella Resources Limited (Estrella) will raise AUD $6million for an Initial Public Offering (IPO) listing on the ASX with an offer of 30,000,000 shares at an issue price of $0.20 each.
(Updated: 19-4-2012)
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An interview with Director Mr Nick Castleden quickly revealed the exciting upside for both investors and the company with a mining interest in the Côte d’Ivoire, West Africa underpinned by a more advanced play here in Western Australia.
Mr. Castleden explained “We’re going to West Africa because of the open spaces and the big potential for new gold discoveries. When you are the first team on the ground in this sort of terrain you can get the most cost effective success. We are probably the cheapest entry to this market for investors and we offer great upside on exploration success.”
(Updated: 19-4-2012)
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Breaker Resources NL was incorporated in 2010 to pursue new opportunities for gold discovery in the emerging Yamarna and Burtville Terranes located in Western Australia.
Managing Director Mr. Tom Sanders explained “The strategic plan is to achieve capital gain by making discoveries.”
(Updated: 30-3-2012)
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Zeta Petroleum is an oil and gas based company incorporated in the UK with operations in Romania and listing on the local ASX and now offering investors an opportunity to invest within a European oil and gas play.
Managing Director Mr. Stephen West explained both the current and future plans for an aggressive business plan designed to maximise upon the strong fundamentals at its disposal.
(Updated: 28-3-2012)
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Austrasia International Mining Limited (Austrasia)’s is a company soon to be listed on the ASX, who have a strategy to effectively define and develop the company's copper-gold mineralised targets.
The Initial Public Offering (IPO) is for 10,000,000 Shares at an offer price of 20 cents per Share to raise $2,000,000 to fund the Company’s exploration and development activities in Western Australia.
(Updated: 28-3-2012)
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Tabora Limited offers investors an exciting opportunity to invest in a focused explorer of Rare Earth Elements (
The company is currently raising AUD $5million through an IPO of shares on the ASX which will enable them to take commercial advantage of an alliance with Resolute (RSG) on key projects that offer access to tenements on a combined ground holding that covers over 753 km2 which is considered highly prospective for economic REE mineralisation.
(Updated: 23-3-2012)
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Cuesta Coal is to scale up its operation as significant investment, proven JORC resources and an established management enables the company to take advantage of the stable economic situation.
Cuesta Coal Limited was formed in September 2011 in order to prepare the private Queensland focused Australian coal exploration company, Blackwood Coal Pty Ltd., for a public listing, due on the 5th of April 2012.
(Updated: 22-3-2012)
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Both Dynamic and Modern in their approach, proven and experienced in management, Crest Minerals, a Kalgoorlie Gold Exploration Company will soon list on the ASX and has a current IPO of 17,500,000 Shares at an issue price of $0.20 per Share to raise $3,500,000. Over Subscriptions of up to a further 7,500,000 Shares at an issue price of $0.20 per Share
Crest Minerals offers a strategically acquired investment opportunity into one of the world's leading low-risk gold mining provinces around Kalgoorlie in Western Australia.
(Updated: 29-2-2012)
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Australian Oil explorer Pura Vida Energy is set to join mining leaders as its African play moves forward at pace.
Pura Vida Energy is an African oil explorer that has successfully completed an IPO. Managing Director Mr. Damon Neaves explained that “the success was a testimony to the quality of the asset that the company holds.” He further explained that “the asset had been independently certified to have the potential to contain over 1 billion barrels of oil.”
(Updated: 15-2-2012)
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PepinNini Minerals identify specific resources on their tenements
Why? As a response to the positive fundamentals that underpin their exploration that are as yet are to be reflected in the company share price.
(Updated: 13-2-2012)
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Pragmatism followed by Profit. The Actinogen Bioethanol discovery moves towards commercialisation
The next steps for Actinogen revealed by Director Mr. David Zohar will ensure both legal compliance and the maximization of profit for the company’s exciting new discovery that potentially allows the manufacture of Bioethanol in a significantly cheaper way
(Updated: 7-2-2012)
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Bimini Resources Limited (ASX: BIM) is an Australian based exploration company incorporated on 31 March 2010 for the purpose of acquiring and developing exploration projects.
Currently the company is raising funds via an IPO involving the sale of 17.5Million shares @ $0.20 each to raise AUD$3.5Million. The company can take oversubscriptions of up to 2.5Million shares to raise an additional AUD$500,000.
(Updated: 23-12-2011)
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Two years ago the company decided to literally ditch the toys and are now an emerging Iron ore explorer in the resource rich Nigeria.
The company has entered into agreements to acquire a package of prospective exploration licences covering iron ore prospects in the Kogi State, Nigeria. The Kogi State is an iron ore rich region in Nigeria that is yet to be fully explored.
(Updated: 23-12-2011)
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Just rewards for their Innovative Approach – Iqnovate Ltd to start trading on Thursday the 15th of December.
Iqnovate Ltd have successfully raised AUD$ 1.2 million dollars through the sale of 6 million and 48,000 shares with impressive spread and support at a level that equates to approximately 3 times more than required by the NSX.
(Updated: 14-12-2011)
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The resource is certified, the project is developed, the operation is in a stable western liberal democracy and the upside is vast. Take a closer look at Cady Energy Limited.
Cady Energy Limited is an emerging Coalbed Methane producer focused on the Hanging Woman Project in the Powder River Basin, Sheridan County, Wyoming, USA, The company is applying for quotation on the Australian Securities Exchange (proposed ASX: CGY).
(Updated: 7-12-2011)
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Transpacific Industries Group Limited Institutional Entitlement Offer for AUD $309 million is fully underwritten and that is no mean feat in the current market.
The accelerated renounceable entitlement offer will be underwritten by the Joint Lead Managers in addition to the Institutional Entitlement Offer. The underwriting provides a greater degree of certainty for the Company and ensures approximately AUD $309 million will be raised.
(Updated: 6-12-2011)
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A camping opportunity with a differing nature
Titan Energy Services Limited offers investors the opportunity to access shares via its prospectus with an issue of 5,000,000 Shares to be offered for subscription at AUD$1.00 each.
(Updated: 6-12-2011)
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A global scale unconventional gas resource with global scale potential
Ambassador Oil & Gas Limited was established to participate in the exploration and development of oil and gas projects in South Australia and Queensland and they are raising funds up to AUD$20 million via the issue of up to 100 million Shares at $0.20 cents in order to take advantage of the current opportunity.
(Updated: 6-12-2011)
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Frontier Solar IPO offers investors a slice of the booming Chinese and Indian renewable energy sectors
Frontier Solar Limited (SIM: FSO) has announced a $6m Initial Public Offering (IPO).
(Updated: 22-11-2011)
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Spencer Resources are raising AUD$3.2 million through the offer of 16,000,000 ordinary Shares at 20 cents each. The company has a minimum subscription requirement of AUD$2,500,000 million.
Spencer Resources are a mining exploration company and Mr. David Paterson the Chairman explains “the company will use the funds to become actively involved in exploration, development and investment in resource opportunities that cover a suite of minerals.”
(Updated: 22-11-2011)
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Good news for the Australian market, it is more sophisticated, more competitive and more attractive to overseas investors as a result of solid start and opening for Chi-X Australia.
Chi-X Australia provides a new and exciting alternative to trading shares on the ASX. It offers investors cost savings and reliability with a platform that has been tested worldwide and has a significant global reputation. Its sister company now accounts for nearly 40% of all trades on the London Stock Exchange and the platforms operate in 6 major economies including North America, UK, Japan, Singapore and now Australia.
(Updated: 22-11-2011)
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Ezenet to restructure and relist as Oro Verde
Ezenet (EZN) is in the process of changing from a technology based company to a mineral company due to the quality of exciting tenements that have been acquired in Chile and the new direction of the core business.
(Updated: 22-11-2011)
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Actinogen Limited to produce new cheaper biofuel
Actinogen Limited has made an exciting new discovery that relates to the production of Biofuels.
(Updated: 16-11-2011)
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GOLD BAUXITE EXPLORER AZIANA LIMITED (ASX: AZK) MAKES SUCCESSFUL TRANSITION TO A PUBLIC COMPANY
Now the real business can begin for Aziana Limited after a successful listing on the ASX.
(Updated: 10-11-2011)
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VOLTA MINING LIMITED (“Volta Mining”) listed on the 19th of October 2011 on the ASX at a 7.5% premium.
This is your chance to still acquire script close to the IPO price and follow the likes of Indian Ocean Capital and other Institutions in acquiring a piece of African action.
(Updated: 28-10-2011)
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Aperio Resources Limited is a gold-focused explorer with strategically located tenements in Burkina Faso, targeting low cost and highly profitable gold resources.
The Company is offering shares to investors via an IPO at an issue price of $0.20, plus one free attaching option for every two shares subscribed for to raise a minimum of $4m. Oversubscriptions of $1m may also be accepted.
(Updated: 24-10-2011)
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SVC Group Limited will raise up to AUD$2 million for the purposes of facilitating the re-quotation of the company’s shares on the ASX and a recommencement of trading within the property and sector withi a new venture and with new management.
In addition SVC has made a strategic early investment in an opportunity to possibly develop resource projects in Africa.
(Updated: 24-10-2011)
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New South Resources Part 2 – A look at the Board through an earthy description of how all the pieces of the jigsaw fit together so well
New South Resources is seeking to raise $8,500,000 through the issue of 42,500,000 Shares at $0.20 per Share, which will be used to develop and extensively explore the Company’s highly prospective gold and base metals projects as well as to provide working capital. For every three shares purchased there is also an attached listed option to purchase one share at a $0.20 exercise price.
(Updated: 21-10-2011)
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New South Resources to raise $8,500,000
New South Resources is seeking to raise $8,500,000 through the issue of 42,500,000 Shares at $0.20 per Share, which will be used to develop and extensively explore the Company’s highly prospective gold and base metals projects as well as to provide working capital. For every three shares purchased there is also an attached listed option to purchase one share at a $0.20 exercise price.
(Updated: 20-10-2011)
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With its IPO Offer financing completed and oversubscribed, we take a closer look at what is driving gold-bauxite explorer Aziana Limited, from Institutional investment to strong fundamentals.
Gold and Bauxite explorer Aziana Limited (AZK) has closed its AUD12.5M Offer oversubscribed. The explorer, well experienced in Madagascar operations is financing for the acceleration of its existing programs. Investors are backing the professional mining management team to prove resources on their highly prospective licenses. Its project portfolio, corporate structure, ethical approach and loyal staff mean that the company is well placed to implement its business plan.
(Updated: 18-10-2011)
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Mr. Ross Fielding was friendly, intelligent and professional in his description of the business and the invitation to become a shareholder of RXP Services Limited (RXP).
RXP is offering 15 million Shares at $0.50 per Share to raise $7.5 million under their current Prospectus. This will generate a market capitalisation immediately prior to listing of $21.48 million. In addition, RXP will accept oversubscriptions of up to a further 2 million Shares. The funds raised will be used to fund initial cash payments for the acquisitions of Vanguard and Indigo Pacific in both Australia and Hong Kong, and to fund the growth of the RXP business organically.
(Updated: 17-10-2011)
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Cadence Capital Limited (ASX code: CDM) reveal how it has weathered the equity market storm and like all strong companies in less than ideal conditions has risen to the top of the tree.
The interview was not as I had imagined and seemed more like a pleasant invitation to understand how the Cadence Capital Limited business has produced above market returns for its investors since its 2003 inception.
(Updated: 19-9-2011)
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A world first initiative by an Australian company. The result, a realisation of proven opportunity within one of the most profitable market sectors.
During an interview with Mr. George Syrmalis CEO, it does not take long for his enthusiasm and explanation of the business model to get the mind racing. The offer has already been underwritten by Centre capital
(Updated: 21-8-2011)
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The 2011 Australian Petroleum Show
Australia’s largest indoor/outdoor energy exhibition will this year be held from August 23 – 23 2011 at the University of Southern Queensland, Toowoomba.
The University of Southern Queensland will become a networking hub of hundreds of delegates and trade visitors from Australia and the world.
(Updated: 27-7-2011)
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Target Energy to Earn 60% Interest in Fairway Project in Permian Basin
Target Energy Limited (ASX: TEX) is an Australian petroleum exploration and production company that has just agreed to take a 60% interest in the Fairway project in the Permian Basin in West Texas. The project covers 1500 acres in the highly prospective Wolfberry Oil Resource Play.
(Updated: 27-7-2011)
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Rum Jungle Commence Expansion Drilling at Barrow Creek 1 to Delineate a JORC Resource
Rum Jungle Resources Limited (ASX: RUM) is a junior explorer that specialises in uranium, phosphate, potash and base metals, with a focus on land in the Northern Territory and Queensland. Rum Jungle has commenced a comprehensive exploration program at the Barrow Creek 1 prospect within the Ammaroo Phosphate Project in order to define a JORC compliant resource.
(Updated: 27-7-2011)
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Predictive Discovery Uncovers 3km Gold Anomaly at Laterite Hill
Predictive Discovery Limited (ASX: PDI) is a gold and uranium exploration company with a focus in Burkina Faso, in West Africa and two additional projects in Australia. Predictive Discovery has recently discovered an extensive bedrock gold anomaly under shallow cover on the Laterite Hill grid at the Bonsiega Project in Burkina Faso.
(Updated: 27-7-2011)
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Reed Resources Ramps Up Exploration, Receiving High Grade Copper Gold at Meekatharra and Commencing Resource Drilling at Mount Marion
Reed Resources Ltd (ASX: RDR) is an exploration company with interests in projects for steel, lithium, gold and nickel. Reed Resources has recently advanced their exploration programs substantially, by both announcing high grade copper gold intercepts from the Meekatharra gold project, and commencing resource drilling at the Mount Marion lithium project.
(Updated: 27-7-2011)
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Bassari Resources Receives Further Strong Gold Intercepts from Resource Drilling at Makabingui
Bassari Resources Limited (ASX: BSR) is a gold exploration company with a focus on discovering multi-million ounce gold deposits in the Birimian greenstone belt of West Africa. Bassari has recently received further strong gold intercepts from diamond drilling at its Makabingui Gold Project in West Africa.
(Updated: 21-7-2011)
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Gold One International Limited on Track to Exceed First Quarter Production Target
During the first quarter of 2011, production rates at Gold One’s Modder East mine have continued to build off the solid base that was established during the latter half of 2010. During January and February 2011, Gold One produced 18,154 ounces of gold. On an annualised basis, production rates have increased from approximately 85,000 ounces per annum (based on the 2010 December quarter’s production) to 109,000 ounces per annum (based on production from the first two months of 2011).
(Updated: 21-7-2011)
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Porter Capital ASX200 Prime Momentum Fund (MTM)
Porter Capital’s Prime Momentum Fund (MTM) is unique in its ability to protect investors capital by moving to 100% cash if a sustained market downturn such as the GFC occurs.
(Updated: 21-7-2011)
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Marmota Energy Receives Further Significant Iron and Manganese Assays from Western Spur
Marmota Energy Limited (ASX: MEU) is a precious metal and uranium exploration and development company with tenements covering 10,000km². Marmota has recently received significant assays from follow-up rock chip sampling at the company’s Western Spur project in South Australia which is considered to be prospective for uranium and base metals.
(Updated: 21-7-2011)
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exterra will cash in on current gold deposits and realise value for investors. The price of gold is at an all time high, does this fit into your portfolio?
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COMMISSIONERS GOLD EXTENDS IPO BY TWO WEEKS
Sydney-based Commissioners Gold Limited has extended by two weeks until Tuesday, June 14, its A$4.5 million Initial Public Offer (IPO).
(Updated: 15-6-2011)
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Gold Float Closing Soon
A blend of traditional values, experience and approach combined with foresight and current technology make Commissioner’s gold an exciting NSW gold play worthy of closer look. Importantly the company already has an established JORC deposit at Cooma an old BHP mine, 37,000 ounces of high grade gold worth in excess of A$50 million
(Updated: 8-6-2011)
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