12 March 2018
Where are we in the Cycle?
Cyclical progress continues to depend on a stronger growth profile than
is currently anticipated with needed improvements in productivity outcomes
hard to foresee. Unusually constrained metal supplies, a weakening US dollar
and supportive monetary policies in all major economic regions - none of
which can be taken for granted - have dominated recent outcomes.
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Market Directions
Mining and oil and gas equity prices have generally shown little
leverage to the improved cyclical positioning of commodity markets. The
majority of companies at the smaller end of the market are trading below
their best prices for the past year. Across the board, sector momentum has
weakened with the threat to global trade flows now adding to uncertainty.
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Portfolio Performance and Positioning
Portfolio returns were better than the benchmark outcome during the past
week reversing the performance difference in February as Phase II stocks
regained momentum. Three of the stocks most recently added to the portfolio
model have made the largest positive contributions to the model outcomes. No
further changes have been made to the models in the past week.
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Stock Reviews and Rating Analysis
PortfolioDirect rating reports analyse the quality and risk
attributes of proposed mineral developments. Rating criteria apply to mining and oil and gas stocks at any stage of
development. PortfolioDirect uses a five point rating
scale to measure the risk adjusted quality of proposed mineral developments
or companies.
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The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
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