18 December 2017
Where are we in the Cycle?
Cyclical positioning is approaching an awkward standoff between the
benefits of a less risky growth outcome which have underpinned gains already
made and an apparent loss of growth momentum undermining the chance of cyclical
gains in the future.
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Market Directions
Realisation of US corporate tax cuts is helping to validate record
market values. Financial market prices continue to suggest little upside to
growth or inflation over coming years. Commodity prices have passed their
peak for the time being at least without an additional macro impetus. Among
sector stocks, gains have been made across all the main market segments late
in the year with the explorers finishing the year particularly strongly
despite a weaker outcome in the past week.
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Portfolio Performance and Positioning
Phase II companies were among the strongest part of the portfolio in the
past week although changes for the month of December have been generally
subdued. The portfolio recommendations remain tilted toward Phase I
stocks in anticipation of a stronger flow of discoveries, as financing
conditions ease, and cash in the absence of stronger cyclical conditions.
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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.
For company reports
& ratings...
The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
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