22 January 2018
Where are we in the Cycle?
Forecasters are revising upwards their global growth expectations for
2018 although a closer look suggests near term upgrades have been due to
accelerating growth through 2017. Beyond that, the pace stabilises leaving
commodity markets without the future momentum needed to stimulate stronger
offset growth.
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Market Directions
Strong sector equity market gains in the last quarter of 2017 have
slackened in January. The smaller end driven by exploration companies has
shown added strength. Large declines in the US dollar have supported
stronger commodity prices which have, in any event, underperformed their
historical leverage to currency changes.
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Portfolio Performance and Positioning
Phase I companies were among the strongest part of the portfolio in the
past week and, so far, in January. Exploration success rather than general
sector re-pricing has been the source of higher returns. The portfolio
recommendations remain tilted toward Phase I stocks in anticipation of a
stronger flow of discoveries. Overall cash holdings remain high to reflect
the cyclical positioning of the industry.
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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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