Report Date: 27 July 2015
Where are we in the Cycle?
The cyclical position continues to deteriorate as prospects of a global
growth acceleration appear to diminish and statistics on near term usage
patterns point to slowing growth in metal offtake.
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Market Directions
There were less event driven market outcomes in the past week as broader
economic influences, particularly slower growth in China and the Asian
region, led to a re-pricing of equity markets. Commodity prices were driven
by similar influences.
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Portfolio Performance and Positioning
The portfolio models retain high cash holdings to reflect the cyclical
positioning of the industry. Relatively strong price gains have been
recorded by some Phase I stocks reflecting high leverage to the ebbs and
flows of buying pressures in depressed markets.
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Stock Reviews and Rating Analysis
Enterprise Metals (ENT:AU) warrants interest from investors
looking for exploration exposure. Its Western Australian exploration
tenements could cover an extension of mineralisation within the nearby
Sandfire/Talisman properties at a fraction of the cost and with far greater
leverage. The downside is the company's currently insufficient funding to
take advantage of the favourable geological positioning. A successful
capital raising would change the outlook.
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