Report Cover Page

Contents

Where are we in the Cycle?
Cyclical progress remains highly constrained.  International policy makers continue to feed liquidity into financial markets with only modest impacts on the real economy upon which raw material markets rely. Australia is now being forced by international pressures to lower interest rates and join the liquidity supply frenzy stoking global stock markets and other asset prices. More...

Market Directions
Directional shifts abound as overstretched bond, equity and commodity markets have lost momentum following prolonged prior movements. Resource sector equity price volatility has been falling. Prices have remained trapped within narrow trading bands. Larger changes in market prices elsewhere have left the sector relatively unscathed.       More...

Portfolio Performance and Positioning
Gains in a range of exploration stocks were offset by losses among the more mature producers with the latter being more directly affected by negative influences on the broader market. There were no changes to recommended portfolio positions.    More...

Stock Reviews and Rating Analysis More...

Saracen Mineral Holdings Limited (SAR:AU)
Newfield Resources Limited (NWF:AU)
Galaxy Resources Limited (GXY:AU) ~ update

DAILY BRIEFING: The PortfolioDirect market diary offers brief thoughts on current issues affecting sector investment strategies.

Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed.

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice. The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

No references to past investment performance should be taken to indicate anything about future performance.

This communication is directed only to Australian wholesale investors and licensed financial advisers for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of a security.