Report Cover Page

Contents

Where are we in the Cycle?
Cyclical positioning remains poor. New World Bank forecasts have highlighted the absence of the growth acceleration needed to move the cycle forward. US dollar strength has added downward price pressures in the metal markets. A currency reversal will be needed for an improvement in cyclical conditions.   More...

Market Directions
Lower sector volatility has facilitated a gentle upward drift in sector equity prices with the majority of stocks in the small resources share price index now above their 26 week moving averages. Greek debt negotiations and an upcoming US interest rate increase represent ongoing sources of near term market disruption.      More...

Portfolio Performance and Positioning
The explorers making up the Phase I stocks in the portfolio models have lost ground - consistent with the sector establishing a cyclical bottom and the absence of a market direction - having shown relatively strong returns in prior weeks. There were no recommended portfolio changes.   More...

Stock Reviews and Rating Analysis More...

Poseidon Nickel Limited (POS:AU)
Blackham Resources Limited (BLK:AU) ~ update
Syrah Resources Limited (SYR: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.

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