Report Cover Page

Contents

Where are we in the Cycle?
For the first time in recent years, the International Monetary Fund has not pared back its global growth forecasts - a modestly positive sign for the industry's cyclical positioning. Confidence about the European growth outlook has been growing among all forecasting groups. The momentum for higher metal usage from emerging economy investment spending appears to have ended. More...

Market Directions
Energy stock returns drove the sector higher in Australia but, oil and gas stocks aside, gains were negligible. Monetary policies in Europe, USA and China have been dictating market direction with China's central bank being the latest to initiate additional stimulus measures. More...

Portfolio Performance and Positioning
Gains among the Phase I group of companies kept the recommended portfolio in line with the slightly higher market. There are no suggested changes. More...

Stock Reviews and Rating Analysis More...

South Boulder Mines Limited (STB:AU)
Medusa Mining Limited (MML:AU) ~ update
Sheffield Resources Limited (SFX: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.