Report Cover Page

Contents

Where are we in the Cycle?
Slackening growth momentum in the USA has emerged as a strategic worry for raw material markets although several individual market segments which had displayed excessive weakness such as oil, iron ore and uranium have moved away from cyclically low prices in what could still be a trading adjustment. More...

Market Directions
With equity prices at or near historically low levels, relatively modest commodity price changes are producing large share price movements. Stocks with exposure to oil, iron ore and uranium have been beneficiaries but the gains so far have generally recouped only a very small fraction of the earlier losses. More...

Portfolio Performance and Positioning
Iron ore and uranium exposures have contributed most to portfolio returns in the past week. Exploration companies in Phase I have produced relatively strong returns so far in April but the segment is finding it generally difficult to sustain gains when they do occur. More...

Stock Reviews and Rating Analysis More...

Metallica Minerals Limited (MLM:AU)
Northern Minerals Limited (NTU:AU) ~ update
Universal Coal Limited (UNV: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.