After the trials and tribulations of Egyptian gold miner – Centamin Egypt over the last few months, it is the turn of fellow small cap gold player, Avocet Mining, to fall back to earth on production issues. Avocet is a focused West African gold mining and exploration company with its primary operations in Burkina Faso…
Given all that has happened in markets this year, many would be forgiven for thinking we were further than half way through it. The six months that have elapsed have themselves been a tale of two halves. Optimism over the global economic recovery saw many stock markets push on towards multi-year highs by the end of…
Overnight, European and US equity markets managed to hold onto Friday’s large gains which is an important sign that we may have reached a significant turning point. The “risk off” trade is clearly unwinding with the VIX falling below 17 for the first since the onset of the correction in early May. I have highlighted “correction”…
ECONOMIC DATA DUE 09:30 UK June PMI Construction, 52.9 exp. 54.4 previous 09:30 UK May Net Consumer Credit, £0.2bn exp. £0.3bn previous 10:00 Eurozone May PPI, -0.3% exp. 0.0% previous 15:00 US May Factory Orders, 0.1% exp. -0.6% previous ECONOMIC EVENTS Van Rompuy, Barroso Speak to EU Parliament 15:00 IMF Releases US Economy Report…
Now that the US manufacturing ISM survey has finally succumbed to contraction territory (sub-50) already seen by the Purchasing Managers’ Indices (PMIs) of the Eurozone, Germany, UK and China, we await further declines in the survey as well as a confirmation in services survey. The trend remains down especially as the latest Philly Fed survey…
It seems that a number of City analysts have taken a cautious stance in relation to the Nigerian Oil deal, even though Tony Buckingham appears to have pulled of a bit of a coup (‘scuse the pun) in relation to the boe (barrel of oil equivalent) paid of just $2.70 (not $1.70 as has been…
The “bearish consensus” was in deep trouble on Friday night with stock markets having the best month end rally for some months. Going into the European summit on Thursday, markets were extremely nervous and sceptical that a break through could be made on the Eurozone debt crisis. The bears believe that Friday’s upward dynamic will prove…
Highlights OML 30, located onshore in the delta in Nigeria, includes eight producing fields and associated infrastructure, including a segment of the 850,000 bopd capacity Trans Forcados pipeline The Proposed Acquisition represents a significant opportunity for Heritage to achieve a material change in production and reserves OML 30 is currently averaging gross production of c.35,000…
Todays report that RIM is considering a variety of options including an outright sale of the handset division, splitting into two or a partial sale of the company to a third party does not surprise us. Our fellow blogger Contrarian UK listed the issues surrounding the eponymous Blackberry maker in a post yesterday and we…
From Reuters today. Click here for news link Heritage Oil has agreed to buy a stake in a string of Nigerian oilfield assets, known as OML 30, in a deal which Heritage said on Sunday would diversify its portfolio and significantly increase its production capabilities. Heritage and its Nigerian partner, Shoreline Power, have agreed to buy a…
