Monday 25 March
QUOTE OF THE DAY
"Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.”
Sam Ewing
Gold & Cyprus: A Do Or Die Moment For The Supercycle
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by top technical analyst Zak Mir of Zaks-TA.com
THIS MORNING IN LONDON
FTSE 100
6,437.98
45.22 0.71%
FTSE 250
14,087.94
130.33 -0.93%
FTSE 350
3,466.53
25.46 0.74%
FTSE All Share
3,397.36
24.57 0.74%
AIM 100
3,395.48
-3.75 -0.11%
AIM All Share
736.27
-0.19 -0.03%
14:00 pm
THOUGHT FOR THE DAY
Hello Share Collectors
, I feel sorry for the people of Cyprus. Who wouldn’t? When you put your dosh in a bank you don’t expect them to snaffle a lump of it to pay for their set-backs and shortcomings.
But looking at the Cyprus situation from the view point of the share shifter in the UK, it really does not amount to much.
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Cyprus has avoided a calamitous Eurozone exit and a collapse of its banking sector for the time being, but its long-term future remains uncertain. The Cyprus debacle has epitomised the collapse of confidence in the Eurozone since the start of 2013.
Contagion is now the big issue, which could see pessimism belatedly enter the equity and indices front. While the deeply unpopular ‘tax’ on deposits has been avoided for those with less than €100k, those with more than this amount are still very much in the dark.
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REPORT OF THE DAY
Red Rabbit Gold Project looks likely to see construction begin in the 4Q 2013 pending a positive Environmental Impact assessment with production in 2014. Going forward joint venture partner is funding to gain a 50% stake.
Big potential uplift in value from a major gold discovery in Turkey through joint venture with Eldorado Gold Corporation in NE Turkey and a 11.5% stake in Tigris Resources in SE Asia. Agreement with Newmont will give Ariana access to a database on Turkey that took twenty years to assemble.
Valuation based on Ariana’s interest in the Kiziltepe Sector of Red Rabbit and the 49% interest in the Eldorado joint venture is 5.1p.
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THIS MORNING IN LONDON
Financials provide a boost after 11th-hour deal in Cyprus
Financial stocks were performing well on Monday morning, pushing the FTSE 100 one per cent higher, following Cyprus' 11th-hour deal with the Troika to save itself from financial collapse.
"Cyprus has avoided becoming the first country to default on its debt and exit the Eurozone, after agreeing on a bailout with the Troika over night," said Market Analyst Craig Erlam from Alpari.
"It has been a birth of fire for Nicos Anastasiades and his government, who had to choose between a bailout from the Troika, which would include a levy on bank deposits, and the country defaulting on its debt. It was never going to be an easy decision for Anastasiades, with both options likely to leave the country deep in recession for the foreseeable future. The only benefit of the latter is the fact that the country’s financial system has a chance of avoiding collapse."
Also supporting stocks this morning was speculation surrounding a parliamentary testimony tomorrow by the Bank of Japan's new Governor Haruhiko Kuroda on hopes that he will use this opportunity to outline new easing measures. Kuroda vowed last week to use "all means available" to end combat deflection and kick-start growth.
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Cyprus reaches deal to save small depositors
Following a meeting of Eurozone finance ministers that lasted almost 12 hours, Cyprus agreed to a €10bn aid package that doesn't include a controversial across-the-board bank-account tax but involves forcing big losses on uninsured depositors.
The deal includes deep restructuring measures for the two largest Cypriot banks. The Popular Bank of Cyprus, also known as Laiki Bank, will be liquidated and Bank of Cyprus will be restructured. Most of the policy focuses on reducing the country's outsized banking sector.
Laiki will be split into a 'good' bank and a 'bad' bank. The good bank will then be folded into Bank of Cyprus, which will be restructured.
All deposits under €100,000 will be safe, including those at Laiki Bank. However, there will be a high levy on deposits above that amount at both banks, as much as 40% or 50%, according to Bloomberg. However, the levy has not yet been specified.
"The agreement reached today on Cyprus provides a comprehensive and credible plan to deal with the current economic challenges in the country," said International Monetary Fund (IMF) Managing Director Christine Lagarde.
"The plan focuses on dealing with the two problem banks and fully protecting insured deposits in all banks. It addresses upfront the core problem of the banking system through a clear strategy that ensures debt sustainability and does not excessively burden the Cypriot taxpayer. This agreement provides the basis for restoring trust in the banking system, which is key to supporting growth."
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Abderdeen leads financials higher
Financial stocks were making gains this morning on improved sentiment following the last-minute deal in Cyprus. Asset management firm Aberdeen was leading the way higher after posting a 10% increase in assets under management to £212.3bn in the second quarter.
Sector peer Schroders was higher after reaching an agreement on a recommended 135p-a-share offer for Cazenove Capital that values the investment business at £424m.
Banking stocks RBS, Lloyds and Barclays were also up this morning with RBS benefitting from an upgrade from 'sell' to 'neutral' by Goldman Sachs.
ARM Holdings was also benefitting from broker comments after Bank of America said that the potential of its 'big.LITTLE' energy-saving technology was "underappreciated".
Drinks giant SABMiller rose on plans to target further beer volume growth and share gains in its Latin American division of the next three to five years.
Biopharmaceutical business AstraZeneca was also wanted after settling a US patent infringement litigation.
Wood Group, the energy services firm, edged higher after being awarded a $45m extension on a maintenance contract from Caltex in Australia.
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THE LATEST ON THE CRAZY BOARD
The top 5 hot company threads on the Bulletin Board:
STRATEX INTERNATIONAL (STI)
EMIS (EMIS) (EGTON MEDICAL INFORMATION SYSTEMS)
SCAPA GRP
PLR - Plutus Resources
GOLDENPORT HOLDINGS (GPRT)
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