Market Pulse - Commodities
Randgold, Glencore and other miners club together to fight Congo legislation
A group of mining companies, including Glencore and Randgold Resources, have banded together in an effort to halt legislative changes in the Democratic Republic of Congo (DRC).
Baron Oil nets North Sea Option Agreement
Baron Oil’s share prices have skyrocketed on Monday after it announced it has entered into an option agreement to take a stake in a UK North Sea licence.
Russia warns US not to "play with fire" in the Syrian conflict
Russian Foreign Minister Sergei Lavrov has warned the US not to meddle in the Syrian conflict, accusing the Trump administration of trying to undermine the Arab Republic’s territorial integrity and of supporting the autonomy-seeking Kurds in order to further its own interests.
South African assets lifted as Ramaphosa replaces Zuma
Cyril Ramaphosa was voted in as President of South Africa, senior members of the African National Congress party confirmed on Thursday, lifting the rand and companies exposed to the currency.
Commodities: Weaker dollar boon for WTI and COMEX gold futures
Commodities are higher across the board as the US dollar weakens, with lessened selling pressure on the back of the start of the Chinese Lunar New Year holidays an added factor in the case of base metals.
DoE reports rise in weekly US oil and gasoline inventories
US oil stocks jumped last week alongside a large build in gasoline inventories.
Greatland Gold set to start up the drills at Havieron in April
Greatland Gold announced on Wednesday that it is ready to conduct its first drilling campaign at its Havieron licence in April.
Hurricane Energy closing in on early production system
Hurricane Energy announced a key milestone on Wednesday with the completion of buoy dry trial fit testing operations ahead of schedule.
Genel Energy ups resource estimates after new competent person's report
Kurdistan-focused oil and gas business Genel Energy updated investors on the status of its oil reserves on Wednesday after a competent persons report on its assets revealed a significant increase in oil resources at its Bina Bawi project.
Russia eyes Saudi Aramco IPO investment
A Russian and Chinese joint investment fund, working in conjunction with several major Russian banks, has made moves to take part in the much awaited Saudi Aramco initial public offering, according to a sovereign Russian investment fund head.
South African police raid Gupta compound as part of Zuma corruption probe
Armed police raided the luxurious South African home of the Gupta family on Wednesday as part of an effort to confirm corruption allegations made against the brothers and controversial president Jacob Zuma, who was ordered to stand down as head of state by the ruling African National Congress on Tuesday.
SolGold mobilises diamond drill rigs at Aguinaga
Australia-based exploration and development group SolGold has been making arrangements to move two diamond drill rigs to its project on the Aguinaga prospect in northern Ecuador after the group identified five high-priority drill targets.
Surge in electric car sales applies strains global battery supply chain, says Oxford Economics
Over the past few years the belief that electric vehicle sales would rise exponentially, and that the automotive industry as a whole was heading into a period of rapid technological change, took off on the back of heightened concerns about air quality and global warming.
Morgan Stanley downgrades BP, cuts target for Shell
Morgan Stanley downgraded its view on shares of BP by one notch from 'overweight' to 'equalweight', predicting that management would continue to prioritise debt reduction over the dividend payout.
National Milk Records reports business has not soured
National Milk Records (NMR) has reported a successful six months of trading with a drop in debt and strong growth in profits, amid increased demand for its screening services and a recovery in milk prices .
Sector movers: Industrial metals, miners top gains
Industrial metals topped the leaderboard, alongside a solid performance from most mining names.
S&P upgrades Rio Tinto's long-term debt rating to 'A'
Standard&Poor's upgraded its rating on Rio Tinto's long-term debt from 'A-' to 'A', saying that supportive commodity prices and the company's focus on costs and productivity likely meant its operational performance would remain robust.
SocGen upgrades BP to 'buy'
Analysts at Societe Generale upgraded their recommendation on stock of BP from 'hold' to 'buy', citing fading concerns regarding the Deepwater Horizon disaster.
Goldman Sachs upgrades Evraz on outlook for strong coal prices
Analysts at Goldman Sachs upgraded their recommendation for shares of Evraz on Monday from ‘hold’ to ‘buy’, telling clients that industry spreads and margins are above mid cycle levels and that they believe these will be sustained, "supported by tightening steel market supply-demand fundamentals and rising cost pressures. ".