Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Brexit, US-China trade hopes temper IMF’s 2019 growth cut Ahead: Playing hopes, cautiously. Center stage, the EU and UK leadership have waxed surprisingly more optimistic vis-à -vis avoiding a ‘no-deal’ Brexit; although no done deal, the mere turnaround in the ‘spin’ has elevated risk appetite globally – Russia is not immune. And while the jury is still out on the outcome of the US-China ‘Phase 1’ deal, the Bulls appear to have the upper hand for now. Helping, several major US b...
Uralkali (Ba2/BB-/BB-), one of the largest potash producers, is marketing 5Y Eurobonds We see fair yield at 4.40-4.50%; recommend participating within the range. - Third-largest potash producer worldwide, fully controls product chain - Credit profile at acceptable level (1H19 net debt/EBITDA at 2.9x) - Mgmt goal: Return to capital markets … … implies improving corporate governance is on agenda - Potash market likely to remain oversupplied o Further significant deleveraging unlikely - ...
Hopes pinned on Trade talks, Fed cut Ahead: Still awaiting direction. Investors will remain attuned to trade talks today – with deputy-level talks already underway, any comments in the lead up to Thursday’s high-level negotiations could sway the markets. Hope seems a little premature – China’s comments don’t bode well for any kind of deal soon, while the pressure on Trump to cut a deal seems overblown (that the US added 28 companies to its trade blacklist late yesterday in condemnatio...
Eyes on Russia-OPEC ... EZ GDP, US labor too Ahead: Bounce, if only fleeting. The OPEC+ saga has rolled over one day, awaiting the appearance of the leading actor – Russia – and her decision on the oil quota. Thus far, Cartel members have been floating the notion of cutting output by a maximum of just 1mmbpd, hence eyes will be on Russia today – Energy Minister Novak returns to Vienna for talks between Saudi-led OPEC and its allies. Meanwhile, to the upside, bets have risen that the US Fe...
All eyes on US elections and Fed Finally, the day of the US Congressional elections has come, the run up to which trading activity was constrained, given the results may bring sharp volatility on financial markets. The House of Representatives is to be elected in full and also 35 senators (out of 100). As the Senate is controlled by the Republicans with quite a poor superiority (51 senators-republicans vs 49 Democrats), a loss of Republican control over the House to Democrats could escalate pol...
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