Oceana Gold – Turning Positive
OceanaGold is under Algo Engine buy conditions. We highlight the early evidence of buying interest rebuilding and the short-term indicators turning higher.
Iluka – Buy
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Brambles – Buy
Buy Brambles within the $10.50 – $10.75 price range.
Newcrest – Buy
Newcrest Mining remains under Algo Engine buy conditions and we recommend investors accumulate between $30 – $32.
CURE ETF Rallies 20%
ETFS S&P Biotech is under Algo Engine buy conditions and was added to our “high conviction” model following the low formed at $52.
The ETF has since rallied 20% and the buying momentum among biotech stocks remains strong.
Global Infrastructure ETF
Vanguard Global Infrastructure Index is in our “high conviction” portfolio and has now rallied from the $52 support level.
We see continued upside for the fund, which offers investors diversified exposure to infrastructure sectors, including transportation, energy and telecommunications.
CIMIC – Funding Update
CIMIC’s global parent, Grupo ACS, will receive a cash injection of at least $4.5 billion if it accepts an $8 billion offer from French infrastructure group VINCI for its industrial services business.
Should the above transaction proceed, it will relieve pressure on its global cash flows.
The class action lawsuit filed against CIMIC, which alleges the group used supply chain financing to mislead investors about its cash flows and did not fully disclose the financial problems in its Middle Eastern joint venture, remains a negative overhang.
The share price has rallied 10% over the last week, which can be attributed to the funding news for the parent entity. We continue to like the investment theme and exposure to local infrastructure development, which CIMIC offers.
Cleanaway – Update
Cleanaway Waste Management found buying support at the $2.07 support level.
Bega – Update
Bega Cheese found buying support at the $5.00 support level.
Northern Star and Saracen Merger
NST and SAR have announced a board-supported A$16bn merger of equals. Under the deal, SAR shareholders would receive 0.3763 NST shares for every SAR share held.
The deal is subject to SAR shareholder approval, Saracen will be merged into NST and no longer exist. The deal is expected to be completed in February 2021.
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