Today’s Market View – Cora Gold, Pan African Resources, Atalya Mining and more…

Market Update: Monday, 30 March 2020
Beximco Pharmaceuticals* (BXP.L): Donation of medical equipment
Novacyt S.A* (LON:NCYT): COVID-19 test update
Redx Pharma (LON:REDX): Short term loan agreement

SP Angel . Morning View . Monday 30 03 20

Markets retreat as governments extend stay at home guidelines

MiFID II exempt information – see disclaimer below

Anglo American () – De Beers diamond sales

() –Operations suspended at Proyecto Riotinto

Caledonia Mining* () – Seeking exemption from virus mitigation measures

Cora Gold* () 4.5p, Mkt Cap £5.9m – Commencement of drilling at Madina Foulbe, Senegal

Gemfields () – Suspension of operations

Pan African Resources () – Operations under lock-down

Rainbow Rare Earths () 1.5p, Mkt cap £5.7m – Doubling production to 20,000tpa for >20 years reiterated in interim statement

SP Angel Healthcare team – Vadim Alexandre, Liam Gascoigne-Cohen

Market Update: Monday, 30 March 2020

* (BXP.L): Donation of medical equipment

Novacyt S.A* (): COVID-19 test update

Redx Pharma (): Short term loan agreement

Oil-rich sovereign wealth funds to sell $225bn of equities (SWFI & Reuters)

In a re-run of the 2008 Global Financial Crisis when oil prices also fell as consumers cut back on driving due to financial uncertainty.

This time, oil prices have fallen to <$20 bbl=”” and=”” nations=”” are=”” expected=”” to=”” support=”” shut-down=”” economies=”” higher=”” healthcare=”” costs=”” li=””>

Oil-related sovereign and related funds are seen selling some $225bn of equities as Saudi Arabia and other oil-rich nations struggle to support their economies.

Currencies, Equities, commodities and bonds are sold off first due to their readily realisable liquidity

The estimate is based on figures from  research-group, the Sovereign Wealth Fund Institute ‘SWFI’

SWFI reckon some $100-$150bn in equities have been sold excluding Norway with a further $50-$75bn still to be sold in the next few…

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