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Oreninc Index: April 29, 2019

 

ORENINC INDEX decreases as financings fall to three-month lows

 

ORENINC INDEX - Monday, April 29th 2019

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Last week index score: 46.86

This week: 29.36

 

The Oreninc Index continued to fall in the week ending April 26h, 2019 to 29.36 from 46.86 a week ago as financings fell to three-month lows

A much quieter and calmer week on the news front, and generally a good one for commodities across the board as gold began a bounce back and oil hit new highs, all in the face of a US dollar and stock markets that continue to be strong. Gold even rode out better-than-expected economic data as US GDP grew at 3.2% in the first quarter of the year, although much of this was attributed to building inventories.

US president Donald Trump said trade talks with China are advancing well, and with a strong economy behind him, he is expected to push hard on the Asian nation.

On to the money: total fund raises announced decreased to C$28.8 million, a 12-week low, that included no brokered financings and no bought-deal financings. The average offer size decreased to C$1.4 million, an 11-week low, whilst the number of financings fell to 21, a 12-week low.

Another staged a fight-back late in the week to snap its losing streak and close up at US$1,286/oz from US$1,275/of a week ago. The yellow metal is up 0.29% so far this year. The US dollar index continued to grow, hitting a year high and its highest point since 2017 as it closed up at 98.00 from 97.37 last week. The van Eck managed GDXJ showed signs of growth again as it closed up at US$30.12 from US$29.57 a week ago. The index is now down 0.33% so far in 2019. The US Global Go Gold ETF also retuned to growth as it closed up at US$12.22 from US$12.03 last week. It is up 7.10% so far in 2019. The HUI Arca Gold BUGS Index closed up a smidge 160.47 from 160.42 last week. The SPDR GLD ETF continued to sell off as its inventory closed down at 746.69 tonnes from 751.68 tonnes a week ago. It was last at these inventory levels in October 2018.

In other commodities, silver continued to grow as it closed up at US$15.09/oz from US$15.03/oz a week ago. Copper continued to shed cents as it closed down at US$2.89/lb from US$2.92/lb a week ago. Oil’s winning snap was broken, but not before reaching a high of over US$66 a barrel as WTI closed down at US$63.30 a barrel from US$64.00 a barrel a week ago.

The Dow Jones Industrial Average lost some steam as it closed down at 26,543 from 26,559 last week. Canada’s S&P/TSX Composite Index clawed its way a point higher as it closed up at 16,613 from 16,612 the previous week. The S&P/TSX Venture Composite Index closed up at 610.69 from 609.21 last week.

Summary

·       Number of financings declined to 21, a 12-week low.

·       No brokered financings were announced this week, a two-week low.

·       No bought-deal financings were announced this week, a two-week low.

·       Total dollars decreased to $28.8m, a 12-week low.

·       Average offer increased to $1.4m, a 11-week low.

 

                                                          

Financing Highlights

Irving Resources (CSE:IRV) opened and closed a non-brokered private placement Newmont Goldcorp to raise US$6.0 million,

·       3.8 million shares @ US$1.61.

·       The proceeds will be used to explore the Omu project in Hokkaido, Japan and to form an alliance between Irving and Newmont to identify and jointly exploit mineral exploration opportunities throughout Japan.

Major Financing Openings

·       Irving Resources (CSE:IRV) opened a C$8.03 million offering on a strategic deal basis.    

·       ePower Metals (TSXV:EPWR) opened a C$6.0 million offering on a best efforts basis.

·       Canalaska Uranium (TSXV:CVV) opened a C$3.0 million offering on a best efforts basis.

·       Serengeti Resources (TSXV:SIR) opened a C$1.8 million offering on a best efforts basis.    

Major Financing Closings

·       Barkerville Gold Mines (TSXV:BGM) closed a C$20.0 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis.

·       Nouveau Monde Graphite (TSXV:NOU) closed a C$10.3 million offering on a strategic deal basis.

·       Irving Resources (CSE:IRV) closed a C$8.03 million offering on a strategic deal basis.

·       Alexco Resource (TSX:AXR) closed a C$3.5 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada on a bought deal basis.

 

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