Oreninc Index Jumps
The Oreninc Index jumped up for the week ending March 19, 2015. Total dollars announced fell to $33.5m on 17 financings, ten- and two-week lows respectively. One brokered bought deal was announced for $25.1m, a five-week high for both.
Deals were almost non-existent again for the week. The biggest deal-making news of the week were reports that Barrick Gold (TSX:ABX) is looking into selling its Chilean Zaldivar copper mine for around $1.5b to reduce the company’s overall debt. Commodity prices for the week were mixed, with iron ore continuing its fall, but gold had a strong end to the week—rising almost 2%—on news that the US Federal Reserve will likely wait until the second half of 2015 to raise interest rates.
Although an increase in performance over last week, the financing market is still struggling, which can be seen with the ten-week low in dollars announced. As we go into spring, and enter the start of what has historically been lower performing months for the Index, it’s hard to stay positive that things will get much better before summer.