Tuesday 28th April 2015
NEWS TICKER: APRIL 28th 2015: The Straits Times Index (STI) ended 20.76 points or 0.59% lower to 3495.09, taking the year-to-date performance to +3.86%. The top active stocks today were SingTel, which declined 0.45%, DBS, which gained 0.48%, UOB, which declined 0.36%, Keppel Corp, which declined 2.56% and OCBC Bank, which closed unchanged. The FTSE ST Mid Cap Index fell 0.63%, while the FTSE ST Small Cap Index fell 0.67%. The outperforming sectors today were represented by the FTSE ST Utilities Index, which rose 1.24%. The two biggest stocks of the Index - United Envirotech and Hyflux – ended 1.11% lower and 1.60% higher respectively. The underperforming sector was the FTSE ST Oil & Gas Index, which slipped 2.59%. Keppel Corp shares declined 2.56% and Sembcorp Industries declined 2.60% - India’s MM Auto Industries Ltd has withdrawn its proposed initial public offer, making it the third entity to pull back of an IPO this year. The Gurgaon-based company had filed draft offer documents with the Securities and Exchange Board of India (SEBI) for the proposed IPO in March. It was yet to receive Sebi's approval for the proposed public offer. However, the company through its lead merchant banker Mefcom Capital Markets Limited withdrew the IPO application on April 18th according to the firm’s spokesman - Orezone Gold Corporation (ORE-TSX) has released the findings of an independent Feasibility Study for its wholly owned Bomboré Gold Project in Burkina Faso, West Africa. The study envisions a shallow open pit mining operation with a processing circuit that combines heap leaching and carbon-in-leach (CIL) without any grinding to process the soft and mostly free digging oxidized ores. The eleven-year mine plan, based on a mineral reserve using an US$1,100 gold price, is designed to deliver higher grade ore in the early years (0.88 g/t over the first eight years of production at a strip ratio of 1:1). Lower grade stockpiles will be processed in the final three years. The financial model with revenues based on a US$1,250 gold price, yields a robust 24.4% after tax internal rate of return to the company (based on 90% ownership, 10% government stake) with a net present value of $196m at a 5% discount rate. Project payback is estimated at 2.7 years with all in sustaining costs averaging $678/oz. Initial capital is estimated at $250m including contingencies, all working capital and a $10.5m credit for gold revenues generated during the pre-production period. Capital costs include the mining fleet, a much larger water storage reservoir and higher resettlement costs than envisioned in the March 2014 Preliminary Economic Assessment (PEA). Sustaining capital is estimated at $75.2m, taking into account the additional three years of mine life and higher resettlement costs than estimated in the PEA. Total reclamation and closure costs are estimated at $22.5m including $8.7m of heap rinsing costs expensed in year twelve.

BlackRock report highlights a record month for fixed income ETPs

Friday, 15 June 2012
BlackRock report highlights a record month for fixed income ETPs Economic uncertainty sparks a flight to safety that yielded a record setting month with ETPs attracting $11bn in net flow http://www.ftseglobalmarkets.com/

Economic uncertainty sparks a flight to safety that yielded a record setting month with ETPs attracting $11bn in net flow

Government bond ETPs attracted record breaking inflows of $5.6bn driven by flows of $4.4bn into US Treasury bond products. The previous monthly high for government ETPs of $3.6bn was set in June 2010. Broad/aggregate and investment grade corporate bond products attracted $1.6bn and $1.7bn respectively. Meanwhile, high yield bond ETPs saw monthly outflows of $1.3bn, the first month of redemptions since November 2011.

Emerging markets equity ETPs drew $3.3bn, with flows of $8.3bn into two new Chinese equity funds outweighing outflows of $5bn from a broad range of other emerging markets products. The two new Chinese equity funds seek to replicate the performance of the China Securities Index 300 which tracks 300 stocks traded on the Shanghai and Shenzhen stock exchanges. These are the first cross-market ETFs to be listed in China.

In developed markets equities, DAX German equity funds swung back with strong flows of $4.3bn in May on the heels of ($5.1bn) outflows last month.  Japanese equity ETPs also had a strong showing in May, garnering $3.6bn.

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