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 Keppel Corp shares declined 2.56% and Sembcorp Industries declined 2.60% - India’s MM Auto Industries Ltd has withdrawn its proposed initial public offer, making it the third entity to pull back of an IPO this year.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.

Troika Dialog launches UCITS-compliant funds focused on Russia

Monday, 23 April 2012
Troika Dialog launches UCITS-compliant funds focused on Russia Troika Dialog Asset Management today announces the launch of Luxembourg based UCITS umbrella – Troika Dialog UCITS SICAV with two funds focused on Russia. The funds will offer international investors access to the Russian equity and bond markets. Each fund will be seeded with $50m. Sberbank, Russia’s largest bank, will be the key investor. The funds will be managed by the team of experienced investment professionals and will adhere to the same investment principles and follow the same investment process as the rest of the company’s investment products. http://www.ftseglobalmarkets.com/

Troika Dialog Asset Management today announces the launch of Luxembourg based UCITS umbrella – Troika Dialog UCITS SICAV with two funds focused on Russia. The funds will offer international investors access to the Russian equity and bond markets. Each fund will be seeded with $50m. Sberbank, Russia’s largest bank, will be the key investor. The funds will be managed by the team of experienced investment professionals and will adhere to the same investment principles and follow the same investment process as the rest of the company’s investment products.

The Russian Long Term Capital Appreciation Fund will invest in a diversified portfolio of Russian equities, including blue chips, mid- and small cap stocks. The fund will source  ideas from existing fund strategies, such as the flagship Dobrynia Nikitich fund (launched in 1997) and the small cap Potential fund (launched in 2005). The Russian Fixed Income Fund meanwhile will invest in a portfolio of ruble-denominated sovereign, municipal and corporate bonds with medium to long term duration and high credit quality. The fund will focus on issuers with expected improvement in credit quality and / or rating upgrades and will be similar to Troika’s flagship fixed income Ilya Muromets fund (launched in 1996).

 

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