Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul>
<li>JSE indices are due for rebalancing in the closing auction on Friday.</li>
<li>GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).</li>
<li>There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday. </li>
</ul>


JSE indices are due for rebalancing in the closing auction on Friday.
GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).
There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday. 


JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Thematic (Sector/Industry)

<ul><li>Lab-grown diamonds are becoming increasingly popular, posing a threat to the natural diamond industry</li><li>Companies like De Beers, a major player in the diamond mining sector, are facing challenges and potential sale due to the rise of lab-grown stones</li><li>China has been a key player in the synthetic diamond industry since the 1960s, initially focusing on industrial applications before expanding into jewelry-grade stones.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Lab-grown diamonds are becoming increasingly popular, posing a threat to the natural diamond industryCompanies like De Beers, a major player in the diamond mining sector, are facing challenges and potential sale due to the rise of lab-grown stonesChina has been a key player in the synthetic diamond industry since the 1960s, initially focusing on industrial applications before expanding into jewelry-grade stones.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How the diamond industry lost its sparkle

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Anglo American Platinum  / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a> retained a 20% stake in <a href="https://www.smartkarma.com/entities/anglo-american-platinum-ltd" target="_blank" data-smartkarma-citation="entities:25138:1" rel="noopener">Valterra Platinum (VAL SJ)</a> following its demerger at the end of May 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a> sold its entire stake in Valterra for $2.5bn via a placement expected to be completed on 9 September.</li>
<li>The free float is expected to increase by 20 percentage points, triggering passive fund demand of $360m and 1.7 ADV in Global and South African indices.</li>
</ul>



Anglo American (AAL LN) retained a 20% stake in Valterra Platinum (VAL SJ) following its demerger at the end of May 2025.

Anglo American (AAL LN) sold its entire stake in Valterra for $2.5bn via a placement expected to be completed on 9 September.
The free float is expected to increase by 20 percentage points, triggering passive fund demand of $360m and 1.7 ADV in Global and South African indices.


Valterra Platinum (VAL SJ): Upweight in Global and South African Indices Following $2.5B Offering

Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

South Africa

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

Price Gauge
52-week Range	0.00 - 0.00
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Anglo American (AGL SJ)

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

JSE indices are due for rebalancing in the closing auction on Friday. GLN will enter the Top 40, with APN falling out...

DMA

How the diamond industry lost its sparkle

The rise of lab-grown diamonds is shaking up the traditional diamond industry, with De Beers facing challenges and potential sale, as China's...

Behind the Money

Valterra Platinum (VAL SJ): Upweight in Global and South African Indices Following $2.5B Offering

Anglo American sold its entire 20% stake in Valterra Platinum for $2.5bn, boosting free float in Global and South African indices and triggering...

Dimitris Ioannidis

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

JSE indices are due for rebalancing in the closing auction on Friday. GLN will enter the Top 40, with APN falling out...

DMA

How the diamond industry lost its sparkle

The rise of lab-grown diamonds is shaking up the traditional diamond industry, with De Beers facing challenges and potential sale, as China's...

Behind the Money

Valterra Platinum (VAL SJ): Upweight in Global and South African Indices Following $2.5B Offering

Anglo American sold its entire 20% stake in Valterra Platinum for $2.5bn, boosting free float in Global and South African indices and triggering...

Dimitris Ioannidis

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...