In today’s briefing:
- [Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs
- Emeco (EHL AU): Offer Rumours Abound
- ADX Energy (ASX: ADX): Deep dive into Italy
[Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs
- Friday post-close the MarketVector™️ Global Gold Miners Index announced its rebalance changes and as a result, the flows for the VanEck Gold Miners ETF are known.
- As per the expectations of our Quiddity Index PS, the MVGDX added only Ramelius Resources (RMS AU) resulting in 8 ADDs and 24 DELs for the VanEck benchmark change.
- The significant move in gold prices the last month have more than doubled the deletion/capping flow total to $12.6bn. There are some REALLY big flows here.
Emeco (EHL AU): Offer Rumours Abound
- Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.
- Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas.
- The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high.
ADX Energy (ASX: ADX): Deep dive into Italy
- ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe.
- While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf).
- Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel.
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