In today’s briefing:
- India – Potential Float Changes & Impact
- Seeking Clues for a Preemptive Position in the Korean Local Block Deal Market in H2
- KRX Latest Press Release: CFD Inspection Results & Immediate Impacts to Monitor
- Strike Energy Yanks Its NBIO For Talon
- W&T Offshore, Inc. – Adjusting Realized 2Q23 Commodity Price Estimates
- TM: Positive Kombat Mine Update & Previous Drill Results
- The Energy Cable #30 – Progress for The Bulls
India – Potential Float Changes & Impact
- Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-June. There are a few companies with significant float changes from end-March and/or end-December.
- The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.
- We see 6 stocks where there could be passive inflows and 2 stocks that could have passive outflows – but there are caveats.
Seeking Clues for a Preemptive Position in the Korean Local Block Deal Market in H2
- As the possibility of implementing the pre-disclosure rule in the second half of this year arises, the local block deal market is expected to become more active.
- Specifically, there are observable movements among Kosdaq mid-sized companies that are particularly sensitive to deal execution risk. This suggests that LHJ’s KIS may further solidify its dominance.
- Significant increases in trading volume through KB Securities could serve as potential clues indicating the imminence of block deals in companies where the likelihood of such deals is high.
KRX Latest Press Release: CFD Inspection Results & Immediate Impacts to Monitor
- KRX stated in this press release that they have identified the suspected stocks involved in illegal trading and have reported them to the financial authorities (Korea FSC and Korea FSS).
- The primary concern in the short term seems to revolve around whether the battery stocks are among the ones suspected of illegal trading, as reported to the financial authorities.
- We must remain vigilant and ready for the potential recurrence of CFD-related price plunges, as seen in the recent two instances, affecting specific stocks in the short term.
Strike Energy Yanks Its NBIO For Talon
- O&G junior Talon Energy (TPD AU) announced it had received a non-binding Offer from Strike Energy (STX AU).
- The all-scrip bid – by way of a Scheme – entailed an implied A$0.20/share in Strike shares plus Talon shareholders retaining their holding in Talon’s Mongolia gas project.
- After Talon said it intended to undertake a process of evaluation of the Proposal before offering due diligence, Strike promptly withdrew its bid.
W&T Offshore, Inc. – Adjusting Realized 2Q23 Commodity Price Estimates
We are updating our 2Q23 commodity prices and realizations.
Our NYMEX reference prices averaged $73.78/barrel of oil and $2.32/MMBtu for natural gas.
Our previous estimates were $75/bbl and $2.50/Mcf.
TM: Positive Kombat Mine Update & Previous Drill Results
- Trigon announced that the Kombat Mine mill will produce its first concentrate in the coming week, with sales planned for end of August.
- This morning, Trigon Metals Inc. (TM:TSXV), provided a progress update on mining operations at the Kombat Mine in Namibia.
- The Company provided a detailed update on the open pit mining operations as well as all the work being done to achieve their goal of starting the underground mining operations in April 2024.
The Energy Cable #30 – Progress for The Bulls
- Stars are aligning and both Steno Research and 3Fourteen research are now energy bullish.
- Last week at Steno Research we looked at the potential for a bounce in Manufacturing PMI numbers and we thought it would be natural to look at both hard and soft data through the lens of one of the most important signals in the energy markets, namely the flip from contango to backwardation.
- In general it can be said that the flip brings more volatility to soft data than hard data. Given PMIs general tendency to converge with hard data and its current levels (Almost GFC bearishness) we feel like there are plenty of reasons for betting on higher Manufacturing PMI numbers.
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