ORENINC INDEX – Monday, January 8th 2018
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Last week index score: 41.79 (Updated)
This week: 46.11
The Oreninc Index grew in the week ending January 5th, 2018, as activity picked up in the first trading week of 2018, to 46.11 from an updated 41.79, although the New Year meant that there were only four trading days.
The news was dominated by extracts from Fire and Fury: Inside the Trump White House, a new book by Michael Wolff that features multiple comments by former White House strategist Steve Bannon about the president that paint him in a dim light. The book has shot to the top of the Amazon best seller list after its publication was brought forward as the White House tried to impose a cease and desist order.
Gold continued its strong close to 2017 due to a weakening US dollar and worse than forecast payroll data.
Total fund raises jumped as the new year began to C$116.7 million, a two-week high, which included no brokered financings and no bought-deal financings. The average offer size jumped to C$5.6 million, a four-week high, whilst the total number of financings decreased to 21, a 19-week low.
Gold continued its recent growth spurt to close at US$1,319/oz from US$1,302/oz after hitting a mid-week high of US$|,323/oz a week ago. The van Eck managed GDXJ had a softer week and closed up at US34.48 from US$34.13 last week after hitting a mid-week high of US$35.14. The US Global Go Gold ETF fell to close at US$12.81 from US$13.01 the week before. The SPDR GLD ETF saw some selling to close at 835.86 tonnes from 837.5 tonnes a week ago.
In other commodities, silver continued to grow closing at US$17.22/oz from S$16.93/oz a week ago. Copper saw a week of selling to close down at US$3.22/lb from US$3.30/lb last week. Oil continued its breakout to close at US$61.44 a barrel from US$60.42 a barrel a week ago after hitting a mid-week high of US$62.01 a barrel.
The Dow Jones Industrial Average returned to winning ways and took off like a rocket to break through the 25,000 mark and close at 25,295 from 24,719 from 24,754 last week. Canada’s S&P/TSX Composite Index tried to follow suit and powered up to 16,412 mid-week before falling back to close at 16,349 from 16,209 the previous week. The S&P/TSX Venture Composite Index saw strong growth to hit its highest level since October 2014 and close at 895.71 from 850.52 last week.
PetroShale (TSXV:PSH) opened a C$93.95 million offering on a strategic deal basis. The deal is expected to close on or about January 15th.
Major Financing Openings:
Major Financing Closings:
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Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (TSX.V:AMY) (Pink ... READ MORE
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