Bitcoin futures trading begins on CBOE exchange in Chicago

FTSE-100
FTSE-100 Chart (1 Year)

FTSE-100 1 Year Chart

Today’s edition features:

  • Jangada Mines (JAN.L)
  • Sunrise Resources (SRES.L)
  • Tiziana Life Sciences (TILS.L)

Visit Company News »

 


Markets

Europe
The FTSE-100 finished Friday’s session 1.00% higher at 7,393.96, whilst the FTSE AIM All-Share index was up 0.63% at 1,016.82. In continental Europe, the CAC-40 finished 0.28% higher at 5,399.09 whilst the DAX was 0.83% up at 13,153.70.

Wall Street
Last Friday in New York, the Dow Jones closed 0.49% higher at 24,329.16, the S&P-500 added 0.55% to end the week at 2,651.5, and the Nasdaq finished 0.4% higher at 6,840.08.

Asia
In Asian markets this morning, the Nikkei 225 was up 0.41% at 22,904.96 and the Hang Seng was 0.61% higher at 28,813.77.

Oil
In early trade today, WTI crude was 0.44% lower at $57.11 per barrel and Brent was down 0.49% at $63.09 per barrel.


Headlines

Bitcoin futures trading begins on CBOE exchange in Chicago
Bitcoin has begun trading on a major exchange for the first time. It launched on the CBOE Futures Exchange in Chicago at 23:00 GMT Sunday, allowing investors to bet on whether Bitcoin prices will rise or fall. In the lead-up to its futures debut, the value of the digital currency has surged. Bitcoin’s introduction to the CBOE has been seen by some as a step towards legitimising the currency. The move is expected to be followed next week by a rival listing on the Chicago Mercantile Exchange. Anticipation of the first mainstream listings have helped the controversial currency soar past $10,000 and then over $17,000 on Thursday before retreating. Bitcoin was trading at about $15,230 on Monday, according to Coindesk.com.

Source: BBC News


Company news

Jangada Mines (JAN.L, 4.88p) – Speculative Buy
Jangada Mines, a natural resources company developing South America’s largest and most advanced platinum group metals (PGM) project, announced today that the relevant Brazilian municipal government has authorised pilot scale production at the Pedra Branca project in north-eastern Brazil. As such, the Company now intends to make a trial mining licence application during Q1 2018. The Pedra Branca project comprises four main deposits and management is focused on bring the easily accessible high-grade surface oxides from the Curiu and Esbarro deposits into trial production in 2018.

Our view: The above announcement demonstrates the level of support for the development of the Pedra Branca project. The near surface high-grade oxide layer is amenable to low-capex and opex costs with the potential to produce a PGM-bearing concentrate through a simple gravity separation and floatation process. We look forward to continued development of the project including the Pre-Feasibility Study in Q1 2018. In the meantime, we maintain a Speculative Buy rating on the stock.

Beaufort Securities acts as corporate broker to Jangada Mines plc

REQUEST A CALL FROM A BROKER REGARDING THIS RECOMMENDATION

Sunrise Resources (SRES.L, 0.17p) – Speculative Buy
Sunrise has announced it has received permission to undertake its Phase 2 drilling programme at the CS Project in Nevada. It is calling this “Mine Plan Drilling” since it will be used to define the open pit and mining license footprints for a pozzolan and perlite mining operation. Note that “test results from Phase 1 drill samples, surface and trench samples meet the key ASTM strength requirements for natural pozzolan across a very wide area of the property”. i.e. drilling is less exploration, more fine tuning and for permitting.

Our view: This news follows the placing announced last week, so the 22 hole Phase 2 drilling is fully funded. Timing of Phase 2 is to be determined (we think contractor availability) but will probably be in 1Q18. The CS Project is progressing well on site and in the lab. We look forward to positive developments on the marketing side. We reiterate our Speculative Buy recommendation.

Beaufort Securities acts as a corporate broker to Sunrise Resources plc

REQUEST A CALL FROM A BROKER REGARDING THIS RECOMMENDATION

Tiziana Life Sciences (TILS.L, 153.00p) – Speculative Buy
The clinical stage biotechnology company developing targeted drugs for cancer and inflammatory diseases, on Friday announced that the independent data monitor committee (IDMC) completed interim analysis of the safety and pharmacokinetic data from the first six patients and concluded that treatment with Milciclib was safe and well-tolerated with no drug-related serious adverse events (SAEs) in patients with unresectable or metastatic HCC. The IDMC recommended continuing with the trial. Formal establishment of safety in HCC patients was a key pre-requisite to move forward with the further clinical development of Milciclib; the treatment regimen (100mg/day; 4 days: ON/3 days: OFF, every 4 weeks) was determined as safe and well-tolerated with no drug-related SAEs in patients.

Our view: More positive safety data! The next step, a Phase 2b trial to evaluate safety and clinical activity of Milciclib in combination with sorafenib (Nexavar; Bayer Germany) in HCC, is expected to start in Q2’2018. Unresectable or metastatic HCC is an aggressive type of liver cancer for which no satisfactory treatment is currently available. The trial findings remained consistent with those already reported on the drug’s long-term safety and clinical activity in thymic carcinoma, thymoma and other solid cancers. This is therefore another important milestone as clinical trials are moved forward. Intense development of such potential blockbusters, for which global market opportunity runs into several billions of US$, means that for now Tiziana will must remain a cash consumer, part of which was facilitated by November’s recent fundraising. While the Company has a particularly exciting pipeline of products and opportunities, for prudence Beaufort has modelled the opportunity based just on its most advanced developments, foralumab and milciclib, by applying a relatively aggressive 15% discount to its long-run cashflow projection. This creates a valuation more than twice the current level based on anticipated milestone fees & royalties. In light of this continued progress, Beaufort reiterates its Speculative Buy rating on the shares together with a price target of 400p/share.

Beaufort Securities acts as a corporate broker to Tiziana Life Sciences plc

REQUEST A CALL FROM A BROKER REGARDING THIS RECOMMENDATION

To read Beaufort’s full research archive click here

Compiled by:
Barry Gibb, Charles Long, Ben Maitland, Sheldon Modeland & Kazunaga Senga
(t) +44 (0) 207 382 8384
(e) info@beaufortsecurities.com



Weekly diary


Click here to see all this week’s planned corporate and economic announcements.


Recommendations
During the three months to end-November 2017, the number of stocks on which Beaufort Securities published recommendations was 237, and the recommendations were as follows: Buy – 37; Speculative Buy – 187; Hold – 11; Sell – 2.

Full definitions of the recommendations used by Beaufort Securities in its publications and their respective meanings can be found on our website here.

Important Risk Warnings and Disclaimers
This report is published by Beaufort Securities Ltd (“Beaufort Securities”). Beaufort Securities Ltd is Authorised and Regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.

RELIANCE ON THIS NOTE FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE YOU TO A SIGNIFICANT RISK OF LOSING ALL OF THE FUNDS, PROPERTY OR OTHER ASSETS INVESTED OR OF INCURRING ADDITIONAL LIABILITY.

This document is not an offer to buy or sell any security or currency. This document does not provide you with individually tailored investment advice. It has been prepared without regard to the your financial circumstances and objectives The appropriateness of a particular investment or currency will depend on your individual circumstances and objectives. The investments and shares referred to in this document may not be suitable for you.

This research is non-independent and is classified as a Marketing Communication under FCA rules. As such it has not been prepared in accordance with legal requirements designed to promote independence of investment research and it is not subject to the prohibition on dealing ahead of the dissemination of investment research in COBS 12.2.5. However Beaufort Securities has adopted internal procedures which prohibit analysts from dealing ahead of non-independent research, except for legitimate market making and fulfilling clients’ unsolicited orders.

By receiving this document, you will not be deemed a client or provided with the protections afforded to clients of Beaufort Securities. When distributing this document, Beaufort Securities is not acting for you and will not be responsible for providing advice to you in relation to this document. Accordingly, Beaufort Securities will not be responsible to you for providing the protections afforded to its clients.

Beaufort Securities may effect transactions in shares mentioned herein and may take proprietary trading positions in those shares, and may receive remuneration for the publication of its research and for other services. Beaufort Securities may be a shareholder in any of the companies mentioned in this report. Accordingly, this document may not be considered as objective or impartial. Additionally, information may be available to Beaufort Securities or the Group, which is not reflected in this material. The remuneration of the author of this report is not tied to the recommendations on any shares mentioned nor to the any transactions undertaken by Beaufort Securities or any affiliate company. Further information on Beaufort Securities’ policy regarding potential conflicts of interest in the context of investment research and Beaufort Securities’ policy on disclosure and conflicts in general are available on request. Please refer to http://www.beaufortsecurities.com/important-info.

Past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. The listing requirements for securities listed on AIM or NEX are less demanding and trading in them may be less liquid than main markets. This may make it more difficult to buy and sell these securities.

This document includes certain statements, estimates, and projections with respect to the anticipated future performance of securities listed on stock exchanges and as to the market for these shares. Such statements, estimates, and projections are based on information that we consider reliable and may reflect various assumptions made concerning anticipated economic developments, which have not been independently verified and may or may not prove correct. No representation or warranty is made as to the accuracy of such statements, estimates, and projections or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and may change without notice. Other third parties may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views, and analytical methods of the analysts who prepared them. This report has not been disclosed to any of the companies mentioned herein prior to its publication.

This document is based on information Beaufort Securities has received from publicly available reports and industry sources. Beaufort Securities may not have verified all of this information with third parties. Neither Beaufort Securities nor its advisors, directors or employees can guarantee the accuracy, reasonableness or completeness of the information received from any sources consulted for this publication, and neither Beaufort Securities nor its advisors, directors or employees accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document (except in respect of wilful default and to the extent that any such liability cannot be excluded by the applicable law). You should not rely on this document and should not use it substitution for the exercise of the independent judgment of yourself or your adviser.

The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Other persons who receive this document should not rely on it. Beaufort Securities, its directors, officers and employees may have positions in the securities mentioned herein.


Beaufort Securities Limited, 63 St Mary Axe, London, EC3A 8AA.
Authorised and regulated by the Financial Conduct Authority (Register No. 155104).
Members of the London Stock Exchange, NEX and QCA.

Comments are closed.