In today’s briefing:
- MVIS Australia Resources Index Rebalance: 3 Adds, Capping & Float Changes
- MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks
- [Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations
- Beijing Capital Grand (1329 HK): Scheme Vote on 10 January
- Beijing Capital (1329 HK): Done Deal As Shareholder Vote On 10th Jan
- Copper Tracker 16th Dec 2024: New Loan Growth In China Uninspiring
MVIS Australia Resources Index Rebalance: 3 Adds, Capping & Float Changes
- De Grey Mining (DEG AU), Perseus Mining (PRU AU) and Sandfire Resources Limited (SFR AU) will be added to the Vaneck Vectors Australian Resources ETF (MVR AU) in December.
- Constituent changes, float changes and capping changes result in an estimated one-way turnover of 7.4% and in a round-trip trade of A$63m.
- De Grey Mining will be acquired by Northern Star Resources in the first half of 2025. The passive buying could push De Grey Mining higher in the short-term.
MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks
- No constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in December. But there are a lot of float and capping changes.
- Estimated one-way turnover is 2.6% resulting in a round-trip trade of US$269m. There are 8 stocks with over 1x ADV to trade from passive trackers.
- Stocks with the largest flows are Evolution Mining, Pan American Silver, Westgold Resources, B2Gold, Alamos Gold, Harmony Gold Mining, Eldorado Gold, K92 Mining, IAMGOLD, Endeavour Silver and Emerald Resources.
[Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations
- The MV J-Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.
- There will be no index changes for the December 2024 rebal event.
- We expect a one-way flow of US$168mm for December 2024, which translates to a turnover of 3.4%.
Beijing Capital Grand (1329 HK): Scheme Vote on 10 January
- Beijing Capital Grand (1329 HK)’s IFA opines that Beijing Capital Land Ltd H (2868 HK)’s HK$0.85 privatisation offer is fair and reasonable. The vote is on 10 January.
- Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). The offer price is final.
- The Sino-Ocean Group (3377 HK) receivers, which hold a blocking stake, should support the transaction. At the last close and for the 6 February payment, the gross/annualised spread was 3.7%/22.2%.
Beijing Capital (1329 HK): Done Deal As Shareholder Vote On 10th Jan
- Back on the 28th October, SOE Beijing Capital Group launched an Offer by way of a Scheme for Beijing Capital Grand (1329 HK) (BCG), a commercial property developer in China.
- The Cancellation Price of HK$0.85/Share (best & final) was a 46.55% premium to undisturbed. Irrevocables were secured from 8.13% of the 37.92% held by disinterested shareholders. This looked done.
- The Scheme Document is now out, with a Court Meeting to be held on the 10th Jan. Expected payment on or before the 6th Feb. IFA says fair & reasonable.
Copper Tracker 16th Dec 2024: New Loan Growth In China Uninspiring
- China TSF disappointed expectations, coming in at 2.34 trillion RMB (down 5% YoY), compared to the median forecast of 2.7 trillion RMB by the street.
- Comex premiums significantly strengthened, with alot of market participants turning bullish with the imminent return of Donald Trump to power on the 20th of January 2025.
- We initiated on First Quantum Minerals (FM CN). For more details, read our insight: First Quantum Minerals (FM CN): Call Option on Cobre Panama?
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