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Hi Phil,
Level 2 access shows the strip ticker price eg the current best offer to buy and sell entered into the book plus those entered below or above. eg if the buy strip price is 150 then the entries in a list below that would show offers below that price . If the 150 offer is bought then the strip price would automatically go to the next best price in the list. The same works in reverse on the sell side. In a live market with strong liquidity this happens very quickly.
I have posted here as to the distinction between a retail investor and a market maker when an entry into the buy side is actually to sell to the general market at that price.
Worth trying to get a limited no cost acess to Level 2 to see how it works but be careful as to the time limit involved as cost after the free period can be quite high.
ADVFN sometimes have a trial offer period for free.
Hope this helps but if I can help further please post.
Regrds Bob
Hi Phil,
Level 2 access shows the strip ticker price eg the current best offer to buy and sell entered into the book plus those entered below or above. eg if the buy strip price is 150 then the entries in a list below that would show offers below that price . If the 150 offer is bought then the strip price would automatically go to the next best price in the list. The same works in reverse on the sell side. In a live market with strong liquidity this happens very quickly.
I have posted here as to the distinction between a retail investor and a market maker when an entry into the buy side is actually to sell to the general market at that price.
Worth trying to get a limited no cost acess to Level 2 to see how it works but be careful as to the time limit involved as cost after the free period can be quite high.
ADVFN sometimes have a trial offer period for free.
Hope this helps but if I can help further please post.
Regrds Bob
Hi Razor
Really appreciate your contribution to this board but the buys and sells volumes can be quite the reverse of what is shown.
Worth having look at LSE trading conditions with regards to NMS and what time frame trades have to be entered into the book It may be that to maintain a "normal market a large trade can be held for up to 3 days Lets say a sell bargain is struck at 135. When entered into the book and showing as a trade then if the price is currently at 134 it will show as a buy. Equally normal trades marked as "o" can be delayed by 5mins and entered as abuy or sell depending on the price at that time. When spreads are as tight as 0.10 then a buy or sell can be vice versa at time of entry. This explains to a large extent as to why when buy volumes are shown as double the sells the price can fall as happened recently. Equally in a share in the 100 or 250 the liquidity is governed by sellers and buyers so each sell has to be balanced by a buyer. In the AIM , discretionary and Grey market then an intermediary broking house will set the buy and sell price to ensure sufficient liquidity to make a market eg a market maker. All this a few years ago so may well have changed since then but may be basically the same.#
Very much appreciate your contribution to this board and if you know different look forrad to bringing an oldie up to date.
Kind regards Bob
Many thanks Cowichan, Razors Edge and Mister Booth for your astute information.
Having trawled through the 30th Jan Report again(memory not what it once was) it would appear under the terns of the Agreement certain capex costs are recoverable or are covered under the profit share agreement including the solar power plant viz
§ Sustaining capex of c.US$95 million, in line with routine work programme
§ Non-sustaining capex of c.US$45 million, including construction of the second tailings storage facility
o c.US$50 million of treasury will be invested into long-term growth projects, including solar power. The capital outlay is recoverable as per the Concession Agreement
It later states that the solar plabt when in operation should save 18,000,000 litres of fuel oil per annum.
Sorry if this is "old hat to the more experienced regulars to this board " As a long term holder I am somewhat more interested in divis going forwrd than the short term share price and a long term reduction in AISC of particular interest.
Thanks again
Bob
With gold currently as I type 1588 dollars per ounce has anybody more capable than I done any projections on effect on profit if Centamin hit their forecast this quarter and beyond. I have seen some figures here on the effect that this has previously. I am sure the simple arithmetic I have applied cannot be relied upon as I cannot factor in the reduction in fuel costs of falling oil price on AISC. Anybody fathom Goldman Sachs update on Centamin with 135 hold a few days ago and then Berenburg coming out this morning with 127. In my opinion shows the expertise on this board far more in touch than City analysts .
Bob
Hi Siko
This board will be very much less informed by your absence but the very best for your trip to Egypt. A wonderful country and although I have only done the pampered tourist bit found the people so hospitable and welcoming with almost an embarrassing need to make our stay memorable and comfortable. You may already be outside the range of this board but was fascinated by the comment regarding Centamin by the Assistant Prime Minister regarding Centamins future involvement in Egyptian gold mining . Can you throw any further observation on that comment ? Seemed very strong statement from a very high ranking Government official. However have a good trip.
Bob
Hi Gnome
Many thanks for your valued opinion. I sincerely hope the "window" closes quickly albeit not to sell my shares at a higher price but to maximise long term holding The three points which I consider relevant at present are
1) I believe Management will have learnt their historical lesson and the forecast for the 1st and 2nd half probably under estimated to ensure achieved or exceeded performance.
2)The END approach has raised the profile of Centamin substantially although no doubt the major players will have Chapter and Verse on all possible M&A opportunities.
3) With the new mining laws (of course the devil is always in the detail) and the statement recently by the Egyptian Assistant Prime Minister that Centamin is expected to become a major player in the development of the mining sector in Egypt in the next few years a bargain basement acquisition of Centamin oven ready and leading a major expansion of mining gold in Egypt looks attractive.
Having held CEY for some years I would like to see it achieve full stand alone success
Obviously DYOR
Regards Bob
I posted before the Centamin Board statement and forecast that we must expect a retrenchment as momentum traders and short term holders take their penny profits on CFD leverage positions. Foe almost the first time in my investment life I followed my own prognostication and this morning maxed out my wife's ISA for the year on Centamin at the bottom of the market price. Roughly 3% gain in one day although the divi at 6+% was the aim. Now very concerned as to being so overweight in Centamin at the expense of FTSE 100 Johnson Mathey although held since 2003 at about 900 and still holding a fair few.
I am surprised that nobody here has challenged my thoughts on Barrick and having now completed my analysis of when they begin to accrue cash the results at anything above 1500 is astonishing. Happy to compare thoughts with others who have also looked at Barrick in this way. Siko is a star in presenting to this board the statement from the Decision Support Centre. The final paragraph on Centamin being a major centre piece of the expansion programme is in my humble opinion to be taken at face value and may say volumes as to Sawiris and Endeavour wishing to be involved in the action.
Of course all the above may be wishful thinking and as the old saying goes " do your own research"
Bob
Hi Dasut and Tibbs
I forgot to mention that I would be very un happy if such an approach was made for Centamin by anyone before future performance justified what I believe to be fair value for my share holding.
Bob
Hi Dasut and Tibbs
Still ploughing through Barrick q4 and year end report and trying to assess when they become cash positive during 2020 which will very quickly accumulate if past history is a pointer to the future. They are not averse to 50/50 joint venture as herewith and although murky their partner Ma'aden has had and probably still has strong links to the Saudi Royal family and the Saudi Sovereign wealth fund. Geographically in todays terms not too far away form Sukari. Obviously mining copper and not gold in Saudi. Shareholders (and I would refer to almost all here) dislike cash not being utilised to boost Company expansion and I would suggest Barrick Institutional investors will feel the same way were Barrick accumilating a cash balance and not utilising same.
I dont hold Barrick but very tempting in current climate.
The Jabal Sayid copper operation is located 350 kilometers north-east of Jeddah in the Kingdom of Saudi Arabia. It’s a 50/50 joint venture operation with Ma’aden. The first shipment of copper concentrate occurred in December 2015, and the mine commenced commercial production in July 2016.
Bob
At current share price I believe my investment in Centamin will return approx 6% this year. However as a long term holder at well below this figure it is embarrassing to work actual s even allowing for inflation over the period of time I have held whilst compounding the divis I have reinvested in Centamin against what could have been achieved in an interest bearing account . All in a stocks and shares ISA free of tax. As I have previously predicted there would be a pull back as the short term momentum traders take their pennies profit and I had great temptation to short in line with this thought but having said never again resisted and remain satisfied with the divi. Share price fluctuations are almost an irrelevance to me but I do understand the frustrations of those in at higher levels than myself. Long term is the way to look at market investment
as I have gained in my portfolio on that basis but always lost on short term-ism.
Can Barrick afford to be out of Egypt as it must be a very attractive (in comparison to other global locations from Geo-political norms) As already mentioned here debt free shortly and free cash available late 2020 and certainly 2021. Maybe sooner if gold holds above 1550. Happy to be shot down by other more experienced board members.
Cap Ferat on the divi in June.
Bob
No problem Phil, took me some time to fathom it out albeit some time ago.
Trades shown after the close may also be large trades above NMS and be very confusing other than when you realise that the price is that struck (say at 10 am) but the market may have risen or fallen substantially by then and therefore be shown misleadingly in either the buy and sell column.
https://help.stockopedia.com/technical-guide/prices/exchange-market-size
Why are my latest trades delayed?
Most on-exchange trades are published the instant they’re executed, and most off-exchange trades are reported to the exchange and published almost immediately.
But some types of trade (both on- and off-exchange) are allowed to be published with a delay (often depending on the size of the trade), so may not be announced until minutes, hours, or even days later. Similarly, corrections or cancellations for existing trades may not appear until hours or days later.
Hope helps
Bob
Hi philandlynne
It can be misleading that buys and sells are not always what they seem and indeed a buy can be asell and vice versa .
To avoid reams of typing I suggest you have a read of the following which may help understanding.
https://www.proactiveinvestors.co.uk/companies/news/81/idiots-guide-to-the-london-stock-exchanges-setsmm-0379.html
Large sells and buys can be even more misleading as notification to the market can be delayed for some time NMS is an expression which indicated Normal Market Size . I think in Centamin terms this is 10,000 and their are rules as to how these are treated. I am sure other experienced investors here can help or better advise you on these topics.
Bob
I am sure others more capable than I will pick over the "bones" of the announcement but it is exactly what I was hoping for a cautious but positive up lift in production validated by a strong 4th quarter although I was hoping for a more expansive statement on African assets. The concession agreement does have its better side and good to have firmed up that the solar project will be covered by the agreement. Will the African project be expanded upon in the conference call. although possibly the concentration of management resource on sorting out Sukari might have contributed to lack of focus in this area.
Bob
Hi Tibbs
Totally agree your thoughts in support of Cowichans approach to the FACTS regarding Centamin previous management performance and his very succinct , and measured posts on this board. We are lucky to have such contribution to the analysis of our investment performance and is an excellent reminder to past and hopefully future performance.
Equally I agree that the big Institutional investors are in the game for gain but are we not all in the same mode. I think however that Blackrock et al must have been supportive of our rejection of Endeavour otherwise we would now be in Endeavours clutches make no mistake. Equally I follow the RNS and have done so for a number of years and cannot remember when Blackrock were less than 10% invested in Centamin. I am not invested in either Blackrock or Endeavour but even if I were or others here I would defend there right so to do although might question the validity of that investment with facts and not rhetoric
Here's hoping for a good but cautious statement by the Centamin Board for the future.
Bob