Is it time to get off the Sirius Minerals bandwagon?

Is it time to get off the Sirius Minerals bandwagon? By John Cornford When I discussed Sirius Minerals in March, I thought it expensive at around 16p, being too far ahead of any meaningful return even though exceptional once it starts (slowly) in ten years time. I thought the same in June at around 19p. However there has been good news recently, and Sirius became doubly more expensive. The question is: Will that hold? The good news included permission for the Teeside port terminal; initial capital expenditure revised downwards; and the vital first-stage funding for the required initial $1.1bn moving ever nearer. And Brexit has made Sirius's majority overseas earnings that much more valuable… Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,785.64, a decrease of 35.15 points. The FTSE 250 sank 121.85 points to finish at 17,725.39. The FTSE All Share dropped 19.69 points to finish at 3,698.62. The FTSE AIM All Share finished at 791.01, down by 2.39 points. Builders merchant Grafton Group (GFTU) faced challenging conditions in the UK during the six months ended 30th June, which was countered with good performances in Ireland and the Netherlands. Pre-tax profits were up by 8% at £62.8 million on revenues of £1.2 billion and the interim dividend was raised to 4.75p. Analysts felt that the UK business was underperforming on margins and shares in Grafton dropped by 9.95% to 547.50p. Get our August issue while it's hot! Click HERE to read. Defence equipment manufacturer Chemring (CHG) said that third-quarter revenues were 20.2% above those for last year at £109.1 million as it benefited from a contract supplying 40mm ammunition to a customer in the Middle East. Forward orders were also up by 12% and management expressed confidence that this year's forecasts would be met. Shares in the company rose by 2.25p to 143.25p.  Shares in AIM-listed online gambling firm 888 (888) climbed by 3p to 218p after its revenues increased by 19% to $262 million (£199.4 million) during the six months ended 30th June as its sports betting arm sprinted forwards. Strong performances in the UK, Spain and Italy helped push pre-tax profits up by 39% to $27.8 million (£21.1 million) despite adverse currency fluctuations. Tomorrow's news today  Hays (HAS) will release final results. Quote of the day "All men's gains are the fruit of venturing." - Herodotus Latest Stories IAG hits some Brexit turbulence By Robert Sutherland Smith IAG at 392p, after the first-half figures, looks very cheap in cash and operating cash flow terms, which also makes the prospective estimated dividend yield of 5 per cent look credible and safe. The price remains below the price on Brexit referendum day... Click Here To Read The Full Story Chart of the Day: Hague & London Oil By Zak Mir Rather interestingly, even for those late to the recent share price rise at Hague & London Oil, there would appear to be an opportunity to get on board in the wake of the recent consolidation and news. Hague & London Oil (HNL)… Click Here To Read The Full Story Mellon on the Markets: "Mark Carney should be fired – at once" By Jim Mellon This month, I am composing my column on the train from Edinburgh to London, having just made my thirtieth visit to the Edinburgh Festival. Every year, the Fringe gets bigger and wackier, and every year the ticket prices go up – in fact, quite a lot!… Click Here To Read The Full Story The Evil Diaries: "Apple Will Pay" By Evil Knievil This Apple (NASDAQ:AAPL)/EU tax ruling is Kafkaesque – especially given that the EU intends that Eire banks the loot where Eire has indicated that it declines. (This is understandable given that Eire thought it had entered into an agreement with Apple.)… Click Here To Read The Full Story Chart of the Day: HSBC By Zak Mir Anyone wondering whether the post-Brexit state of flux might be good for at least some banking stocks need look no further than the internationally focused HSBC and the mega rally of recent weeks… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. Master Investor Ltd does not accept any liability for any losses suffered by any user as a result of any such decision.

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