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11 July 2018 07:39 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,92024,777143.000.58-1.59
S&P 5002,7942,78410.000.350.43
NASDAQ7,7597,7563.000.041.30
FTSE 100 Index7,6927,6884.000.05-0.59
DAX 3012,61012,54466.000.53-1.81
CAC 40 Index5,4345,39836.000.67-0.72
Nikkei 225 (Japan)22,19722,052145.000.66-2.66
HKSE28,68228,688-6.00-0.02-7.67
SSE Composite Index2,8282,81513.000.44-7.38
S&P/TSX Composite Index16,54916,45296.000.591.76
NZ 509,0159,023-8.00-0.090.61
US Volatility (Vix)13
Overseas Market Report

US sharemarkets traded higher on Tuesday as the June quarter reporting season commenced with more than 20 S&P 500 companies releasing results. PepsiCo was a notable outperformer, its shares lifting by 4.8% after the drink and snacks maker said that it expects "substantially higher" earnings growth for the fiscal fourth quarter. Consumer staples' Walmart (+1.5%) and Procter & Gamble (+2.3%) also outperformed. Tesla shares rose by 1.2% on reports the company is planning to build a large factory in China, producing 500,000 vehicles per year. The Dow Jones rose by 143 points or 0.6%. The S&P 500 index rose by 0.4% and the Nasdaq rose by 3points or flat.

Global oil prices increased on Tuesday as workers on Norwegian oil and gas rigs went on strike over a pay dispute. Royal Dutch Shell temporarily shutdown its Knarr field which produces 23,900 barrels a day. The US said that it will consider requests for waivers from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil. Brent crude rose by US79 cents or 1.0% to US$78.86 a barrel and the US Nymex rose by US26 cents or 0.4% to US$74.11 a barrel.

Base metal prices mostly fell on the London Metal Exchange (LME) on Tuesday. Zinc (-2.2%) fell to 12-month lows on growing expectations for rising supplies as new mines enter production and steel output drops in China. Tin rose by 0.9%.

The gold futures price fell by US$4.20 an ounce or 0.3% to $1,255.40 an ounce. The spot gold price was trading near US$1,255 an ounce in late US trade. Iron ore fell by 5 cents or 0.1% to US$63.20 a tonne. Shipments from Australia's Port Hedland were at record highs of 47.3 million metric tons in June.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent78.8678.070.791.013.14
Oil - West Texas crude74.0174.11-0.10-0.1311.97
Gold Spot $/OZ1,256.001,256.000.700.05-3.41
Silver Spot $/OZ16.0016.100.00-0.16-5.31
Iron Ore58.5057.900.601.11-7.07
Thermal Coal Newcastle117.50116.101.401.163.16
Coking Coal FOB ECP AUS200.80202.20-1.40-0.690.65
Aluminium ($US/t)2,1162,146-29.00-1.35-7.82
Copper Mar-18 ($US/lb)2.812.81-2.40-0.83-13.88
Lead ($US/t)2,3032,332-29.00-1.25-6.08
Nickel ($US/t)14,05714,118-61.00-0.43-8.45
Zinc ($US/t)2,6552,716-61.00-2.25-17.69
Tin ($US/t)19,84019,670170.000.86-6.88
Uranium ($US/lb)23.0023.000.000.66-2.13
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3436,366-24.00-0.373.02
S&P/ASX 2006,2586,286-28.00-0.443.52
ASX 24 Futures6,227
Australian Market Report

Tuesday 10 July - close. The Australian share market has snapped its three-day winning streak, hit by losses in the big four banks and consumer-exposed stocks. The benchmark S&P/ASX200 index dropped 27.9 points, or 0.44 per cent, at 6,258.1 points after hitting a new 10 1/2 year high of 6306.1 points in the first 10 minutes of trade, while the All Ordinaries index fell 23.6 points, or 0.37 per cent, to 6,342.8 points.

Ashanti Headlines

Greenland Minerals and Energy Limited: (GGG.ASX, 7.8cps, m.cap A$86.2m with 1,105.4m SOI, Cash $9.4m, Rare Earth's Developer)

  • Shenghe coordinates two leading Chinese laboratories to visit Perth in preparation for final pilot plant operations
  • Each group has developed a flotation method to significantly increase REO mineral concentrate grades to >23% REO
  • Results on track to deliver simpler, more efficient flotation circuit to reduce capital and operating costs 
  • Best performing method will be selected by the Shenghe - Greenland Minerals Technical Committee 
  • Bulk sample material has been exported from Greenland is being delivered to Perth
  • MD John Mair said "It is fantastic to have two established rare earth specialist groups assisting Shenghe in the optimisation program and final pilot plant specification. Each group has a pedigree in metallurgical work for production assets in China and delivered exceptional initial results for Kvanefjeld. The approach taken will ensure the establishment of the most efficient and cost-competitive concentrator circuit".
  • Please see attached link to full announcement here
  • Please call the desk on +61 8 6169 2668 should you wish to discuss further

Kopore Metals Limited: (KMT.ASX, 2.5cps, m.cap A$13.6m with 542.7m SOI, Cash $4.6m, Copper Explorer)

  • KMT this morning announced an oversubscribed placement to raise $2.67 million via the issue of 106,912,850 New Shares at an issue price of $0.025 per share, representing an 8.0% discount to last ASX close and 13.7% discount to the 10-day ASX VWAP
  • The placement ensures the Company is well capitalised to progress its exploration budget in 2018
  • Net cash of $3.9 million post completion of the Placement
  • Funds will be used to accelerate the Company’s maiden exploration program over Kopore’s recently defined high priority targets which have potential for a regional scale copper discovery on the Kalahari Copper Belt
  • In addition to the capital raise KMT announced the acquisition of Eight prospecting licenses acquired over an area of 5,705km2 on the Kalahari Copper Belt in Namibia 
  • Namibia Licenses are contiguous to existing Ghanzi West prospecting licenses and known copper deposits
  • Kopore total group position now stands at 14,363km2, covering key geology and interpreted domal targets
  • Historical activities on the Namibia licences provide the Company with additional advanced targets
  • KMT will repossess historical data to identify priority targets as it aims for environmental management plan approval by Q4 2018
  • Drilling has commenced on the KM3 prospect, with drilling to follow at the GW3 Prospect, KM1 Prospect and now confirmed KM2 Prospect in Q3 2018.


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ERA Communications