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16 July 2018 07:33 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,01924,92595.000.38-0.28
S&P 5002,8012,7983.000.110.78
NASDAQ7,8267,8242.000.031.03
FTSE 100 Index7,6627,65111.000.140.37
DAX 3012,54112,49348.000.38-3.61
CAC 40 Index5,4295,40623.000.43-1.32
Nikkei 225 (Japan)22,59722,188409.001.85-1.11
HKSE28,52528,48145.000.16-5.89
SSE Composite Index2,8312,838-6.00-0.23-6.31
S&P/TSX Composite Index16,56116,567-6.00-0.041.51
NZ 508,9979,024-28.00-0.310.23
US Volatility (Vix)12
Overseas Market Report

US sharemarkets rose on Friday with the S&P500 index above 2,800 points for the first time since February 1. Amazon (+0.9%), Facebook (+0.2%) and Microsoft (+1.2%) hit fresh record highs. Of the US banks reporting, Citigroup's (-2.2%) revenue missed analyst expectations, Wells Fargo (-1.2%) earnings and revenue disappointed, and JPMorgan's shares fell 0.5% despite its profits beating analyst estimates. The Dow Jones index rose by 94 points or 0.4%. The S&P 500 index rose by 0.1% and the Nasdaq lifted by just 2 points. Over the week, the Dow (+2.3%); S&P500 (+1.5%) and Nasdaq (+1.8%) lifted.

Global oil prices lifted on Friday on continued strike action at Shell's Knarr field in Norway. Protesters closed access to the Umm Qasr port near Basra in Iraq, potentially halting oil exports. And it was reported on Saturday that workers were kidnapped at Libya's Sharara field, halving oil output. Gains were capped by speculation that the Trump Administration may add to US supply through its Strategic Petroleum Reserve. Brent crude rose by US88 cents or1.2% to US$75.33 a barrel and the US Nymex rose by US68 cents or 1.0% to US$71.01 a barrel. Over the week, Brent was down by 2.3% and the Nymex fell by 3.8%.

Base metal prices were mixed on the London Metal Exchange (LME) on Friday. Tin rose by 0.6%, but nickel (-1.5%) fell on concerns about Chinese demand following weaker June import growth. Zinc (-6.0%) had its worst week since 2016 and copper (-1.0%) was down for a fifth consecutive week.

The gold futures price fell by US$5.40 an ounce or 0.4% to$1,241.20 an ounce, down by 1% for the week. The spot gold price was trading near US$1,241 an ounce in late US trade. Iron ore was flat at US$63.50 a tonne, but up by 1.4% for the week.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent75.1175.33-0.22-0.292.27
Oil - West Texas crude70.7571.01-0.26-0.378.75
Gold Spot $/OZ1,242.001,241.000.200.01-2.96
Silver Spot $/OZ15.8015.800.000.06-4.50
Iron Ore58.0058.30-0.30-0.50-6.59
Thermal Coal Newcastle117.70118.00-0.30-0.301.47
Coking Coal FOB ECP AUS177.60185.80-8.20-4.41-11.55
Aluminium ($US/t)2,0662,092-25.00-1.21-9.42
Copper Mar-18 ($US/lb)2.772.770.200.07-14.87
Lead ($US/t)2,1842,193-9.00-0.41-11.67
Nickel ($US/t)13,88114,099-218.00-1.55-10.73
Zinc ($US/t)2,5962,5907.000.25-20.26
Tin ($US/t)19,85819,730128.000.65-5.24
Uranium ($US/lb)23.0023.000.000.43-0.64
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3526,3502.000.032.36
S&P/ASX 2006,2686,2680.000.002.86
ASX 24 Futures6,213
Australian Market Report

Friday 13 July - close. Australian shares have finished flat after a yo-yo final trading session of the week, which saw a retreat among the banks outweigh healthcare sector gains. The benchmark S&P/ASX200 dived in early trade before recovering throughout the afternoon and closing up 0.1 points, or zero per cent, at 6,268.4 points, while the broader All Ordinaries rose 2.1 points, or 0.03 per cent, at 6,351.9 points.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 48.5cps, m.cap A$112.3m with 231.5m SOI, Cash $23.0m, Copper Explorer /Developer)

  • Re-classification of the T3 Resource announced on 2 July 2018 has resulted in a 13% increase in contained copper in the Indicated Mineral Resource Category, at the same 0.4% Cu cut-off grade
  • Total Mineral Resource at T3 remains the same as announced on 2 July 2018: 60Mt @ 0.98% Cu and 14g/t Ag containing 590Kt copper and 27Moz silver (0.4% Cu cut-off)
  • Indicated Mineral Resource now contains 417Kt copper and 18.6Moz silver (0.4% cut-off) representing 70% of contained copper and 61% of the tonnes in the total Mineral Resource
  • Drilling is testing possible further resource extensions to the high grade vein underground potential, plus extensions along strike outside the T3 PFS Expansion Case Pit design
  • Our preferred exposure to a narrowing field of ASX listed copper explorer / developers is MOD Resources who's 70% owned T3 project (PFS announced 31 January 2018 confirms a robust and long life copper mine) combines a near term development scenario with significant district scale exploration potential. An extensive drilling campaign is currently underway with numerous targets within its 11,500Km2 land holdings along the highly prospective Kalahari Copper Belt in Botswana
  • A link to the full announcement can be found here. Please call the desk on +61 8 6169 2668 if you would like to discuss the announcement further.


Have a question? admin@ashanticapital.com.au

ERA Communications