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03 August 2018 08:07 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,32625,334-8.00-0.034.76
S&P 5002,8272,81314.000.494.20
NASDAQ7,8037,70795.001.244.00
FTSE 100 Index7,5767,653-77.00-1.01-0.23
DAX 3012,54612,737-191.00-1.501.60
CAC 40 Index5,4615,498-37.00-0.682.71
Nikkei 225 (Japan)22,51322,747-234.00-1.033.34
HKSE27,71528,341-626.00-2.21-2.91
SSE Composite Index2,7682,825-57.00-2.00-0.68
S&P/TSX Composite Index16,40916,37732.000.200.90
NZ 508,8508,8491.000.01-2.25
US Volatility (Vix)12
Overseas Market Report

US sharemarkets ended mixed on Thursday with the Dow Jones index down slightly but the broader market was firmer. Most focus was on the fact that Apple had become the first US company to pass US$1 trillion in market capitalisation. Shares in Apple ended 2.9% higher on the day. Investors remained watchful about news on the US-China trade dispute. After being down almost 214 points at the open of trade, the Dow Jones index ended lower by 7.7 points or less than 0.1%. The S&P 500 index rose by 0.5% and the Nasdaq was up by 95 points or 1.2%.

Global oil prices rose by 1.5-2.0% on expectations that US supplies are likely to tighten in the future. Reuters noted a report from industry information provider, Genscape, that reported crude inventories at the Cushing, Oklahoma, delivery hub for US crude fell by 1 million barrels over the past week. Brent crude rose by US$1.06 or 1.5% to US$73.45 a barrel and the US Nymex rose byUS$1.30 or 1.9% to US$68.96 a barrel.

Base metal prices fell by up to 1.9% on the London Metal Exchange (LME) on Thursday with nickel down the most while lead fell by just 0.4%. Against the trend zinc rose by 0.3%.

The gold futures price fell by US$7.50 an ounce or 0.6% to $1,220.10 an ounce. The spot gold price was trading near US$1,209 an ounce in late US trade. Iron ore was unchanged at US$66.45 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent73.4572.391.061.46-4.98
Oil - West Texas crude68.9168.96-0.05-0.07-7.05
Gold Spot $/OZ1,209.001,208.000.800.06-3.52
Silver Spot $/OZ15.3015.300.000.04-4.38
Iron Ore60.9061.10-0.30-0.460.71
Thermal Coal Newcastle117.40117.80-0.50-0.382.04
Coking Coal FOB ECP AUS173.10172.101.000.58-11.77
Aluminium ($US/t)2,0112,030-19.00-0.95-5.20
Copper Mar-18 ($US/lb)2.732.73-0.70-0.26-6.04
Lead ($US/t)2,1032,112-10.00-0.45-11.65
Nickel ($US/t)13,23713,492-255.00-1.89-8.48
Zinc ($US/t)2,6222,6148.000.31-8.90
Tin ($US/t)19,67519,925-250.00-1.25-0.76
Uranium ($US/lb)26.0026.000.000.3913.82
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3396,32811.000.180.58
S&P/ASX 2006,2526,24111.000.180.67
ASX 24 Futures6,210
Australian Market Report

Thursday 2 August - close. The Australian share market has closed lower, dragged down by the materials sector following Rio Tinto's first-half earnings miss and further concerns over the trade war between the US and China. The benchmark S&P/ASX200 index ended down 34.8 points, or 0.55 per cent, at 6,240.9 points on Thursday, while the All Ordinaries was down 34.4 points, or 0.54 per cent, to 6,327.7 points. Commodity prices fell after US President Donald Trump proposed increasing tariffs on $US200 billion worth of Chinese imports from 10 per cent to 25 per cent in an escalation of recent trade tensions.

Ashanti Headlines

Kopore Metals Limited: (KMT.ASX, 2.8cps, m.cap A$15.2m with 542.7m SOI, Cash $3.8m, Copper Explorer)

  • The Company has completed 986 metres of a planned 3,000 metres of RAB and RC drilling completed across the KM3 and GW3 Prospects.
  • The KM3 drill program aims to confirm the presence of near surface D’Kar Formation and potential copper-silver mineralisation.
  • The targeted D’Kar Formation has been identified in drilling within 50 metres of surface and is known as a key geological horizon to host copper-silver mineralisation within the Kalahari Copper Belt.
  • An additional three drill holes will be completed at KM3 with further drilling being results dependent.
  • A link to the full announcement can be found here

Zimbabwe

  • Zimbabwe’s President Emmerson Mnangagwa, leader of the ZANU-PF party, has been declared the winner of the southern African country’s first elections without Robert Mugabe, continuing nearly four decades of rule by the nation's dominant party amid violence and allegations of poll fraud

  • The result has been met with protests and demonstrations throughout Zimbabwe by the opposing MDC party supporters. 
  • Mnangagwa secured 50.8% of the vote while his main rival Nelson Chamisa, who leads the Movement for Democratic Change, won 44.3%

  • ZANU-PF's election pledges include an undertaking to respect property rights and maintain a stable and predictable business environment v, while also ensuring the retail industry is reserved for black Zimbabweans and forcing mineral producers to process part of their output within the country to create jobs. It’s targeting $5 billion a year in foreign direct investment, up from the $289 million the United Nations Conference on Trade and Development says the country received last year.

  • Whilst the current protests and demonstrations create short-term political instability we remain confident in the longer term outlook for our investments in country. 


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ERA Communications