Join our distribution list for direct access to exclusive corporate opportunities
* Indicates a required field
29 August 2018 08:04 AM
Overseas Market Report
Current Level
Previous
Change
Daily % Change
Monthly % Change
Dow Jones Industrial Average
26,064
26,050
14.00
0.06
2.41
S&P 500
2,898
2,897
1.00
0.03
2.79
NASDAQ
8,030
8,018
12.00
0.15
3.78
FTSE 100 Index
7,617
7,577
40.00
0.52
-1.09
DAX 30
12,527
12,538
-11.00
-0.09
-2.59
CAC 40 Index
5,485
5,479
6.00
0.11
-0.49
Nikkei 225 (Japan)
22,813
22,800
14.00
0.06
0.44
HKSE
28,352
28,271
80.00
0.28
-1.57
SSE Composite Index
2,778
2,781
-3.00
-0.10
-3.33
S&P/TSX Composite Index
16,356
16,444
-89.00
-0.54
-0.23
NZ 50
9,272
9,214
58.00
0.63
3.07
US Volatility (Vix)
12
Overseas Market Report
US sharemarkets lifted to fresh record highs for a third consecutive trading session on trade hopes. US Treasury Secretary Steven Mnuchin said on Tuesday that he believed that the US can reach a trade deal with Canada this week after an agreement with Mexico. The S&P500 index briefly rose above 2,900 points for the first time. Footwear retailer DSW shares rose by 20.2% after reporting strong quarterly earnings. Luxury retailer Tiffany shares rose 1.0% on stronger-than-expected forecast earnings. Sears shares jumped 12.6% as its Auto Center partnership withAmazon.com expanded. The Dow Jones index rose by 14 points or 0.1%. The S&P 500 index was flat and the Nasdaq lifted by 12points or 0.2%.
Global oil prices edged lower on Tuesday as investors took some profits after recent strong gains following the US-Mexico trade agreement. And workers at Total's North Sea oil platforms no longer plan strike action on September 3. Brent crude fell by US26cents or 0.3% to US$75.95 a barrel and the US Nymex price fell by US34 cents or 0.5% to US$68.53 a barrel.
Base metal prices rose on the London Metals Exchange (LME)on Tuesday. Aluminium (+1.8%) rose on reports that alumina shipments from WA have been delayed due to strikes at Alcoa and maintenance at South 32's Worsley operations. Copper (+0.7%) rose following the US-Mexico trade deal.
The gold futures price fell by US$1.60 an ounce or 0.1% to $1,214.40 an ounce. The spot gold price was trading near US$1,200 an ounce in late US trade. Iron ore was unchanged at US$65.85 a tonne according to Reuters.
Commodities
Current Level
Previous
Change
Daily % Change
Monthly % Change
Oil Brent
75.95
76.21
-0.26
-0.34
2.23
Oil - West Texas crude
68.55
68.53
0.02
0.03
-0.20
Gold Spot $/OZ
1,203.00
1,201.00
1.90
0.16
-1.67
Silver Spot $/OZ
14.80
14.70
0.10
0.35
-4.74
Iron Ore
62.00
62.20
-0.20
-0.32
4.32
Thermal Coal Newcastle
117.50
118.90
-1.40
-1.18
-2.00
Coking Coal FOB ECP AUS
180.90
180.50
0.40
0.22
5.67
Aluminium ($US/t)
2,110
2,073
37.00
1.80
2.70
Copper Mar-18 ($US/lb)
2.73
2.73
-1.10
-0.40
-2.24
Lead ($US/t)
2,065
2,069
-4.00
-0.21
-3.03
Nickel ($US/t)
13,591
13,338
253.00
1.90
-1.30
Zinc ($US/t)
2,544
2,541
3.00
0.12
-4.20
Tin ($US/t)
19,100
19,040
60.00
0.32
-4.71
Uranium ($US/lb)
27.00
26.00
0.00
1.14
3.70
Australian Market Report
Current Level
Previous
Change
Daily % Change
Monthly % Change
ASX All Ords
6,420
6,414
7.00
0.11
0.45
S&P/ASX 200
6,312
6,305
8.00
0.12
0.19
ASX 24 Futures
6,284
Australian Market Report
Tuesday 28 August - close. Australian shares have ended higher on Tuesday, following on from a record close on Wall Street and hopes of reduced global trade tensions. The benchmark S&P/ASX200 ended the day 35.8 points, or 0.57 per cent, higher at 6,304.7 points, while the broader All Ordinaries index was 32.4 points, or 0.51 per cent, higher at 6,413.5 points.
Ashanti Headlines
Adriatic Metals PLC (ADT.ASX, 39cps, m.cap A$51m with 130.8m SOI, Cash GBP4.6m, Polymetallic Explorer / Developer
Drilling confirms a further high-grade and thick intercept, extending mineralisation to the northwest at Rupice, with BR-8-18 returning:
16m @ 1.6g/t Au, 136 g/t Ag, 1.1% Cu, 4.0% Pb, 6.5% Zn and 10m at 51% BaSO4 from 206m.
BR-7-18 confirms mineralisation continuity 50m up-dip of BR-2-18returning:
18m @ 2.6g/t Au, 201 g/t Ag, 0.5% Cu, 4.5% Pb, 9.2% Zn and 62% BaSO4 from 228m.
Drilling continues on schedule with 4 rigs in operation
CEO Geraint Harris commented, “Both BR-7-18 andBR-8-18 continue to demonstrate thick and high-grade mineralisation that confirms further continuity with our 2017 and 2018 drilling results and the ability to further expand Rupice. It is also exciting to see the previous mineralisation boundary expanded to the northwest, beyond the known drilling; which further demonstrates the tremendous potential of this deposit”
Please contact your advisor on +61 8 6169 2668 should you wish to discuss further
Independence Group NL: (IGO.ASX, 451cps, m.cap A$2,680.1m with 590.3m SOI, Cash $139m, Diversified / Base Metals Producer)
Independence Group NL released an impressive set of FY18 Financial Results this morning
Revenue and Underlying EBITDA up 85% ($780.6m) and 125% ($338.6) respectively
IGO completed first full year of commercial production at Nova and better than expected gold production at Tropicana driving record FY18 results
Long transitioned into care and maintenance in June 2018 and delivered nickel production better than mid-point of guidance whilst Stockman and Jaguar divestments successfully completed
Further consolidation of tenure on the Fraser Range and extensive exploration activities
Net debt reduced to A$4m from A$16m at the start of FY18
A final fully franked dividend of 2c/share declared for FY18 for total FY18 dividends of 3c/share
Ashanti is handling the Asian leg of IGO's global roadshow mid September. Please be in contact if you would like to arrange a meeting
Ashanti Capital Pty Ltd, ABN 61 614 939 981, the holder of an Australian Financial Services License (AFSL) number 493204. Any advice included in this document is general advice only, based solely on consideration of the investment or trading merits of the financial product/s alone, without taking into account the investment objectives, financial situation and particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should consider carefully the appropriateness of the advice in light of his or her financial circumstances and obtain a copy of and consider the Product Disclosure Statement for that product before making any decision.
While this communication is for informational purposes only and based on the information from sources which are considered reliable. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Ashanti Capital, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. Nor does Ashanti Capital accept any responsibility to inform you of any changes.
This document is a private communication to clients and is not intended for public circulation or for the use of any third party, without the prior approval of Ashanti Capital.
Ashanti Capital and/or entities and persons connected with it may have an interest in the securities, the subject of the recommendations set out in this report. In addition, Ashanti Capital and/or its associates will receive commissions on any transaction involving the relevant securities.