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30 August 2018 07:52 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,12526,06461.000.233.23
S&P 5002,9142,89817.000.573.98
NASDAQ8,1108,03080.000.996.29
FTSE 100 Index7,5637,617-54.00-0.71-1.79
DAX 3012,56212,52734.000.27-1.85
CAC 40 Index5,5015,48516.000.300.18
Nikkei 225 (Japan)22,84822,81335.000.151.35
HKSE28,41628,35265.000.23-1.10
SSE Composite Index2,7692,778-9.00-0.31-3.48
S&P/TSX Composite Index16,39016,35635.000.210.27
NZ 509,3449,363-19.00-0.204.74
US Volatility (Vix)12
Overseas Market Report

US sharemarkets rose on Wednesday, propelled higher by technology shares. The S&P500 and the Nasdaq indexes both hit record highs for the fourth straight session. Apple's shares led the advance, up by 1.5% as the iPhone maker's shares hit an all-time high. Morgan Stanley lifted its price target on Amazon (+3.4%) and Alphabet's (+1.5%) shares. Shares of retailer American Eagle Outfitters dropped 6.5% after posting disappointing second quarter results. The Dow Jones index rose by over 60 points or 0.2%. The S&P 500 index was up by 0.6% and the Nasdaq lifted by almost 80points or 1.0%.

Global oil prices rose on Wednesday with Brent at its highest in level in 7 weeks and US crude at a 3 week peak, supported by a drawdown in US crude stocks and reduced Iranian crude shipments due to US sanctions. US crude inventories fell by 2.6 million barrels last week according to the EIA, exceeding the 686,000 barrel draw forecast by analysts. Brent crude rose by US$1.19 or 1.6% to US$77.14 a barrel and the US Nymex price rose by US98 cents or 1.4% to US$69.51 a barrel.

Base metal prices were mixed on the London Metals Exchange (LME) on Wednesday. Aluminium (+1.7%) was supported by delayed shipments of alumina from Australia and declining primary production in China. Copper fell 1% as the US dollar rallied against China's yuan as trade concerns persisted.

The gold futures price fell by US$2.90 an ounce or 0.2% to $1,211.50 an ounce. The spot gold price was trading near US$1,206 an ounce in late US trade. Iron ore fell by US30 cents or 0.5% to US$65.55 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.1475.951.191.573.84
Oil - West Texas crude69.7469.510.230.33-0.56
Gold Spot $/OZ1,207.001,207.000.500.04-1.17
Silver Spot $/OZ14.8014.800.000.08-4.67
Iron Ore62.0062.20-0.20-0.324.32
Thermal Coal Newcastle117.70117.500.200.13-1.88
Coking Coal FOB ECP AUS181.00180.900.100.065.72
Aluminium ($US/t)2,1472,11037.001.744.49
Copper Mar-18 ($US/lb)2.712.71-0.50-0.18-3.12
Lead ($US/t)2,0722,0657.000.33-2.71
Nickel ($US/t)13,41513,591-176.00-1.29-2.58
Zinc ($US/t)2,5142,544-30.00-1.17-5.32
Tin ($US/t)18,99019,100-110.00-0.58-5.26
Uranium ($US/lb)27.0027.000.000.003.70
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,4576,41443.000.681.38
S&P/ASX 2006,3526,30548.000.751.18
ASX 24 Futures6,355
Australian Market Report

Wednesday 29 August - close. Rising bank stocks drove a late surge on the ASX on Wednesday after Westpac announced a hike in mortgage rates, adding to earlier gains from easing global trade tensions. The benchmark S&P/ASX200 index was 47.5 points, or 0.75 per cent, higher at 6,352.2 points at 1615 AEST, while the broader All Ordinaries index was up 43.4 points, or 0.68 per cent, at 6,457.0 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 42cps, m.cap A$54.9m with 130.8m SOI, Cash GBP4.6m, Polymetallic Explorer / Developer)

  • ADT has received approval from the Vares Municipal Council for its application of a major land expansion to its existing Concession Agreement, at its 100% owned Vares Project
  • Extension includes land to the north of BR-5-18 (66m @ 12.8% Zn, 8.6% Pb, 2.1g/t Au, 2.3% Cu, 158g/t Ag)
  • The application will now be subject to a brief Public Review period and if successful, submitted to federal govt departments for final approval - a process which is already well advanced
  • ADT's CEO, Geraint Harris commented "“the approval of the Concession extension by the Vares Municipality was based on a full council meeting and ensuing discussion, which resulted in a unanimous supporting vote. This marks a very significant demonstration of the local support that the Company is fortunate to enjoy in the Municipality of Vares. The expanded Concession application will allow us to employ modern exploration techniques to a hugely prospective area and further help maximise the value of the Vares Project over both the short and medium term.… We look forward to being formally granted the Concession expansion and continuing our drilling program to the north of the current area of mineralisation at Rupice, as well as exploring the new highly prospective areas and starting to build on our first mover advantage in the area.”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further
  • A link to the full announcement can be found here
  • New tenement opportunity outlined in graphic below (blue), BR-5 drill hit also shown


Have a question? admin@ashanticapital.com.au

ERA Communications