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31 August 2018 08:23 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,98726,125-138.00-0.532.25
S&P 5002,9012,914-13.00-0.443.01
NASDAQ8,0888,110-21.00-0.265.43
FTSE 100 Index7,5167,563-47.00-0.62-3.00
DAX 3012,49412,562-67.00-0.54-2.43
CAC 40 Index5,4785,501-23.00-0.42-0.60
Nikkei 225 (Japan)22,74822,870-121.00-0.530.86
HKSE28,16428,416-252.00-0.89-1.47
SSE Composite Index2,7382,769-32.00-1.14-4.82
S&P/TSX Composite Index16,37216,390-19.00-0.11-0.38
NZ 509,3049,340-36.00-0.384.28
US Volatility (Vix)14
Overseas Market Report

US sharemarkets fell on Thursday. Investors took profits after four days of gains on reports that President Trump was preparing to apply tariffs on US$200 billion of Chinese goods. Investors were also squaring books ahead of the upcoming Labor Day weekend holiday. Shares in Apple rose by 0.9% to record highs. Shares in Campbell Soup fell 2.1% after announcing plans to sell international businesses such as Arnotts Biscuits. The Dow Jones index fell by138 points or 0.5%. The S&P 500 index lost 0.4% and the Nasdaq fell by 21 points or 0.3%.

Global oil prices rose again on Thursday. US oil inventories fell in the latest week and there is evidence of disruptions to oil supplies from Iran and Venezuela. Brent crude rose by US63 cents or 0.8% to US$77.77 a barrel and the US Nymex price rose by US74 cents or 1.1% to US$70.25 a barrel.

Base metal prices fell by between 0.2-1.6% on the London Metals Exchange (LME) on Thursday with copper down the least and nickel, zinc and aluminium down the most.

The gold futures price fell by US$6.50 an ounce or 0.5% to $1,205 an ounce. The spot gold price was trading near US$1,200an ounce in late US trade. Iron ore rose by US20 cents or 0.5% to US$65.75 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.5177.77-0.26-0.334.39
Oil - West Texas crude70.0770.25-0.18-0.261.91
Gold Spot $/OZ1,200.001,200.00-0.30-0.02-1.99
Silver Spot $/OZ14.6014.500.000.04-6.23
Iron Ore61.2060.900.300.44-0.31
Thermal Coal Newcastle117.50117.70-0.20-0.131.69
Coking Coal FOB ECP AUS182.20181.001.200.666.36
Aluminium ($US/t)2,1122,147-35.00-1.641.76
Copper Mar-18 ($US/lb)2.682.68-1.50-0.56-5.51
Lead ($US/t)2,0552,072-16.00-0.78-3.89
Nickel ($US/t)13,20013,415-215.00-1.60-4.12
Zinc ($US/t)2,4742,514-40.00-1.58-5.45
Tin ($US/t)19,27018,990280.001.47-4.36
Uranium ($US/lb)26.0027.000.00-0.752.72
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,4526,461-9.00-0.131.35
S&P/ASX 2006,3446,352-7.00-0.111.02
ASX 24 Futures6,323
Australian Market Report

Thursday 30 August - close. The Australian share market closed flat on Thursday, falling back from a new post-GFC intra-day high after a late slump in banking stocks. The benchmark S&P/ASX200 index ended Thursday 0.4 points, or 0.01 per cent, lower at 6,351.8 points, while the broader All Ordinaries index was up 3.5 points, or 0.05 per cent, at 6,460.5 points.

Ashanti Headlines

Greenland Minerals and Energy Limited: (GGG.ASX, 8.1cps, m.cap A$90.7m with 1,106.3m SOI, Cash $9.4m, Rare Earth's Developer)

  • Inaugural Safeguards Inspection Brings Kvanefjeld Into International Non‐Proliferation System to Enable Uranium Production and Sales
  • A formal inspection of the Kvanefjeld site and associated facilities by representatives of the International Atomic Energy Agency (IAEA) was completed on August 28
  • IAEA inspectors were joined by representatives of the Danish Emergency Management Agency, the Government of Greenland and the Geological Survey of Denmark and Greenland
  • IAEA inspectors confirmed that the objective of their visit had been successfully achieved
  • MD John Mair commented "This is a very important milestone for the Kvanefjeld Project. We are very pleased to have had the opportunity to host the IAEA’s inspectors this week. The Company is committed to ensuring that Greenland complies with all of its obligations under the terms of its safeguards agreement with the IAEA and it is very gratifying that the IAEA‘s inspectors were able to successfully achieve their objectives this week....  We were also pleased that representatives of the Danish Emergency Management Agency were able to join the IAEA in Narsaq for their visit. It is important that future uranium production at Kvanefjeld will be undertaken in strict compliance with international non‐proliferation laws enacted by Greenland and Denmark to facilitate the development of Kvanefjeld.”
  • 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

AuMake International Ltd (AU8.ASX, 30cps, m.cap A$99.7m with 332.5m SOI (fully diluted), Cash $10.7m, Consumer Discretionary)

  • AuMake International Ltd released an impressive set of FY18 Financial Results this morning
  • Year-on-year (YOY) sales up 107% to $21.4m
  • Gross profit growth of 172% to $3.1m, with gross margin increase of 3.5% to 14.7%
  • Same store* gross profit growth of 97%
  • Significant sales of owned brand products, representing 4% of annual sales
  • Operational breakeven expected during 2019Financial Year (FY2019)
  • Strong cash position of $10.7m; business well-funded for growth

  • Significant growth quarter on quarter in FY2018, adding three new AuMake Daigou hubs, one showroom, one AuMake retail store and five Kiwi Buy stores
  • Q3 shows the favourable margin mix from higher Chinese tourism during Chinese New Year festivities
  • Q4 reflects benefits from Kiwi Buy acquisition and newly opened Daigou Hubs despite the seasonal low activity
  • George Street (Sydney CBD) continues to grow in sales and gross profit, with high gross margins
  • Online members (WeChat and website) reached 80,000 with an average increase of 1,000 members per week

A link to the annual report presentation can be found here


Have a question? admin@ashanticapital.com.au

ERA Communications