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18 September 2018 08:21 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,06226,155-93.00-0.351.53
S&P 5002,8892,905-16.00-0.561.36
NASDAQ7,8968,010-114.00-1.431.02
FTSE 100 Index7,3027,304-2.00-0.03-3.39
DAX 3012,09612,124-28.00-0.23-0.93
CAC 40 Index5,3495,353-4.00-0.070.07
Nikkei 225 (Japan)23,04923,095-46.00-0.203.50
HKSE26,93327,286-354.00-1.30-1.03
SSE Composite Index2,6522,682-30.00-1.11-0.64
S&P/TSX Composite Index16,08216,01369.000.43-1.48
NZ 509,2489,272-23.00-0.252.16
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were lower on reports that President Trump will announce tariffs on US$200 billion of Chinese goods after the close of trade on Monday. Technology and consumer discretionary stocks fell the most with shares in Apple down by 2.4% and Amazon down3.2%. After trading in a 154 point range, the Dow Jones index ended lower by almost 93 points or 0.4%. The S&P 500 index fell by 0.6%and the Nasdaq fell by 114 points or 1.4%.

Global oil prices were down just slightly on Monday. The focus was on the US-China trade dispute and upcoming sanctions on Iran. Reuters also reported on Monday, that "Russian Energy Minister Alexander Novak said all possible scenarios for oil output could be discussed at a meeting of OPEC and non-OPEC states in Algeria this month." Brent crude fell by US4 cents or 0.1% to US$78.05 a barrel and the US Nymex price fell by US8 cents or 0.1% toUS$68.91 a barrel.

Base metal prices were down by up to 3.3% on the London Metals Exchange (LME) on Monday with nickel down the most. But tin was flat while lead bucked the trend, up by 1.7%.

The gold futures price rose by US$4.70 an ounce or 0.4% to $1,205.80 an ounce. The spot gold price was trading near US$1,200 an ounce in late US trade. Iron ore fell by US10 cents or0.1% to US$69.50 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.7178.05-0.34-0.448.19
Oil - West Texas crude68.5668.91-0.35-0.514.02
Gold Spot $/OZ1,199.001,201.00-2.60-0.211.17
Silver Spot $/OZ14.1014.20-0.10-0.48-4.65
Iron Ore64.3064.000.300.39-0.08
Thermal Coal Newcastle114.60115.40-0.80-0.69-2.88
Coking Coal FOB ECP AUS182.200.000.000.000.00
Aluminium ($US/t)1,9992,006-8.00-0.37-0.26
Copper Mar-18 ($US/lb)2.622.62-1.90-0.70-0.53
Lead ($US/t)2,0652,03036.001.755.22
Nickel ($US/t)12,15812,574-416.00-3.30-9.20
Zinc ($US/t)2,3002,316-17.00-0.72-3.81
Tin ($US/t)19,04519,046-1.00-0.011.97
Uranium ($US/lb)27.0027.000.000.374.38
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2796,294-15.00-0.23-2.28
S&P/ASX 2006,1706,185-15.00-0.24-2.67
ASX 24 Futures6,171
Australian Market Report

Monday 17th September - close. Australian shares have closed higher, lifted by the banks despite heavy losses to aged care stocks in reaction to the pending royal commission. It was a positive day for most sectors with all but two sectors advancing for the day. The biggest contributors to gains coming in the shape of financials. All four major banks were ahead with the ANZ Bank (ANZ) the biggest improver, up 0.9%. National Australia Bank (NAB) lifted 0.8% after announcing changes to its senior management team. Former NSW premier, Mike Baird has been named the head of NAB’s retail bank, replacing Andrew Hagger. The benchmark S&P/ASX200 index was up 19.7 points, or 0.32 per cent, at 6,185.0 points on Monday, while the broader All Ordinaries index was up 17.6 points, or 0.28 per cent, higher at 6,293.9 points.

Ashanti Headlines

Cassini Resources Limited: (CZI.ASX, 7.2cps, m.cap A$24.8m with 345.5 SOI, Cash c$5.5m, Base Metals Explorer)

  • Resource extension drilling targeting the eastern end of the Nebo deposit has discovered a significant new body of mineralisation, named as the Angie Lode
  • Better results include 5.6m @ 2.68% Ni, 2.09% Cu, 0.09% Co & 0.33g/t PGE from 186.95, within a broader zone of 50.35m @ 0.62% Ni, 0.54% Cu, 0.02% Co & 0.15g/t PGE from 170.85m
  • The Angie Lode is located close to, but outside of, the current mine design and may extend over 550m of strike-length
  • Follow-up resource delineation drilling now planned
  • Further opportunities for the discovery of additional high-grade mineralisation with the potential to positively impact mine development
  • Please see attached link to full announcement here

Greenland Minerals Limited: (GGG.ASX, 8.1cps, m.cap A$90.0m with 1,111.0m SOI, Cash $9.4m, Rare Earth's Developer)

  • Engineering studies conducted onsite as part of broader optimisation program 
  • Work programs designed to reduce civil works, and maximise site‐specific advantages 
  • Engineers from four companies participated; Nuna Logistics, PND Engineers, Tetra Tech, China Communications Construction Co (C‐CCC),   
  • Multi‐disciplinary cross‐section of leading international expertise and capacities   
  • Effective strategies developed to simplify the project construction, minimise civil earthworks and reduce associated capital costs
  • A link to the full announcement can be found here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss the announcement further


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ERA Communications