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20 September 2018 08:15 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,40626,247159.000.612.51
S&P 5002,9082,9044.000.131.78
FTSE 100 Index7,3317,30031.000.42-3.43
DAX 3012,21912,15861.000.50-0.91
CAC 40 Index5,3945,36430.000.560.26
Nikkei 225 (Japan)23,67323,421252.001.086.64
SSE Composite Index2,7312,70031.001.141.20
S&P/TSX Composite Index16,15016,196-46.00-0.28-1.11
NZ 509,3489,3453.000.032.62
US Volatility (Vix)12
Overseas Market Report

US sharemarkets were mixed on Wednesday, but the Dow Jones index hit its highest level since late January, lifting as much as 218points in trading, as rising US Treasury yields boosted the financial sector and trade jitters abated. Bank shares lifted up to 3.3%. But Microsoft shares dipped 1.3% after Morgan Stanley said that its10% dividend hike disappointed. And Amazon shares were 0.8% lower on news of an EU regulatory inquiry into anti-competitive behaviour. The Dow Jones index ended higher by 159 points or 0.6%. The S&P 500 index rose by 0.1%, but the Nasdaq fell by 6 points or 0.1%.

Global oil prices lifted on Wednesday, bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand.According to the EIA, crude inventories fell by 2.1 million barrels last week to 394.1 million barrels, the lowest level since February 2015. Gasoline stocks fell by 1.7 million barrels, above forecasts for a 100,000-barrel drop. Brent crude rose by US37 cents or 0.5% to US$79.40 a barrel and the US Nymex price rose by US$1.27 or1.8% to US$71.12 a barrel.

Base metal prices were mixed on the London Metals Exchange (LME) on Wednesday. Zinc (+3.9%) rose the most as investors focused on physical market factors such as falling inventories and metal output in China. But lead fell by 2.8%.

The gold futures price rose by US$5.40 an ounce or 0.4% to $1,208.30 an ounce. The spot gold price was trading near US$1,203 an ounce in late US trade. Iron ore was up by US30cents or 0.4% to US$69.80 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent79.3579.40-0.05-0.069.89
Oil - West Texas crude71.5071.120.380.537.63
Gold Spot $/OZ1,203.001,204.00-0.60-0.051.08
Silver Spot $/OZ14.2014.200.00-0.04-3.53
Iron Ore64.3064.000.300.39-0.08
Thermal Coal Newcastle114.50114.200.300.31-2.97
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,9912,000-10.00-0.47-0.66
Copper Mar-18 ($US/lb)2.712.71-0.20-0.073.08
Lead ($US/t)2,0082,066-57.00-2.762.34
Nickel ($US/t)12,42012,312108.000.87-7.24
Zinc ($US/t)2,4162,32691.003.891.09
Tin ($US/t)18,91519,020-105.00-0.551.27
Uranium ($US/lb)27.0027.000.00-0.184.19
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,2996,2972.000.03-2.12
S&P/ASX 2006,1936,1903.000.05-2.39
ASX 24 Futures6,166
Australian Market Report

Wednesday 19 September - close. Australian shares have closed higher, buoyed by the heavyweight mining sector following improved copper and iron ore prices overnight. The benchmark S&P/ASX200 index was up 28.5 points, or 0.46 per cent, at 6,190.0 points on Wednesday, while the broader All Ordinaries index was 27.5 points, or 0.44 per cent, higher at 6,297.0 points.

Ashanti Headlines

Alliance Mineral Assets Limited / Tawana Resources NL Merger Update

  • As outlined in the Scheme Booklet despatched to shareholders on 24 August 2018, the Merger is subject to a number of conditions precedent, including the admission of Alliance to the Official List of ASX Limited (ASX) and Official Quotation of Alliance Shares on ASX (ASX Listing Condition).
  • The boards of directors of Tawana and Alliance have determined that the ASX’s Emphasis of Matter Requirement1 would not be capable of satisfaction within the current timetable for the Merger, and have therefore agreed to waive the ASX Listing Condition.
  • The Directors of both Tawana and Alliance are of the opinion that Alliance should be in a position to satisfy the Emphasis of Matter Requirement in due course, and accordingly Alliance will continue to work towards an ASX listing as soon as practicable following completion of the Merger.
  • As a consequence of waiving the ASX Listing Condition, Alliance will not seek admission to the Official List of ASX in connection with the Merger at this time and will remain listed on SGX.
  • Both Alliance and Tawana remain committed to completing the Merger, and subject to satisfying the remaining conditions precedent (including approval from the shareholders of both Tawana and Alliance, and approval of the Federal Court of Australia), it is anticipated that the Merger will be completed by the end of October 2018.
  • The Alliance Board continues to be of the view that the Proposed Scheme represents a compelling opportunity to consolidate and simplify the operational management of the Bald Hill Joint Venture, enhance the Merged Group's balance sheet and position the Merged Group as a significant producer of high demand lithium concentrate.
  • As such, the Alliance Board continues to unanimously recommend that all Alliance Shareholders vote in favour of the Proposed Resolutions, including the Proposed Scheme, and, save where they are required to abstain, each Alliance Director intends to vote the Alliance Shares that they own or control at the time of EGM (if any), and will direct any proxies placed at their discretion, in favour of the Proposed Resolutions in the absence of an Alliance Superior Proposal.
  • A link to the full announcement can be found here

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