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26 September 2018 07:52 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,49226,562-70.00-0.262.72
S&P 5002,9162,919-4.00-0.131.42
NASDAQ8,0077,99314.000.180.77
FTSE 100 Index7,5087,45849.000.66-0.92
DAX 3012,37512,35124.000.19-0.16
CAC 40 Index5,4795,4763.000.050.86
Nikkei 225 (Japan)23,94023,87070.000.295.92
HKSE27,49927,954-454.00-1.62-0.62
SSE Composite Index2,7812,797-16.00-0.581.89
S&P/TSX Composite Index16,16016,207-48.00-0.30-1.20
NZ 509,3459,346-1.00-0.012.02
US Volatility (Vix)12
Overseas Market Report

US sharemarkets were mixed on Tuesday. US President Trump said at the UN General Assembly that the US "will no longer tolerate abuse" on trade. While US Trade Representative Robert Lighthizer said that negotiations with Canada were at an impasse. Shares of Ford (-2.1%) and General Motors (-3.5%) fell. Apple (+0.6%) shares fell initially, but recovered after Qualcomm (-1.1%) accused the tech company of stealing intellectual property and giving it to Intel (-2.1%). The Dow Jones index fell by almost 70 points or 0.3%. The S&P 500 index fell by 0.1%, but the Nasdaq rose by 14 points or 0.2%.

Global oil prices rose on Tuesday. The Brent crude oil price hit fresh 4-year highs after OPEC signalled that it may not replace Iranian oil that's disappearing from global markets as US sanctions loom. India said that would cut Iranian oil imports to zero in November. And US President Trump said that OPEC is "ripping off the world" in an address to the UN. Brent crude rose by US67 cents or 0.8% to US$81.87 a barrel and the US Nymex price rose by US20 cents or 0.3% to US$72.28 a barrel.

Base metal prices mostly fell on the London Metals Exchange (LME) on Tuesday. Falling share prices of Chinese property developers on worries that a property pre-sale system may be scrapped weighed on copper (-0.6%) and zinc (-1.9%).

The gold futures price rose by US70 cents an ounce or 0.1% to $1,205.10 an ounce. The spot gold price was trading near US$1,201 an ounce in late US trade. Iron ore fell by US10 cents or 0.1% to US$68.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent81.8781.200.670.837.98
Oil - West Texas crude71.9572.28-0.33-0.464.70
Gold Spot $/OZ1,201.001,201.000.000.00-0.38
Silver Spot $/OZ14.5014.500.000.05-2.32
Iron Ore64.9064.600.400.543.18
Thermal Coal Newcastle113.70113.800.00-0.04-3.56
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)2,0442,02816.000.79-1.36
Copper Mar-18 ($US/lb)2.802.80-1.30-0.443.81
Lead ($US/t)1,9932,035-42.00-2.08-3.69
Nickel ($US/t)12,86012,864-4.00-0.03-3.58
Zinc ($US/t)2,5142,562-48.00-1.87-1.06
Tin ($US/t)18,90518,989-84.00-0.44-0.71
Uranium ($US/lb)28.0027.000.000.364.56
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2996,2990.00-0.01-0.92
S&P/ASX 2006,1866,187-1.00-0.02-0.98
ASX 24 Futures6,186
Australian Market Report

Tuesday 25 September - close. The Australian share market has closed flat, with the financial sector weighing on the market and offsetting strong gains from commodity-related stocks. The benchmark S&P/ASX200 index was down one point, or 0.02 per cent, at 6185.9 points on Tuesday, while the broader All Ordinaries index was 0.4 points, or 0.01 per cent, lower at 6299.1 points.

Ashanti Headlines

Trident Resources PLC: (TRR.LSE, 20p, mcap £4.4m with 22m SOI, Cash £3.8m, mining acquisition vehicle)

  • Trident Resources PLC will list on the London Stock Exchange this Friday, 28th September 
  • Trident was formed as an investment vehicle by advisers Tamesis Partners LLP (Tamesis), Azure Capital Limited (Azure) and Ashanti Capital Pty Ltd (Ashanti) to identify, assess and acquire near term mining development and production assets to generate value for its shareholders
  • The Advisers and board of directors will utilise their extensive collective networks within the resources sector to identify and assess near-term mining development and production assets that could be acquired by Trident.
  • Trident’s investment focus will primarily be on opportunities thought best suited to the London institutional investment market, namely:
    • Assets in the post-exploration phase comprising those on the development curve from PEA / concept study onwards;
    • All commodities considered with a specific focus on precious and base metals and ‘battery industry’ related minerals;
    • Assets in jurisdictions appropriate for institutional investment in the London market; and
    • Quality management teams (either currently associated with the asset or separately selected through the networks of the Board and Advisers) While these criteria will be the primary focus, ‘exceptional’ opportunities that are identified outside of these criteria will also be considered.
  • The Company will list with a strong register of high net worth and institutional Shareholders who have participated in the IPO including LIM Asia Special Situations Master Fund Ltd and Tribeca Global Natural Resources Fund Ltd who will respectively be interested in approximately 15.9 per cent. and 12.7 per cent. of the issued share capital on Admission. Collectively, following the Placing, institutional investors will represent in aggregate approximately 41.4 per cent. of the Enlarged Shares.

  • Please contact the desk on +61 8 6169 2668 should you wish to discuss the listing further

Base Resources Limited: (BSE.ASX, 24cps, mcap A$270.6m with 1,127.6m SOI, Cash $29.7, Mineral Sands Producer)

  • Ashanti is pleased to host Base Resources on a non-deal roadshow in Singapore and Hong Kong this week. 
  • Base's FY18 results highlights:
    • Revenue up 22% to US$198.8m, EBITDA up 32% to US$109.3m and NPAT up 114% to US$34m
    • Revenue growth largely driven by price increases - sales volume 5% lower than pcp and consistent production profile
    • Net debt down to US$33.2m - reduced by US$65.3m (66% on pcp)
    • Kwale Phase 2 mine optimisation successfully completed - increased mining rates and concentrator capacity
    • Kwale Measured and Indicated mineral resources increased by 19% with further drilling underway
    • Acquisition of world-class Toliara Sands Project in Madagascar underpinning future growth
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss the Company further


Have a question? admin@ashanticapital.com.au

ERA Communications