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23 January 2019 07:01 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average24,40424,706-302.00-1.228.73
S&P 5002,6332,671-38.00-1.428.95
FTSE 100 Index6,9016,971-69.00-0.992.68
DAX 3011,09011,136-46.00-0.414.29
CAC 40 Index4,8484,868-20.00-0.423.26
Nikkei 225 (Japan)20,62320,719-96.00-0.472.26
SSE Composite Index2,5802,611-31.00-1.182.52
S&P/TSX Composite Index15,23415,354-120.00-0.789.32
NZ 509,0809,115-35.00-0.384.53
US Volatility (Vix)21
Overseas Market Report

US sharemarkets fell for the first time in five sessions on Tuesday. Concerns about a slowdown in the global economy caused investors to book profits on the 13% plus rally since Christmas Eve. It was reported that the US turned down China's offer of preparatory trade talks but this was later rejected as not correct. Energy stocks fell in response to lower oil prices. And healthcare company Johnson & Johnson and oilfield services provider Halliburton Co delivered weak earnings forecasts. At the close the Dow Jones index was lower by 302 points or 1.2%. The S&P500 index was down by 1.4%. The Nasdaq index was lower by 137 points or 1.9%.

Global oil prices fell by around 2% on Tuesday on concerns about slower global economic growth. The IMF has trimmed forecasts for global growth in 2019 from 3.7% to 3.5%. Also data from Saudi Arabia on Monday showed its crude oil exports in November rose to 8.2 million barrels per day from 7.7 million in October. Brent crude fell by US$1.24 or 2.0% to US$61.50 a barrel and the US Nymex price fell by US$1.23 or 2.3% to US$52.57 a barrel.

Base metal prices were mixed on the London Metal Exchange. Aluminium rose 1.7% and lead rose 0.3% but other metals fell up to 1.9% with nickel down the most.

The gold futures price rose by US80 cents an ounce or 0.1% to $1,283.40 an ounce. The spot gold price was trading near US$1,284 an ounce in late US trade. Iron ore fell by US$1.35 or 1.8% to US$74.60 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent61.5162.74-1.23-1.9614.29
Oil - West Texas crude53.0154.04-1.03-1.9116.28
Gold Spot $/OZ1,285.001,285.00-0.30-0.022.31
Silver Spot $/OZ15.3015.300.00-0.064.79
Iron Ore72.9072.700.100.163.42
Thermal Coal Newcastle99.2099.30-0.10-0.15-2.46
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,8781,84831.001.68-1.53
Copper Mar-18 ($US/lb)2.662.72-5.90-2.19-0.71
Lead ($US/t)2,0132,0076.000.292.67
Nickel ($US/t)11,51611,736-220.00-1.876.67
Zinc ($US/t)2,5882,596-8.00-0.311.37
Tin ($US/t)20,56020,785-225.00-1.086.12
Uranium ($US/lb)29.0029.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,9205,924-5.00-0.086.98
S&P/ASX 2005,8545,859-5.00-0.097.06
ASX 24 Futures5,791
Australian Market Report

Tuesday 22 January - close. The Australian stock market has closed lower for the first time in six days dragged heavily by financials but remains on a six-year high comparatively for January. The benchmark S&P/ASX200 index was down 31.6 points, or 0.54 per cent, to 5858.8 at 1630 AEDT on Tuesday, while the broader All Ordinaries was down 29.2 points, or 0.49 per cent, lower at 5924.3.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 6.5cps, m.cap A$73.6m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • Shanghe Resources Holding Co Ltd (Shenghe) GML's largest shareholder has formed a joint venture company with subsidiaries of China National Nuclear Corporation (CNNC), to create China Nuclear Hua Sheng Mining Ltd (Hua Sheng), in which Shenghe will hold a 45% interest.
  • Hua Sheng will be the designated agent for Shenghe for the import, export and trading of rare earth materials and products that carry radionuclides, common constituents of rare earth rich minerals and concentrates. It will be authorised by the relevant ministries and commissions in China to undertake these activities. 
  • Shenghe’s participation in Hua Sheng Mining provides an authorised means for the receipt, processing, and separation of rare earth elements from radioactive materials imported into China from Shenghe’s overseas rare earth resources
  • In August 2018, GML entered a non‐binding Memorandum of Understanding (MoU) with Shenghe that encompasses the offtake of total output of rare earth elements from Kvanefjeld in either chemical or mineral concentrate (announced August 21st 2018). Shenghe’s involvement in Hua Sheng establishes a formal means for the import of rare earth concentrates containing uranium and thorium into China for further processing, subject to the conclusion of appropriate international safeguards arrangements by the responsible authorities covering the uranium (and thorium) component of the rare earths concentrate.
  • CNNC brings additional technical knowledge to the metallurgical separation of radionuclides from rare earth elements. The co‐investment by Shenghe in Hua Sheng strengthens the opportunity for GML and Shenghe to pursue the finalisation of a Strategic Development Plan for the Kvanefjeld Project, as outlined in the MoU.
  • GML MD John Mair commented "The rare earth sector continues to evolve rapidly and Shenghe’s participation in Hua Sheng Mining along with CNNC creates a company that is authorised to import and process rare earth minerals and products enriched in radioactive elements. Shenghe’s association with CNNC provides further technical and regulatory support that will benefit the Kvanefjeld Project.”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.

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