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25 January 2019 08:02 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,55324,576-22.00-0.0912.67
S&P 5002,6422,6394.000.1412.39
NASDAQ7,0737,02648.000.6814.22
FTSE 100 Index6,8196,843-24.00-0.351.99
DAX 3011,13011,07259.000.534.67
CAC 40 Index4,8724,84032.000.655.31
Nikkei 225 (Japan)20,57520,594-19.00-0.097.41
HKSE27,12127,008113.000.425.73
SSE Composite Index2,5922,58111.000.413.47
S&P/TSX Composite Index15,28115,20872.000.4810.89
NZ 509,1099,1090.000.004.53
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were mixed on Thursday. Denting sentiment were comments from US Commerce Secretary Wilbur Ross who said that the US and China were "miles and miles" away from a trade agreement. But chipmakers and airlines rose on positive earnings results. According to Refinitiv data, of the 97 S&P 500 companies that have reported fourth-quarter results, 75.3% have topped profit estimates. At the close of trade the Dow Jones index was down by 22 points or 0.1%. The S&P500 index was up by 0.1%. And the Nasdaq index was up 48 points or 0.7%.

Global oil prices were mixed on Thursday. Reuters highlighted the political crisis in Venezuela: "Washington signalled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil. The threat to reduce supplies supported futures prices". Brent crude fell by US5cents or 0.1% to US$61.09 a barrel and the US Nymex price rose by US51 cents or 1.0% to US$53.13 a barrel.

Base metal prices were generally higher on the London Metal Exchange. Lead rose 2.5% and tin rose 1.5% while other metals edged higher by 0.7%. But aluminium lost 1.2% and copper fell 0.4%.

The gold futures price fell by US$4.30 an ounce or 0.3% to $1,285.90 an ounce. The spot gold price was near US$1,280 an ounce in late US trade. Iron ore rose by US80 cents or 1.1% to US$75.40 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.0961.14-0.05-0.0821.04
Oil - West Texas crude53.0653.13-0.07-0.1324.76
Gold Spot $/OZ1,281.001,281.000.100.010.96
Silver Spot $/OZ15.3015.300.00-0.013.67
Iron Ore72.2072.90-0.60-0.862.53
Thermal Coal Newcastle99.0099.20-0.20-0.20-1.98
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8731,896-23.00-1.21-1.29
Copper Mar-18 ($US/lb)2.652.640.300.09-0.81
Lead ($US/t)2,0722,02152.002.554.51
Nickel ($US/t)11,70711,62879.000.688.39
Zinc ($US/t)2,6482,62821.000.784.68
Tin ($US/t)21,12020,814306.001.478.77
Uranium ($US/lb)29.0029.000.000.351.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9455,93114.000.246.92
S&P/ASX 2005,8805,86615.000.257.04
ASX 24 Futures5,820
Australian Market Report

Thursday 24 January - close. The Australian share market has edged up to close higher, but the Aussie dollar took a dive after NAB joined its big four rivals in hiking its variable mortgage rates. The local currency was up after new data revealed the unemployment rate fell, but NAB's move immediately pushed the Aussie back down amid concern the RBA might cut rates later in the year. The benchmark S&P/ASX200 index was up 22 points, or 0.38 per cent, to 5,865.7 at 1630AEDT on Thursday, while the broader All Ordinaries was up 21.8 points, or 0.37 per cent, higher at 5,930.5.

Ashanti Headlines

OZ Minerals CEO Andrew Cole says copper won't be hit by lower global growth

  • OZ Minerals CEO Andrew Cole says any downturn in global economic growth won't automatically spill over to the copper price because of its increasing importance as a vital material for the digital age, along with a lack of new big copper discoveries being made around the world.
  • Mr Cole said those fundamentals had much more influence on the copper price that the pace of broader economic activity. The IMF cut its world economic growth forecasts on January 21 for 2019 and 2020 because of weakness in Europe and emerging markets amid rising worries about trade tensions.
  • Copper had special attributes and the medium-term supply and demand projections across the industry point to a depletion rate of existing mines is running ahead of new finds. "There are jut not enough copper discoveries around the world to replace the depletion rate that we are seeing," Mr Cole said.
  • OZL is on track to begin producing copper from its Carrapateena project in the December quarter this year after giving the final go-ahead for close to $1 billion is spending on the mine in August 2017.
  • We remain optimistic on the outlook for copper and preferred exposure is OZL.ASX and MOD.ASX

Ashanti will be roadshowing MOD Resources Limited (MOD.ASX) in Sydney on Thursday 31st January and Melbourne on Friday 1st February. 

The meetings will provide excellent insight into the upcoming release of the Definitive Feasibility Study (DFS), the company's development strategy and an exploration update on MOD's expansive landholding in the Kalahari Copper Belt.

***Please contact the desk on +61 8 6168 2668 or your adviser should you be interested to arrange a meeting or discuss the Company further.


Have a question? admin@ashanticapital.com.au

ERA Communications