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31 January 2019 07:32 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,01524,580435.001.777.23
S&P 5002,6812,64041.001.556.95
NASDAQ7,1837,028155.002.208.26
FTSE 100 Index6,9426,834108.001.583.17
DAX 3011,18211,219-37.00-0.335.90
CAC 40 Index4,9754,92847.000.955.16
Nikkei 225 (Japan)20,55720,665-108.00-0.522.71
HKSE27,64327,532111.000.406.95
SSE Composite Index2,5762,594-19.00-0.723.28
S&P/TSX Composite Index15,48515,46321.000.148.11
NZ 508,9588,92633.000.371.67
US Volatility (Vix)18
Overseas Market Report

US sharemarkets were up strongly on Wednesday in response to positive earnings reports and the interest rate decision. Shares in Boeing rose 6.25% on positive full-year profit guidance. Shares in Apple rose 6.8% after reporting solid services revenues. At the close, the Dow Jones index was up by 435 points or 1.8%. The S&P500 index was up by 1.6%. And the Nasdaq index lifted by 155 points or 2.2%.

Global oil prices rose on Wednesday after data showed a smaller-than-expected lift in crude stocks in the last week. Crude inventories rose 919,000 barrels according to the Energy Information Administration, below forecasts for an increase of 3.2 million barrels. Gasoline stocks also fell 2.2 million barrels last week. Investors continue to watch the political crisis in Venezuela. Brent crude rose by US33 cents or 0.5% to US$61.65 a barrel and the US Nymex price rose by US92 cents or 1.7% to US$54.23 a barrel.

Base metal prices rose by up to 1.9% on the London Metal Exchange with nickel doing the best although tin rose just 0.4%.

The gold futures price rose by US30 cents an ounce to$1,315.50 an ounce. The spot gold price was near US$1,319 anounce in late US trade. Iron ore rose by US$5.10 or 6.4% to US$85.05 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.6561.320.330.5418.10
Oil - West Texas crude54.4154.230.180.3319.82
Gold Spot $/OZ1,320.001,320.000.300.022.95
Silver Spot $/OZ16.1016.100.000.033.71
Iron Ore72.7072.100.600.834.63
Thermal Coal Newcastle99.3099.200.100.10-2.55
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8911,87417.000.881.83
Copper Mar-18 ($US/lb)2.772.770.700.255.45
Lead ($US/t)2,0742,06114.000.661.10
Nickel ($US/t)12,28112,054227.001.8815.35
Zinc ($US/t)2,6922,66231.001.167.99
Tin ($US/t)20,88520,80580.000.386.97
Uranium ($US/lb)29.0029.000.000.001.22
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9755,95124.000.404.65
S&P/ASX 2005,9095,88722.000.384.65
ASX 24 Futures5,846
Australian Market Report

Wednesday 30 January - close. The Australian share market has closed higher after a fluctuating trading session with the resources sector putting in a strong performance. The benchmark S&P/ASX200 index was up 12.5 points, or 0.21 per cent, to 5,886.7 at 1630 AEDT on Wednesday, while the broader All Ordinaries was up 11.6 points, or 0.2 per cent, lower at 5,951.1.

Ashanti Headlines

AuMake International Ltd (AU8.ASX, 22cps, m.cap A$59.7m with 271.5m SOI, Cash $8.0m, Consumer Discretionary)

Quarterly Highlights

This morning AuMake (AU8.ASX) released their numbers from the December quarter, highlights include;

  • Record financial performance;
    • Sales: $11.83m (Sep 2018 quarter: $10.05m) up 18% 
    • Gross profit: $2.51m (Sep 2018 quarter: $1.76m) up 43%
    • Gross margin: 21.25% (Sep 2018 quarter: 17.5%) up 21%
  • Significant increase in owned brand sales (OEM) growth of 55% to $850,000 (Sep quarter 2018: $550,000) 424% increase in owned brand sales to $1.40m (first half FY18 compared to first half FY17)
  • Strong improvement in same store performance over the June quarter with growth of 17% (sales) and 75% (gross profit)
  • Net cash operating outflow decreased by 72% to $0.30m (excluding forward purchased inventory) (September 2018 quarter: $1.19m)
  • Strong balance sheet with cash and inventory of A$8.04M and A$3.75M respectively.
  • AuMake signed exclusive strategic partnership with JD.com. Revenue expected to materialise in Jun Qtr-19.

Contrary to recent media publications, AuMake expects the Chinese New year to be particularly busy and we look forward to seeing how this impact the March Qtr.

Please see link to full announcement here

Please call the desk or your adviser on +61 8 6169 2668 should you wish to discuss further.

Greenland Minerals Limited: (GGG.ASX, 7.3cps, m.cap A$82.7m with 1,132.6m SOI, Cash $6.7m, Rare Earth's Developer)

This morning Greenland Minerals Ltd (GGG.ASX) released their quarterly activities report, highlights include;

  • China BTMR laboratories complete flotation circuit optimisation test work 
    • Optimised grade-recovery produces >22% REO concentrate grades with recovery in excess of 80% 
  • Engineering optimisation studies advance: 
    • Tetra Tech devise engineering design refinements to reduce civil earth works substantially 
    • Updated port design completed by PND Engineers and C-CCC 
  • Updated SIA reviewed by Greenland Government with only minor recommendations 
    • SIA amendments completed, and returned to Government early January 
  • Updated EIA review progressing, with meetings held during the quarter 
    • Additional waste-rock studies, fjord modelling and air quality studies completed with no changes to existing conclusions of minimal impact 
  • Translation of EIA document and Maritime Safety Study completed 
  • Democrat party enters agreement with Siumut-led government to strengthen support on key areas 
    • Agreement includes committed support for rare earth and associated uranium production

Have a question? admin@ashanticapital.com.au

ERA Communications