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07 February 2019 07:41 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,39025,412-21.00-0.087.90
S&P 5002,7322,738-6.00-0.227.13
NASDAQ7,3757,402-27.00-0.368.09
FTSE 100 Index7,1737,177-4.00-0.065.32
DAX 3011,32511,368-43.00-0.385.37
CAC 40 Index5,0795,083-4.00-0.087.63
Nikkei 225 (Japan)20,87420,84430.000.144.17
HKSE27,99027,93159.000.219.23
SSE Composite Index2,6182,58534.001.304.11
S&P/TSX Composite Index15,71215,70310.000.068.33
NZ 509,1389,07465.000.714.51
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were weaker on Wednesday as investors mulled latest earnings results. Tech stocks were supported by gains in chipmakers. But video game makers fell. Shares in Electronic Arts fell 13.3% after earnings fell short of forecasts. Shares in Capri Holdings (formerly Michael Kors) rose 11.3% after it raised its revenue forecast. At the close of trade the Dow Jones index was down by 21 points or 0.1%. The S&P500 index was down by 0.2%. And the Nasdaq index was lower by 27 points or 0.4%.

Global oil prices rose on Wednesday. Crude oil stocks rose by 1.63 million barrels in the past week, short of forecasts for a 2.179m barrel gain. The 513,000 barrel lift in gasoline stocks in the past week also fell short of forecasts. But a stronger US dollar limited gains in crude prices. A stronger greenback makes US dollar denominated commodities more expensive for European and Asian buyers. Brent crude rose by US71 cents or 1.1% to US$62.69 a barrel and the US Nymex price rose by US35 cents or 0.7% toUS$54.01 a barrel.

Base metal prices were mixed on the London Metal Exchange on Wednesday. Copper and tin rose 0.7% while other metals fell by up to 1.3% with zinc down the most.

The gold futures price fell by US$4.80 an ounce or 0.4% to $1,314.40 an ounce. The spot gold price was near US$1,306 an ounce in late US trade. Iron ore was unchanged at US$86.65 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent62.6961.980.711.159.87
Oil - West Texas crude53.9854.01-0.03-0.0611.25
Gold Spot $/OZ1,308.001,307.001.000.081.43
Silver Spot $/OZ15.7015.700.000.030.17
Iron Ore81.1079.301.802.2714.86
Thermal Coal Newcastle98.3098.300.000.00-1.21
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8811,899-18.00-0.930.60
Copper Mar-18 ($US/lb)2.832.84-1.00-0.377.17
Lead ($US/t)2,0702,084-14.00-0.676.80
Nickel ($US/t)12,85612,978-123.00-0.9516.42
Zinc ($US/t)2,7052,742-37.00-1.347.77
Tin ($US/t)21,05520,910145.000.697.54
Uranium ($US/lb)29.0029.000.000.000.52
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,1386,09246.000.766.85
S&P/ASX 2006,0726,02645.000.756.83
ASX 24 Futures6,009
Australian Market Report

Wednesday 06 November - close. Australian shares have finished higher for a third straight day, while the Australian dollar has hit the skids after the Reserve Bank opened the door to a possible rate cut. The benchmark S&P/ASX200 index closed up 20.2 points, or 0.34 per cent, at 6,026.1 points at 1615 AEDT on Wednesday, while the broader All Ordinaries was up 23.7 points, or 0.39 per cent, at 6,091.8.

Ashanti Headlines

Alliance Mineral Assets Limited (A40.ASX, 17.5cps, m.cap A$231.7m with 1305.3m SOI, Cash A$13m, Polymetallic Explorer / Developer)

  • Alliance have announced record monthly production of 13,160t of lithium concentrate grading an estimate 6.15% Li2O for January 2019 from its Bald Hill Lithium and Tantalum Mine in WA.
  • Jan 2019 total lithium concentrate production was 28% higher than December 2018 production
  • 131,400t of ore was processed at an average throughput of 237 tph with 87.6% net utilisation, which equates to 30% above nameplate and 23% more throughput than December 2018.
  • Head grade was 0.93% Li2O and gross recovery 64.2%.
  • A total of 23,232 wmt (estimated 22,928 dmt) of lithium concentrate shipped on the 2nd and 3rd of February. Revenue from these shipments expected to be approximately A$26 million, subject to final assay.
  • An additional 30,000t lithium concentrate is expected to be shipped or ready for shipment during March 2019 quarter.
  • A total of 20t high grade tantalum grading approximately 30% Ta2O5 was shipped in January 2019.
  • An additional shipment of 20t high grade tantalum grading approximately 30% Ta2O5 is expected to depart on 8 February 2019.
  • Production guidance for the half year to 30 June 2019 remains at 65,000 to 80,000t of lithium concentrate.
  • Mark Calderwood, Managing Director commented “Lithium concentrate production for January 2019 was up 28% on December 2018 total production and is an excellent start to the current quarter. The quantity of lithium concentrate shipped over the last week is also a record for Alliance. A number of requests for lithium concentrate are currently being reviewed and we expect to ship, or have ready for shipment an additional 30,000t of premium quality lithium concentrate during the quarter. Interest in long term off take for Bald Hill’s high-grade lithium concentrate remains strong.”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Have a question? admin@ashanticapital.com.au

ERA Communications