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04 March 2019 08:14 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,91625,985-69.00-0.273.40
S&P 5002,7842,792-8.00-0.282.88
NASDAQ7,5337,555-22.00-0.293.70
FTSE 100 Index7,0757,107-32.00-0.460.78
DAX 3011,51611,48728.000.253.00
CAC 40 Index5,2415,22515.000.294.41
Nikkei 225 (Japan)21,38521,557-171.00-0.792.87
HKSE28,63328,757-124.00-0.432.51
SSE Composite Index2,9412,954-13.00-0.4412.33
S&P/TSX Composite Index15,99916,074-75.00-0.473.18
NZ 509,3429,32517.000.183.81
US Volatility (Vix)15
Overseas Market Report

US sharemarkets rose on Friday. Bloomberg reported that a US China summit on trade could happen by mid-March. Economic data was mixed but inflation was retrained. The Dow Jones index rose by 110 points or 0.4%. The S&P500 index was higher by 0.7%. And the Nasdaq index was up by 63 points or 0.8%. Over the week the Dow fell 0.02% but the S&P 500 rose by 0.4% and the Nasdaq rose by 0.9%. The Nasdaq has risen for 10 straight weeks, the longest winning streak since 1999.

Global oil prices fell 2.0-2.5% on Friday. The US ISM manufacturing index fell to 2-year lows, igniting concerns about global oil demand. But the number of oil rigs in operation in the US fell by 10 in the latest week, the second fall in five weeks. And Reuters survey data showed that OPEC pumped 30.68 million barrels per day (bpd) in February, down 300,000 bpd from January and the lowest OPEC total since 2015. Brent crude fell by US$1.24 or 1.9% to US$65.07 a barrel and the US Nymex price fell by US$1.42 or 2.5% to US$55.80 a barrel. Over the week Brent fell 3.1% with Nymex down 2.5%.

Base metal prices were mixed on Friday. Copper lead and tin fell up to 0.7% while other metals rose up to 1.1%. Over the week lead rose 3.2% and nickel rose 2.9% but copper and tin both rose 0.1%.

The gold futures price fell by US$16.90 an ounce or 1.3% to $1,299.20 an ounce on Friday. The spot gold price was near US$1,293 an ounce in late US trade. Over the week gold fell by US$33.60 or 2.5%. Iron ore rose by US$2.50 or 2.9% to US$87.30a tonne. Over the week iron rose by US60 cents or 0.7%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.3166.58-0.27-0.417.14
Oil - West Texas crude57.2157.22-0.01-0.023.53
Gold Spot $/OZ1,314.001,313.000.600.05-0.28
Silver Spot $/OZ15.6015.600.000.08-1.81
Iron Ore82.6084.40-1.80-2.1814.30
Thermal Coal Newcastle96.1094.901.101.21-2.98
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8901,896-7.00-0.37-0.13
Copper Mar-18 ($US/lb)2.952.950.100.026.40
Lead ($US/t)2,1452,13015.000.722.18
Nickel ($US/t)12,96912,972-3.00-0.024.53
Zinc ($US/t)2,8142,77638.001.373.06
Tin ($US/t)21,74721,68067.000.313.90
Uranium ($US/lb)28.0028.000.00-0.36-3.98
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2756,25322.000.355.72
S&P/ASX 2006,1936,16924.000.385.62
ASX 24 Futures6,173
Australian Market Report

Friday 01 March - close. The Australian share market has finished higher for a third day, hitting its highest level in five months. The benchmark S&P/ASX200 index closed up 23.7 points, or 0.38 per cent, at 6,192.7 points at 1615 AEDT on Friday, while the broader All Ordinaries was up 21.1 points, or 0.34 per cent, at 6,273.8.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 73cps, m.cap A$109.9m with 150.5m SOI, Cash cA$14.6m, Polymetallic Explorer / Developer)

  • ADT this morning has announced the appointment of Mr. Michael Rawlinson as an independent Non-Executive Director, effective immediately.
  • Mr Rawlinson is a former investment banker with over 20 years experience focused on the mining and metals sector. He was previously Global Co-Head of Mining and Metals at Barclays investment bank where he worked since 2013 having joined from the boutique investment bank, Liberum Capital which he co-founded in 2007. After starting his career in the City of London at Flemings in 1991, he joined Cazenove in 1996before leaving JP Morgan Cazenove in 2007 where he was Head of EMEA Mining and Metals. He has been both a corporate financier and research analyst covering the mining sector and has extensive capital markets experience, having worked on the IPOs and follow-on offerings for a number of companies including Anglo American, Billiton, Xstrata, Glencore, Gem Diamonds, as well as the Company's own IPO in 2006. He is also Senior Independent Non-Executive Director at Hochschild Mining plc and Independent Non-Executive Director at UK-listed Capital Drilling Limited and works with a number of private entities. In addition, Mr Rawlinson served as a Non-Executive Director of Talvivaara Mining Company Plc between April 2012 and November 2013.
  • Adriatic’s Chairman, Peter Bilbe commented “The addition of Michael Rawlinson significantly strengthens the board of Adriatic. Michael has a formidable reputation as a highly successful resource specialist, whose knowledge of the London investment market will be invaluable to our small, but rapidly growing company over the coming years. We are delighted that Michael has accepted our invitation to join the board and welcome his valuable contribution to the future success of Adriatic Metals.”

Alliance Mineral Assets Limited (A40.ASX, 19.5cps, m.cap A$254.5m with 1305.3m SOI, Cash A$13m, Polymetallic Explorer / Developer)

  • Alliance has announced it has consolidated its debt facilities into a simplified structure at a lower average interest rate
  • Lithco No.2 Pty Ltd (a wholly - owned subsidiary of Alliance), has completed the draw down of the remaining A$20 million of its A$40 million secured funding package
  • Funds drawn down under the Lithco Facility will be used to repay the Company's existing A$13 million loan facility, which incurred a higher interest rate than the Lithco Facility. Repayment of the AMAL Loan Facility simplifies the debt and security structure, such that the Alliance group now has a single debt facility with on consortium and with a single first ranking security.
  • Draw down of the Lithco Facility and repayment of the AMAL Loan Facility results in a net increase of A$7 million in the Group's secured debt facilities to a total of A$40m.
  • Funds remaining after repayment of the AMAL Loan Facility will be used for advancing the Company's recovery and throughput optimisation project and general working capital purposes.
  • Managing Director Mark Calderwood commented: "We are please to have worked closely with Tribeca to consolidate our debt facilities at a lower average interest rate. Production at Bald Hill continues to be strong and I reiterate our guidance of 65,000t to 80,000t of lithium concentrate for the half year to 30 June 2019 and I expect the current quarter production will be a record quarter for the mine."


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