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07 March 2019 07:29 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,67325,807-133.00-0.522.00
S&P 5002,7712,790-18.00-0.652.42
NASDAQ7,5067,576-70.00-0.932.99
FTSE 100 Index7,1967,18313.000.171.44
DAX 3011,58811,621-33.00-0.285.13
CAC 40 Index5,2895,298-9.00-0.166.08
Nikkei 225 (Japan)21,59721,726-129.00-0.604.07
HKSE29,03828,96276.000.263.74
SSE Composite Index3,1023,05448.001.5718.48
S&P/TSX Composite Index16,09216,0876.000.032.48
NZ 509,4269,41511.000.123.21
US Volatility (Vix)16
Overseas Market Report

US sharemarkets fell on Wednesday. Energy and healthcare led the declines. General Electric shares extended Tuesday's losses, down 7.6% after warning about negative cash flow in its businesses. At the close of trade, the Dow Jones index was lower by 133 points or 0.5% after earlier being down 172 points. The S&P500 index fell by 0.7%. And the Nasdaq index was down by 70 points or 0.9%.

Global oil prices were mixed on Wednesday. US crude oil inventories rose by 7.1 million barrels last week, against forecasts tipping a 2.1 million barrel decline. But gasoline stocks fell by 4.2 million barrels. Brent crude rose by US13 cents or 0.2% to US$65.99 a barrel and the US Nymex price fell by US34 cents to US$56.22 a barrel.

Base metal prices were generally lower by up to 0.7% on Wednesday with copper and tin down the most. But lead and zinc were both flat.

The gold futures price rose by US$2.90 an ounce or 0.2% to $1,287.60 an ounce. The spot gold price was near US$1,286 an ounce in late US trade. Iron ore fell by US$2.40 or 2.7% to US$85.60 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent65.9965.860.130.205.26
Oil - West Texas crude56.1456.22-0.08-0.146.65
Gold Spot $/OZ1,287.001,286.000.900.07-1.74
Silver Spot $/OZ15.1015.100.000.08-4.11
Iron Ore83.5084.00-0.50-0.632.94
Thermal Coal Newcastle97.5098.00-0.60-0.61-0.86
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8431,849-7.00-0.35-2.03
Copper Mar-18 ($US/lb)2.922.94-1.80-0.602.89
Lead ($US/t)2,0842,0840.000.000.69
Nickel ($US/t)13,50613,574-68.00-0.505.06
Zinc ($US/t)2,8022,8011.000.043.60
Tin ($US/t)21,44521,597-152.00-0.701.85
Uranium ($US/lb)28.0028.000.000.00-2.76
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3426,32716.000.252.97
S&P/ASX 2006,2606,24615.000.232.75
ASX 24 Futures6,268
Australian Market Report

Wednesday 6 March - close. Australian shares have shot up as investors bet that weaker than expected economic figures means that the RBA will likely cut interest rates this year. The benchmark S&P/ASX200 index closed up 46.3 points, or 0.75 per cent, to 6,245.6 points at 1615 AEDT on Wednesday, while the broader All Ordinaries was up 45.4 points, or 0.72 per cent, at 6,326.8.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 77.5cps, m.cap A$116.6m with 150.5m SOI, Cash cA$14.6m, Polymetallic Explorer / Developer)

  • ADT has announced that the Minister for Energy, Mining and Industry has approved the Company's application for an Exploration Permit over the expanded Concession Area which includes the area immediately north of the former Rupice Concession boundary.
  • Drilling will now commence to test the Rupice northern extension as well as continuing to test the south-east extension.
  • The forth rig is completing a short program of infill drilling at Veovaca to incorporate additional precious metals into an updated Mineral Resource estimate.
  • Drilling aims to both extend known high-grade mineralisation at Rupice and test high priority targets identified by historical and recent data that have potential to host new discoveries
  • Following up on the 2018 geophysical Induced Polarisation (IP) survey, which demonstrated that the Rupice mineralisation responds to (IP) techniques, the Company will also now employ a significantly higher power transmitter to increase the depth penetration and IP coverage. A 30kVA transmitter and 3D array Pole-Dipole method will be used to cover the northern extensions of the Rupice mineralisation, and the significant Gradient Array IP chargeability anomalies to the immediate north-west of Rupice and over the Brestic-Jurasevac prospect.
  • Modern exploration to be applied to key regional targets within the expanded Concession at Rupice and Veovaca, as identified by historical exploration last completed in the 1960s
  • Adriatic's CEO Geraint Harris commented, "We have worked tirelessly through the winter to prepare for this exciting exploration campaign in 2019. The receipt of the Federal Exploration Permit will allow us to complete the work we started in 2018 at Rupice North, in addition to allowing us to conduct far more detailed exploration at Brestic-Jurasevac, Borovica and the other high priority exploration targets within our expanded concession.”
  • A link to the full announcement can be found here
  • Please contact your adviser on +61 8 6169 2668 should you wish to discuss further

AuMake International Ltd (AU8.ASX, 21.5cps, m.cap A$58.4m with 271.5m SOI, Cash $8.0m, Consumer Discretionary)

  • AuMake has just released a stellar 1H Result (updated presentation here) and is now starting to discuss the company’s growth strategy and plans to increase the scale  and reach of the business. 
  • The total value of products via the cross border retail market in Australia is estimated to be $1.5b - $2b p.a. NZ estimated at $0.25b - $0.5b p.a.
  • AuMake is currently only in Sydney (13 stores) - approx. $50m p.a.
  • No dominate brands in either the Australian or New Zealand markets.
  • AuMake is assessing expansion opportunities in Australian and New Zealand capital cities:
    • Low store setup capital requirements to establish highly profitable stores in key new markets
  • Once achieved AuMake has the opportunity to be the dominant retail brand in both Australia and New Zealand and opens a multitude of company changing opportunities in China
  • Ashanti will be roadshowing AuMake in Sydney on Monday 18th & Tuesday 19th March, Melbourne Wednesday 20th March. 
  • Please be in touch if you wish to arrange a meeting ASAP.

Have a question? admin@ashanticapital.com.au

ERA Communications