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08 March 2019 07:15 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,47325,673-200.00-0.781.21
S&P 5002,7492,771-23.00-0.811.58
NASDAQ7,4217,506-84.00-1.131.83
FTSE 100 Index7,1587,196-38.00-0.531.22
DAX 3011,51811,588-70.00-0.605.60
CAC 40 Index5,2685,289-21.00-0.396.17
Nikkei 225 (Japan)21,45621,597-141.00-0.655.52
HKSE28,77929,038-258.00-0.892.98
SSE Composite Index3,1063,1024.000.1418.65
S&P/TSX Composite Index16,05716,092-36.00-0.222.25
NZ 509,4349,437-3.00-0.042.80
US Volatility (Vix)17
Overseas Market Report

US sharemarkets fell on Thursday. The latest interest rate decision in Europe weighed on investor sentiment with the ECB downgrading economic growth forecasts. But data confirms a tight US job market with low wage pressures. Technology stocks were weaker but defensive shares rose in the utilities and real estate sectors. With an hour of trade to go, the Dow Jones index was lower by 250 points or 1.0%. The S&P500 index fell by 1.0%. And the Nasdaq index was down by 102 points or 1.4%.

Global oil prices rose on Thursday. Prices are still supported by supply restrictions - OPEC production cuts and US sanctions on Venezuela and Iran. On the demand side of the equation, the European Central Bank has postponed rate hikes in Europe and provided stimulus to banks. Brent crude rose by US31 cents or 0.5% to US$66.30 a barrel and the US Nymex price rose by US44 cents to US$56.66 a barrel.

Base metal prices were generally lower by up to 2.6% on Thursday with nickel and zinc down the most. But lead and tin were both higher by around 0.4%.

The gold futures price rose by US$1.50 an ounce or 0.1% to $1,286.10 an ounce. The spot gold price was near US$1,285 an ounce in late US trade. Iron ore rose by US$1.45 or 1.7% to US$87.05 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.3065.990.310.477.58
Oil - West Texas crude56.4856.66-0.18-0.327.13
Gold Spot $/OZ1,286.001,286.000.300.02-2.18
Silver Spot $/OZ15.0015.000.000.08-5.07
Iron Ore83.5084.00-0.50-0.632.94
Thermal Coal Newcastle97.6097.500.100.15-0.20
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8391,843-4.00-0.20-1.74
Copper Mar-18 ($US/lb)2.912.92-0.70-0.242.93
Lead ($US/t)2,0902,0846.000.281.39
Nickel ($US/t)13,15613,506-350.00-2.591.91
Zinc ($US/t)2,7382,802-64.00-2.280.58
Tin ($US/t)21,52121,44576.000.352.48
Uranium ($US/lb)28.0028.000.00-0.18-2.77
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3256,344-19.00-0.303.08
S&P/ASX 2006,2446,264-20.00-0.322.84
ASX 24 Futures6,242
Australian Market Report

Thursday 7 March - close. The Australian sharemarket edged higher on Thursday, lifting for the sixth time in seven days and hit a six-month high. The ASX200 has improved by around 15 per cent from mid-December, however the index is approaching 6300 pts which is a level the market has had trouble breaking through convincingly in recent years. The backdrop was challenging for the market today, with US shares slipping for a third day, the OECD cutting forecasts for global economic growth in 2019, mixed data and a number of major stocks trading ex-dividend. The S&P/ASX 200 Index rose 18.3 points, or 0.3 per cent, to 6263.9 while the broader All Ordinaries climbed 17.4 points, or 0.3 per cent, to 6344.2.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 5.7cps, m.cap A$63.4m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • Greenland Minerals has signed a Memorandum of Understanding with Kommune Kujalleq and Kujalleq Business Council establishing the three parties’ intention to conclude a Participation Agreement supporting and supplementing the Impact Benefit Agreement (IBA) which will be part of a successful mining licence application for the Company’s Kvanefjeld Project in southern Greenland.
  • Kommune Kujalleq, headquartered in Qaqortoq, is the municipal authority for the region of southern Greenland which includes Narsaq and the Kvanefjeld Project areas. Kujalleq Business Council is the energetic local organisation representing the local workforce and businesses.
  • In the Memorandum of Understanding, signed at the PDAC Conference in Toronto on 4th March 2019, the three Parties have agreed to a timeframe and a process for negotiating a Participation Agreement which will cover community capacity development in terms of needs identification and skills development for the local workforce and businesses. The parties have also agreed on the importance of sharing knowledge about local culture and land use practices with the projected influx of Project workers.
  • Dr John Mair, CEO of GGG commented the Memorandum was evidence of community support for the Kvanefjeld Project and the Company was pleased that another important step along the development path had been taken.
  • A link to the full announcement can be found here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Alliance Mineral Assets Limited (A40.ASX, 18cps, m.cap A$235m with 1305.3m SOI, Cash A$13m, Polymetallic Explorer / Developer)

  • A40 has appointed Mr Ron Chamberlain as CFO commencing 18 March 2019
  • Mr Chamberlain is a highly credentialed chartered accountant with over 28 years experience predominantly in the resources industry in Australia and internationally. Ron has extensive expertise with project development and production accounting, financing, financial risk management and tax structuring. He has held senior roles with ASX 100 and ASX 200 mineral producers including Iluka Resources Limited and Paladin Energy Limited. Mr Chamberlain's most recent role was CFO of ASX listed Vimy Resources Limited.

  • MD Mark Calderwood commented, "On behalf of the Board, I am delighted to welcome Ron as CFO of the Company. The Board is please to have secured a finance professional of Mr Chamberlain;s calibre and his skill set and experience will be a valuable addition to the Alliance executive team as we continue to build our production profile at the Bald Hill Mine, consolidate our balance sheet and finalise additional long term off take arrangements for the balance of our lithium and tantalum production". 


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