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26 March 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,51725,50215.000.06-2.08
S&P 5002,7982,801-2.00-0.080.16
NASDAQ7,6387,643-5.00-0.071.17
FTSE 100 Index7,1787,208-30.00-0.420.37
DAX 3011,34711,364-18.00-0.15-1.68
CAC 40 Index5,2615,270-9.00-0.180.42
Nikkei 225 (Japan)20,97721,627-650.00-3.01-2.20
HKSE28,52329,113-590.00-2.03-0.86
SSE Composite Index3,0433,104-61.00-1.973.45
S&P/TSX Composite Index16,06616,089-23.00-0.15-0.01
NZ 509,5169,519-3.00-0.032.07
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were mixed on Monday. Shares in Apple fell by 1.2% after the tech giant launched Apple TV as a streaming service including access to newspaper services. Shares in Boeing rose by 2.3% after saying it would brief pilots and regulators this week on software and training updates for its 737 MAX aircraft. After being down 130 points, the Dow Jones index ended firmer by 14.5 points or 0.1%. The S&P500 index fell 0.1%. And the Nasdaq index lost 5 points or 0.1%.

Global oil prices were mixed on Monday. Investors weighed up concerns about global economic growth with OPEC supply cuts and expectations of tighter US crude inventories to be reported for the past week. Brent crude rose by US18 cents or 0.3% to US$67.21 a barrel but the US Nymex price fell by US22 cents or 0.4% to US$58.82 a barrel.

Base metal prices were generally lower on Monday. Aluminium lost 1.2% and lead fell by 1.1% and nickel and tin fell by near 0.3%. But zinc rose by 0.8% and copper rose by 0.4%.

The gold futures price rose by US$10.30 an ounce or 0.8% to $1,322.60 an ounce. The spot gold price was near US$1,321 an ounce in late US trade. Iron ore fell by US$1.25 or 1.5% to US$84.95 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent67.2167.030.180.273.78
Oil - West Texas crude59.0758.820.250.436.43
Gold Spot $/OZ1,322.001,322.000.600.05-0.50
Silver Spot $/OZ15.5015.500.000.04-2.45
Iron Ore81.3081.90-0.60-0.72-1.55
Thermal Coal Newcastle93.6093.300.300.27-0.16
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8541,877-23.00-1.21-1.41
Copper Mar-18 ($US/lb)2.852.841.300.48-3.24
Lead ($US/t)1,9882,010-21.00-1.06-4.12
Nickel ($US/t)12,87112,903-32.00-0.25-0.19
Zinc ($US/t)2,8682,84623.000.794.79
Tin ($US/t)21,41021,490-80.00-0.37-2.26
Uranium ($US/lb)26.0026.000.00-0.96-8.04
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2096,281-72.00-1.15-0.01
S&P/ASX 2006,1266,195-69.00-1.11-0.04
ASX 24 Futures6,120
Australian Market Report

Monday 25 March - close. The Australian stock market has recorded its worst session in 12 weeks amid fears of a worldwide economic slowdown. The benchmark S&P/ASX200 index closed down 69 points, or 1.11 per cent, to 6,126.2 points at 1615 AEDT on Monday, while the broader All Ordinaries was down 72.2 points, or 1.15 per cent, at 6,208.7.

Ashanti Headlines

WES proposal to acquire Lynas Corporation - positive read throughs for PM8.ASX

  • Wesfarmers (ASX:WES) has made a conditional, non-binding indicative proposal to the Board of Lynas Corporation (ASX:LYC) to acquire Lynas for $2.25 a share, payable in cash, pursuant to a scheme of arrangement. The proposal is a premium of 44.7 per cent to the last closing price and a premium of 36.4 per cent to the 60-day weighted average price of Lynas to 25 March 2019. 
  • The proposal is conditional on, among other things, entry into a Process Deed to govern Wesfarmers’ due diligence and the negotiation of a binding Implementation Agreement between the parties.
  • This transaction highlights an increasing interest in the Rare Earth sector and the Wesfarmers bid is further validation on the positive outlook for Rare Earths and, in particular, NdPr. 
  • Ashanti will be road-showing Rare Earth Developer Pensana Metals (ASX.PM8) in Hong Kong on 2 April and Sydney 3 & 4 April. 
  • Please get in contact with Cam Williams (+614 312 45379 | cw@ashanticapital.com.au)  if you would like to organise a meeting. 

Have a question? admin@ashanticapital.com.au

ERA Communications