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29 March 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,71725,62692.000.36-0.77
S&P 5002,8152,80510.000.361.11
NASDAQ7,6697,64326.000.341.81
FTSE 100 Index7,2347,19440.000.562.26
DAX 3011,42811,4199.000.08-0.76
CAC 40 Index5,2975,301-5.00-0.091.07
Nikkei 225 (Japan)21,03421,379-345.00-1.61-1.64
HKSE28,77528,72847.000.160.50
SSE Composite Index2,9953,023-28.00-0.921.84
S&P/TSX Composite Index16,15516,13323.000.140.98
NZ 509,7539,766-13.00-0.134.59
US Volatility (Vix)14
Overseas Market Report

US sharemarkets rose on Thursday on trade optimism. Reuters reported that China had made proposals in talks with the US on a range of issues that go further than it has before, including on forced technology transfer. The report comes as US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin arrived in Beijing for further negotiations. Trade sensitive Caterpillar shares rose by 0.9%. Global retailer PVH's shares surged by 14.8% on strong earnings. The Dow Jones index ended up by 91 points or 0.4%. The S&P500 index rose by 0.4%. And the Nasdaq index lifted by 25 points or 0.3%.

Global oil prices were lower on Thursday as US President Donald Trump renewed his criticism of OPEC, saying that the cartel should lift output because prices are getting "too high." Brent crude fell by US1 cent or -0.01% to US$67.82 a barrel and the US Nymex price fell by US11 cents or 0.2% to US$59.30 a barrel.

Base metal prices were mixed on Thursday. Copper prices rose by 0.4% due to potential supply disruptions following protests at MMG's Las Bambas mine in Peru. Lead prices rose by 0.7%, but nickel (-1.4%) & zinc (-0.5%) prices both declined.

The gold futures price fell by US$20.60 an ounce or 1.6% to $1,289.80 an ounce - the biggest one day fall since August. The spot gold price was near US$1,290 an ounce in late US trade. Iron ore fell by US55 cents or 0.7% to US$83.85 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent67.8267.83-0.01-0.012.71
Oil - West Texas crude59.4559.300.150.253.90
Gold Spot $/OZ1,291.001,290.000.500.04-1.70
Silver Spot $/OZ15.0015.000.000.10-3.72
Iron Ore81.3081.300.000.010.61
Thermal Coal Newcastle93.0093.50-0.50-0.59-3.23
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8861,892-6.00-0.29-0.17
Copper Mar-18 ($US/lb)2.882.870.800.26-2.37
Lead ($US/t)2,0041,99013.000.65-6.61
Nickel ($US/t)12,79612,976-181.00-1.39-1.34
Zinc ($US/t)2,9282,943-15.00-0.494.09
Tin ($US/t)21,47521,40075.000.35-1.25
Uranium ($US/lb)25.0026.000.00-1.76-9.73
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2576,21839.000.630.06
S&P/ASX 2006,1766,13640.000.650.11
ASX 24 Futures6,167
Australian Market Report

Thursday 28 March - close. Australian shares have bounced back with an afternoon rally that lifted every sector. The benchmark S&P/ASX200 index closed up 40.1 points, or 0.65 per cent, to 6,176.1 points at 1615 AEDT on Thursday, while the broader All Ordinaries was up 38.9 points, or 0.63 per cent, at 6,256.5.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 5.2cps, m.cap A$58.9m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • GGG has been advised by Greenland's Ministry of Industry and Energy ("MIE") that the Company's Social Impact Assessment (SIA) for the Kvanefjeld rare earth project now meets the standards required for pubic consultation in Greenland
  • Acceptance of an impact assessment for public consultation is a very significant milestone in Greenland’s mining license application process
  • Greenland’s Mineral Resources Act requires that applicants for mining exploitation licences submit a Social Impact Assessment, and a complementary Environmental Impact Assessment (“EIA”), as part of their applications.  Both assessments must be made available for public consultation once they have been reviewed and accepted by the relevant Greenlandic authorities. An SIA is reviewed by the Ministry of Industry and Energy (“MIE”) and an EIA is reviewed by Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA). GML’s revised and updated EIA is currently under going regulatory review by EAMRA.
  • Following the public hearing a final SIA will be prepared incorporating feedback from the public hearings. The final SIA will form part of the package of material submitted to the Government of Greenland prior to the formal issue of a mining license.
  • MD Dr John Mair commented, “It is gratifying that after so many years’ work, we have been able to achieve the first of several important milestones in the long‐term commercialisation of Kvanefjeld. We, along with our consultants, would like to acknowledge the diligent and professional guidance provided by Greenland’s Ministry for Industry and Energy in preparing a high‐quality SIA. We continue to strengthen our communications with the South Greenland municipality, as outlined in our recent agreement, and look forward to formally presenting and discussing the social impacts, benefits, and opportunities.  The Company’s EIA, which has been conducted by independent experts to very high standards, is effectively completed, in the opinion of GML’s external advisers. A lack of timelines in the EIA regulatory review process introduces delays which have little, if anything, to do with substantive issues. We maintain a proactive dialogue with the administration in regard to establishing clear forward timelines in order for Greenland to meet standard investor expectations, and we anticipate improvements in this area. “
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.

Have a question? admin@ashanticapital.com.au

ERA Communications