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04 June 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,82024,8155.000.02-6.36
S&P 5002,7442,752-8.00-0.28-6.83
NASDAQ7,3337,453-120.00-1.61-10.18
FTSE 100 Index7,1857,16223.000.32-2.65
DAX 3011,793066.000.56-4.99
CAC 40 Index5,2415,20834.000.65-5.54
Nikkei 225 (Japan)20,41120,601-190.00-0.92-8.30
HKSE26,89426,901-7.00-0.03-10.60
SSE Composite Index2,8902,899-9.00-0.30-6.12
S&P/TSX Composite Index16,01616,037-22.00-0.13-2.90
NZ 509,99210,118-126.00-1.24-0.66
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were mixed on Monday with tech stocks falling the most. Sources told Reuters the US Justice Department is preparing an investigation to determine if the Google-parent, Alphabet, broke antitrust laws. Alphabet lost 6.1%. Amazon fell 4.6% on a report that it could be put under the watch of the Federal Trade Commission. Facebook fell 7.5% after the Wall Street Journal reported that the FTC has secured the right to examine how the social media company practices affect digital competition. The Dow Jones index rose by 5 points or less than 0.1%. The S&P500 index fell by 0.3% and the Nasdaq lost 120 points or 1.8%. 

Global oil prices fell on Monday. The Saudi Arabian energy minister suggested that OPEC would extend supply cuts to support prices: "We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels." Further the US tariff wars with China and Mexico raised concerns about global growth and oil demand. The Brent crude price fell by US71 cents or 1.1% to US$61.28 a barrel. And the US Nymex fell by US25 cents or 0.5% to US$53.25 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Monday. Tin, lead and copper rose by up to 2.8% with tin up the most. Other metals fell by between 1.1-2.1% with zinc down the most. 

The gold futures price rose by US$16.80 an ounce or 1.3% to a 3-month high of $1,327.90 an ounce. The spot gold price was trading near US$1,325 an ounce in late US trade. Iron ore fell by US$1.85 or 1.9% to US$97.95 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.2861.99-0.71-1.15-13.51
Oil - West Texas crude53.1053.25-0.15-0.28-14.27
Gold Spot $/OZ1,325.001,325.00-0.50-0.043.56
Silver Spot $/OZ14.8014.800.00-0.04-1.02
Iron Ore98.7098.90-0.20-0.2212.19
Thermal Coal Newcastle73.2075.80-2.60-3.36-16.38
APAC Hard Coking Coal FOB195.50199.50-4.00-2.01-0.26
Aluminium ($US/t)1,7541,773-19.00-1.09-0.89
Copper Mar-18 ($US/lb)2.662.650.700.26-5.95
Lead ($US/t)1,8101,79415.000.84-4.12
Nickel ($US/t)11,82011,972-152.00-1.27-2.61
Zinc ($US/t)2,6122,668-56.00-2.10-9.02
Tin ($US/t)19,35018,825525.002.79-0.36
Uranium ($US/lb)24.0024.000.000.42-4.19
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,4116,492-81.00-1.25-0.26
S&P/ASX 2006,3216,397-76.00-1.19-0.24
ASX 24 Futures6,332
Australian Market Report

Monday 3 June - close. The Australian share market has suffered its worst loss in five months amid jitters on global growth and fears the US is picking a second trade war, this one with Mexico. The benchmark S&P/ASX200 index closed down 76.4 points, or 1.19 per cent, to 6,320.5 points at 1615 AEST on Monday, while the broader All Ordinaries was down 81 points, or 1.25 per cent, to 6,410.8.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 2.5cps, m.cap A$36.55m with 1,462.2m SOI, Cash $6m, Rare Earths explorer)

  • PM8 have announced is has received firm commitments from institutional clients of RFC Ambrian and Ashanti Capital for a private placement of 250,000,000 FPO shares at $0.020 to raise $5m.
  • The funds will be applied to the execution of a Pre Feasibility Study by Wood Group into the development of the Longonjo NdPr Project in Angola which will be reported in September.
  • Longonjo is one of the world’s largest and highest grade rare earth projects and has the advantage of major rail, power and port infrastructure which is expected to substantially reduce the capital cost and timeline to production.  
  • CEO Tim George commented, “The  strong  institutional  support  reflects  the  interest  in  rare earths  as  an exposure to the EV sector and our ambition to capitalise on Longonjo’s grade and infrastructure  advantages  to  become  the  world’s  next  major supplier  to  this critical sector.”
  • Please contact your adviser or the desk on +61 8 6169 2668 should you wish to discuss further.

**PLACEMENT TODAY** ARC Exploration (ARX.ASX) | Acquisition of Cyprium Australia | Ashanti Capital Sole Lead Manager

Ashanti Capital Pty Ltd (“Ashanti”) is acting as Lead Manager and Bookrunner to ARC Exploration (ARX.ASX) who is seeking to raise a minimum $2,000,000 through an offer of 10,000,000 new fully paid shares in the Company at an issue price of $0.20. The Company reserves the right to accept oversubscriptions.

Please have BROKER FIRM bids in by no later than 3pm AWST on Tuesday 4th of June. Please bid in shares.

 

Company Snapshot (Post Issue)

Shares currently on Issue: 43.5M

Issue Price of New Shares: $0.20

Cash: ~ $3.7M

Market Cap @ $0.20: ~A$8.7M

EV: ~$5M

Company Overview

ARC Exploration (ARX.ASX) has executed an agreement to acquire to acquire 100% of the issued capital of Cyprium Australia Pty Ltd. Cyprium is an Australian based copper explorer and developer that was formed by the ex-management team of Finders Resources (ASX.FND). 

Use of Funds

  • Progressing ARX’s interest in the Cue Copper Project
  • Resource drilling and metallurgical test-work at the Hollandaire Copper Project
  • Technical due diligence of other advanced opportunities in the Australian copper space
  • General working capital

Please contact the your adviser or the desk on +61 8 6169 2668 if you would like more information or wish to discuss further.

*** Please note this is general advice, Ashanti will be participating in the capital raising in which it will earn corporate fees for. Please see term sheet for full disclosure and transaction details.


Have a question? admin@ashanticapital.com.au

ERA Communications