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25 June 2019 07:03 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,72826,7198.000.034.46
S&P 5002,9452,950-5.00-0.174.22
NASDAQ8,0068,032-26.00-0.324.83
FTSE 100 Index7,4177,4089.000.121.91
DAX 3012,2750-65.00-0.532.19
CAC 40 Index5,5225,528-7.00-0.123.86
Nikkei 225 (Japan)21,28621,25927.000.130.80
HKSE28,51328,47439.000.144.24
SSE Composite Index3,0083,0026.000.215.44
S&P/TSX Composite Index16,52316,525-2.00-0.011.81
NZ 5010,37310,388-15.00-0.151.47
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were mixed on Monday. Traders looked ahead to the meeting of US and Chinese leaders over the weekend. Shares in Caesars Entertainment Corp jumped 14.5% on news that rival Eldorado Resorts had agreed to buy the casino operator for $8.5 billion. The Dow Jones index rose by 8 points or less than 0.1%, ending near the day's lows after trading in a 89 point range. The S&P500 index fell by 5 points or 0.2% and the Nasdaq fell by 26 points or 0.3%. 

Global oil prices were mixed on Monday. US President Trump imposed new sanctions on Iran. OPEC and its allies, including Russia, meet to decide production curbs on July 1-2. And traders await the US-China trade talks on June 28-29. The Brent crude price fell by US34 cents or 0.5% to US$64.86 a barrel. But the US Nymex rose by US47 cents or 0.8% to US$57.90 a barrel. 

Base metal prices rose by up to 2.6% on Monday with zinc doing the best. Aluminium rose 1.5%, other metals rose by up to 0.5%, but copper lost 0.3%. 

The gold futures price rose by US$18.10 an ounce or 1.3% to US$1,418.20 an ounce. The spot gold price was trading near US$1,418 an ounce in late US trade. Iron ore fell by US10 cents or 0.1% to US$116.30 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.8665.20-0.34-0.52-5.58
Oil - West Texas crude57.8157.90-0.09-0.16-1.40
Gold Spot $/OZ1,423.001,420.003.600.2510.78
Silver Spot $/OZ15.5015.400.000.156.16
Iron Ore110.40111.30-0.90-0.7718.88
Thermal Coal Newcastle70.6071.30-0.70-0.98-15.60
APAC Hard Coking Coal FOB192.50192.500.000.00-5.87
Aluminium ($US/t)1,7691,74226.001.51-0.13
Copper Mar-18 ($US/lb)2.712.710.300.090.06
Lead ($US/t)1,9071,89810.000.505.05
Nickel ($US/t)12,07012,01851.000.42-2.25
Zinc ($US/t)2,6132,54667.002.61-3.97
Tin ($US/t)19,09519,07025.000.13-2.53
Uranium ($US/lb)25.0025.000.00-0.201.86
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7456,73411.000.173.05
S&P/ASX 2006,6656,65115.000.223.24
ASX 24 Futures6,579
Australian Market Report

Monday 24 June - close. The Australian share market has closed higher as the heavyweight mining and financial sectors shrugged off their morning losses. After falling by as many as 33 points before noon, the benchmark S&P/ASX200 index closed up 14.6 points, or 0.22 per cent, to 6,665.4 points at 1615 AEST on Monday. The broader All Ordinaries finished up 11.2 points, or 0.17 per cent, to 6,745.5.

Ashanti Headlines

Sandfire Resources poised to acquire MOD Resources

  • MOD Resources has entered into a trading halt this morning pending an announcement by the Company in relation to a material change of control transaction.
  • As reported in the AFR's street talk this morning, Sandfire Resources is set to announce a $166 million agreed scrip-and-cash takeover of MOD.
  • It is anticipated Sandfire will pay 45¢ a share for MOD
  • MOD last traded at 31¢ a share giving the copper junior a market value of $94 million.
  • MOD said it will announce the details of the transaction before the commencement of trading on Thursday, 27 June 2019

Market Overview - Rare Earths

  • Ashanti has just completed a research piece on the rare earths sector. 
  • The report provides an overview of the rare earths sector, discussing the risks of developing a project, the history surrounding China’s rise to dominance and the overall dynamics surrounding the market. We also discuss key uses and the underlying support for growth in the industry. We review the status of the ASX listed investment exposures and consider key project pros and cons.
  • Please reach out to the desk on +61 8 6169 2668 or your adviser to request a copy.

Have a question? admin@ashanticapital.com.au

ERA Communications