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27 June 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,53726,548-11.00-0.043.72
S&P 5002,9142,917-4.00-0.123.10
NASDAQ7,9107,88525.000.323.57
FTSE 100 Index7,4167,422-6.00-0.081.91
DAX 3012,245017.000.141.44
CAC 40 Index5,5015,515-14.00-0.253.08
Nikkei 225 (Japan)21,08721,194-107.00-0.51-0.45
HKSE28,22228,18636.000.133.42
SSE Composite Index2,9762,982-6.00-0.192.90
S&P/TSX Composite Index16,31216,371-59.00-0.36-0.21
NZ 5010,38910,408-19.00-0.192.37
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were mixed on Wednesday. Technology shares were higher after remarks by US Treasury Secretary Steven Mnuchin rekindled hopes for a de-escalation of US-China trade tensions. Mr. Mnuchin told CNBC that "We were about 90% of the way there (with a deal) and I think there's a path to complete this". Micron Technology shares rose by 13.3% after the chipmaker said it would "lawfully resume" shipments to Chinese telecom giant Huawei. Apple shares rose by 2.2% after the iPhone maker confirmed that it bought self-driving start-up Drive.ai. The Dow Jones index closed down by 11 points or 0.04%. The S&P500 index fell by almost 4 points or 0.1%. But the Nasdaq rose by 25 points or 0.3%. 

Global oil prices rose on Wednesday, boosted by a larger-than expected drawdown in US crude stocks. US crude inventories fell by 12.8 million barrels last week - the most since September 2016 - surpassing analyst expectations for a fall of 2.5 million barrels, according to the US EIA. The Brent crude price rose by US$1.44 or 2.2% to US$66.49 a barrel. And the US Nymex rose by US$1.55 or 2.7% to US$59.38 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Wednesday. Nickel (+1.6%) rose as inventories on the LME fell by 3,414 tonnes to 164,838 tonnes, near 6-year lows. But zinc (-2.4%) and tin (-1.5%) both fell. 

The gold futures price fell by US$3.30 an ounce or 0.2% to US$1,415.40 an ounce. But the spot gold price was trading near US$1,409 an ounce in late US trade. Iron ore rose by US$1.00 or 0.9% to US$114.75 a tonne due to supply concerns.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.4965.051.442.21-3.20
Oil - West Texas crude59.1059.38-0.28-0.470.80
Gold Spot $/OZ1,408.001,409.00-0.90-0.069.25
Silver Spot $/OZ15.3015.300.000.024.61
Iron Ore109.90110.000.00-0.0315.17
Thermal Coal Newcastle70.9071.000.00-0.07-15.24
APAC Hard Coking Coal FOB192.00192.000.000.00-5.88
Aluminium ($US/t)1,7951,7914.000.221.37
Copper Mar-18 ($US/lb)2.712.71-0.10-0.040.22
Lead ($US/t)1,9201,934-14.00-0.715.77
Nickel ($US/t)12,42412,234190.001.550.62
Zinc ($US/t)2,5952,660-65.00-2.43-4.63
Tin ($US/t)18,77119,065-294.00-1.54-4.18
Uranium ($US/lb)25.0025.000.00-0.201.86
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7166,735-18.00-0.272.62
S&P/ASX 2006,6406,658-18.00-0.262.92
ASX 24 Futures6,554
Australian Market Report

Wednesday 26 June - close. The financial sector has dipped for the second day in a row as traders realized losses ahead of the end of the financial year. The benchmark S&P/ASX200 index was down 17.5 points, or 0.25 per cent, to 6,640.5 points at 1615 AEST on Wednesday, while the broader All Ordinaries was down 18.4 points, or 0.27 per cent, to 6,716.1.

Ashanti Headlines

AuMake International Ltd (AU8.ASX, 15cps, m.cap A$46.8m with 312.1m SOI, Cash c$12.5m (Consumer Discretionary)

  • AuMake International Limited held a general meeting this morning which resulted in the approval of the acquisition of Broadway International
  • As part of the EGM AU8 have released an investor presentation. 
  • Broadway Acquisition Rationale:
    • Leading Retailer to the Australian and New Zealand Chinese tour group industry for the last 20 years
    • Brand Exposure Introduce Australia and New Zealand's best and newest brands to Chinese tour groups for the first time at industry leading prices
  • Outlook Commentary:
    • Strong trading conditions experienced in traditional low season June
    • AuMake increasing market share as rationalisation and consolidation of daigou market continues
    • Significant growth anticipated from acquisition of Broadway effective from start – mid July 2019.
    • Continue to strengthen the relationship with JD.com
    • Moving into high season towards end of CY19 coinciding with aspirational profitability
  • Please see link to the June presentation here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss the Company further

Have a question? admin@ashanticapital.com.au

ERA Communications