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02 July 2019 07:59 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,71726,600117.000.447.67
S&P 5002,9642,94223.000.777.71
NASDAQ8,0918,00685.001.068.56
FTSE 100 Index7,4987,42672.000.974.69
DAX 3012,5210123.000.996.78
CAC 40 Index5,5685,53929.000.526.92
Nikkei 225 (Japan)21,73021,276454.002.135.48
HKSE28,54328,621-79.00-0.286.10
SSE Composite Index3,0452,97966.002.225.04
S&P/TSX Composite Index16,38216,30874.000.462.15
NZ 5010,50810,46543.000.413.85
US Volatility (Vix)14
Overseas Market Report

US sharemarkets lifted on US-China trade hopes on Monday. At the G20 Summit on the weekend, US President Donald Trump offered trade concessions to the Chinese including no new tariffs and an easing of restrictions on Huawei. While China agreed to make unspecified new purchases of US farm products. Shares of tech companies Apple (+1.8%), IBM (+1.4%) and Microsoft (+1.3%) led gains. Nike (+1.7%) shares also outperformed. Chipmaker Skyworks Solutions (+6.0%) shares also performed well. Wynn Resorts shares rose 5.9% on stronger-than-expected gambling revenue in the Chinese territory of Macau in June. The S&P500 index reached a record-high of 2,997.86 points during trading. At the close of trade, the Dow Jones rose by 117 points or 0.4%. The S&P500 lifted by 0.8% and the Nasdaq was up almost 85 points or 1.1%. 

Global oil prices closed higher on Monday on trade optimism. And OPEC and Russia agreed on Monday to extend oil supply cuts until March 2020, which is expected to be ratified in a meeting in Vienna on Tuesday. The Brent crude price rose by US32 cents or 0.5% to US$65.06 a barrel. And the US Nymex price rose by US62 cents or 1.1% to US$59.09 a barrel. 

Base metal prices mostly fell on the London Metal Exchange (LME) on Monday. Nickel (-2.8%) prices extended losses after China's factory data missed market expectations. Zinc (-1.4%), lead (-1.3%) and copper (-0.7%) also fell. But tin rose by 0.3%. 

The gold futures price fell by US$24.40 an ounce or 1.7% to US$1,389.30 an ounce. The spot gold price was trading near US$1,383 an ounce in late US trade. Iron ore rose by US$3.25 or 2.8% to US$121.20 a tonne on concerns over tight supply.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent65.0664.740.320.490.88
Oil - West Texas crude58.7759.09-0.32-0.549.85
Gold Spot $/OZ1,386.001,384.001.600.116.15
Silver Spot $/OZ15.2015.200.000.013.99
Iron Ore112.60111.800.900.8012.49
Thermal Coal Newcastle68.0067.200.801.12-18.47
APAC Hard Coking Coal FOB188.00190.50-2.50-1.31-7.05
Aluminium ($US/t)1,7701,780-9.00-0.52-0.14
Copper Mar-18 ($US/lb)2.682.71-2.60-0.961.50
Lead ($US/t)1,8921,917-25.00-1.305.43
Nickel ($US/t)12,26612,617-351.00-2.782.46
Zinc ($US/t)2,5292,565-36.00-1.40-5.21
Tin ($US/t)18,89018,83357.000.300.35
Uranium ($US/lb)25.0025.000.00-0.202.72
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7316,69932.000.483.69
S&P/ASX 2006,6486,61929.000.443.93
ASX 24 Futures6,608
Australian Market Report

Monday 01 July - close. The Australian share market has closed higher but failed to make strong gains after the US and China agreed to resume trade talks over the weekend. The benchmark S&P/ASX200 index was up 29.3 points, or 0.44 per cent, to 6,648.1 points at 1615 AEST on Monday, while the broader All Ordinaries was up 32.3 points, or 0.48 cent, to 6,731.4.

Ashanti Headlines

Independence Group NL: (IGO.ASX, 476cps, m.cap A$2,805m with 590.5m SOI, Cash $257m, Diversified / Base Metals Producer)

  • IGO has completed wide spaced aircore drilling (3km x 400m & 1.5km x 400m) at the Thunderstorm project in the Fraser Range and has intersected high-grade gold mineralisation within a palaeochannel, IGO have a 70% interest in the project with RTR holding the remaining 30%. RTR is now free-carried through to PFS.
  • Highlights include:
    • Hole 18AFAC30771: 25m @ 2.42 g/t Au from 42m including 5m @ 10.85 g/t from 49m - Themis prospect gold mineralisation intersected within a palaeo-drainage and into basement rocks.
    • Hole 18AFAC20486: 4m @ 3.8 g/t Au from 86m and 4m @ 0.34 g/t Au from 106m - Pion prospect, palaeochannel 11km along from Themis
  • Highlights the potential for both palaeo-channel and basement gold deposits.
  • The main palaeo-drainage has not been tested between the two main intercepts (18AFAC30771 and 18AFAC20486), a distance of 11km (13km by drainage) highlighting the scale potential.
  • IGO will soon commence infill drilling around the significant high-grade gold mineralisation.
  • IGO is completing broad spaced (1.5km by 400m) air core drilling over the remaining untested areas – assays pending.
  • A link to the full announcement can be found here
  • Please call your adviser or the desk on +61 8 6319 7807 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications