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03 July 2019 06:50 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,78726,71769.000.267.92
S&P 5002,9732,9649.000.298.33
FTSE 100 Index7,5597,49862.000.825.21
DAX 3012,52705.000.046.22
CAC 40 Index5,5775,5689.000.166.40
Nikkei 225 (Japan)21,75421,73024.000.116.58
SSE Composite Index3,0443,045-1.00-0.035.32
S&P/TSX Composite Index16,47116,38289.000.542.84
NZ 5010,53010,532-2.00-0.024.07
US Volatility (Vix)13
Overseas Market Report

US sharemarkets rose on Tuesday. Wire services noted reduced investor enthusiasm to a trade deal being agreed between the US and China. The US Trade Representative has also proposed tariffs on US$4 billion worth of European Union goods in a long-running dispute over aircraft subsidies. Wall Street trading activity also wound down ahead of Thursday's Independence Day holiday. At the close of trade, the Dow Jones rose by 69 points or 0.3%. The S&P500 lifted by 0.3% to record highs and the Nasdaq was up 18 points or 0.2%.

Global oil prices fell by 4-5% on Tuesday despite OPEC and its allies extending supply cuts until March 2020. Investors were worried that weak manufacturing data signalled weaker global oil demand. Some investors were disappointed that the production cuts weren't more significant. OPEC and allies such as Russia will cut combined production by 1.2 million barrels per day or 1.2% of world demand. The Brent crude price fell by US$2.66 or 4.1% to US$62.40 a barrel. And the US Nymex price fell by US$2.84 or 4.8% to US$56.25 a barrel. 

Base metal prices mostly fell on the London Metal Exchange (LME) on Tuesday. Tin fell the most (-6.5%) but aluminium fell just 0.8% while zinc rose 0.3%.

The gold futures price rose by US$18.70 an ounce or 1.4% to US$1,408 an ounce. The spot gold price was trading near US$1,413 an ounce in late US trade. Iron ore rose by US$5.00 or 4.1% to US$126.20 a tonne on concerns over tight supply.

PreviousChangeDaily %
Monthly %
Oil Brent62.4065.06-2.66-4.09-3.24
Oil - West Texas crude56.6056.250.350.626.29
Gold Spot $/OZ1,425.001,419.006.100.437.50
Silver Spot $/OZ15.3015.300.00-0.023.51
Iron Ore112.60111.800.900.8012.49
Thermal Coal Newcastle70.0068.002.002.94-16.07
APAC Hard Coking Coal FOB186.00188.00-2.00-1.06-4.86
Aluminium ($US/t)1,7561,770-14.00-0.80-0.94
Copper Mar-18 ($US/lb)2.662.660.400.130.42
Lead ($US/t)1,8801,892-13.00-0.664.74
Nickel ($US/t)12,00412,266-262.00-2.130.28
Zinc ($US/t)2,5372,5298.000.32-4.91
Tin ($US/t)17,66418,890-1.00-6.49-6.17
Uranium ($US/lb)24.0025.000.00-0.202.51
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,7416,73110.000.145.15
S&P/ASX 2006,6536,6485.000.085.26
ASX 24 Futures6,592
Australian Market Report

Tuesday 02 July - close. The Australian share market fell flat after the Reserve Bank delivered a consecutive cash rate cut, with the big four banks and mining giants pulling in opposite directions. The benchmark S&P/ASX200 index lost earlier gains to close just 5.1 points, or 0.08 per cent, higher at 6,653.2 points on Tuesday, while the broader All Ordinaries finished up 9.7 points, or 0.14 per cent, at 6,741.1.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 115cps, m.cap A$172.6m with 150.5m SOI, Cash cA$12m, Polymetallic Explorer / Developer)

  • One of ADT's major shareholders Sandfire Resources NL (SFR.ASX Mcap $1.1B) have increased their stake in the Company to 11.13% through a series of on-market trades this past week.
  • This is not the first time SFR has been interested in increasing its stake in ADT as was reported by the AFR in November last year AFR
  • Sandfire increasing its stake above 10% entitles them to a board seat.
  • As long as has been anticipated, Sandfire have been active on the corporate front looking to replace depleting copper reserves at Degrussa. Last week SFR made an implied cash and script offer of A$0.45 per share for MOD Resources Limited.
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further.

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