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04 July 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,96626,787179.000.676.45
S&P 5002,9962,97323.000.776.87
NASDAQ8,1708,10961.000.758.54
FTSE 100 Index7,6097,55950.000.665.48
DAX 3012,616090.000.715.39
CAC 40 Index5,6195,57742.000.756.65
Nikkei 225 (Japan)21,63821,754-116.00-0.536.03
HKSE28,85528,876-20.00-0.077.82
SSE Composite Index3,0153,044-29.00-0.945.34
S&P/TSX Composite Index16,57616,471105.000.642.54
NZ 5010,55510,54411.000.106.06
US Volatility (Vix)13
Overseas Market Report

US sharemarkets rose on Wednesday with the Dow Jones, S&P 500 and Nasdaq indexes all at record highs. The mixed economic data boosted prospects that the Federal Reserve will cut interest rates. Private-sector jobs rose less than expected in June. Shares in Tesla rose by 4.6% after the electric carmaker reported record quarterly vehicle deliveries. The Dow Jones rose by 179 points or 0.7%. The S&P500 lifted by 0.8% to record highs and the Nasdaq was up 61 points or 0.8%. 

Global oil prices rebounded by around 2% on Wednesday after falling by 4-5% the previous day. Investors were encouraged by firmer equities markets. Also there was news that the number of oil rigs in operation in the US fell from 793 to 788 in the past week. But restraining oil prices was news that US crude inventories fell by only 1.1 million barrels last week, less than the expected decrease of 3m barrels. The Brent crude price rose by US$1.42 or 2.3% to US$63.82 a barrel. And the US Nymex price rose by US$1.09 or 1.9% to US$57.34 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Wednesday. Zinc fell by 1.7% and lead fell 0.8% while other metals rose up to 3.6%, led by tin and nickel (up 2.2%). 

The gold futures price rose by US$12.90 an ounce or 0.9% to a 6-year high of US$1,420.90 an ounce. The spot gold price was trading near US$1,418 an ounce in late US trade. Iron ore rose by US15 cents or 0.1% to US$126.35 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.8262.401.422.284.14
Oil - West Texas crude57.3057.34-0.04-0.077.14
Gold Spot $/OZ1,417.001,419.00-1.90-0.136.89
Silver Spot $/OZ15.3015.300.00-0.073.25
Iron Ore117.00116.400.700.5618.54
Thermal Coal Newcastle72.8070.002.803.93-0.68
APAC Hard Coking Coal FOB185.00186.00-1.00-0.54-5.37
Aluminium ($US/t)1,7651,7569.000.480.63
Copper Mar-18 ($US/lb)2.682.680.200.070.47
Lead ($US/t)1,8651,880-15.00-0.783.05
Nickel ($US/t)12,27212,004267.002.223.82
Zinc ($US/t)2,4932,537-44.00-1.73-4.56
Tin ($US/t)18,30317,664639.003.62-5.41
Uranium ($US/lb)24.0024.000.000.002.08
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7706,74129.000.435.51
S&P/ASX 2006,6856,65332.000.485.58
ASX 24 Futures6,645
Australian Market Report

Wednesday 03 July - close. The Australian share market has showed its resiliency, closing higher for a third day as markets across Asia slipped. The benchmark S&P/ASX200 index finished up 32.3 points, or 0.49 per cent, to 6,685.5 points at 1615 AEST on Wednesday, while the broader All Ordinaries was up 29 points, or 0.43 cent, to 6,770.1.

Ashanti Headlines

Independence Group NL: (IGO.ASX, 480cps, m.cap A$2,828m with 590.5m SOI, Cash $257m, Diversified / Base Metals Producer)

  • IGO has report preliminary metal production guidance for 4Q19 and FY2019 for its Nova and Tropicana operations.
  • As mentioned in 3Q19 results, full year metal production for FY19 and Nova exceeded guidance, while Tropicana FY19 production within guidance range.
  • IGO’s Managing Director & CEO Peter Bradford commented: “The better than guidance production performance at Nova and on guidance production from Tropicana for FY19 reflects the quality of our assets, and, more importantly, the consistent high performance by our world class operating team at Nova and the Joint Venture team at Tropicana. “Strong operating discipline and ongoing optimisation at Nova has delivered nickel production rates which have exceeded the average production rate determined in the Feasibility Study for each of the last five quarters. With capital development and grade control drilling substantially completed during FY19, Nova is positioned to continue to deliver strong results into FY20. “At Tropicana, our joint venture partners AngloGold Ashanti delivered another solid year of production achieving an annualised processing rate in excess of 8Mtpa, while also commencing development of the Boston Shaker underground mine, which is due to produce first gold in the September 2020 quarter. “The impressive operational performance from both Nova and Tropicana is underpinning our growth strategy which remains focused on exploration and discovery as well as the potential downstream processing opportunity to produce battery grade nickel sulphate from Nova concentrate. These are exciting times at IGO and we look forward to these work programs producing further value creation for all stakeholders into the future.”
  • Detailed operational and financial results for these periods, as well as production and cost guidance for the 2020 financial year, will be reported as part of the June 2019 Quarterly Report scheduled to be released on 31 July 2019.
  • Please contact your adviser or the desk on +61 8 6319 7806 should you wish to discuss further.

Have a question? admin@ashanticapital.com.au

ERA Communications