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09 July 2019 06:50 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,80626,922-116.00-0.433.16
S&P 5002,9762,990-14.00-0.483.57
FTSE 100 Index7,5497,553-4.00-0.052.96
DAX 3012,5440-25.00-0.204.14
CAC 40 Index5,5895,594-5.00-0.084.20
Nikkei 225 (Japan)21,53421,746-212.00-0.983.11
SSE Composite Index2,9333,011-78.00-2.583.73
S&P/TSX Composite Index16,46316,542-79.00-0.481.43
NZ 5010,57510,606-31.00-0.295.25
US Volatility (Vix)14
Overseas Market Report

US sharemarkets declined on Monday. Apple shares fell by 2.1% after an analyst at Rosenblatt Securities downgraded them from "neutral" to "sell" as the stock will face a "fundamental deterioration" in the next 6-12 months. The S&P500 healthcare index dropped by 0.8% after US President Donald Trump's recent statement about an upcoming executive order that would lower prescription drug prices. Boeing shares fell by 1.3% after Saudi Arabian budget airline flyadeal said it would not proceed with a US$5.9 billion order for the planemaker's grounded 737 MAX aircraft. The Dow Jones fell by almost 116 points or 0.4% after falling by 177 points in earlier trading. The S&P500 was down by 0.5%. And the Nasdaq fell by 63 points or 0.8%. 

Global oil prices steadied on Monday as Iranian nuclear tensions countered concerns about the impact of slowing global growth on oil demand. Bloomberg reported that BP oil tanker British Heritage is being kept inside the Persian Gulf on fears that it could be seized by Iran. The Brent crude price fell by US12 cents or 0.2% to US$64.11 a barrel. But the US Nymex price rose by US15 cents or 0.3% to US$57.66 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Monday. Zinc (-1.4%) fell to its lowest level since September 2018 on rising Chinese supply. Copper fell by 0.3%, but nickel (+2.1%), lead (+0.9%) and tin (+0.7%) all rose. 

The gold futures price fell by US10 cents an ounce or 0.01% to US$1,400.00 an ounce. The spot gold price was trading near US$1,395 an ounce in late US trade. Iron ore rose by US$3.50 or 3.1% to US$117.75 a tonne buoyed by expectations of strong demand, despite China's steelmakers calling for market stability.

PreviousChangeDaily %
Monthly %
Oil Brent64.1164.23-0.12-0.191.30
Oil - West Texas crude57.5557.66-0.11-0.196.59
Gold Spot $/OZ1,395.001,396.00-0.70-0.054.03
Silver Spot $/OZ15.0015.000.00-0.090.02
Iron Ore114.50116.00-1.50-1.3216.17
Thermal Coal Newcastle75.2076.20-1.00-1.313.30
APAC Hard Coking Coal FOB184.80184.800.000.00-5.98
Aluminium ($US/t)1,7901,7846.000.343.30
Copper Mar-18 ($US/lb)2.662.66-0.30-0.091.08
Lead ($US/t)1,8721,85617.000.891.60
Nickel ($US/t)12,67612,418258.002.089.82
Zinc ($US/t)2,3702,404-35.00-1.44-9.32
Tin ($US/t)18,47618,355121.000.66-4.47
Uranium ($US/lb)25.0025.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,7576,832-74.00-1.093.56
S&P/ASX 2006,6726,751-79.00-1.173.54
ASX 24 Futures6,616
Australian Market Report

Monday 8 July - close. The local sharemarket consolidated on Monday after posting gains on each day of the previous five days. At the close of trade the ASX 200 was down 70 points or 1%, having come within sight of record highs on Friday. Every sector measured by the ASX ended lower, led by Property Trusts & Utilities. Losses for Financials were a significant weight on the Index, in addition to Healthcare, Industrials & Materials. Participation was lower than average for the session, with 2.2 billion units traded worth $5.3 billion. 544 stocks ended higher, 627 weaker and 394 ended unchanged.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 123cps, m.cap A$185.5m with 150.5m SOI, Cash cA$12m, Polymetallic Explorer / Developer)

  • Drilling to the north in the extended Rupice Licence area continues to intersect mineralisation which remains open down-plunge to the north. 
  • BR-11-19 returned:
    • 10m @ 3.6% Zn, 2.3% Pb, 304g/t Ag, 2.8g/t Au, 0.2% Cu, and 48% BaSO4 from 256m, and
    • 18m @ 8.2% Zn, 4.7% Pb, 586g/t Ag, 2.6g/t Au, 0.4% Cu, and 66% BaSO4 from 274m.
  • BR-08-19 returned:
    • 24m @ 1.4% Zn, 1.2% Pb, 156g/t Ag, 1.1g/t Au, 0.2% Cu, and 22% BaSO4 from 196m (BR-03-19), and
    • 26m @ 1.2% Zn, 1.1% Pb, 78g/t Ag, 0.4g/t Au, 0.3% Cu, and 20% BaSO4 from 234m.
  • Preliminary IP survey results highlight new targets to west of current mineralisation. 
  • 5 drill rigs are on-site at Rupice
  • Executive Director, Paul Cronin commented: “Whilst these drill hole results released today continue to demonstrate that the high-grade mineralisation continues north into the new Concession area, our drilling has been to provide a more robust contextual understanding of the known mineralisation to support our maiden Resource Estimate and to support metallurgical, geotechnical and hydrogeological studies that are currently underway to underpin a Scoping Study and ultimately a Feasibility Study. We will continue step-out drilling to the north and, with the results of our geophysical survey, also focus on new target areas to search for possible repetitions of the mineralisation at Rupice, as well as specific drill targets at our Jurasevic-Brestic and Borovica prospects.”
  • A link to the full announcement can be found here
  • Please contact your adviser or the desk on +61 8 6319 7807

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