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11 July 2019 07:48 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,86026,78377.000.293.12
S&P 5002,9932,98013.000.453.72
NASDAQ8,2038,14261.000.754.86
FTSE 100 Index7,5317,536-6.00-0.081.79
DAX 3012,37312,437-63.00-0.511.79
CAC 40 Index5,5685,572-5.00-0.082.94
Nikkei 225 (Japan)21,53321,565-32.00-0.151.55
HKSE28,20528,11688.000.311.49
SSE Composite Index2,9152,928-13.00-0.44-0.36
S&P/TSX Composite Index16,56316,54518.000.111.94
NZ 5010,66810,65018.000.175.22
US Volatility (Vix)13
Overseas Market Report

US sharemarkets rose on Wednesday. The S&P 500 briefly crossed the 3,000-point mark for the first time after Fed Chair Jerome Powell signalled that a rate cut is likely later this month. Amazon (+1.5%), Microsoft (+1.0%) and Apple (+1.0%) were among the biggest boosts to the indexes. Chevron (+1.7%) and Exxon Mobil (+1.4%) both lifted on the sharp rise in the oil price. The Dow Jones rose by 76 points or 0.3%. The S&P500 was up by 0.5%. And the Nasdaq rose by 60 points or 0.8%. 

Global oil prices lifted on Wednesday. US crude stocks fell by 9.5 million barrels in the week to July 5, shrinking more than the 3.1 million barrel draw analysts had expected as refineries ramped up output according to the EIA. The Brent crude price rose by US$2.85 or 4.4% to US$67.01 a barrel. And the US Nymex price rose by US$2.60 or 4.5% to US$60.43 a barrel. 

Base metal prices were mostly higher on the London Metal Exchange (LME) on Wednesday. Nickel (+2.2%), copper (+2.1%) and zinc (+2.1%) led gains. But tin fell by 0.2%. 

The gold futures price rose by US$12.00 an ounce or 0.9% to US$1,412.50 an ounce. The spot gold price was trading near US$1,417 an ounce in late US trade. Iron ore fell by US$1.40 or 1.1% to US$121.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent67.0164.162.854.447.58
Oil - West Texas crude60.4160.43-0.02-0.0313.40
Gold Spot $/OZ1,422.001,419.002.800.207.16
Silver Spot $/OZ15.3015.200.000.233.61
Iron Ore118.30115.602.702.3421.10
Thermal Coal Newcastle75.5074.900.500.732.65
APAC Hard Coking Coal FOB183.50184.50-1.00-0.54-5.90
Aluminium ($US/t)1,8331,80726.001.445.06
Copper Mar-18 ($US/lb)2.692.626.902.611.18
Lead ($US/t)1,9741,91954.002.832.17
Nickel ($US/t)12,92812,646282.002.2311.80
Zinc ($US/t)2,4052,35451.002.14-8.45
Tin ($US/t)18,14818,192-44.00-0.24-6.21
Uranium ($US/lb)25.0025.000.000.00-0.60
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7786,75028.000.412.31
S&P/ASX 2006,6906,66624.000.362.19
ASX 24 Futures6,635
Australian Market Report

Wednesday 10 July - close. The Australian share market has closed higher as every sector except for the miners rallied ahead of highly anticipated testimony by the US Federal Reserve chairman Jerome Powell. The benchmark S&P/ASX200 index finished up 24.1 points, or 0.36 per cent, to 6,689.8 points at 1615 AEST on Wednesday, while the broader All Ordinaries was up 27.6 points, or 0.41 per cent, to 6,777.7.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 18cps, m.cap A$7.88m with 44.7m SOI, Cash $4m, Copper Developer)

  • Cyprium Metals (formerly ARC Exploration) has submitted its initial Programme of Work to the WA Department of Mines for drilling at the Cue Copper Project with approval expected in early July 2019  
  • Hollandaire resource1 extension drilling to commence in July 2019 with a Phase 1 Programme of over 4,000 metres of Reverse Circulation drilling  
  • Hollandaire metallurgical drilling to commence in July 2019 with a 330 metre Diamond Drilling Programme  
  • ARC Exploration name changed to Cyprium Metals

OZ Minerals Limited (OZL.ASX, 977ps, m.cap A$3.16B with 323.9m SOI, Cash $342m, Copper Explorer /Developer)

  • OZ Minerals completed a review of core Brazilian mining assets it acquired in the ~A$430 million (50/50 cash, scrip) purchase of Avanco Resources Limited in Q3 2018 encompassing:
    • Carajás copper province - Antas mine, Pedra Branca and Pantera development project
    • Gurupi gold province - CentroGold development project
  • OZL will adopt a low risk, modest capital, hub strategy with processing infrastructure serving multiple small to mid-scale mines
  • Antas pit closure planned for 2021
  • Antas processing plant positioned to continue beyond 2021 as first Carajás hub taking ore trucked from Pedra Branca with decline development decision expected Q3 2019
  • Gurupi province strengthened on CentroGold Pre-Feasibility Study
    • Potential minimum 10-year operation for low capital investment and bottom half operating costs
    • Feasibility Study and additional exploration to proceed pending lifting of CentroGold injunction
  • Total Brazil acquisition value confirmed with clear pathway set out for assets to add value for modest capital outlay
  • Please contact your adviser or the desk on +618 6319 7807 should you wish to discuss further
  • Please see link to full announcement here


Have a question? admin@ashanticapital.com.au

ERA Communications