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17 July 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,33627,359-24.00-0.094.68
S&P 5003,0043,014-10.00-0.343.96
NASDAQ8,2238,258-35.00-0.434.82
FTSE 100 Index7,5777,53245.000.602.99
DAX 3012,431044.000.352.86
CAC 40 Index5,6145,57836.000.654.14
Nikkei 225 (Japan)21,53521,686-151.00-0.691.95
HKSE28,62028,55565.000.235.11
SSE Composite Index2,9382,942-5.00-0.161.73
S&P/TSX Composite Index16,50216,511-8.00-0.050.91
NZ 5010,66510,65114.000.134.86
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were lower on Tuesday. US President Trump said the US and China have a “long way to go” on trade, adding the US can impose an additional US$325 billion worth of tariffs on Chinese goods “if we want.” JPMorgan (+1.1%) and Wells Fargo (- 3.0%) beat quarterly profit estimates, but reported weaker net interest income, pointing to rising deposit costs. Goldman Sachs (+1.9%) earnings beat expectations, driven by the company’s investment banking and trading divisions. J.B. Hunt Transport shares rose by 5.6%, the biggest gainer on the S&P 500, after the trucking company posted strong quarterly results. Johnson & Johnson's shares fell by 1.6% on concerns about its third-quarter results due to increased drug competition. The Dow Jones closed down by 23 points or 0.1%. The S&P500 was down by 0.3% and the Nasdaq fell by 35 points or 0.4%. 

Global oil prices fell on Tuesday after US Secretary of State Mike Pompeo said that Iran is ready to negotiate on its missile program, easing tensions in the Middle East. The Brent crude price fell by US$2.13 or 3.2% to US$64.35 a barrel. The US Nymex price fell by US$1.96 or 3.3% to US$57.62 a barrel. 

Base metal prices were higher on the London Metal Exchange LME) on Tuesday. Nickel (+3.0%) surged to 12-month highs on record Chinese steel production. Zinc (+1.2%), tin (+0.6%), aluminium (+0.4%) and copper (+0.4%) all lifted. 

The gold futures price fell by US$2.30 an ounce or 0.2% to US$1,411.20 an ounce. The spot gold price was trading near US$1,404 an ounce in late US trade. Iron ore rose by US80 cents or 0.7% to US$122.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.3566.48-2.13-3.203.77
Oil - West Texas crude57.5857.62-0.04-0.0710.88
Gold Spot $/OZ1,405.001,406.00-1.10-0.084.89
Silver Spot $/OZ15.6015.600.00-0.024.81
Iron Ore116.50117.00-0.40-0.3614.61
Thermal Coal Newcastle73.3074.30-1.10-1.412.66
APAC Hard Coking Coal FOB182.00182.000.000.00-5.21
Aluminium ($US/t)1,8321,8248.000.415.70
Copper Mar-18 ($US/lb)2.692.71-1.40-0.522.43
Lead ($US/t)1,9771,9743.000.145.38
Nickel ($US/t)14,00413,595409.003.0118.76
Zinc ($US/t)2,4862,45630.001.22-2.99
Tin ($US/t)17,96017,845115.000.64-7.21
Uranium ($US/lb)26.0026.000.000.007.79
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7366,746-10.00-0.151.91
S&P/ASX 2006,6416,653-12.00-0.181.69
ASX 24 Futures6,569
Australian Market Report

Tuesday 16 July - close. The Australian share market has closed down for a third day, its first three-day losing streak since late May. The benchmark S&P/ASX200 index finished down 12 points, or 0.18 per cent, to 6,641 points at 1615 AEST on Tuesday, while the broader All Ordinaries was down 10.4 points, or 0.15 per cent, to 6,735.8. The energy, telecommunications and tech sectors were all down more than a percentage point, but the utilities and property sectors posted gains and consumer, mining and industrial stocks were collectively flat.

Ashanti Headlines

Independence Group NL: (IGO.ASX, 514cps, m.cap A$3,029m with 590.5m SOI, Cash $257m, Diversified / Base Metals Producer)

  • Prodigy Gold released results from RC drill holes completed by IGO at the Lake Mackay Project in the Northern Territory.  (IGO 70%; PRX 30%). 
  • Highlights:
    • Sulphide mineralisation intersected at the Phreaker Prospect
      • 1km long EM conductor modelled
      • Copper mineralisation extends for over 250m of dip  
    • Three holes completed:
      • 11m @ 1.15% Cu
      • 10m @ 0.98% Cu
      • 14m @ 0.84% Cu  
    • Cobalt and nickel enriched layer intersected at Grimlock Prospect with results up to 0.42% Co  
    • 42 RC holes for 8,544m of drilling completed to end-June in CY2019  
    • 5,000m RC drilling is planned to test EM targets in H2 CY2019  
    • RC drilling is continuing to screen 63 EM targets at Lake Mackay
  • Prodigy Gold’s Managing Director Matt Briggs commented “RC drilling has identified a new prospect at Phreaker with multiple intersections more than 10m wide. Based on the intersection of sulphide in the first hole, two more holes were drilled on the same section. mineralisation previously defined at the Bumblebee and Grapple Prospect is clustered in the North of the project. Phreaker is located well to the south highlighting the potential for multiple potential discoveries across the Lake Mackay Project . Drilling at Phreaker has defined mineralisation over 250m vertically. This is more than double that seen at Grapple and the modelled conductor associated with the EM anomaly is 1km long making this a sizable target. Drilling is planned to test the length of the target on a 200m spacing to confirm continuity of the sulphide and to explore for thicker and/or higher grade zones. Drilling at Grimlock has continued to find significant grades of cobalt and nickel at shallow depths over narrow intervals. Cobalt and nickel have now been defined by RC drilling over an area 4km long.”
  • A link to the full announcement can be found here

Bye Aerospace - Live US$5m Capital Raise and Conference Call | First fully FAA certified electric aircraft in the world | 2021 NASDAQ IPO

  • Bye Aerospace (“Bye”) is conducting a capital raising by way of a Series A2 Preferred Stock Offering to raise US$5m. Please reach out should you want a copy of the term sheet.
  • By way of background, Bye Aerospace has developed and is in the process of obtaining FAA certification for the world’s first, commercially certified electric aircraft called the eFlyer 2 - https://byeaerospace.com/
    • George Bye, Founder and CEO of Bye Aerospace has assembled an impressive team of experienced senior aviation executives, business, legal and investment professionals including COO Charles B. Johnson (former President of Cessna), CFO Paul McAuliffe (former Principle at Morgan Stanley, CS First Boston), SVP, Gen Counsel John Knudsen (former FAA attorney) & VP Strategy & BD Tom Calgaard (ex-Lockheed Martin Head of Strategy & BD). 
    • Bye has an agreement with Rolls Royce (which purchased Siemens’ electric/hybrid propulsion business two weeks ago and is the second largest manufacturer of aircraft engines after GE) to provide the electric propulsion motor plus inverter and Garmin for the supply of avionics. 
    • The eFlyer 2 has seen strong initial demand from industry, with over 605 combined customer commitments and options representing over US$200m backlog. 
    • Bye remains on track to achieve its target of FAA certification by the end of 2021 which will coincide with a listing on the NASDAQ. 

Ashanti has arranged a conference call with George Bye for 7.30am AWST Thursday 18th July (9.30am AEST). Please reach out or contact your adviser on +61 8 6319 7807 should you be interested to join the call.


Have a question? admin@ashanticapital.com.au

ERA Communications