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18 July 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,22027,336-116.00-0.422.85
S&P 5002,9843,004-20.00-0.652.28
NASDAQ8,1858,223-38.00-0.462.91
FTSE 100 Index7,5357,577-42.00-0.551.24
DAX 3012,3410-90.00-0.720.08
CAC 40 Index5,5725,614-43.00-0.761.12
Nikkei 225 (Japan)21,46921,535-66.00-0.312.37
HKSE28,59328,620-26.00-0.093.98
SSE Composite Index2,9322,938-6.00-0.201.44
S&P/TSX Composite Index16,48416,502-18.00-0.11-0.12
NZ 5010,67010,65515.000.144.70
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were lower on Wednesday on trade concerns and mixed earnings results. Shares of railway giant CSX fell by 10.3% after it posted a disappointing quarterly profit, while cutting its full-year revenue forecast. Cintas shares rose by 8.7% after the First Aid kit maker’s results beat expectations. Bank of America shares rose 0.7% after its profit beat, but the lender lowered its annual net interest income forecast. Abbott Laboratories rose 3.1% after the medical device maker topped quarterly profit estimates and lifted its full-year earnings forecast. The Dow Jones closed down by 115 points or 0.4%. The S&P500 fell 0.7% and the Nasdaq fell by 37 points or 0.5%. 

Global oil prices fell on Wednesday on US supply concerns. According to the EIA, US crude inventories fell by 3.1 million barrels, above analysts' forecasts for a decline of 2.7 million barrels last week. Gasoline stocks rose by 3.6 million barrels, ahead of forecasts for a 925,000-barrel drop. The Brent crude price fell by US69 cents or 1.1% to US$63.66 a barrel. The US Nymex price fell by US84 cents or 1.5% to US$56.78 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Wednesday. Nickel (+3.0%) continued to lift and lead rose by 1.1%, but copper (-0.5%) fell by the most. 

The gold futures price rose by US$12.10 an ounce or 0.9% to US$1,423.30 an ounce. The spot gold price was trading near US$1,426 an ounce in late US trade. Iron ore fell by US$1.45 or 1.2% to US$120.75 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.6664.35-0.69-1.074.46
Oil - West Texas crude56.6056.78-0.18-0.325.01
Gold Spot $/OZ1,427.001,427.000.100.005.95
Silver Spot $/OZ16.0016.000.000.016.40
Iron Ore119.00117.601.401.1612.17
Thermal Coal Newcastle74.3073.301.001.364.43
APAC Hard Coking Coal FOB178.00182.00-4.00-2.20-7.29
Aluminium ($US/t)1,8301,832-2.00-0.115.86
Copper Mar-18 ($US/lb)2.712.691.600.612.40
Lead ($US/t)2,0001,97723.001.145.72
Nickel ($US/t)14,41914,004415.002.9623.37
Zinc ($US/t)2,4752,486-11.00-0.44-4.37
Tin ($US/t)17,89017,960-70.00-0.39-6.30
Uranium ($US/lb)26.0026.000.00-1.336.13
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7646,73628.000.421.75
S&P/ASX 2006,6736,64132.000.491.57
ASX 24 Futures6,591
Australian Market Report

Wednesday 17 July - close. The The Australian share market has bounced back from a morning dip to finish higher, ending a three-day losing streak. The benchmark S&P/ASX200 index was up 32.3 points, or 0.49 per cent, to 6,673.3 points at 1615 AEST on Wednesday, while the broader All Ordinaries was up 28.2 points, or 0.42 per cent, to 6,764.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 20cps, m.cap A$8.75m with 44.7m SOI, Cash $4m, Copper Developer)

  • Cyprium Metals has received approval for its initial Programme of Work from the WA Department of Mines for drilling at its Cue Copper Project  
  • Hollandaire drilling commenced on 17 July 2019 with the Phase 1 Programme of over 4,000 metres of Reverse Circulation drilling  
  • The Phase 1 programme is intended to test for extensions of both the Hollandaire and Hollandaire West copper mineralisation. Figure 1 shows the locations of the drill hole collars around the current Hollandaire and Hollandaire West copper mineralisation. The targeted potential extensions are those that are closer to surface and the majority of which will be drilled into the Hollandaire West area.
  • Following the completion of Phase 1, drilling programmes will continue for a further 8,000 metres of reverse circulation drilling, targeted at the deeper extensions of the copper mineralisation.
  • Hollandaire metallurgical drilling to commence in late July 2019 with a 330 metre Diamond Drilling Program. The metallurgical drilling will be used for initial column test-work to determine the suitability for alternative extraction methods. The drill holes are targeting specific areas of the known copper mineralisation as shown in Figure 2. It is anticipated that following the success of this initial test-work that further samples will be required to continue to optimise the processing methodology.
  • A number of drill holes in these initial programs will be prepared for down hole geophysics programmes, which will assist in the planning of the subsequent phases of extensional drilling as the Company continues to expand the copper mineralisation.
  • A link to the full announcement can be found here
  • 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