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26 July 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,14127,270-129.00-0.472.28
S&P 5003,0043,020-16.00-0.533.08
NASDAQ8,2398,322-83.00-1.004.15
FTSE 100 Index7,4897,501-12.00-0.170.98
DAX 3012,3620-161.00-1.280.95
CAC 40 Index5,5785,606-28.00-0.501.41
Nikkei 225 (Japan)21,75721,71047.000.223.18
HKSE28,59428,52470.000.251.32
SSE Composite Index2,9372,92314.000.48-1.31
S&P/TSX Composite Index16,48816,612-124.00-0.741.08
NZ 5010,85810,898-41.00-0.374.32
US Volatility (Vix)13
Overseas Market Report

US sharemarkets fell on Thursday. Shares in Ford Motor fell 7.45% with Reuters noting that the "automaker reported a lowerthan-expected profit and gave a disappointing full-year earnings forecast." About 75% of the 185 S&P 500 companies that have reported earnings so far have topped profit estimates, according to Refinitiv data. The Dow Jones fell by 129 points or 0.5% after being down 208 points at one stage. The S&P500 lost 0.5% from record highs and the Nasdaq lost 83 points or 1.0% from record levels.

Global oil prices rose by 0.3% on Thursday. Tensions between Iran and western nations continue with Britain starting to send warships to accompany all British-flagged vessels through the Strait of Hormuz. Traders are focussed on new US-China trade talks to begin on Tuesday. The Brent crude price rose by US21 cents or 0.3% to US$63.39 a barrel. And the US Nymex price rose by US14 cents or 0.3% to US$56.02 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Thursday. Nickel, zinc and tin fell by up to 3.3% with nickel down the most. Other metals rose with lead up 1.8%. 

The gold futures price fell by US$8.90 or 0.6% to US$1,414.70 an ounce. The spot gold price was trading near US$1,415 an ounce in late US trade. Iron ore rose by US$1.90 or 1.7% to US$117.00 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.3963.180.210.33-2.55
Oil - West Texas crude56.0856.020.060.11-5.56
Gold Spot $/OZ1,416.001,415.001.700.120.51
Silver Spot $/OZ16.4016.400.000.227.70
Iron Ore117.10117.100.100.056.06
Thermal Coal Newcastle74.4074.200.200.274.86
APAC Hard Coking Coal FOB171.00171.000.000.00-10.94
Aluminium ($US/t)1,7991,7981.000.040.42
Copper Mar-18 ($US/lb)2.702.70-0.80-0.31-1.46
Lead ($US/t)2,1252,08639.001.859.89
Nickel ($US/t)14,03214,508-476.00-3.2814.70
Zinc ($US/t)2,4372,456-19.00-0.75-8.37
Tin ($US/t)17,85217,935-83.00-0.46-6.36
Uranium ($US/lb)26.0026.000.00-0.193.85
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,9026,86239.000.582.77
S&P/ASX 2006,8186,77741.000.612.67
ASX 24 Futures6,719
Australian Market Report

Thursday 25 July - close. The Australian share market has moved higher for a third straight day, with the All Ordinaries index breaking through its all-time peak set nearly a dozen years ago. The benchmark S&P/ASX200 index finished up 41.3 points, or 0.61 per cent, to 6,818 points at 1615 AEST on Thursday, just 33.5 points shy of its all-time high set November 1, 2007. The broader All Ordinaries finished up 39.5 points, or 0.58 per cent, to 6901.9, beating its all-time intraday high of 6,873.2 also set November 1, 2007.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 15cps, m.cap A$169.9m with 1,132.6m SOI, Cash $5.7m, Rare Earth Developer)

  • Ashanti roadshowed Greenland in Sydney and Melbourne this week on conclusion of the project optimisation studies
  • Early in the week, the Company announced they have lodged with the Government of Greenland (GoG) an application for an exploitation (mining) license for the Project (the Application).  In accordance with requirements set down by the GoG, the following supporting documents were included with the Application:
    • An environmental impact assessment (EIA) for the Project
    • A social impact assessment (SIA) for the Project, and
    • A navigational safety investigation study (MSS) for the Project
  • The MSS, the EIA and the SIA were prepared for the Company by independent expert consultants.  The scopes of the both the EIA and the SIA were framed by terms of reference (ToR) that were approved by the Greenland Government in late 2015 after a comprehensive process of public consultation. The assessments, which incorporate contributions from a range of internationally recognised expert groups, have been progressively updated during an extensive period of review by the GoG.
  • Subsequent to lodging the Application, Company representatives, accompanied by lead SIA consultant, conducted a series of meetings in Kommune Kujalleq (the Kommune), the municipal authority for the region of southern Greenland which includes Narsaq and the Project.  Key findings of the EIA and SIA were presented to the Mayor of southern Greenland and members of the Kommune.  A meeting was also held with the Kujalleq Business Council. Community meetings were also conducted in the towns of Qaqortoq and Narsaq.
  • The next step in the permitting process is a period of public consultation in respect of the Application.   Over 8 to 12 weeks, interested stakeholders have the opportunity, either directly to the GoG or in public forums, to provide feedback on the Application, which, as appropriate, will be incorporated in the EIA and SIA. The Company looks forward to updating further on the timing of subsequent steps in the licensing process.
  • 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