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29 July 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,19227,14151.000.192.23
S&P 5003,0263,00422.000.742.86
NASDAQ8,3308,23992.001.114.05
FTSE 100 Index7,5497,48960.000.801.66
DAX 3012,420058.000.470.17
CAC 40 Index5,6105,57832.000.571.28
Nikkei 225 (Japan)21,65821,757-98.00-0.451.80
HKSE28,39828,594-197.00-0.69-0.51
SSE Composite Index2,9452,9377.000.24-1.15
S&P/TSX Composite Index16,53116,48843.000.260.91
NZ 5010,81610,8088.000.083.00
US Volatility (Vix)12
Overseas Market Report

US sharemarkets rose on Friday with technology leading the way. On earnings news, shares in Alphabet (Google) rose 9.6% and shares in Twitter rose 8.9% while Amazon fell 1.6% and Intel fell 1.1%. Shares in McDonalds rose 2.1% to record highs after sales beat forecasts. Traders look hopefully towards new US-China trade talks on Tuesday. The Dow Jones rose by 51 points or 0.2% with the S&P500 up 0.7% to record highs and the Nasdaq gained 92 points or 1.1% to record highs. Over the week the Dow rose by 0.1% with the S&P 500 index up 1.7% and the Nasdaq up 2.3%. 

Global oil prices rose by up to 0.3% on Friday. Worries about the safety of vessels travelling through the Strait of Hormuz still dominate. The US economy also slowed by less than feared in the June quarter. The number of oil rigs in operation in the US fell by 3 to 776 in the latest week. The Brent crude price rose by US7 cents or 0.1% to US$63.46 a barrel. And the US Nymex price rose by US18 cents or 0.3% to US$56.20 a barrel. Over the week Brent rose 1.6% and Nymex rose 1.0%.

Base metal prices were mixed on the London Metal Exchange on Friday. Nickel rose 0.2% and zinc rose 0.5%. But other metals fell by 0.8-3.2% with lead down the most. Over the week zinc rose 1.4% and lead rose 0.6% but other metals lost up to 4.2% with nickel down the most.

The gold futures price rose by US$4.60 or 0.3% to US$1,419.30 an ounce. The spot gold price was trading near US$1,418 an ounce in late US trade. Over the week gold lost US$7.40 or 0.5%. Iron ore rose by US$1.75 or 1.5% to US$118.75 a tonne. Over the week iron ore fell US$3.10 or 2.5%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.2263.46-0.24-0.38-5.00
Oil - West Texas crude56.0856.20-0.12-0.21-4.09
Gold Spot $/OZ1,420.001,419.001.300.090.75
Silver Spot $/OZ16.4016.400.000.047.09
Iron Ore114.20113.700.500.433.90
Thermal Coal Newcastle73.4074.70-1.30-1.673.53
APAC Hard Coking Coal FOB164.00167.00-3.00-1.80-14.36
Aluminium ($US/t)1,7771,799-22.00-1.20-1.00
Copper Mar-18 ($US/lb)2.682.70-1.90-0.70-1.36
Lead ($US/t)2,0572,125-68.00-3.197.15
Nickel ($US/t)14,06314,03231.000.2213.19
Zinc ($US/t)2,4482,43711.000.45-5.66
Tin ($US/t)17,65517,852-197.00-1.10-5.95
Uranium ($US/lb)26.0026.000.000.194.26
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8796,902-23.00-0.332.69
S&P/ASX 2006,7936,818-25.00-0.362.64
ASX 24 Futures6,750
Australian Market Report

Friday 26 July - close. The Aussie market wasn’t able to add to recent gains on Friday with the ASX 200 easing 25 points or 0.36% to 6793.4 and further away from its all-time high while the broader All Ordinaries fell a similar amount from its record levels yesterday. Despite today’s losses, the ASX 200 still gained 1.4% over the course of the week and remains on course for a seventh monthly improvement in a row

Ashanti Headlines

Greenland Minerals Limited (ASX.GGG) – Developing the Globally Significant Kvanefjeld Rare Earth Project in Greenland 

Ashanti Capital Pty Ltd (“Ashanti”) is acting as Lead Manager and Bookrunner to Greenland Minerals Limited (GGG.ASX) who is seeking to raise a minimum $5,000,000 through an offer of ~41.67 new fully paid shares in the Company at an issue price of $0.12. 

Please reach out to your adviser or the desk on +61 8 6319 7806 should you wish to discuss or receive a copy of the term sheet.

Company Overview

Greenland Minerals Ltd (ASX: GGG) is an exploration and development company focused on developing high-quality mineral projects in Greenland. The Company’s flagship project is the Kvanefjeld multi-element deposit (rare earth elements, uranium, zinc). A pre-feasibility study was finalised in 2012, and a comprehensive feasibility study was completed in 2015 and updated following pilot plant operations in 2016. The studies highlight the potential to develop Kvanefjeld as a long life, low cost and large-scale producer of rare earth elements; key enablers to the electrification of transport systems. GML is working closely with major shareholder and strategic partner Shenghe Resources Holding Co Ltd to develop Kvanefjeld as a cornerstone of future rare earth supply. An exploitation (mining) license application for the initial development strategy has been lodged with the Greenland Government.

Investment Highlights  

  • Globally Significant Asset: Long‐life, low cost, large output of critical minerals: Progressing toward a globally significant integrated producer 
  • Advanced Stage of Development: >10 years of sustained research and development. Permitting process advanced 
  • Shenghe: Largest shareholder is a major producer of rare earth products and supplier to international customers 
  • >1 Billion Tonne JORC Resource: Initial 37 year mine life enabling infrastructure development. Year round shipping access 
  • Favourable Outlook on Rare Earth Pricing: Strong demand outlook for magnet metals and limited new supply sets the scene for price increases 
  • Nd, Pr, Tb and Dy: Largest projected output of key rare earth elements, economics strengthened via by-products – U, Zn 
  • Regulatory Framework: Implemented by Greenland and Danish Governments to manage project and export of U by-products 
  • Environmental Outcomes: Greenland set to provide critical minerals to facilitate key global agendas of electrification and energy efficiency


Have a question? admin@ashanticapital.com.au

ERA Communications