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30 July 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,22127,19229.000.112.34
S&P 5003,0213,026-5.00-0.162.69
NASDAQ8,2938,330-37.00-0.443.59
FTSE 100 Index7,6877,549138.001.823.51
DAX 3012,4170-2.00-0.020.15
CAC 40 Index5,6015,610-9.00-0.161.12
Nikkei 225 (Japan)21,61721,658-41.00-0.191.60
HKSE28,10628,398-291.00-1.03-1.53
SSE Composite Index2,9412,945-4.00-0.12-1.27
S&P/TSX Composite Index16,49216,531-39.00-0.240.67
NZ 5010,85910,8518.000.073.41
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were mixed on Monday. Traders awaited the Federal Reserve rate decision, news on US-China trade talks and Friday's job report. Technology shares eased with Amazon down 1.6% and Facebook down 1.9%. Reuters reported that "Mylan NV's shares jumped 12.5% after the generic drugmaker confirmed reports that it was combining with Pfizer Inc's Upjohn unit that sells its off-patent branded medicines." The Dow Jones rose by 29 points or 0.1% with the S&P500 down 0.2% from record highs and the Nasdaq lost 37 points or 0.4% from record highs. 

Global oil prices rose on Monday. Traders focussed on a likely rate cut in the US while monitoring developments on the US-China trade talks. Also Chinese customs data showed on Saturday that China's crude oil imports from Iran sank almost 60% in June from a year earlier. The Brent crude price rose by US25 cents or 0.4% to US$63.71 a barrel. And the US Nymex price rose by US67 cents or 1.2% to US$56.87 a barrel. 

Base metal prices were higher by up to 1.9% on Monday with nickel and zinc doing the best. But lead fell by 0.8% and tin lost 0.3%.

The gold futures price rose by US$1.10 or 0.1% to US$1,420.40 an ounce. The spot gold price was trading near US$1,424 an ounce in late US trade. Iron ore fell by US30 cents or 0.3% to US$118.45 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.7163.460.250.39-4.27
Oil - West Texas crude57.1856.870.310.55-2.21
Gold Spot $/OZ1,425.001,427.00-1.60-0.121.11
Silver Spot $/OZ16.4016.500.00-0.117.35
Iron Ore115.50114.201.301.125.39
Thermal Coal Newcastle71.6073.40-1.80-2.450.99
APAC Hard Coking Coal FOB164.00167.00-3.00-1.80-14.36
Aluminium ($US/t)1,7871,77710.000.550.41
Copper Mar-18 ($US/lb)2.722.720.300.110.55
Lead ($US/t)2,0422,057-16.00-0.776.49
Nickel ($US/t)14,32514,063262.001.8613.54
Zinc ($US/t)2,4862,44839.001.57-3.06
Tin ($US/t)17,60517,655-50.00-0.28-6.52
Uranium ($US/lb)26.0026.000.000.204.27
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,9116,87932.000.473.17
S&P/ASX 2006,8266,79332.000.483.13
ASX 24 Futures6,792
Australian Market Report

Monday 29 July - close. The Australian share market has posted solid gains, with the benchmark S&P/ASX200 index ending the day less than three points from its best closing price ever. The ASX200 finished up 32.4 points, or 0.48 per cent, to 6825.8 points on Monday, just under its record closing high of 6,288.6 of November 1, 2007 and 25.7 points from its intraday all-time high set the same day. The broader All Ordinaries was up 32.1 points, or 0.47 per cent, to 6911.4 points, having eclipsed its all-time high last week.

Ashanti Headlines

Invictus Energy Limited: (IVZ.ASX, 4.0 cps, m.cap A$14.62m with 365.7m SOI, Cash ~$2.2m, O&G Explorer) 

During the June Quarter, IVZ made significant progress in its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Highlights:

  • Updated independent prospective resource estimate provided by Getech Group plc (Getech). The gross unrisked estimated prospective resource increased to a total of 9.25 Tcf (trillion cubic feet) + 294 mmbbls (million barrels) of conventional gas-condensate within Special Grant 4571 for the Mzarabani plus Msasa Prospects. 
  • Mzarabani Prospect estimated to contain 8.2 Tcf + 250 million barrels# of conventional gas / condensate (gross mean unrisked) across 5 horizons
  • Gas Sale MOU signed with Sable Chemical Industries for up to 70 mmscf/d for 20 years (26 billion cubic feet per annum)
  • Final reprocessed seismic received
  • ENVOI appointed for farmout process
  • Environmental Impact Assessment Commenced

Cassini Resources Limited: (CZI.ASX, 9.2cps, m.cap A$38.2m with 415.5 SOI, Cash $8.1m, Base Metals Explorer)

Work on the West Musgrave Project progressed during the Quarter, with a focus on developing core mining and processing concepts and investigating new opportunities to add further value to the project:

  • The study confirmed 10Mtpa as the optimised processing plant throughput rate
  • A new Bulk Separation flowsheet was tested and confirmed as value adding relative to the previous Sequential flowsheet
  • The impact is a materially coarser grind size with consequent reduction in capital and operating costs
  • Diamond drilling has been shifted from exploration work at the Succoth Deposit back to Nebo-Babel to obtain additional material for test work and piloting
  • Work also continued to address new opportunities in mine scheduling, mine waste management, mine automation, workforce planning and power supply
  • Resource infill drilling that was originally contemplated in the Feasibility stage of the study has been brought forward into the PFS
  • This entailed an additional 56,000m of close-spaced drilling at both Nebo and Babel to increase the resource confidence and extend the mine life (80% complete)
  • This new data will inform an updated mineral resource estimate for the PFS
  • Please see link to quarterly and cashflow report here
  • Ashanti recently initiated coverage on Cassini. Please reach out to bp@ashanticapital.com.au should you wish to receive a copy of the report.

Have a question? admin@ashanticapital.com.au

ERA Communications