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19 August 2019 08:06 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,88625,579307.001.20-4.67
S&P 5002,8892,84841.001.44-2.95
NASDAQ7,8967,767129.001.67-3.07
FTSE 100 Index7,1177,06750.000.71-5.21
DAX 3011,56311,413150.001.31-5.69
CAC 40 Index5,3015,23764.001.22-4.53
Nikkei 225 (Japan)20,41920,40613.000.06-4.88
HKSE25,73425,495239.000.94-10.54
SSE Composite Index2,8242,8168.000.29-3.43
S&P/TSX Composite Index16,15016,013137.000.86-2.04
NZ 5010,67410,65519.000.18-0.73
US Volatility (Vix)18
Overseas Market Report

US sharemarkets rose on Friday with investors encouraged by hopes of German fiscal stimulus. Shares in chipmaker Nvidia rose 7.3% after its earnings result. Shares in General Electric rose by 9.7% after Chief Executive Officer Larry Culp bought nearly $2 million in shares. So far 459 of the companies in the S&P 500 have posted earnings results. Of those, 73% beat Street estimates, according to Refinitiv data. Second quarter earnings are up 2.9% on the year. The Dow Jones rose by almost 307 points or 1.2% with the S&P500 up by 1.4%, while the Nasdaq gained 129 points or 1.7%. Over the week the Dow lost 1.5%, the S&P 500 index fell 1.0% and the Nasdaq fell by 0.8%. 

Global oil prices rose by 0.7% on Friday on expectations of stimulus by global central banks. But OPEC cut its forecasts of global oil demand. And the number of oil rigs in operation in the US rose from 764 to 770 in the past week. The Brent crude price rose by US41 cents or 0.7% to US$58.64 a barrel. And the US Nymex price rose by US40 cents or 0.7% to US$54.87 a barrel. Over the week Brent rose by 0.2% and Nymex rose by 0.7%.

Base metal prices fell by up to 3.4% on the London Metal Exchange on Friday. Tin fell the most while zinc and copper eased up to 0.2%. But aluminium rose by 0.5%. Over the week metals were mixed with nickel, aluminium and zinc higher - nickel rose by 4.6%. Other metals fell with tin down 2.1%.

The gold futures price fell by US$7.60 or 0.5% to US$1,523.60 an ounce. The spot gold price was trading near US$1,514 an ounce in late US trade. Over the week gold rose by US$15.10 or 1.0%. Iron ore rose by US75 cents or 0.8% to US$89.55 a tonne. Over the week iron ore fell by US$5.25 or 5.5%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.0458.640.400.68-5.49
Oil - West Texas crude55.2654.870.390.71-0.67
Gold Spot $/OZ1,510.001,513.00-3.90-0.265.90
Silver Spot $/OZ17.1017.100.00-0.095.52
Iron Ore92.6092.000.500.55-21.29
Thermal Coal Newcastle66.3066.300.00-0.08-9.55
APAC Hard Coking Coal FOB155.00157.50-2.50-1.59-12.92
Aluminium ($US/t)1,7601,7519.000.50-3.93
Copper Mar-18 ($US/lb)2.602.600.000.00-5.45
Lead ($US/t)2,0382,068-30.00-1.453.11
Nickel ($US/t)16,22216,290-68.00-0.4215.84
Zinc ($US/t)2,2492,255-6.00-0.24-9.52
Tin ($US/t)16,59917,188-589.00-3.43-7.58
Uranium ($US/lb)25.0025.000.000.00-4.37
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,5266,48640.000.62-3.84
S&P/ASX 2006,4466,40640.000.63-3.80
ASX 24 Futures6,415
Australian Market Report

Friday 16 August - close. The Australian share market has finished nearly flat as declines in the energy and mining sectors outweighed gains by the big banks. The benchmark S&P/ASX200 index closed Friday down 2.6 points, or 0.04 per cent, to 6,405.5 points, while the broader All Ordinaries was finished down 4.9 points, or 0.08 per cent, to 6,485.9 points. The 178 points, or 2.7 per cent, loss for the week was the ASX200's second-worst for the year - exceeded only by last week's 184-point loss.

Ashanti Headlines

Cassini Resources Ltd (CZI.ASX, 8.8cps, m.cap A$37m with 415.5m SOI, Cash cA$8.1m, Base Metals Explorer)

Ashanti is pleased to be road-showing Cassini Resources Ltd (ASX.CZI) in Melbourne (3rd & 4th September) and Sydney (5th & 6th September)

Please be in contact with your adviser or call +61 8 6319 7802 if you would like to arrange a meeting ASAP. 

  • Cassini Resources is a base metals developer headquartered in Perth, Western Australia. Cassini’s flagship asset is the West Musgrave Project (WMP), which is Australia’s largest undeveloped nickel-copper project
  • After acquiring the WMP from BHP in 2014, Cassini completed exploration and early stage study work before executing an earn-in agreement with OZ Minerals in 2016. The earn-in JV has seen OZ spend A$36M in 2.5 years to earn 70% of the WMP, 14 months ahead of the JV’s scheduled deadline
  • The spend to date produced a revised scoping study in late 2017, continued regional exploration and has funded the PFS; the release of which is expected imminently
  • OZ Minerals will continue to sole fund the WMP until a DFS and decision to mine is delivered. Cassini will be loan-carried for its 30% contribution toward the DFS (on spend >A$36M), to be repaid 5 years after the commencement of production at the WMP
  • After a A$7M placement to institutional and sophisticated investors in April, Cassini is now fully funded through the feasibility stages of the WMP, with excess funding available to progress its 100% owned exploration projects

Have a question? admin@ashanticapital.com.au

ERA Communications