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26 August 2019 06:51 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,62926,252-623.00-2.37-5.75
S&P 5002,8472,923-76.00-2.59-5.91
FTSE 100 Index7,0957,128-33.00-0.47-6.02
DAX 3011,6120-136.00-1.15-6.51
CAC 40 Index5,3275,388-61.00-1.14-5.05
Nikkei 225 (Japan)20,71120,62883.000.40-4.37
SSE Composite Index2,8972,88314.000.49-1.60
S&P/TSX Composite Index16,03816,253-216.00-1.33-2.99
NZ 5010,48510,622-137.00-1.29-2.98
US Volatility (Vix)20
Overseas Market Report

US sharemarkets slumped on news of fresh Chinese tariffs on US goods. The Dow Jones fell by 623 points or 2.4% while the S&P500 fell by 2.6% and the Nasdaq lost almost 240 points or 3.0%. Over the week the Dow lost 1% with the S&P 500 down 1.4% and Nasdaq lost 1.8%.

China's commerce ministry said it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the US, including crude oil, agricultural products such as soybeans, and small aircraft. After the close of US trade, US President Trump increased tariffs on Chinese goods by an additional 5%.

Global oil prices fell by up to 2.1% on Friday after the US-China trade war escalated. But supporting prices was news that the number of oil rigs in operation in the US was at the lowest since January 2018. Brent crude price fell by US58 cents or 1.0% to US$59.34 a barrel. And the US Nymex price fell by US$1.18 or 2.1% to US$54.17 a barrel. Over the week Brent rose by 1.2% but Nymex fell by 1.3%. 

Base metal prices were mixed on the London Metal Exchange on Friday. Tin fell 1.8% and copper fell 0.8% but other metals rose by up to 0.6% with lead up the most. Over the week tin fell 4.2% with nickel down 3.1%. But zinc rose 0.2% and lead rose 1.5%.

The gold futures price rose by US$29.10 an ounce or 1.9% to US$1,537.60 an ounce. The spot gold price was trading near US$1,526 an ounce in late US trade. Over the week gold rose by US$14.00 an ounce or 0.9%. Iron ore rose by US$3.95 or 4.6% to US$88.95 a tonne. Over the week iron ore fell US$3.85 or 4.1%.

PreviousChangeDaily %
Monthly %
Oil Brent58.3759.34-0.97-1.63-8.02
Oil - West Texas crude53.1254.17-1.05-1.94-5.48
Gold Spot $/OZ1,551.001,527.0024.001.579.31
Silver Spot $/OZ17.7017.400.301.597.97
Iron Ore89.0089.80-0.90-0.95-23.98
Thermal Coal Newcastle65.8065.300.400.61-10.97
APAC Hard Coking Coal FOB148.00150.00-2.00-1.33-13.45
Aluminium ($US/t)1,7441,7404.000.22-2.46
Copper Mar-18 ($US/lb)2.502.53-3.10-1.23-6.63
Lead ($US/t)2,0702,05812.000.601.95
Nickel ($US/t)15,72315,71013.000.0811.27
Zinc ($US/t)2,2532,2458.000.36-7.32
Tin ($US/t)15,90616,200-294.00-1.81-9.96
Uranium ($US/lb)25.0025.000.000.00-0.78
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,6146,59321.000.32-3.85
S&P/ASX 2006,5236,50221.000.33-3.98
ASX 24 Futures6,400
Australian Market Report

Friday 23 August - close. The Australian sharemarket struggled to hold on to its early gains on Friday, before ending the final session of the week with a solid gain. The ASX 200 traded through a range of 44 points. The market was ahead by 27 pts at session highs and down by 7 points at the lowest ebb of the morning. Notwithstanding the lack of conviction during the session, the Index delivered its first weekly gain in 4 weeks, with a gain of 1.8%, in turn posting the best weekly gain since late April.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 110.5cps, m.cap A$167.2m with 150.5m SOI, Cash cA$10.2m, Polymetallic Explorer / Developer)

  • ADT has announced the results from nine drill holes from the programme at Rupice. Highlights:
  • Most northerly hole BR-17-19 returns best intersection in the Rupice North licence extension area returning:
    • 38m @ 6.2% Zn, 3.8% Pb, 174g/t Ag, 1.9g/t Au, 0.4% Cu, and 33% BaSO4 from 208m, including 12m @ 13.2% Zn, 7.8% Pb, 154g/t Ag, 2.4g/t Au, 0.6% Cu, and
    • 20m @ 2.0% Zn, 2.8% Pb, 96g/t Ag, 0.3g/t Au and 0.6% Cu from 254m.
  • Mineralisation to the north remains open.
  • Drilling to the south continues to intersect mineralisation which remains open with BR-18-19 returning:
    • 8m @ 2.5% Zn, 1.8% Pb, 143g/t Ag, 1.4g/t Au, 0.6% Cu, and 18% BaSO4 from 230m.
  • Rupice mineralisation extends over 400m with 5 drill rigs on-site.
  • Preliminary IP survey results highlight new targets to west of current mineralisation.
  • Adriatic’s Executive Director, Paul Cronin commented: “These drill hole results released today demonstrate that the high-grade mineralisation continues north into the new concession area, and remains open. We will continue step-out drilling to the north and, with the results of our geophysical survey, also focus on new target areas to search for possible repetitions of the mineralisation at Rupice, as well as specific drill targets at our Jurasevac-Brestic and Borovica prospects.”
  • A link to the full announcement can be found here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further

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