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27 August 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,89925,629270.001.05-4.76
S&P 5002,8782,84731.001.10-4.87
NASDAQ7,8547,752102.001.32-5.72
FTSE 100 Index7,0957,128-33.00-0.47-6.02
DAX 3011,658047.000.40-6.13
CAC 40 Index5,3515,32724.000.45-4.62
Nikkei 225 (Japan)20,26120,711-450.00-2.17-6.45
HKSE25,68026,179-499.00-1.91-9.57
SSE Composite Index2,8642,897-34.00-1.17-2.75
S&P/TSX Composite Index16,09916,03861.000.38-2.61
NZ 5010,56410,48380.000.77-2.26
US Volatility (Vix)19
Overseas Market Report

US sharemarkets rebounded on hopes for a potential US-China trade truce. Shares of tariff-sensitive companies rose in response with Apple's 1.9% gain providing a boost to each of the major indexes. At the close of trade the Dow Jones was up by 270 points or 1.1%. The S&P500 index also rose by 1.1% and the Nasdaq lifted by almost 102 points or 1.3%.

In US-China trade developments, US President Donald Trump tweeted that China had called and wanted to restart trade talks. Reuters reported that Chinese Vice Premier Liu He, who has been leading the talks with Washington, said on Monday that China was willing to resolve the trade dispute through "calm" negotiations and opposed any increase in trade tensions. 

Global oil prices fell by up to 1.1% on Monday amid conflicting signals about US-China trade talks. Brent crude price fell by US64 cents or 1.1% to US$58.70 a barrel. And the US Nymex price fell by US53 cents or 1.0% to US$53.64 a barrel. 

There is no updated base metal price data as the London Metal Exchange was closed on Monday for the UK Bank Holiday.

The gold futures price fell by US40 cents to US$1,537.20 an ounce. The spot gold price was trading near US$1,528 an ounce in late US trade. Iron ore fell by US$2.95 or 3.3% to US$86.00 a tonne

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.7059.34-0.64-1.08-7.50
Oil - West Texas crude53.9453.640.300.56-4.02
Gold Spot $/OZ1,527.001,527.00-0.100.007.63
Silver Spot $/OZ17.7017.700.00-0.077.68
Iron Ore89.0089.000.000.00-24.02
Thermal Coal Newcastle65.8065.800.000.00-11.45
APAC Hard Coking Coal FOB148.00150.00-2.00-1.33-13.45
Aluminium ($US/t)1,7441,7404.000.22-2.46
Copper Mar-18 ($US/lb)2.542.54-0.40-0.16-5.12
Lead ($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)25.0025.000.000.00-1.56
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,5316,614-83.00-1.26-5.06
S&P/ASX 2006,4406,523-83.00-1.27-5.20
ASX 24 Futures6,419
Australian Market Report

Monday 26 August - close. The Australian share market has fallen sharply again as traders worry US-China trade tensions could worsen further. The benchmark S&P/ASX200 index finished Monday down 83 points, or 1.27 per cent, to 6,440.1 points, while the broader All Ordinaries was down 83.3 points, or 1.26 per cent, to 6,531 points.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 39.5cps, m.cap A$118.7m with 303.7m SOI, Cash c$8.2m, Copper Explorer /Developer)

  • MOD Resources and its 100% owned Botswana subsidiary Tshukudu Metals Botswana Pty Limited has provided an update this morning on progress made in the permitting process for the proposed T3 Copper Mine
  • The Department of Environmental Affairs (“DEA”) has finalised its assessment of the Environmental and Social Impact Assessment (“ESIA”) for the proposed T3 open pit mine, concluding that “it has adequately identified and assessed anticipated impacts associated with the proposed activity” and will formally release the ESIA for public review.
  • The public review comprises a four-week period when comments from parties who may be impacted by the proposed T3 mine can be made to the DEA. Following the review period the ESIA is expected to be approved and Tshukudu should be in a position to apply for a Mining License.
  • Additionally, DEA has provided comments on the Environmental Management Plan (“EMP”) for the expansion of the Ghanzi accommodation camp to accommodate T3 construction and operational personnel. These comments will be addressed by the Company and its environmental consultant Loci Environmental and a revised draft of the EMP will submitted to DEA in the coming weeks. If the EMP is approved, the accommodation camp is expected to be expanded to accommodate up to 400 personnel.
  • MOD Managing Director, Mr Julian Hanna said “The release of the ESIA for public review is a very important milestone towards being granted a Mining Licence for the proposed T3 Open Pit mine and processing plant. DEA has maintained an open and streamlined review process and the ESIA has received a high level of scrutiny which has involved consultation with many stakeholders in the district. The outcome is a testament to the quality of work that our staff and consultants in Perth and Botswana have produced. The T3 Copper Mine is expected to be a significant contributor to the local Ghanzi economy for many years, while operating to the highest health, safety and environmental standards. We recognise the importance of a robust consultation and approvals process and our Community Relations team has done an outstanding job in conveying the significant and lasting value that we expect to bring to the region.”

Have a question? admin@ashanticapital.com.au

ERA Communications