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29 August 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,03625,778258.001.00-4.35
S&P 5002,8882,86919.000.65-4.40
NASDAQ7,8577,82730.000.38-5.26
FTSE 100 Index7,1157,09025.000.35-7.44
DAX 3011,7010-29.00-0.25-5.77
CAC 40 Index5,3695,387-18.00-0.34-4.15
Nikkei 225 (Japan)20,47920,45623.000.11-5.26
HKSE25,61525,664-49.00-0.19-8.86
SSE Composite Index2,8942,902-8.00-0.29-1.61
S&P/TSX Composite Index16,27216,18488.000.54-1.34
NZ 5010,64810,62622.000.21-1.87
US Volatility (Vix)19
Overseas Market Report

US sharemarkets rose on Wednesday with financials and energy stocks leading the way. The U.S. Trade Representative's office reaffirmed President Donald Trump's plans to impose an additional 5% tariff on a list of $300 billion of Chinese imports starting on September 1 and December 15. Shares of Tiffany & Co rose by 3.0% after the luxury jeweller reported quarterly earnings above analysts' estimates.The Dow Jones finished higher by 258 points or 1.0%, near the day's highs. The S&P500 index rose by 0.7% and the Nasdaq gained 25 points or 0.4%. 

Global oil prices rose by around 1.5% on Wednesday. US crude oil inventories fell by 10 million barrels last week. Traders had expected a 2 million barrel drawdown in stocks. Net US crude imports fell by 1.51 million barrels per day to 2.9 million bpd, while imports in the Gulf Coast region dropped to their lowest on record at 1.2 million bpd. Brent crude price rose by US98 cents or 1.6% to US$60.49 a barrel. And the US Nymex price rose by US85 cents or 1.54% to US$55.78 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Tin, zinc, aluminium and lead fell by up to 1.8% with lead down the most while nickel rose 2.6% and copper rose 0.2%.

The gold futures price fell by US$2.70 or 0.2% to US$1,549.10 an ounce. The spot gold price was trading near US$1,539 an ounce in late US trade. Iron ore rose by US40 cents or 0.5% to US$83.50 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent60.4959.510.981.65-4.68
Oil - West Texas crude55.8755.780.090.16-1.76
Gold Spot $/OZ1,538.001,539.00-0.90-0.067.80
Silver Spot $/OZ18.3018.400.00-0.1711.31
Iron Ore87.2087.90-0.70-0.83-24.55
Thermal Coal Newcastle65.6065.400.200.31-11.65
APAC Hard Coking Coal FOB152.00148.004.002.70-7.32
Aluminium ($US/t)1,7151,733-18.00-1.02-3.50
Copper Mar-18 ($US/lb)2.562.550.300.12-5.63
Lead ($US/t)2,0642,102-38.00-1.780.33
Nickel ($US/t)16,18215,779403.002.5515.07
Zinc ($US/t)2,2582,278-19.00-0.85-7.74
Tin ($US/t)15,76015,773-13.00-0.08-10.73
Uranium ($US/lb)25.0025.000.000.20-1.56
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,6016,56635.000.54-4.50
S&P/ASX 2006,5016,47129.000.45-4.76
ASX 24 Futures6,463
Australian Market Report

Wednesday 28 August - close. The Australian share market has climbed modestly for a second day, buoyed by the tech sector, while the Aussie dollar has hit a 10-year low against its US counterpart. The benchmark S&P/ASX200 index finished Wednesday up 29.4 points, or 0.45 per cent, to 6,500.6 points, while the broader All Ordinaries was up 35.2 points, or 0.54 per cent, to 6,600.8 points. 

Ashanti Headlines

Independence Group NL: (IGO.ASX, 541cps, m.cap A$3,129.7m with 590.5m SOI, Cash $348m, Diversified / Base Metals Producer)

  • Independence Group NL released an impressive set of FY19 Financial Results 
  • Underlying EBITDA for the Quarter of A$341M and underlying free cash flow of A$278M.
  • Cash balance increased from A$138.7M in FY18 to A$348M, resulting in a net cash position of A$263M.
  • Net profit after tax (NPAT) for the year was A$76M, a 44% improvement over FY18
  • Nova metal production exceeded FY19 production guidance and comfortably met production guidance at Tropicana
  • IGO commenced development of the Boston Shaker Underground at Tropicana, with the firing of the first blast for the portal taking place on 8 May 2019.
  • Exploration expenditure increased by A$17M in FY19 compared to FY18, as the Group ramped up its pursuit of an exploration discovery through numerous prospective targets in its portfolio of high quality belt scale tenement holdings.
  • A final dividend declared of 8c/share. Total FY19 dividend payout A$59M or 10c per share. Revised Shareholder Return Policy targeting return of 15-25% Free Cash Flow (FCF) 
  • A link to the FY19 report can be found here
  • Please contact your adviser or the desk on +61 8 6319 7806 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications