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06 September 2019 09:31 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,11826,403-285.00-1.08-1.39
S&P 5002,9062,926-20.00-0.69-0.88
NASDAQ7,8747,963-89.00-1.11-1.62
FTSE 100 Index7,2687,282-14.00-0.19-1.87
DAX 3011,91111,954-43.00-0.360.32
CAC 40 Index5,4665,493-27.00-0.492.00
Nikkei 225 (Japan)20,57320,625-52.00-0.25-2.44
HKSE25,52825,627-99.00-0.39-5.17
SSE Composite Index2,9302,9246.000.212.17
S&P/TSX Composite Index16,39916,442-43.00-0.260.78
NZ 5010,92010,954-34.00-0.310.52
US Volatility (Vix)20
Overseas Market Report

US sharemarkets rose on Thursday. News of US-China trade talks boosted sentiment together with upbeat news on the economy. The Dow Jones rose by 373 points or 1.4%. The S&P500 index rose by 1.3% and the Nasdaq rose by 140 points or 1.8%. 

Global oil prices rose modestly on Thursday. Investors were buoyed by news on US-China trade talks, believing progress would be positive for global economic growth and oil demand. Also in the US, crude stocks fell by 4.8 million barrels in the past week, more than the 2.5 million barrels that had been expected. The Brent crude price fell by US25 cents or 0.4% to US$60.95 a barrel. And the US Nymex price rose by US4 cents or 0.1% to US$56.30 a barrel.

Base metal prices were higher by up to 1.8% with copper doing the best. But nickel was the exception, down 2.8%.

The gold futures price fell by US$34.90 or 2.2% to US$1,525.50 an ounce. The spot gold price was trading near US$1,518 an ounce in late US trade. Iron ore fell by US85 cents or 0.9% to US$90.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.2358.26-0.03-0.05-5.91
Oil - West Texas crude53.9453.940.000.00-3.09
Gold Spot $/OZ1,546.001,547.00-1.30-0.087.31
Silver Spot $/OZ19.4019.300.200.8719.90
Iron Ore87.8086.701.101.21-25.01
Thermal Coal Newcastle66.5065.001.502.23-3.83
APAC Hard Coking Coal FOB156.00152.004.002.630.65
Aluminium ($US/t)1,7241,7214.000.20-0.95
Copper Mar-18 ($US/lb)2.512.53-2.10-0.81-2.29
Lead ($US/t)1,9822,012-29.00-1.451.89
Nickel ($US/t)18,02318,118-95.00-0.5224.74
Zinc ($US/t)2,2152,258-44.00-1.93-5.38
Tin ($US/t)16,70516,812-107.00-0.64-1.57
Uranium ($US/lb)25.0025.000.00-0.20-0.39
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,6246,674-50.00-0.75-3.25
S&P/ASX 2006,5226,573-51.00-0.78-3.64
ASX 24 Futures6,499
Australian Market Report

Thursday 5 September- close. Australian shares have joined a broad global rally following news that the US and China have agreed to another round of trade talks. The benchmark S&P/ASX200 index closed Thursday up 60.2 points, or 0.92 per cent, to 6,613.2 points, while the broader All Ordinaries finished up 64.7 points, or 0.97 per cent, to 6,720.8 points.

Ashanti Headlines

OZ Minerals Limited (OZL.ASX, 942ps, m.cap A$3.04B with 323.9m SOI, Cash $185.5m, Copper Explorer /Developer)

  • OZ Minerals Ltd and Minotaur Exploration Ltd announced they have formalised several partnerships in the Cloncurry district of north-west Queensland as summarised below:
    • A new Eloise JV replaces the 2016 JV agreement which provided for OZ Minerals to acquire 70% interest in the Eloise JV tenements (Figure 1) through expenditure of $10 million, that having been achieved in March 2019. Alongside Minotaur’s contribution of additional tenure to the new JV, OZ Minerals agreed to devote another $3 million into JV activities over the forthcoming 24 months. Minotaur has identified several strong EM anomalies, each having similar geophysical characteristics to the Jericho deposit. The targets are named ‘Seer’, ‘Big Foot’ and ‘Little Foot’. Minotaur continues to be the manager and operator of the JV. Should any target warrant additional expenditure Minotaur may contribute at its 30% interest level or elect to convert its interest to 20% with a ‘loan carry’ facility as applies under the Jericho JV.
    • The Jericho JV was formed around the Jericho deposit (Figure 2) which itself was excised from the Eloise JV in April 2019. Jericho JV interests were then set at OZ Minerals 80% and Minotaur 20% whereupon OZ Minerals undertook to finance all of Minotaur’s share of expenditure until positive cash flow occurs from mining of Jericho. Minotaur is manager and operator of the JV.
    • The Cloncurry Alliance is a new exclusivity arrangement covering ~24,000km2 between Mt Isa and McKinlay to the south-east of Cloncurry. OZ Minerals and Minotaur are collaborating to identify prospects and opportunities to contribute towards a Cloncurry minerals ‘hub’, based on a possible mine development at Jericho and/or other copper deposits. The Cloncurry Alliance equips Minotaur with $1 million in funding over 24 months to seek out suitable candidates and present options to OZ Minerals for acquisition funding to earn a 70% interest in any funded targets. Acceptance of recommendations entitles Minotaur to reward-for-effort payments.
    • OZ continue to stay active with junior exploration companies building optionality into their growth pipeline.


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