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11 September 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,90926,83674.000.282.37
S&P 5002,9792,9781.000.032.08
NASDAQ8,0848,087-3.00-0.041.57
FTSE 100 Index7,2687,23632.000.440.19
DAX 3012,269043.000.354.92
CAC 40 Index5,5935,5894.000.084.98
Nikkei 225 (Japan)21,39221,31874.000.353.42
HKSE26,68426,6812.000.012.87
SSE Composite Index3,0213,025-4.00-0.128.88
S&P/TSX Composite Index16,53716,49542.000.261.20
NZ 5011,12211,143-21.00-0.192.28
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were mixed on Tuesday. Shares in Apple rose 1.2% after launching new products such as phones, watches and an Apple TV service in November. But shares in Merck lost 2.1% and shares in Ford fell by 1.3%. Shares in Wendys fell by 10.2% after projecting a drop in full year earnings. Investors watched news on the US-China trade war. The South China Morning Post reported that China will offer to buy more agricultural products from the US. The Dow Jones rose by 74 points or 0.3% and ended trade near session highs. The S&P500 index rose by 1.0 point or less than 0.1%. But the Nasdaq lost 3.3 points or less than 0.1%. 

Global oil prices fell up to 0.8% on Tuesday. US President Trump fired his hard-line national security adviser, John Bolton, and some analysts believe that this could lead to the possibility that the US will be more open to talks with Iran. But prices were supported by expectations of continued OPEC production cuts. The Brent crude price fell by US21 cents or 0.3% to US$62.38 a barrel. And the US Nymex price fell by US45 cents or 0.8% to US$57.40 a barrel. 

Base metal prices were generally higher on the London Metals Exchange on Tuesday. Zinc and aluminium rose by 1.2%, other metals rose up to 0.6%, but lead lost 0.1%. 

The gold futures price fell by US$11.90 or 0.8% to US$1,499.20 an ounce. The spot gold price was trading near US$1,487 an ounce in late US trade. Iron ore rose by US$1.25 or 1.4% to US$93.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent62.3862.59-0.21-0.346.58
Oil - West Texas crude57.7957.400.390.686.04
Gold Spot $/OZ1,487.001,486.001.600.11-0.33
Silver Spot $/OZ18.1018.000.100.296.44
Iron Ore92.7093.60-0.90-0.96-9.13
Thermal Coal Newcastle65.8065.500.300.38-3.02
APAC Hard Coking Coal FOB149.50150.50-1.00-0.66-5.38
Aluminium ($US/t)1,7951,77422.001.213.06
Copper Mar-18 ($US/lb)2.612.61-0.40-0.150.68
Lead ($US/t)2,1062,108-3.00-0.141.19
Nickel ($US/t)18,12818,10226.000.1416.86
Zinc ($US/t)2,3422,31428.001.215.24
Tin ($US/t)17,43017,329101.000.582.83
Uranium ($US/lb)25.0025.000.00-0.20-0.79
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7286,760-32.00-0.480.97
S&P/ASX 2006,6146,648-34.00-0.510.45
ASX 24 Futures6,634
Australian Market Report

Tuesday 10 September - close. The Australian share market has suffered its first loss in four days, with every sector except energy shares and financials in the red. The benchmark S&P/ASX200 index closed on Tuesday down 33.9 points, or 0.51 per cent, to 6,614.1 points, while the broader All Ordinaries was down 32.1 points, or 0.47 per cent, to 6,728.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 19cps, m.cap A$8.5m with 44.7m SOI, Cash $3.6m, Copper Developer)

  • Cyprium have announced the completion of the Phase 1 Reverse Circulation extensional drilling programme totalling 4,038 metres at Hollandaire and Hollandaire West at the Cue Copper Project. 
  • The majority of the Phase 1 Hollandaire drilling programme has been focused on the Hollandaire West copper mineralisation to test for shallow extensions.
  • The locations of the drill hole collars at the Hollandaire and Hollandaire West copper mineralisation are shown in Figure 1. The red outline is the current mineralisation outline projected to the surface against drill-hole collars for extensional drilling.
  • Several drill holes in this initial programme are being used for down-hole geophysics, to further assist in the planning of the subsequent phases of extensional drilling to expand the copper mineralisation, which remains open to the south, west and at depth.
  • The samples obtained from the diamond drilling will be used for initial column test-work to determine the optimal extraction method for copper mineralisation at the project. The mineralised intersections and samples returned to date are consistent with the drill programme designs.
  • The diamond drill core in Images 2 and 3 show consecutive drill core trays in 19HOMET003 from 86.5m to 93.1m depth below the surface.
  • The drill core in image 2 contains quartz veins with massive chalcocite and garnets, occurring with bands of massive pyrite, chalcocite and chalcopyrite.
  • Image 3 shows drill core containing massive chalcocite in a quartz vein, garnets in foliated quartz and a section of massive pyrite, chalcocite and chalcopyrite.
  • Image 4 is a detail view of the drill core from 90.5m to 90.8m and 91.4m to 91.7m showing the garnet foliated quartz and massive pyrite, chalcocite and chalcopyrite.
  • 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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ERA Communications