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16 September 2019 07:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,22027,18237.000.145.15
S&P 5003,0073,010-2.00-0.074.11
NASDAQ8,1778,194-18.00-0.223.56
FTSE 100 Index7,3677,34523.000.313.52
DAX 3012,46912,41058.000.477.83
CAC 40 Index5,6555,64313.000.226.69
Nikkei 225 (Japan)21,98821,760229.001.057.69
HKSE27,35327,088265.000.986.29
SSE Composite Index3,0313,00922.000.758.36
S&P/TSX Composite Index16,68216,64339.000.243.30
NZ 5010,95610,86393.000.862.83
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were mixed on Friday. Materials rose 1.1% but real estate fell 1.3%. Shares in Apple lost 1.9% after a major broker cut its price target on the stock. The Dow Jones rose by 37 points or 0.1% after trading in an 84 point range. The S&P500 index fell 0.1%; the Nasdaq lost 18 points or 0.2%. Over the week the Dow rose 1.6%, the S&P 500 rose 0.95% and the Nasdaq gained 0.9%.

Global oil prices fell by around 0.4% on Friday. Concerns about the softness of global economic growth balanced optimism on USChina trade talks. The Brent crude price fell by US16 cents or 0.3% to US$60.22 a barrel. And the US Nymex price fell by US24 cents or 0.4% to US$54.85 a barrel. Over the week Brent fell by 2.1% and Nymex fell by 3.0%. 

Base metal prices were generally firmer on the London Metal Exchange on Friday. Copper rose 2.5% but tin lost 3.9% and nickel lost 1.9%. Over the week metals rose up to 2.4% with copper doing best and zinc rose 2.2%. But tin lost 5.4%. 

The gold futures price fell by US$7.90 or 0.5% to US$1,499.50 an ounce. The spot gold price was trading near US$1,488 an ounce in late US trade. Over the week gold fell by US$16 an ounce or 1.1%. Iron ore rose by US25 cents or 0.3% to US$99.10 a tonne. Over the week iron ore rose by US$11 a tonne or 12.5%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent67.9660.227.7412.8515.89
Oil - West Texas crude60.8554.856.0010.9410.90
Gold Spot $/OZ1,507.001,489.0017.901.20-0.45
Silver Spot $/OZ17.8017.400.301.763.72
Iron Ore93.8093.000.800.86-0.28
Thermal Coal Newcastle65.7065.500.200.31-2.16
APAC Hard Coking Coal FOB150.00146.004.002.74-5.06
Aluminium ($US/t)1,7771,7716.000.311.30
Copper Mar-18 ($US/lb)2.682.625.802.191.94
Lead ($US/t)2,0962,07026.001.230.90
Nickel ($US/t)17,80918,153-344.00-1.9011.91
Zinc ($US/t)2,3842,34341.001.733.04
Tin ($US/t)16,47017,139-669.00-3.90-3.97
Uranium ($US/lb)25.0025.000.000.60-0.99
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7776,76611.000.174.49
S&P/ASX 2006,6696,65514.000.224.12
ASX 24 Futures6,667
Australian Market Report

Friday 13 September - close.  The local sharemarket closed the week higher after the European Central Bank pushed the stimulus button and trade war tensions eased ahead of high-level talks between the US and China in October. The S&P/ASX200 ended the week up 14.33 points, or 0.33 per cent, higher at 6669.19, notching up its fourth consecutive week of gains. Though, this week was the poorest performing of the four weeks.

Ashanti Headlines

AuMake International Ltd (AU8.ASX, 14.5cps, m.cap A$48.2m with 312.1m SOI, Cash c$9.9m (Consumer Discretionary)

  • This morning AuMake released a trading update that detailed what the Pro-Forma business looks like after the Broadway acquisition. Highlights below;
    • Impressive financial performance for August:
      • Total revenue - $7.27 million (102% increase pcp)
      • Total gross profit - $1.45 million (167% increase pcp)
      • Total owned brand revenue - $330,000 (65% increase pcp)
    • Increase in total gross margin to 20% vs 15% August 2018 and 14.7% June 2019 quarter
    • Significant EBITDA (unaudited) improvement to near break-even (-$90k) during low season of August
    • Broadway business increase tour group visitation and revenue by 124% and 70% pcp respectively
    • Online sales continue to perform strongly, comprising 26% of total sales
    • AuMake materialising as a platform for a new wave of scalable profitability in the Asian / Chinese thematic
  • Sentiment in the sector appears to be improving with retailers reporting (and performing) strongly in FY19 results. This, coupled with today’s announcement from BAL regarding a A$1.5b buyout from China Mengniu Dairy Company bodes well for the sector.
  • Please see link to full announcement here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further

Have a question? admin@ashanticapital.com.au

ERA Communications