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19 September 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,14727,11136.000.133.87
S&P 5003,0073,0061.000.032.84
NASDAQ8,1778,186-9.00-0.112.18
FTSE 100 Index7,3147,320-6.00-0.091.73
DAX 3012,390017.000.145.76
CAC 40 Index5,6215,6165.000.094.64
Nikkei 225 (Japan)21,96122,001-41.00-0.186.80
HKSE26,75426,790-36.00-0.131.76
SSE Composite Index2,9862,9788.000.253.56
S&P/TSX Composite Index16,80016,835-34.00-0.203.04
NZ 5010,82110,77546.000.431.11
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were mixed on Wednesday as US FOMC members gave conflicting signals about the future direction of interest rates. New projections showed policymakers at the median, expected rates to stay within the new range through 2020 which is considered as bad news for investors hoping for additional cuts to help counter the economic fallout from the US-China trade war. Shares of courier company FedEx fell by 12.9% after the company blamed trade tensions and a split with Amazon.com for its dismal full-year profit forecast. The Dow Jones closed up by 36 points or 0.1%, the S&P500 index was flat, but the Nasdaq fell by 8 points or 0.1%. 

Global oil prices fell on Wednesday as investor focus shifted to a quick return of Saudi Arabia's crude production amid assurances that global inventories are ample. The Brent crude price fell by US95 cents or 1.5% to US$63.60 a barrel. And the US Nymex price fell by US$1.23 or 2.1% to US$58.11 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Zinc fell by 1.3% after data showed Chinese output surging to the highest level since 2017. Tin fell 1.1%, copper fell by 0.2%, but nickel (+1.1%) lifted the most. 

The gold futures price rose by US$2.40 or 0.2% to US$1,515.80 an ounce. The spot gold price was trading near US$1,488 an ounce in late US trade. Iron ore fell by US40 cents or 0.4% to US$96.10 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.6064.55-0.95-1.478.46
Oil - West Texas crude58.1858.110.070.123.50
Gold Spot $/OZ1,493.001,494.00-0.50-0.04-0.16
Silver Spot $/OZ17.7017.800.00-0.085.13
Iron Ore95.8096.60-0.80-0.783.43
Thermal Coal Newcastle65.4065.60-0.30-0.38-1.43
APAC Hard Coking Coal FOB139.00141.00-2.00-1.42-10.32
Aluminium ($US/t)1,7541,760-6.00-0.36-0.30
Copper Mar-18 ($US/lb)2.602.61-1.40-0.540.02
Lead ($US/t)2,0582,04215.000.750.93
Nickel ($US/t)17,30517,118187.001.096.68
Zinc ($US/t)2,3222,352-30.00-1.293.25
Tin ($US/t)16,67016,859-189.00-1.120.43
Uranium ($US/lb)26.0026.000.000.591.99
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7916,802-10.00-0.153.68
S&P/ASX 2006,6826,695-14.00-0.203.31
ASX 24 Futures6,696
Australian Market Report

Wednesday 18 September - close. Aussie shares snapped a five-day winning streak, with losses from energy and bank stocks dragging the ASX 200 down by 13.7pts or 0.2 per cent to 6681.6. The moves so far this week have been modest ahead of tomorrow’s Fed decision on U.S. interest rates, key Australian employment figures and U.S. – China talks on Friday. Gains from healthcare stocks, industrials and gold producers fell short of doing enough to offset heavy losses from energy companies and banks.

Ashanti Headlines

Invictus Energy Limited: (IVZ.ASX, 3.8 cps, m.cap A$14.9m with 365.7m SOI, Cash ~$2.2m, O&G Explorer)

  • A US$1 billion oil and gas refinery is to be set up in Zimbabwe to complement the Governments efforts in finding a long-term solution to high fuel prices, ballooning fuel bills and shortages.
  • Zueth Petroleum will build the first oil refinery in the country which will be situated close to Invictus's Muzarabani oil project site. Zueth Petroleum is working closely with Invictus Energy regarding the project.
  • Minister of Energy and Power Development, Advocate Fortune Chasi stated that the project presented an opportunity for addressing the current fuel deficit, employment shortages and foreign exports.
  • Zueth Petroleum have partnered with a South African company Mettle construction who have assigned a team of engineering professionals to work on the project.
  • This is a positive read through for Invictus and shows that Zimbabwe is focused on solving their energy crisis which is restricting the countries future economic development.
  • A delegation from Invictus including MD Scott MacMillan and newly appointed Chairman Dr Stuart Lake have been in Zimbabwe for the past three days for meetings held with the Ministry of Mines and Mining Development and other stakeholders in relation to Muzarabani.
  • A link to the article published by Zimbabwe press can be found here

Have a question? admin@ashanticapital.com.au

ERA Communications