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01 November 2019 07:57 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,04627,187-140.00-0.521.78
S&P 5003,0383,047-9.00-0.303.31
NASDAQ8,2928,304-12.00-0.144.85
FTSE 100 Index7,2487,331-82.00-1.12-1.52
DAX 3012,86712,910-43.00-0.344.92
CAC 40 Index5,7305,766-36.00-0.622.36
Nikkei 225 (Japan)22,92722,84384.000.374.76
HKSE26,90726,668239.000.903.12
SSE Composite Index2,9292,939-10.00-0.350.82
S&P/TSX Composite Index16,48316,501-18.00-0.110.22
NZ 5010,74710,788-41.00-0.38-2.27
US Volatility (Vix)13
Overseas Market Report

US sharemarkets fell on Thursday. Doubts about a US-China trade deal resurfaced. President Trump was also critical about the Federal Reserve in a tweet. After reporting earnings after the close on Wednesday, shares in Apple rose by 2.3% and Facebook rose by 1.8%. Shares in Kraft Heinz rose 13.4% after reporting a betterthan-expected quarterly profit. The Dow Jones fell by140 points or 0.5%. The S&P500 index fell by 0.3% from record highs. The Nasdaq fell by 12 points or 0.1%. 

Global oil prices were weaker on Thursday with concerns about prospects for a US-China trade deal dominating. Brent crude fell by US38 cents or 0.6% to US$60.23 a barrel. And the US Nymex price fell by US88 cents or 1.6% to US$54.18 a barrel. 

Base metal prices fell by up to 2.5% on the London Metal Exchange on Thursday with lead down the most although aluminium fell by just 0.1%. 

The gold futures price rose by US$18.10 or 1.2% to US$1,514.80 an ounce. Spot gold was trading near US$1,512 an ounce in late US trade. Iron ore fell by US$1.10 or 1.3% to US$84.00 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.6260.24-0.62-1.03-1.91
Oil - West Texas crude54.0854.18-0.10-0.180.86
Gold Spot $/OZ1,512.001,513.00-0.70-0.042.24
Silver Spot $/OZ18.1018.100.00-0.074.98
Iron Ore85.3085.60-0.30-0.35-7.78
Thermal Coal Newcastle66.9067.000.00-0.07-4.50
APAC Hard Coking Coal FOB144.00144.50-0.50-0.35-5.26
Aluminium ($US/t)1,7541,756-3.00-0.143.09
Copper Mar-18 ($US/lb)2.642.640.000.003.03
Lead ($US/t)2,1712,226-55.00-2.462.09
Nickel ($US/t)16,68016,820-140.00-0.83-3.13
Zinc ($US/t)2,5252,569-44.00-1.713.97
Tin ($US/t)16,49016,760-270.00-1.613.65
Uranium ($US/lb)24.0024.000.00-0.21-7.02
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7586,773-15.00-0.22-1.38
S&P/ASX 2006,6476,663-16.00-0.24-1.42
ASX 24 Futures6,615
Australian Market Report

Thursday 31 October 2019 - close. The Australian share market has fallen for a second day, with ANZ bank dragging down the heavyweight financial sector. The benchmark S&P/ASX200 index finished Thursday down 26.1 points, or 0.39 per cent, to 6,663.4 points, while the broader All Ordinaries closed down 21.8 points, or 0.32 per cent, to 6,772.9 points.

Ashanti Headlines

Independence Group NL: (IGO.ASX, 632cps, m.cap A$3,763m with 590.5m SOI, Cash $321.2m, Diversified / Base Metals Producer)

  • IGO have announced new offtake agreements for Nova nickel and copper concentrates which have resulted in materially improved terms than current offtake agreements.
  • Nickel concentrate agreements are being finalised with equal volumes to be awarded to Trafigura Pte. Ltd (Trafigura) and BHP Billiton Nickel West Pty Ltd (BHP).
  • Copper concentrate agreement for 100% of the production awarded to Trafigura
  • The improved payable terms from the new offtake contracts makes the IGO downstream nickel sulphate facility (IGO ProcessTM) less attractive and as such the decision has been made not to progress to a detailed feasibility study. 
  • IGO will continue to explore value creation from downstream processing aligned to clean energy via potential partnerships and collaborative industry opportunities leveraging off the technology developed by IGO.
  • Peter Bradford, IGO’s Managing Director and CEO, said: “It is pleasing to have brought these two workstreams to completion, and to have achieved the material improvement in commercial terms for our new offtake agreements. The tightening supply and strong demand forecast for nickel and copper has led to strong competition for Nova concentrate, which is now established as a high quality, highly desirable product for end users. The increased shareholder value captured by these agreements is significant.” “The work we have completed as part of the nickel sulphate downstream prefeasibility study has demonstrated that IGO has developed an innovative processing technology to more efficiently produce nickel sulphate for the clean energy and the electric vehicle battery market at a lower cost and in an environmentally sustainable manner. We recognised that this project would have to compete with tightening supply and higher payabilities in the market and as a result of the improved nickel payabilities obtained, the returns on this project are unlikely to meet IGO investment hurdles for construction of such a facility in Western Australia, hence the decision not to advance this project beyond the pre-feasibility study.”
  • A link to the full announcement can be found here

Have a question? admin@ashanticapital.com.au

ERA Communications