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14 November 2019 07:58 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,78427,69192.000.333.72
S&P 5003,0943,0922.000.074.31
NASDAQ8,4828,486-4.00-0.055.39
FTSE 100 Index7,3517,365-14.00-0.191.91
DAX 3013,23013,284-53.00-0.405.95
CAC 40 Index5,9075,920-13.00-0.214.68
Nikkei 225 (Japan)23,32023,520-200.00-0.856.98
HKSE26,57127,065-494.00-1.820.19
SSE Composite Index2,9052,915-10.00-0.33-3.41
S&P/TSX Composite Index16,95816,90949.000.293.31
NZ 5010,87710,83541.000.38-1.36
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were mixed on Wednesday. There were soothing comments by the Federal Reserve chair in testimony to Congress. Shares eased from highs on reports that there were snags in US-China trade talks on farm purchases. Shares in Walt Disney rose by 7.3% after revealing its Disney+ streaming service had amassed 10 million subscribers in a day. At the close the Dow Jones was up by 92 points or 0.3% to record highs. The S&P500 index was up by 0.1% to record highs. The Nasdaq index was lower by 4 points or 0.1%. 

Global oil prices rose by near 0.5% on Wednesday. Reuters reported: "OPEC Secretary General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident the United States and China would reach a trade deal." Brent crude rose by US31 cents or 0.5% to US$62.37 a barrel. And the US Nymex price rose by US32 cents or 0.6% to US$57.12 a barrel. 

Base metal prices fell by 0.6-2.4% on the London Metal Exchange on Wednesday with copper down the least and zinc down the most. 

The gold futures price was up by US$9.60 or 0.7% to US$1,463.30 an ounce. Spot gold was trading near US$1,464 an ounce in late US trade. Iron ore rose by US15 cents or 0.2% to US$81.15 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent62.3762.060.310.503.07
Oil - West Texas crude57.3857.120.260.467.07
Gold Spot $/OZ1,464.001,464.000.000.00-1.99
Silver Spot $/OZ17.0017.000.00-0.06-3.91
Iron Ore79.7080.00-0.30-0.31-14.58
Thermal Coal Newcastle66.7066.500.200.230.45
APAC Hard Coking Coal FOB143.00140.502.501.78-7.74
Aluminium ($US/t)1,7661,778-13.00-0.702.78
Copper Mar-18 ($US/lb)2.642.64-0.10-0.020.19
Lead ($US/t)2,0342,058-24.00-1.17-6.58
Nickel ($US/t)15,38415,666-282.00-1.80-13.26
Zinc ($US/t)2,4572,518-61.00-2.400.04
Tin ($US/t)15,99116,329-338.00-2.07-3.03
Uranium ($US/lb)25.0025.000.000.81-0.20
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8146,8068.000.120.83
S&P/ASX 2006,7046,6986.000.090.93
ASX 24 Futures6,706
Australian Market Report

Wednesday 13 November 2019 - close. The Australian share market has fallen, with every sector save one in the red, after US President Donald Trump threatened to escalate his trade war with China if the two countries can't reach a deal. The benchmark S&P/ASX200 index closed on Wednesday down 54.7 points, or 0.81 per cent, to 6,698.4 points, while the broader All Ordinaries was down 51.6 points, or 0.75 per cent, to 6,805.5 points.

Ashanti Headlines

Emeco Holdings (EHL.ASX, 207cps, m.cap A$665.8m with 323.2m SOI, Cash A$36.2m, Mining Services)

EHL have released upgraded 1H20 guidance:

  • Strong start to FY20 - First half EBITDA to be between $118M and $120M with further growth expected in the second half
  • Growth from both rate and utilisation improvement on existing feet, together with additional earnings generated by the growth assets acquired in FY19.
  • Recovery and growth of the Western Region is gaining momentum securing new work in iron ore and gold projects. 
  • East Coast demand continues to be robust and utilisation remains high particularly in Met Coal. Thermal coal underpinning stable earnings
  • Growth assets acquired are deployed across various projects and on track to generate $25M in EBITDA this financial year.
  • Management and the board committed to deleveraging and reducing the gross debt of the business. Leverage expected to be 1.5x by the end of FY20, and targeting 1.0x by the end of FY21.
  • This guidance provides us with positive readthroughs for the mining services sector into FY20.

Please call the desk on +61 8 6319 7810 should you wish to discuss further.


Have a question? admin@ashanticapital.com.au

ERA Communications