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12 December 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,91127,88230.000.110.79
S&P 5003,1423,1339.000.291.77
NASDAQ8,6548,61638.000.442.24
FTSE 100 Index7,2167,2142.000.03-1.53
DAX 3013,147076.000.58-0.39
CAC 40 Index5,8615,84813.000.22-0.56
Nikkei 225 (Japan)23,39223,410-18.00-0.08-0.54
HKSE26,64526,437209.000.79-1.55
SSE Composite Index2,9242,9177.000.240.33
S&P/TSX Composite Index16,94016,951-11.00-0.070.34
NZ 5011,29511,2923.000.033.38
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were firmer on Wednesday. There were no surprises from the Federal Reserve decision. Investors awaited news on whether the US would go ahead with imposing tariffs on $160 billion on Chinese imports from December 15. Investors also awaited Thursday's UK election. At the close of trade, the Dow Jones index was up by 30 points or 0.1%. The S&P500 index rose by 0.3% and the Nasdaq rose by 38 points or 0.4%. 

Global oil prices fell by around 1% on Wednesday in response to higher US inventories. Crude inventories rose by 822,000 barrels last week, compared with analysts' forecasts for a 2.8 million-barrel decline. The most active Brent crude contract fell by US62 cents or 1.0% to US$63.72 a barrel. And the US Nymex price lost 48 cents or 0.8% to US$58.76 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Aluminium, zinc and tin fell up to 0.7% with tin down the most. But other metals rose by 0.9-3.4% with nickel doing the best. 

The gold futures price rose by US$6.80 or 0.5% to US$1,469.40 an ounce. Spot gold was trading near US$1,475 an ounce in late US trade. Iron ore rose by US$1.20 or 1.3% to US$94.35 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent63.8964.34-0.45-0.702.75
Oil - West Texas crude58.7659.24-0.48-0.813.34
Gold Spot $/OZ1,460.001,475.00-15.00-1.020.23
Silver Spot $/OZ16.9016.900.000.040.59
Iron Ore85.8085.600.300.345.30
Thermal Coal Newcastle66.1066.000.100.15-1.27
APAC Hard Coking Coal FOB145.50139.006.504.680.69
Aluminium ($US/t)1,7511,7520.00-0.01-1.70
Copper Mar-18 ($US/lb)2.782.762.700.984.45
Lead ($US/t)1,9241,89331.001.64-8.02
Nickel ($US/t)13,78613,338448.003.36-11.44
Zinc ($US/t)2,2182,224-6.00-0.27-12.73
Tin ($US/t)17,31817,440-122.00-0.704.57
Uranium ($US/lb)26.0026.000.000.004.87
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8536,81241.000.60-0.06
S&P/ASX 2006,7536,70746.000.680.00
ASX 24 Futures6,724
Australian Market Report

Wednesday 11 December 2019 - close. The Australian share market has climbed higher following a report that the Trump administration was set to delay the next round of US tariffs on China that are set to kick in on Sunday. The benchmark S&P/ASX200 index surged in the final minutes of trading on Wednesday to finish up 45.7 points, or 0.68 per cent, to 6,752.6 points, while the broader All Ordinaries was up 41.1 points, or 0.6 per cent, to 6,853.2 points.

Ashanti Headlines

AuMake International Ltd (AU8.ASX, 11cps, m.cap A$38.2m with 332.4m SOI, Cash $9.6m (Consumer Discretionary)

  • AU8 have advised they achieved positive EBITDA (unaudited) for the months of October and November. This is the first sustained period of profitable growth for the Company since listing on the ASX in October 2017. 
  • For the two months of October and November, AuMake had its best financial performance since listing; total revenue exceeded $18.0m (September 2019 quarter: $18.5m) and gross margin was above 20% (September 2019 quarter: 17.2%).
  • The main drivers of this growth have been:
    • Asian tour group visitation numbers exceeded management projections;
    • Increased foot traffic and revenue performance across all stores in particular the George Street Town Hall store; and
    • The realisation of significant synergies during the integration of the Broadway and AuMake businesses
  • This is a significant announcement for AU8 and demonstrates the business has reached an important inflection point. We view this as a positive read through for the financial performance of the business as it heads into the retail high season.
  • 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