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17 December 2019 07:37 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,23628,135101.000.360.82
S&P 5003,1913,16923.000.712.27
NASDAQ8,8148,73579.000.913.20
FTSE 100 Index7,5197,353166.002.252.96
DAX 3013,40813,283125.000.941.25
CAC 40 Index5,9925,91973.001.230.88
Nikkei 225 (Japan)23,95224,023-71.00-0.292.79
HKSE27,50827,688-180.00-0.654.49
SSE Composite Index2,9842,96817.000.563.22
S&P/TSX Composite Index17,05617,00353.000.310.16
NZ 5011,29211,22765.000.583.65
US Volatility (Vix)12
Overseas Market Report

US sharemarkets hit record highs on Monday. Upbeat Chinese economic data and strong US homebuilder data propelled shares higher. Easing US-China trade tensions boosted shares of agriculture and fertiliser-focused company Mosaic (+4.6%). Apple shares rose by 1.7%, lifting both the S&P500 and Nasdaq indexes. But Boeing (-4.3%) shares fell on reports that it was considering whether to suspend production of its grounded 737 MAX aircraft. At the close of trade, the Dow Jones index was up by 100 points or 0.4%. The S&P500 index rose by 0.7% and the Nasdaq was higher by 79 points or 0.9%. 

Global oil prices held steady near 3-month highs on Monday on investor optimism that a preliminary trade deal will support global fuel consumption. The most active Brent crude contract rose by US12 cents or 0.2% to US$65.34 a barrel. And the US Nymex price rose by US14 cents or 0.2% to US$60.21 a barrel. 

Base metal prices were mostly higher on the London Metal Exchange on Monday. China industrial output data hit 5-month highs in November, lifting copper by 1.4%. Zinc led gains - lifting by 2.2%. But lead fell by 1.3% and tin was down by 0.1%. 

The gold futures price fell by US60 cents or 0.04% to US$1,475.00 an ounce. Spot gold was trading near US$1,476 an ounce in late US trade. Iron ore fell by US55 cents or 0.6% to US$93.90 a tonne after strong November steel output data from China increased oversupply concerns.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent65.3465.220.120.183.22
Oil - West Texas crude60.2060.21-0.01-0.024.30
Gold Spot $/OZ1,475.001,500.00-25.00-1.670.48
Silver Spot $/OZ17.0017.000.00-0.070.36
Iron Ore86.2085.800.500.558.21
Thermal Coal Newcastle66.5066.300.200.23-1.04
APAC Hard Coking Coal FOB145.50139.006.504.680.69
Aluminium ($US/t)1,7701,75614.000.780.63
Copper Mar-18 ($US/lb)2.822.784.001.446.92
Lead ($US/t)1,8681,892-25.00-1.29-5.81
Nickel ($US/t)14,15814,11345.000.32-5.41
Zinc ($US/t)2,3022,25249.002.19-4.52
Tin ($US/t)17,21817,242-24.00-0.147.12
Uranium ($US/lb)26.0026.000.000.002.00
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,9676,95215.000.210.99
S&P/ASX 2006,8636,85013.000.201.02
ASX 24 Futures6,867
Australian Market Report

Monday 16 December 2019 - close. The Australian share market has rallied to its second-best day of the year on optimism that a resolution to the US-China trade war and Brexit are finally close at hand. The benchmark S&P/ASX200 index closed on Monday up 110 points, or 1.63 per cent, to 6,849.7 points, while the broader All Ordinaries finished up 107.7 points, or 1.57 per cent, to 6,952.3 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 157cps, m.cap A$278.8m with 177.6m SOI, Cash cA$35m, Polymetallic Explorer / Developer)

  • ADT have announced that following the admission of its shares to the standard segment of the Official List and the LSE’s Main Market for listed securities on 12 December 2019, the Company is now subject to the UK City Code on Takeovers and Mergers (“Takeover Code”), as administered by the UK Panel on Takeovers and Mergers (“Panel”). 
  • Under the Takeover Code, where:
    • (a) any person acquires, whether by a series of transactions over a period of time or not, an interest in shares which (taken together with shares in which such person is already interested, and in which persons acting in concert with such person are interested) carry 30 per cent. or more of the voting rights of a company; or
    • (b) any person who, together with persons acting in concert with such person, is interested in shares which in the aggregate carry not less than 30 per cent. of the voting rights of a company but does not hold shares carrying more than 50 per cent. of such voting rights and such person, or any person acting in concert with such person, acquires an interest in any other shares which increases the percentage of shares carrying voting rights in which such person is interested,
  • such person shall, except in limited circumstances, be obliged to extend offers, on the basis set out in Rules 9.3, 9.4 and 9.5 of the Takeover Code, to the holders of any class of equity share capital whether voting or non-voting and also to the holders of any other class of transferable securities carrying voting rights. Offers for different classes of equity share capital must be comparable; the Panel should be consulted in advance in such cases
  • An offer under Rule 9 of the Takeover Code must be in cash and at the highest price paid for any interest in the shares by the person required to make an offer or any person acting in concert with such person during the 12 months prior to the announcement of the offer.
  • Under the Takeover Code, a ‘concert party’ arises where persons acting together pursuant to an agreement or understanding (whether formal or informal and whether or not in writing) actively co-operate, through an acquisition by them of an interest in shares in a company, to obtain or consolidate control of the company. ‘Control’ means holding, or aggregate holdings, of an interest in shares carrying 30 per cent. or more of the voting rights of the company, irrespective of whether the holding or holdings give de facto control.
  • The provisions in the Company’s articles of association which seek to replicate certain protections provided by the Takeover Code (contained in Article 155), are stated to apply only during such times as the Takeover Code does not apply to the Company and, accordingly, these provisions shall cease to apply to the Company for the time being.
  • Please contact the desk or your adviser on +61 8 6319 7807 should you wish to discuss further.

Have a question? admin@ashanticapital.com.au

ERA Communications