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06 January 2020 08:01 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,63528,869-234.00-0.812.21
S&P 5003,2353,258-23.00-0.712.83
NASDAQ9,0219,092-71.00-0.794.21
FTSE 100 Index7,6227,60418.000.245.29
DAX 3013,21913,386-167.00-1.250.40
CAC 40 Index6,0446,0423.000.042.93
Nikkei 225 (Japan)23,65723,838-181.00-0.761.56
HKSE28,45228,544-92.00-0.327.37
SSE Composite Index3,0843,085-1.00-0.055.90
S&P/TSX Composite Index17,06617,100-34.00-0.200.41
NZ 5011,52611,593-67.00-0.582.22
US Volatility (Vix)14
Overseas Market Report

US sharemarkets fell from record highs in response to tensions between the US and Iran. The Dow Jones index fell by 234 points or 0.8%. The S&P500 index lost 0.7%. And the Nasdaq index fell by 71 points or 0.8%. Over the week the Dow fell 0.04%, S&P 500 lost 0.17% but Nasdaq rose by 0.16%. 

Global oil prices rose by 3-3.5% on Friday after a US air strike killed a top Iranian military commander. The increase in tensions between the US and Iran raised concerns of disruptions to oil supplies from the Middle East. The number of oil rigs in operation in the US also fell by 7 to 670 in the past week. The Brent crude price rose by US$2.35 or 3.5% to US$68.60 a barrel. And the US Nymex price rose by US$1.87 or 3.1% to US$63.05 a barrel. Over the week Brent crude rose by 0.6% and Nymex rose by 2.2%. 

Base metal prices were lower by up to 3.6% on the London Metal Exchange on Friday with nickel leading the declines. But zinc lost just 0.1% and aluminium rose by 1%. Over the week nickel fell 3.2% but aluminium lost just 0.3% and zinc rose 0.4%. 

The gold futures price rose by US$27.20 or 1.8% to US$1,551.70 an ounce. Spot gold was trading near US$1,551 an ounce in late US trade on Friday. Over the week gold rose by US$37.90 an ounce or 2.5%. Iron ore rose by US70 cents or 0.8% to US$93.90 a tonne. Over the week iron ore rose by US$3.40 or 3.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent69.4968.600.891.307.92
Oil - West Texas crude63.7763.050.721.147.72
Gold Spot $/OZ1,569.001,552.0016.601.077.44
Silver Spot $/OZ18.2018.100.100.679.68
Iron Ore86.8086.000.800.933.52
Thermal Coal Newcastle67.5067.90-0.40-0.590.15
APAC Hard Coking Coal FOB145.00141.803.252.29-0.34
Aluminium ($US/t)1,7921,77518.000.991.01
Copper Mar-18 ($US/lb)2.772.79-1.70-0.612.18
Lead ($US/t)1,9031,908-5.00-0.250.98
Nickel ($US/t)13,68314,194-511.00-3.602.76
Zinc ($US/t)2,3212,323-2.00-0.094.87
Tin ($US/t)16,80117,189-388.00-2.260.18
Uranium ($US/lb)25.0025.000.000.00-4.24
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8106,855-45.00-0.66-0.05
S&P/ASX 2006,6876,734-46.00-0.69-0.30
ASX 24 Futures6,621
Australian Market Report

Friday 3 January 2020 - close. The ASX has closed higher with gains across the board even as a markets were rattled by a US air strike that killed a top Iranian military commander. The benchmark S&P/ASX200 index gained as much as 97.7 points in early trading before retreating after news of the strike, closing on Friday up 42.9 points, or 0.64 per cent, to 6,733.5 The broader All Ordinaries finished up 45.2 points, or 0.66 per cent, to 6,855.2 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 175cps, m.cap A$297.8m with 177.8m SOI, Cash cA$35m, Polymetallic Explorer / Developer)

  • ADT has announced two key appointments to the senior management team. 
  • Chief Financial Officer: Mr Geoff Eyre has been appointed Chief Financial Officer of the company. Mr Eyre is an experienced finance professional with more than 15 years of experience holding senior positions with companies in the mining industry including producing assets, exploration and development stage companies and private equity investment funds. Most recently as CFO of Avesoro Resources Inc., Mr Eyre was intrinsically involved in the turnaround in performance of the New Liberty gold mine in Liberia, its acquisition of the Youga gold mine in Burkina Faso and the company’s subsequent acquisition by its largest shareholder. Mr Eyre was the CEO of Amlib Holdings Plc, an exploration and development company with assets in Liberia, prior to its acquisition by MNG Gold in 2014 and oversaw the financial aspects of the company’s post acquisition mine build. He was also the Group Financial Controller of Ferrexpo Plc, the Ukrainian iron ore producer, during its IPO on the London Stock Exchange. Mr Eyre is a Chartered Accountant, member of the ICAEW and holds a first-class BEng degree in Electrical Engineering from the University of Warwick. Sean Duffy who has been CFO of Adriatic since November 2017 will be leaving the company on 6 March 2020 following a handover period.
  • Chief Geologist: Following the retirement of Bob Annett in December 2019, we are pleased to appoint Phillip Fox as Chief Geologist, based in Vares. Mr Fox is an experienced exploration geologist with extensive knowledge of the Tethyan mineral belt gained whilst Exploration Manager at Dunav Resources. Most recently Mr Fox was Project Manager at Toachi Mining Inc in Ecuador, where the deposit shares many similarities with Rupice.

Pensana Metals Ltd: (PM8.ASX, 17.5cps, m.cap A$26.8m with 147.4m SOI, Cash $3m, Rare Earths explorer)

  • PM8 is pleased to announce the appointment of Robert Kaplan as Chief Financial Officer and Company Secretary of Pensana Rare Earths Plc which is planning to list on the main Board of the London Stock Exchange next month. 
  • Pensana Rare Earths plc is proposing to acquire 100% of Pensana Metals Limited by way of a previously announced Scheme of Arrangement which will be voted on at a meeting on the 15th January 2020.
  • Robert has joined Pensana from London listed Petra Diamonds Limited where in his role as Finance Manager Corporate and Head of Treasury he was involved in a number of    mine financings including two US$ bond issues totalling US$1 billion, a number of African lender facilities totalling over US$750 million and most recently an equity rights issue of US$178 million on the London Stock Exchange.
  • Chairman Paul Atherley commented: “We welcome Rob to the team. He brings extensive African mine finance and operational expertise to the Company at a time when we are making the transition from feasibility studies into financing, construction and production.
  • Rob is based in Africa and has worked previously with our CEO Tim George in Angola. His broad corporate finance skills will help accelerate the development of Longonjo as the world’s first major rare earth mine in nearly a decade.” 

Have a question? admin@ashanticapital.com.au

ERA Communications