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08 January 2020 08:49 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,58428,703-120.00-0.422.03
S&P 5003,2373,246-9.00-0.282.90
NASDAQ9,0699,071-3.00-0.034.76
FTSE 100 Index7,5747,575-1.00-0.024.62
DAX 3013,22713,127100.000.760.46
CAC 40 Index6,0126,014-1.00-0.022.39
Nikkei 225 (Japan)23,02723,576-549.00-2.33-1.40
HKSE28,32228,22696.000.346.88
SSE Composite Index3,1053,08321.000.696.62
S&P/TSX Composite Index17,16817,10563.000.371.01
NZ 5011,53511,630-94.00-0.812.30
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were weaker on Tuesday. Investors monitored tensions between the US and Iran. But US economic data was generally positive. And technology shares rose. Shares in Micron Technology rose 8.8% on a broker upgrade and shares in Microchip Technology rose 6.7% after lifting its sales forecast. At the close of trade, the Dow Jones index was down by 120 points or 0.4%. The S&P500 index was lower by 0.3% and the Nasdaq index fell by 3 points or less than 0.1%. 

Global oil prices fell by around 1.0% as investors assessed the possibility of supply disruptions in the Middle East. Oil prices had risen earlier in the week after Iran vowed revenge on the US after the killing of Qassem Soleimani, head of Iran's elite Quds Force, in a drone strike in Iraq. Investors awaited weekly data on US crude stockpiles. The Brent crude price fell by US64 cents or 0.9% to US$68.27 a barrel. And the US Nymex price fell by US57 cents or 0.9% to US$62.70 a barrel. 

Base metal prices were mixed on the London Metal Exchange. Aluminium lost 0.8% and lead lost 0.7%. But other metals rose up to 1.2% with zinc up the most. Copper rose just 0.2%. 

The gold futures price rose by US$5.60 or 0.4% to US$1,571.80 an ounce. Spot gold was trading near US$1,572 an ounce in late US trade. Iron ore was unchanged at US$94.00 a tonne

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent68.2768.91-0.64-0.936.03
Oil - West Texas crude65.4662.702.764.4010.57
Gold Spot $/OZ1,605.001,574.0030.601.949.92
Silver Spot $/OZ18.6018.400.201.1012.25
Iron Ore87.7087.300.400.474.69
Thermal Coal Newcastle67.2067.20-0.10-0.151.13
APAC Hard Coking Coal FOB145.00141.803.252.29-0.34
Aluminium ($US/t)1,7851,800-15.00-0.820.73
Copper Mar-18 ($US/lb)2.772.79-2.50-0.892.12
Lead ($US/t)1,8891,903-14.00-0.720.76
Nickel ($US/t)13,85913,748112.000.813.25
Zinc ($US/t)2,3622,33428.001.185.33
Tin ($US/t)17,00616,854152.000.90-0.61
Uranium ($US/lb)25.0025.000.00-0.40-4.63
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8676,944-76.00-1.100.79
S&P/ASX 2006,7506,826-76.00-1.120.64
ASX 24 Futures6,697
Australian Market Report

Tuesday 7 January 2020 - close. The Australian share market has enjoyed its best day in three weeks, with every sector gaining as weak economic data was seen to boost the odds of a February cash rate cut. The benchmark S&P/ASX200 index closed Tuesday up 90.7 points, or 1.35 per cent, to 6,826.4 points, while the broader All Ordinaries was up 86.2 points, or 1.26 per cent, to 6,943.6 points.

Ashanti Headlines

Independence Group NL: (IGO.ASX, 698cps, m.cap A$3,840m with 590.5m SOI, Cash $321.2m, Diversified / Base Metals Producer)

  • IGO has reported Dec pre qtr production guidance for Nova and Tropicana
  • Performance at Nova has resulted in nickel, copper and cobalt production for 2Q20 and 1H20 that exceeds the pro-rata guidance range for FY20.
  • At Tropicana, gold production and gold sales has also exceeded pro-rata FY20 guidance following an excellent 2Q20 result.
  • The Company notes the recent significant bushfire activity in the Shires of Dundas and Esperance which continues to affect local communities and disrupt supplies into Western Australia. The bushfire activity has caused unprecedented closures of the main Eyre Highway and Coolgardie-Esperance Highway used to access Nova, with some sections of the highways remaining closed. Whilst there has been no threat to our people or infrastructure at Nova as a result of the bushfire activity, there has been impact on routine site-based deliveries of supplies and haulage of concentrate from site. Our 2Q20 production result was unaffected by this and, based on our current understanding, IGO does not expect any material impact to the 3Q20 result.
  • Detailed operational and financial results for these periods will be reported together as part of the December 2019 Quarterly Report which is scheduled to be released on 30 January 2020


Have a question? admin@ashanticapital.com.au

ERA Communications