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16 January 2020 08:28 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average29,03028,94091.000.312.81
S&P 5003,2893,2836.000.193.07
NASDAQ9,2599,2517.000.085.04
FTSE 100 Index7,6437,62220.000.271.65
DAX 3013,43213,456-24.00-0.180.18
CAC 40 Index6,0336,041-8.00-0.140.68
Nikkei 225 (Japan)23,91623,917-1.000.00-0.15
HKSE28,77428,885-112.00-0.394.60
SSE Composite Index3,0903,107-17.00-0.543.54
S&P/TSX Composite Index17,41517,35362.000.362.10
NZ 5011,74311,67767.000.574.60
US Volatility (Vix)12
Overseas Market Report

US sharemarkets were firmer on Wednesday. Shares in Bank of America fell by 2.0% after reporting earnings but flagging weak net interest income in the first half of 2020. And shares in Goldman Sachs rose by 0.6% despite reporting a bigger-than-expected fall in profit. The Dow Jones index ended at record highs above 29,000 points, up by 91 points or 0.3%. The S&P500 index rose by 0.2% to record highs and the Nasdaq index lifted by 7 points or 0.1%. 

Global oil prices fell by up to 0.8% on Wednesday. The US Energy Information Administration reported that gasoline stockpiles last week rose to their highest since February, while distillate inventories jumped to the highest levels since September 2017. But crude inventories fell by 2.5 million barrels last week, compared with the forecast 474,000-barrel decline. The Brent crude price fell by US49 cents or 0.8% to US$64.00 a barrel. And the US Nymex price fell by US42 cents or 0.7% to US$57.81 a barrel. 

Base metal prices were mixed on Wednesday. Nickel and lead rose by over 3% but tin was flat and aluminium and copper fell by near 0.4%. 

The gold futures price rose by US$9.70 or 0.6% to US$1,552.10 an ounce. Spot gold was trading near US$1,556 an ounce in late US trade. Iron ore fell by US85 cents or 0.9% to US$95.30 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.0064.49-0.49-0.76-1.87
Oil - West Texas crude58.0857.810.270.47-3.54
Gold Spot $/OZ1,558.001,556.001.200.085.51
Silver Spot $/OZ18.0018.000.000.175.84
Iron Ore89.2088.500.700.813.46
Thermal Coal Newcastle70.5070.80-0.30-0.426.33
APAC Hard Coking Coal FOB154.00155.50-1.50-0.965.84
Aluminium ($US/t)1,7751,782-8.00-0.421.05
Copper ($US/lb)2.872.870.100.051.67
Lead ($US/t)1,9921,93261.003.155.27
Nickel ($US/t)14,24013,781459.003.330.90
Zinc ($US/t)2,3992,38415.000.646.50
Tin ($US/t)17,40817,4008.000.050.96
Uranium ($US/lb)25.0025.000.000.00-3.72
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,1477,11433.000.472.80
S&P/ASX 2007,0306,99535.000.502.63
ASX 24 Futures6,977
Australian Market Report

Wednesday 15 January 2020 - close. The Australian share market has closed higher for the eighth time in 10 sessions, with the benchmark S&P/ASX200 index coming tantalisingly close to breaking the 7,000 mark. Ultimately, the index finished on Wednesday at 6,994.8 points, up 32.6 points, or 0.47 per cent, and traded as high as 6,996.8. Australia's broader All Ordinaries index closed up 35.5 points, or 0.5 per cent, at 7,113.5 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 179cps, m.cap A$317.8m with 177.8m SOI, Cash cA$35m, Polymetallic Explorer / Developer)

  • ADT has announced assay results from a number of holes from its programme at Rupice and Jurasevac-Brestic
  • Highlights:
    • BR-49-19 intersected exceptionally high-grade mineralisation in the southern extension of the Rupice mineralisation returning: 
      • 11.3m @ 4.37g/t Au, 406g/t Ag, 16.1% Zn, 9.8% Pb, 1% Cu and 50% BaSO4 from 244.7m. 
    • BR-44-19, 95 metres down-dip on the same drill section as BR-49-19 also returned mineralised drill results: 
      • 6m @ 1.34g/t Au, 223g/t Ag, 2.1% Zn, 2.4% Pb, 0.3% Cu and 41% BaSO4 from 298m. 
    • These two mineralised intercepts, BR-49-19 and BR-44-19 confirm a robust extension of the high-grade mineralisation, that still remains open along strike to the south towards the Jurasevac-Brestic prospect.
  • Paul Cronin, Adriatic’s Managing Director and CEO commented, “The latest drill results continue to extend the known mineralisation at Rupice and provide valuable information needed to continue to assess the structural controls inherent in this world class deposit. We have mobilised 4 rigs following the holiday break to continue to chase this mineralisation to the south and at Jurasevac-Brestic as well as commence exploration drilling at the Veovača satellite prospects where soil sampling and historical drilling data warrants further drill testing. A great start to 2020.” 
  • A link to the full announcement can be found here.
  • 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