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28 January 2020 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,53628,990-454.00-1.57-0.38
S&P 5003,2443,295-52.00-1.570.11
NASDAQ9,1399,315-176.00-1.891.47
FTSE 100 Index7,4127,586-174.00-2.29-3.05
DAX 3013,20513,577-372.00-2.74-0.99
CAC 40 Index5,8636,024-161.00-2.68-2.89
Nikkei 225 (Japan)23,34423,827-484.00-2.03-2.07
HKSE27,95027,90941.000.15-0.98
SSE Composite Index2,9773,061-84.00-2.75-0.21
S&P/TSX Composite Index17,44317,565-123.00-0.701.60
NZ 5011,69311,807-114.00-0.970.78
US Volatility (Vix)18
Overseas Market Report

US sharemarkets were lower on Monday with the focus being on those stocks and sectors affected by the spread of the Novel coronavirus. Airlines, hotels, casinos and energy stocks were hardest hit, especially stocks exposed to the Chinese economy. But shares in the No.1 homebuilder, DR Horton, rose by 2.5% after raising its sales forecast for the year. With an hour of trade to go the Dow Jones index was down by 425 points or 1.5%. The S&P500 index was down by 1.4% and the Nasdaq index eased by 165 points or 1.8%. On Friday the Dow Jones fell by 170 points or 0.6% with the S&P 500 and the Nasdaq down 0.9%. 

Global oil prices eased by around 2% on Monday. Investors were concerned that if the Novel coronavirus spread markedly that it would lower economic activity and demand for oil. But Saudi Arabia said OPEC could respond to any changes in demand to support prices. The Brent crude price fell by US$1.37 or 2.3% to US$59.32 a barrel. And the US Nymex price fell by US$1.05 or 1.9% to US$53.14 a barrel. 

Base metal prices fell by between 0.9-4.3% on the London Metal Exchange on Monday with zinc and tin down the most while aluminium was down the least. On Friday metals fell by 0.8-3.0% with nickel down the most. 

The gold futures price rose by US$5.70 or 0.4% to US$1,576.80 an ounce. Spot gold was trading near US$1,580 an ounce in late US trade. Iron ore was unchanged at US$92.05 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.9260.69-1.77-2.92-13.56
Oil - West Texas crude53.1454.19-1.05-1.94-13.90
Gold Spot $/OZ1,581.001,582.00-0.80-0.054.68
Silver Spot $/OZ18.2018.100.100.512.39
Iron Ore89.3089.300.000.005.59
Thermal Coal Newcastle69.1069.100.000.003.83
APAC Hard Coking Coal FOB152.00153.00-1.00-0.657.23
Aluminium ($US/t)1,7551,770-15.00-0.86-2.45
Copper ($US/lb)2.602.68-8.80-3.26-8.46
Lead ($US/t)1,9181,952-34.00-1.72-0.40
Nickel ($US/t)12,53412,872-339.00-2.63-11.34
Zinc ($US/t)2,2522,353-101.00-4.29-2.57
Tin ($US/t)16,23616,810-574.00-3.41-5.22
Uranium ($US/lb)24.0024.000.00-0.20-2.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,2037,1994.000.063.85
S&P/ASX 2007,0917,0883.000.043.94
ASX 24 Futures6,913
Australian Market Report

Friday 24 January 2020 - close. Australian stocks have given up almost all of the day's gains, but are still on track for their best month in years. After being up as much as 34.7 points before noon, the benchmark S&P/ASX200 index finished Friday up just 2.5 points, or 0.04 per cent, at 7,090.5 points. The broader All Ordinaries index closed up 4.2 points higher, or 0.06 per cent, at 7,203.2.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 179cps, m.cap A$317.8m with 177.8m SOI, Cash cA$26.3m, Polymetallic Explorer / Developer)

  • December Quarterly Highlights:
  • Scoping Study for the Vares Project completed which indicated an NPV8 of US$917 million, IRR of 107% and project capital requirement of approximately US$178 million. 
  • Continued expansion of Rupice with the highest gold and silver grades seen in the northern extension area with BR-22-19 returning an interval of: 
    • 6m @ 11.3g/t Au, 1,019g/t Ag, 13.1% Zn, 12.5% Pb, and 1.3% Cu from 238m 
  • Fully funded through to completion of a Bankable Feasibility Study with cash at 31 December 2019 of £13.9 million (A$26.3 million) following successful completion of a A$25 million Institutional Placement in October. 
  • Admitted to trading on the London Stock Exchange's Main Market on 12 December 2019 under the ticker “ADT1” 
  • Paul Cronin, Adriatic’s Managing Director and CEO commented, “Q4 2019 was another tremendous quarter for the Company. The completion of the Scoping Study for Rupice and Veovaca, indicating a project NPV8 of US$917 million net of an eminently achievable project capital requirement of US$178 million, firmly establishes the Vares project as a world class asset and represents a major milestone in path towards development. The Quarter has seen our deepest high-grade intercept to date at Rupice which clearly demonstrates that the high-grade mineralisation continues outside our current Mineral Resource and south towards our Jurasevac-Brestic prospect a further 500m to the southeast. Several important corporate objectives were also achieved including successful completion of a A$25 million Institutional Placement and listing on the London Stock Exchange’s Main Market.


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ERA Communications