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29 January 2020 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,72328,536187.000.660.27
S&P 5003,2763,24433.001.011.12
NASDAQ9,2709,139130.001.432.92
FTSE 100 Index7,4817,41269.000.93-2.15
DAX 3013,32413,205119.000.90-0.10
CAC 40 Index5,9265,86363.001.07-1.85
Nikkei 225 (Japan)23,21623,344-128.00-0.55-2.61
HKSE27,95027,90941.000.15-0.98
SSE Composite Index2,9773,061-84.00-2.75-0.21
S&P/TSX Composite Index17,50117,44358.000.331.94
NZ 5011,72811,68543.000.371.09
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were higher on Tuesday. Shares in Apple rallied 2.8% ahead of its earnings figures. Shares in Pfizer dropped by 5.1% on lower earnings while 3M fell 5.7% as it trimmed profit forecasts. At the close of trade the Dow Jones index was up by 187 points or 0.7% after earlier being up 287 points. The S&P500 index was up by 1.0% and the Nasdaq index gained 130 points or 1.4%. 

Global oil prices rose by around 0.5% on Tuesday. Reuters reported: "OPEC officials have also started weighing options such as extending current oil output cuts until at least June, with the possibility of deeper reductions if oil demand in China is heavily hit by the virus." Global oil demand is the main issue for investors when considering the economic impact of the coronavirus. The Brent crude price rose by US19 cents or 0.3% to US$59.51 a barrel. And the US Nymex price rose by US34 cents or 0.6% to US$53.48 a barrel. 

Base metal prices fell by between 0.3-1.0% on the London Metal Exchange on Tuesday with aluminium down the most while zinc was down the least. But tin bucked the trend, up 0.3%. 

The gold futures price fell by US$7.60 or 0.5% to US$1,569.20 an ounce. Spot gold was trading near US$1,568 an ounce in late US trade. Iron ore fell by US$7.35 or 8.0% to US$84.70 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent60.0459.320.721.21-11.91
Oil - West Texas crude53.4853.140.340.64-13.35
Gold Spot $/OZ1,567.001,567.00-0.10-0.013.74
Silver Spot $/OZ17.5017.500.00-0.08-1.74
Iron Ore89.3089.300.000.005.59
Thermal Coal Newcastle68.4069.10-0.80-1.092.70
APAC Hard Coking Coal FOB152.00152.000.000.007.23
Aluminium ($US/t)1,7381,755-17.00-0.95-3.38
Copper ($US/lb)2.582.60-1.70-0.65-9.06
Lead ($US/t)1,9061,918-13.00-0.68-1.08
Nickel ($US/t)12,46512,534-69.00-0.55-11.82
Zinc ($US/t)2,2442,252-8.00-0.34-2.91
Tin ($US/t)16,29016,23654.000.33-4.90
Uranium ($US/lb)24.0024.000.000.00-2.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,0987,203-105.00-1.462.34
S&P/ASX 2006,9947,091-96.00-1.362.53
ASX 24 Futures6,977
Australian Market Report

Tuesday 28 January 2020 - close. Australian shares have had their worst day of 2020 amid fears that the spread of the deadly coronavirus will infect global economic growth. The benchmark S&P/ASX200 index finished on Tuesday down 96 points, or 1.35 per cent, at 6,994.5 after global markets sank on Monday as the death toll from the virus rose. Over 100 people have died since it broke out in the landlocked Hubei province of China, where 2,714 cases have been recorded. The broader All Ordinaries index finished 104.8 points, or 1.45 per cent, lower at 7,098.4.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 180cps, m.cap A$320m with 177.8m SOI, Cash cA$26.3m, Polymetallic Explorer / Developer)

  • ADT has provided an update on its permitting; articulating that precious metals extraction rights are included in the concession agreement covering the world class Vareš Project in Bosnia & Herzegovina. 
  • In light of this, an amendment to the royalty was included, increasing from a €0.77/t to €1.99/t (payable on a minimum 100kt extraction from date of exploitation concession). 
  • Paul Cronin, Adriatic’s Managing Director and CEO commented, “The amendments to the Concession Agreement negotiated by our team in Bosnia remove all potential doubt regarding mineral rights and royalty payments on precious metals and better aligns the permitting process in both levels of government, demonstrating a clear determination by Zenica-Doboj Canton to advance the Vares project to production”
  • Ashanti met with MD Paul Cronin yesterday for an update. Please reach out to your adviser or the desk on +61 8 6319 7807 should you wish to discuss further.
  • A link to the full announcement can be found here

Have a question? admin@ashanticapital.com.au

ERA Communications