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04 February 2020 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,40028,256144.000.51-0.82
S&P 5003,2493,22623.000.730.43
NASDAQ9,2739,151122.001.342.80
FTSE 100 Index7,3267,28640.000.55-3.88
DAX 3013,04512,98263.000.49-1.32
CAC 40 Index5,8335,80626.000.45-3.50
Nikkei 225 (Japan)22,97223,205-233.00-1.01-2.89
HKSE26,35726,31344.000.17-7.36
SSE Composite Index2,7472,977-230.00-7.72-10.93
S&P/TSX Composite Index17,38017,31861.000.351.84
NZ 5011,54511,550-6.00-0.05-0.42
US Volatility (Vix)18
Overseas Market Report

US sharemarkets rebounded on Monday. Technology stocks led the gains. Shares in Alphabet (Google) rose by 3.6% with Microsoft up 2.4%. Shares in Tesla rose 19.9% after Japan's Panasonic posted its first quarterly profit in its US battery business with the electric-car maker. A surprise lift in the ISM manufacturing index boosted investor confidence. At the close of trade, the Dow Jones index was up by 144 points or 0.5% after earlier being up 374 points. The S&P500 index rose by 0.7% and the Nasdaq gained 122 points or 1.3%. 

Global oil prices fell by up to 3.8% on Monday to 12-month lows. Investors remain worried that the coronavirus outbreak would dampen global economic activity and demand for oil. But OPEC sources have told Reuters that the OPEC+ group (OPEC and Russia and other allies) could cut production by 500,000 barrels per day. Brent crude fell by US$2.17 or 3.8% to US$54.45 a barrel. The US Nymex price fell by US$1.45 or 2.8% to US$50.11 a barrel. 

Base metal prices were lower by up to 3.2% on the London Metal Exchange on Monday with lead down the most. But copper only lost 0.9% with nickel down 1% 

The gold futures price fell by US$5.70 an ounce to US$1,577.20 an ounce. Spot gold was trading near US$1,576 an ounce in late US trade. Iron ore fell by US$2.75 or 3.3% to US$79.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent54.2356.62-2.39-4.22-20.95
Oil - West Texas crude50.1151.56-1.45-2.81-20.52
Gold Spot $/OZ1,577.001,577.000.000.001.58
Silver Spot $/OZ17.7017.700.00-0.03-2.12
Iron Ore89.3089.300.000.005.59
Thermal Coal Newcastle66.3066.300.000.00-1.78
APAC Hard Coking Coal FOB149.00149.70-0.65-0.432.76
Aluminium ($US/t)1,6601,706-45.00-2.64-7.36
Copper ($US/lb)2.512.52-1.00-0.40-10.05
Lead ($US/t)1,8371,898-61.00-3.21-3.46
Nickel ($US/t)12,64012,772-132.00-1.03-7.62
Zinc ($US/t)2,1552,212-57.00-2.58-7.14
Tin ($US/t)16,21616,425-209.00-1.27-3.48
Uranium ($US/lb)25.0025.000.000.00-0.60
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,0207,121-101.00-1.422.40
S&P/ASX 2006,9237,017-94.00-1.342.82
ASX 24 Futures6,856
Australian Market Report

Monday 3 February 2020 - close. The local share market has nosedived amid fear that the deadly coronavirus epidemic will cause a prolonged shutdown of Australia's biggest trading partner. The Australian benchmark S&P/ASX200 index finished Monday down 93.9 points, or 1.34 per cent, at 6,923.3, while the broader All Ordinaries index fell 101.3 points, or 1.42 per cent, to 7,019.9.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 25cps, m.cap A$24.2m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • Cobre Limited performed strongly on its first day as a listed company on the ASX last Friday following its $10m IPO comprising 50m shares at $0.20/share 
  • Strong IPO interest was generated from both existing and new investors including Bill Beament, Mark Clarke, Evy Hambro and Brian Flannery
  • Exploration approvals are in place for a diamond core, reverse circulation, and aircore drilling programme across Cobre's tenements within the Perrinvale Project in Western Australia
  • The initial drilling program will target an extension of the high-grade VMS mineralisation identified at Perrinvale in June 2019 returning 5m @ 9.75 per cent copper, 3.2 g/t Au and 34 g/t Ag. This initial program will include ~1,000m of diamond drilling at the Schwabe, Zinco Lago and Monti Prospects.
  • Exploration personnel are on-site making preparations, with the drilling program commenced with 10 potential VMS prospects already identified
  • Please contact your adviser or the desk +61 8 6319 7807 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications