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05 February 2020 08:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,80828,400408.001.440.60
S&P 5003,2983,24949.001.501.94
NASDAQ9,4689,273195.002.104.96
FTSE 100 Index7,4407,326114.001.55-2.40
DAX 3013,28213,045237.001.810.47
CAC 40 Index5,9355,833103.001.76-1.81
Nikkei 225 (Japan)23,31723,085233.001.01-1.43
HKSE26,67626,357319.001.21-6.24
SSE Composite Index2,7832,74737.001.34-9.74
S&P/TSX Composite Index17,51317,380133.000.772.62
NZ 5011,58311,51172.000.62-0.09
US Volatility (Vix)16
Overseas Market Report

US sharemarkets rose sharply in response to the stimulus provided by China's central bank. Economic data was also encouraging. Technology stocks led the gains. Shares in Tesla rose by 13.7% but shares in Alphabet (Google) lost 2.6% on disappointment about advertising revenue in its latest accounts. At the close of trade the Dow Jones index was up by 408 points or 1.4% with the S&P500 index up 1.5% and the Nasdaq gained 195 points or 2.1% to record highs. 

Global oil prices eased 1% on fears about that the coronavirus outbreak could depress energy demand for a number of months. But Chinese financial stimulus supported investment sentiment. Brent crude fell by US49 cents or 0.9% to US$53.96 a barrel. The US Nymex price fell by US50 cents or 1.0% to US$49.61 a barrel. 

Base metal prices were higher by up to 1.7% on the London Metal Exchange on Tuesday with copper leading the gains and nickel up 0.9%. But lead lost 0.4% and aluminium lost 0.2%. 

The gold futures price fell by US$26.80 an ounce or 1.7% to US$1,550.40 an ounce. Spot gold was trading near US$1,554 an ounce in late US trade. Iron ore rose by US$3.25 or 4.1% to US$83.05 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent53.9654.45-0.49-0.90-21.34
Oil - West Texas crude49.7249.610.110.22-21.14
Gold Spot $/OZ1,556.001,553.002.900.190.23
Silver Spot $/OZ17.6017.600.000.06-2.52
Iron Ore89.3089.300.000.005.59
Thermal Coal Newcastle68.5066.302.303.391.56
APAC Hard Coking Coal FOB148.00149.00-1.00-0.670.85
Aluminium ($US/t)1,6581,660-3.00-0.15-7.50
Copper ($US/lb)2.552.540.500.20-8.61
Lead ($US/t)1,8291,837-8.00-0.45-3.89
Nickel ($US/t)12,74812,640109.000.86-6.83
Zinc ($US/t)2,1722,15517.000.78-6.42
Tin ($US/t)16,33716,216121.000.75-2.76
Uranium ($US/lb)25.0025.000.000.20-0.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,0847,04837.000.523.34
S&P/ASX 2006,9816,94932.000.473.68
ASX 24 Futures6,918
Australian Market Report

Tuesday 4 February 2020 - close. Australian shares have closed higher as China took steps to prop up its economy and global manufacturing data showed factory activity rebounding in January. The benchmark S&P/ASX200 index finished Tuesday up 25.4 points, or 0.37 per cent, at 6,948.7, while the broader All Ordinaries index gained 27.7 points, or 0.39 per cent, to 7,047.6.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 25.5cps, m.cap A$24.7m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • Drill site preparations complete for diamond drilling at the Schwabe, Zinco Lago and Monti Prospects within Cobre’s Perrinvale Project in Western Australia. Drilling contractor, Westralian Diamond Drilling, has completed rig mobilisation with drilling now underway on site 
  • The initial program includes ~1,000m of diamond drilling at the three Prospects targeting an extension of the very high-grade VMS mineralisation identified at Perrinvale in June 2019 as outlined in the Company’s Prospectus. In total, 10 potential VMS prospects have been identified across the Perrinvale Project to date.
  • Due to site logistics and ground conditions, the Zinco Lago Prospect will be drilled first and will investigate the historically-reported near-surface copper and zinc drilling results from the 1970s.
  • The drill rig will then relocate to the second of the three prospects, Schwabe, where the Company intercepted high-grade Volcanogenic Massive Sulphide (VMS) base metal & gold mineralisation in June 2019. The best assayed intercept at that time was: 5m at 9.75% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50m depth1
  • The Monti Prospect is the third and final prospect to be drilled and will complete the diamond drilling portion of the initial exploration program at Perrinvale. The Monti Prospect hosts similar geology to Schwabe and the Company has validated the presence of a surface gossan from its own sampling. Historic costeans in this area indicate the gossans extend over 700 metres of strike. Diamond core drilling at Monti will be an initial test of subsurface continuity, which should allow an understanding of the lithofacies and style of sulphide mineralisation in that prospect.
  • Cobre's Executive Chairman and Managing Director Martin Holland commented, “I am pleased to announce that Cobre has commenced the first stage of our exploration program in a timely manner so shortly after the Company’s ASX listing last Friday. I will be travelling to site in the very near future to join the members of our team already overseeing operations and look forward to inspecting the drilling results to that point. Cobre will continue to update the market with the results of our exploration program as they are received.”
  • Please see link to full announcement 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