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03 March 2020 06:51 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,70325,4091.005.09-5.50
S&P 5003,0902,954136.004.60-4.19
FTSE 100 Index6,6556,58174.001.13-8.66
DAX 3011,85811,890-32.00-0.27-8.66
CAC 40 Index5,3345,31024.000.44-8.14
Nikkei 225 (Japan)21,34421,143201.000.95-7.09
SSE Composite Index2,9712,88091.003.158.17
S&P/TSX Composite Index16,55316,263290.001.78-4.42
NZ 5011,50111,103397.003.58-0.43
US Volatility (Vix)33
Overseas Market Report

US sharemarkets posted strong gains on Monday. Bargain hunters moved in embracing what analysts say were deeply oversold levels. Shares in Apple rebounded by 9.3%. There were hopes the Federal Reserve policymakers will slash rates by at least 50 basis points at the March 18 meeting. At the close, the Dow Jones index was higher by a record 1294 points or 5.1%, ending at session highs. The S&P500 index was higher by 4.6% and the Nasdaq was higher by 385 points or 4.5%. 

Global oil prices rebounded by up to 4.5% on Monday on hopes that OPEC+ nations will cut production further in a meeting later this week. Russian energy minister Alexander Novak said he was examining a production cut proposal. Investors also focussed on speculation of co-ordinated G7 stimulus. Brent crude rose by US$2.23 or 4.5% to US$51.90 a barrel. The US Nymex price rose by US$1.99 or 4.4% to US$46.75 a barrel. 

Base metal prices were higher on Monday, lifting up to 3.7% with nickel leading the way. But zinc was flat and lead rose just 0.1%. 

The gold futures price rose by US28.20 an ounce or 1.8% to US$1,592.30 an ounce. Spot gold was trading near US$1,588 an ounce in late US trade. Iron ore rose by US$4.95 or 5.9% to US$88.85 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent53.0649.673.396.83-8.77
Oil - West Texas crude46.7544.761.994.45-9.33
Gold Spot $/OZ1,588.001,589.00-1.50-0.090.71
Silver Spot $/OZ16.7016.700.00-0.24-5.58
Iron Ore80.1081.90-1.80-2.22-10.30
Thermal Coal Newcastle66.4066.40-0.10-0.08-3.14
APAC Hard Coking Coal FOB156.00160.00-4.00-2.502.63
Aluminium ($US/t)1,7011,67625.001.48-0.25
Copper ($US/lb)2.602.555.502.163.34
Lead ($US/t)1,8881,8871.000.07-0.51
Nickel ($US/t)12,63212,187445.003.65-1.09
Zinc ($US/t)2,0102,0100.00-0.01-9.15
Tin ($US/t)16,62516,267358.002.201.22
Uranium ($US/lb)25.0025.000.00-0.400.40
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,4616,512-50.00-0.77-7.96
S&P/ASX 2006,3926,441-50.00-0.77-7.68
ASX 24 Futures6,413
Australian Market Report

Monday 2 February - close. The Australian sharemarket slumped for the seventh consecutive session on Monday, in the process hitting its lowest levels in more than 9 months. At the worst levels of the morning the Index was down by 196 points or 3%. At this stage the Index had shed around 13%, having retreated from the record high set on the 21st of February. The consolation on offer today was that Index found its footing late in the morning, and was able to recover a substantial portion of the early losses with the ASX 200 ending the session with a loss of 49 points or 0.77%. 

Ashanti Headlines

Talga Resources Limited (TLG.ASX, 42cps, m.cap A$102.3m with 243.6m SOI, Cash $11m, Battery anode & graphene additives provider)

  • TLG has received environmental approval for its Stage 1 Mining Operation (trial mining permit) at its 100% ownd Vittangi Graphite Project in northern Sweden. 
  • The permit allows the extraction of up to 25,000t graphite ore, which will be processed into concentrate at an offsite toll milling facility before further refining at Talga’s operations into Talnode-C, Talga’s flagship battery anode product. 
  • This is a critical stage for Talga as the anode produced will allow them to complete the final stages of product qualification and testing with end users and eventual off-takers.
  • Talga Managing Director, Mr Mark Thompson commented “This is a significant milestone in our execution of developing the Vittangi project, and towards a truly localised European supply chain for lithium-ion batteries. Furthermore the approval comes at a time when our engagement with European car makers has increased, amid tougher emissions laws and stronger consumer sentiment for cleaner mobility. We acknowledge and appreciate the trust developed between Talga and the Swedish stakeholders and authorities, in jointly taking a leadership role in the production of more sustainable battery materials for Europe .”
  • A link to the full announcement can be found here

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