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19 March 2020 07:54 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average19,89921,237-1.00-6.30-32.20
S&P 5002,3982,529-131.00-5.18-29.18
NASDAQ6,9907,335-345.00-4.70-28.80
FTSE 100 Index5,0815,295-214.00-4.05-31.87
DAX 308,4428,939-497.00-5.56-38.78
CAC 40 Index3,7553,992-237.00-5.94-38.56
Nikkei 225 (Japan)16,72717,012-285.00-1.68-28.52
HKSE22,29223,264-972.00-4.18-19.40
SSE Composite Index2,7292,780-51.00-1.83-8.29
S&P/TSX Composite Index11,72112,685-964.00-7.60-34.61
NZ 509,3699,455-86.00-0.91-21.80
US Volatility (Vix)76
Overseas Market Report

US sharemarkets slumped on Wednesday. Investors continue to wait for details and approval on a touted $1.3 trillion stimulus package from Congress. Around 1pm New York time shares were down by 7%, triggering the circuit breaker to kick in - a 15 minute pause in trade. Over the session, shares in Boeing slumped 17.9%, weighing on the Dow Jones. But grocery retailers and wholesalers were supported. Shares in Walgreens Boots rose by 6.5% while Wal-Mart and Kroger were both up 2.8% while Costco rose 0.2%. After being down by 2,320 points or 10.9%, the Dow Jones index closed lower by 1,338 points or 6.3%. The S&P500 index fell by 5.2% and the Nasdaq lost 345 points or 4.7%. 

Global oil prices fell sharply on Wednesday to 18-year lows as travel restrictions continue to be tightened across the globe. Airlines are effectively grounded while more countries close down cities, putting their populations into self-isolation. Oil prices fell despite weekly US data showing that gasoline and distillate inventories fell by 6.2 million and 2.9 million barrels respectively. Brent crude fell by US$3.85 or 13.4% to US$24.88 a barrel. The US Nymex price fell by US$6.58 or 24.4% to US$20.37 a barrel. 

Base metal prices fell by up to 7.8% with copper down the most. But aluminium fell by just 0.2% and lead bucked the trend, rising by 3.8% 

The gold futures price fell by US$47.60 an ounce or 3.1% to US$1,477.30 an ounce. Spot gold was trading near US$1,490 an ounce in late US trade. Iron ore was unchanged at US$90.75 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent24.8828.73-3.85-13.40-56.92
Oil - West Texas crude23.6420.373.2716.05-55.64
Gold Spot $/OZ1,500.001,486.0014.000.94-6.93
Silver Spot $/OZ12.3012.000.302.54-33.35
Iron Ore84.7084.600.200.213.99
Thermal Coal Newcastle66.1066.000.000.08-3.36
APAC Hard Coking Coal FOB159.00160.00-1.00-0.63-0.93
Aluminium ($US/t)1,6261,630-4.00-0.25-3.80
Copper Mar-18 ($US/lb)2.182.161.500.72-16.50
Lead ($US/t)1,6641,60361.003.82-15.34
Nickel ($US/t)11,31811,708-390.00-3.33-11.08
Zinc ($US/t)1,8281,854-26.00-1.40-14.23
Tin ($US/t)13,57814,223-645.00-4.54-17.57
Uranium ($US/lb)24.0024.000.000.21-2.04
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,0174,99918.000.37-30.68
S&P/ASX 2004,9844,95331.000.62-30.24
ASX 24 Futures5,017
Australian Market Report

Wednesday 18 March 2020 - close. Australia's rollercoaster share market has plunged again on a raft of profit warnings, an unprecedented travel ban and cancelled flights. The benchmark S&P/ASX200 finished Wednesday down 340.2 points, or 6.43 per cent, at 4,953.2, while the broader All Ordinaries index closed down 334 points, or 6.26 per cent, at 4998.8 points. The drop wiped out all of Tuesday's 5.83 per cent gains as skittish traders continue to sell into any rallies. The market came within 14.4 points of dropping below Friday's low of 4,873.7, which would have set a fresh four-year low, but managed to bounce off that level.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 9 cps, m.cap A$8.7m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • CBE has completed diamond drilling at the Zinco Lago, Schwabe and Monti prospects at Perrinvale and advised that core samples will reach the laboratory today for assay. 
  • The Company has also completed down hole electromagnetic surveys at each of the prospects. 
  • The results from both programs are expected in the coming month
  • Cobre has engaged the services of Dr Susan Belford (VHMS specialist), a highly experienced geologist in the interpretation of volcanic successions, as a consulting geologist to the Company. Dr Belford has visited site, logged all diamond core and undertaken field inspections of the prospects. Cobre plans to review and report assays in the context of understandings gained from the lithological logging and Down Hole Electromagnetic (DHEM) survey results for each prospect once available.
  • CBE's executive Chairman and MD, Martin Holland commented: ”The Company continues to adopt a systematic and strategic approach to its exploration activities at Perrinvale. Notwithstanding the challenges that come with operating at a remote site in undertaking diamond drilling and processing core, I am pleased that the field team has now completed core processing, facilitated downhole EM surveys, and is setting up to continue field exploration across the project. As detailed in our last announcement, we have seen positive signs in the core that are indicative of VMS base metal mineralisation at Perrinvale which we are now seeking to confirm, and I look forward to receiving and reporting these results in the near future.”
  • 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