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30 March 2020 09:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average21,63722,552-915.00-4.06-14.85
S&P 5002,5412,630-89.00-3.37-13.97
NASDAQ7,5027,798-295.00-3.79-12.43
FTSE 100 Index5,5105,816-305.00-5.25-16.26
DAX 309,63310,001-368.00-3.68-18.99
CAC 40 Index4,3514,544-192.00-4.23-18.05
Nikkei 225 (Japan)18,67919,389-711.00-3.66-11.65
HKSE23,02623,484-458.00-1.95-11.88
SSE Composite Index2,7332,772-40.00-1.43-5.13
S&P/TSX Composite Index12,68813,371-683.00-5.11-21.98
NZ 509,4749,557-83.00-0.87-15.87
US Volatility (Vix)66
Overseas Market Report

US sharemarkets fell for the first time in four days as investors booked profits at the end of the week. The Dow Jones index fell by 915 points or 4.1%, losing 700 points in the last 30 minutes of trade. The S&P500 index lost 3.4% and the Nasdaq fell by 295 points or 3.8%. Over the week the Dow rose by 12.8% - the best weekly gain since 1938. The S&P 500 rose by 10.2% - the best weekly gain since March 2009. The Nasdaq was up by 9%. 

Global oil prices fell by up to 5.4% on Friday despite the latest stimulus efforts. Investors are focussing on the drop of global oil demand, estimated at 15-20 million barrels per day from last year's 100mbd. Brent crude fell by US$1.41 or 5.4% to US$24.93 a barrel. The US Nymex price fell by US$1.09 or 4.8% to US$21.51 a barrel. Over the week oil prices fell for the fifth straight week. Brent fell by US$2.05 or 7.6%. Nymex fell by US$1.02 or 4.5%. 

Base metal prices were generally firmer on Friday, lifting by up to 1.4% with nickel up the most. But copper lost 0.1% and tin was flat. Over the week lead rose by 3.1% with tin up 2.4%. But aluminium lost 2.7% and copper down 0.5%. 

The gold futures price fell by US$26.20 an ounce or 1.6% to US$1623.90. Spot gold was trading near US$1,617.50 an ounce in late US trade. Over the week, gold rose by US$139.90 or 9.4%. Iron ore fell by US5 cents or 0.1% to US$85.90 a tonne. Over the week iron ore fell by US65 cents or 0.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent23.4624.93-1.47-5.90-53.56
Oil - West Texas crude20.5221.51-0.99-4.60-54.16
Gold Spot $/OZ1,618.001,628.00-10.00-0.612.05
Silver Spot $/OZ14.0014.50-0.40-3.10-15.88
Iron Ore79.8080.00-0.20-0.30-6.86
Thermal Coal Newcastle71.7070.201.502.145.52
APAC Hard Coking Coal FOB147.00148.00-1.00-0.68-6.67
Aluminium ($US/t)1,5161,50412.000.76-9.26
Copper Mar-18 ($US/lb)2.162.17-1.60-0.76-15.34
Lead ($US/t)1,6941,67519.001.12-8.06
Nickel ($US/t)11,29811,146152.001.36-8.19
Zinc ($US/t)1,8681,84820.001.06-6.50
Tin ($US/t)14,31514,318-3.00-0.02-12.30
Uranium ($US/lb)27.0027.001.002.269.68
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords4,9614,87487.001.79-23.81
S&P/ASX 2004,9414,84299.002.04-23.29
ASX 24 Futures4,938
Australian Market Report

Friday 27 March 2020 - close. Australia's share market has plunged again following three days of gains, smashing any incipient hopes that the bear market is finished. The S&P/ASX200 benchmark index gained two per cent in early trade but then faded throughout the day to finish Friday down 270.9 points, or 5.3 points, to 4,824.4. The broader All Ordinaries index closed 261 points, or 5.08 per cent, at 4,874.2.

Ashanti Headlines

ResApp Health Ltd: (RAP.ASX, 20.5cps, m.cap A$148.8m with 726m SOI, Cash $7.9m, Health Care Equipment and Services)

  • RAP have completed an initial integration of ResAppDx-EU into Coviu’s telehealth platform. This integration will allow clinicians using Coviu’s platform to perform a remote respiratory assessment using ResApp’s clinically validated and Therapeutic Goods Administration (TGA) approved diagnostic test. 
  • ResApp and Coviu have signed a binding commercial terms sheet and have agreed upon a per test fee for the use of ResAppDx-EU on Coviu’s telehealth platform. The per test fee received by ResApp is within the previously targeted range of $5-10 per test. The non-exclusive licence will have an initial term of two years and may be extended by mutual agreement. Either party may terminate the licence by providing 60 days written notice. Coviu and ResApp intend to rapidly progress to a formal licence agreement and plan to have ResAppDx-EU available for use by all clinicians on Coviu’s platform within a few months.
  • spinout from CSIRO’s Data61, Coviu’s telehealth platform makes it easy for healthcare providers to offer their services directly to patients via video consultation whilst incorporating a range of digital assessment tools to assist in virtual consults. Coviu’s platform powers the Australian government-funded healthdirect Video Call service and has almost 10,000 active mental and allied health professionals, specialists and a growing number of general practitioners (GPs) using the service.
  • “The COVID-19 pandemic has put many healthcare workers at risk of contracting the highly contagious disease. Patients who may suspect that they have COVID-19, but are in fact unwell with another respiratory condition, are also putting themselves at risk if they attend an overworked clinic. In response to the COVID-19 crisis, the federal government has announced that from today, Medicare will reimburse all telehealth consultations, giving every Australian the opportunity to consult with their doctor from the comfort and safety of their own home,” said Dr Silvia Pfeiffer, CEO and co-founder of Coviu. “By using ResAppDx-EU inside our telehealth platform, clinicians can make more informed decisions when triaging the many patients who present with respiratory symptoms, which is especially important as the COVID-19 pandemic starts to coincide with the winter flu season.”
  • Tony Keating, CEO and Managing Director of ResApp, added, “Telehealth is a key component in Australia’s strategy to contain COVID-19, with the country now moving to a whole-of-population telehealth system. Coviu’s web-based easy-to-use telehealth platform is experiencing exponential growth and is designed to integrate a range of digital tools to enhance the clinicians’ capabilities. This makes them an ideal partner to offer ResAppDx-EU. We are pleased to have agreed commercial terms with Coviu which will see ResAppDx-EU widely-available in Australia.”
  • 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