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06 April 2020 09:03 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average21,05321,413-361.00-1.69-18.61
S&P 5002,4892,527-38.00-1.51-16.27
NASDAQ7,3737,487-114.00-1.53-14.02
FTSE 100 Index5,4165,480-65.00-1.18-16.20
DAX 309,5269,571-45.00-0.47-17.47
CAC 40 Index4,1554,221-66.00-1.57-19.16
Nikkei 225 (Japan)18,37517,820555.003.12-11.44
HKSE23,23623,280-44.00-0.19-11.13
SSE Composite Index2,7642,781-17.00-0.60-8.91
S&P/TSX Composite Index12,93813,098-160.00-1.22-20.01
NZ 509,7819,935-154.00-1.55-14.39
US Volatility (Vix)47
Overseas Market Report

US sharemarkets fell on Friday. The only sector to gain was consumer staples, up 0.5%. Energy fell 1.3% despite a higher oil price. Shares in Tesla rose 5.6% after the electric car maker reported deliveries ahead of schedule. The Dow Jones index fell by 361 points or 1.7%, after trading in a 743 point range. The S&P500 index lost 1.5% and the Nasdaq fell by 114 points or 1.5%. Over the week the Dow fell by 2.7%, the S&P 500 index fell by 2.1% while the Nasdaq lost 1.7%. 

Global oil prices rose by up to 14% on Friday with both Brent and Nymex posting their biggest daily gains on record. OPEC has scheduled an emergency meeting for Monday (April 6). But the International Energy Agency said that if global production was cut by 10 million barrels per day, global stocks would still build by 15mbpd in the current quarter. Brent crude ended higher by US$4.17 or 13.9% to US$34.11 a barrel. The US Nymex price rose by US$3.02 or 11.9% to US$28.34 a barrel. Over the week Brent rose by US$9.18 or 36.8% and Nymex rose by US$6.83 or 31.8%. 

Base metal prices fell by up to 2.7% on Friday with lead down the most while zinc only fell by 0.3%. Over the week metals generally fell with aluminium down 4.5%. But copper rose by 0.9% and nickel was up 0.2%. 

The gold futures price rose by US$8.00 an ounce or 0.5% to US$1633.70. Spot gold was trading near US$1,616 an ounce in late US trade. Over the week gold rose by US$9.80 an ounce or 0.6%. Iron ore fell by US85 cents or 1.0% to US$82.65 a tonne. Over the week iron ore fell by US$3.25 or 3.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent32.7034.11-1.41-4.13-27.77
Oil - West Texas crude26.7528.34-1.59-5.61-35.20
Gold Spot $/OZ1,620.001,621.00-1.20-0.07-3.24
Silver Spot $/OZ14.5014.400.100.49-16.66
Iron Ore79.2079.70-0.50-0.63-4.34
Thermal Coal Newcastle66.0066.20-0.20-0.23-0.23
APAC Hard Coking Coal FOB142.00144.00-2.00-1.39-8.97
Aluminium ($US/t)1,4481,458-10.00-0.65-15.22
Copper Mar-18 ($US/lb)2.222.192.301.07-13.87
Lead ($US/t)1,6421,687-45.00-2.65-13.27
Nickel ($US/t)11,18111,264-83.00-0.74-10.53
Zinc ($US/t)1,8721,878-6.00-0.32-4.28
Tin ($US/t)14,18914,441-252.00-1.75-15.25
Uranium ($US/lb)27.0027.000.000.3710.91
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,2185,107111.002.17-17.02
S&P/ASX 2005,1805,067112.002.21-16.68
ASX 24 Futures5,199
Australian Market Report

Friday 3 April 2020 - close. The Australian share market has given up all of its strong early gains and then some, falling by more than 1.5 per cent for a second day. The S&P/ASX200 benchmark index finished Friday down 86.8 points, or 1.68 per cent, after being up as much as 92.5 points, or 1.8 per cent, in early trade. The All Ordinaries index closed down 81.8 points, or 1.58 per cent, at 5,106.9.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 11.5cps, m.cap A$18.5m with 160.6m SOI, Rare Earths explorer)

  • Pensana has intersected further high grade mineralisation in zones that were outside the pit design of the PFS. 
  • Highlights of 8m at 4.94% REO, 14m at 5.63% and 8m at 7.73%, along with an improved drill density is expected to allow the upgrade of Inferred to Indicated classification. 
  • Although it is still at an early stage, this provides a pathway to increase the LOM in subsequent studies.
  • Executive Director & COO Dave Hammond commented: “These latest results demonstrate the continuity of large areas of Inferred resources outside the PFS pit design which along with the previous results we are expecting will significantly extend the mine life in the Definitive Feasibility Study. We are very much looking forward to the results from the outstanding 120 holes. The majority are infill holes within the high-grade area of the PFS pit design and include several deeper holes which are testing an area immediately below the PFS pit design where previous drilling had intersected high grades in fresh rock.”
  • A link to the full announcement can be found here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further


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ERA Communications