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14 April 2020 09:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,39123,719-329.00-1.390.88
S&P 5002,7622,790-28.00-1.011.87
NASDAQ8,1928,15439.000.484.03
FTSE 100 Index5,8435,678165.002.90-1.97
DAX 3010,56510,333232.002.240.85
CAC 40 Index4,5074,44364.001.44-2.80
Nikkei 225 (Japan)19,30619,043263.001.3810.76
HKSE24,36224,30062.000.26-4.06
SSE Composite Index2,7912,7838.000.28-3.34
S&P/TSX Composite Index14,07614,167-91.00-0.642.62
NZ 5010,0959,964131.001.31-7.37
US Volatility (Vix)41
Overseas Market Report

US sharemarkets were mixed on Monday as investors weighed the coronavirus outlook ahead of expected disappointing quarterly earnings results due this week. Shares of Caterpillar fell by 8.7% after Bank of America downgraded the heavy equipment maker to "underperform". Norwegian Cruise Line (-13.4%) shares plummeted after the US Centers for Disease Control and Prevention extended its "no sail order" for all cruise ships. Amazon.com shares gained 6.2% as the retail giant said it would hire 75,000 more people amid a surge in demand for online orders. The Dow Jones index closed lower by 328 points or 1.4% and the S&P500 index fell by 1.0%. But the Nasdaq index rose by 38 points or 0.5% after Netflix lifted 7.0%. 

Global oil prices were mixed on Monday as oversupply concerns continued to pressure crude prices, despite OPEC and its allies agreeing to cut production by 9.7 million barrels per day from May 1 - the largest output cut in history. Brent crude rose by US26 cents or 0.8% to US$31.74 a barrel. But the US Nymex price fell by US35 cents or 1.5% to US$22.41 a barrel. 

The London Metal Exchange was closed on Monday for the Easter public holiday. On the Shanghai Futures Exchange, the most active copper contract ended up by 1.9% on supply concerns. Tin jumped 1.2%, zinc rose 1% and lead was up by 0.9%. But nickel fell by 0.7% and aluminium was down by 0.1%. 

The gold futures price rose by US$8.60 an ounce or 0.5% to US$1744.80. Spot gold was trading near US$1,717 an ounce in late US trade. Iron ore rose by US$1.65 or 2% to US$85.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent32.3031.740.561.76-4.58
Oil - West Texas crude22.8822.410.472.10-27.89
Gold Spot $/OZ1,722.001,715.006.400.3812.55
Silver Spot $/OZ15.5015.400.100.425.15
Iron Ore83.4083.100.300.36-1.01
Thermal Coal Newcastle63.6063.600.000.00-3.34
APAC Hard Coking Coal FOB136.00134.002.001.49-11.69
Aluminium ($US/t)1,4401,42615.001.03-13.65
Copper Mar-18 ($US/lb)2.322.301.900.85-6.14
Lead ($US/t)1,7031,704-1.00-0.05-6.95
Nickel ($US/t)11,60011,434166.001.45-7.96
Zinc ($US/t)1,8871,910-23.00-1.22-3.82
Tin ($US/t)15,07314,472601.004.15-9.71
Uranium ($US/lb)30.0029.000.001.1924.17
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,4715,43931.000.58-8.75
S&P/ASX 2005,4145,38727.000.49-8.85
ASX 24 Futures5,412
Australian Market Report

Thursday 9 April 2020 - close. The Australian share market has finished the week with gains across the board on hopes the coronavirus crisis might be easing in the hardest-hit areas. The S&P/ASX200 benchmark index finished Thursday up 180.4 points, or 3.46 per cent, at 5,387.3, while the broader All Ordinaries index jumped 180.6 points, or 3.43 per cent, to 5,4394 in the final trading session before the four-day Easter break. For the week, the ASX gained 6.3 per cent, eclipsing last week's gains of 4.7 per cent as its best weekly finish since December 2011. Two weeks ago, the market also finished up, but just by 25.8 points, or 0.54 per cent.

Ashanti Headlines

Southern Gold Limited (SAU.ASX, 13cps, m.cap A$14.3m with 110m SOI, Cash $5.7m (post placement), Gold Explorer)

  • Outcrop and float sample assays from the February-March 2020 reconnaissance field programs in South Korea confirm two new discovery areas. 
  • A peak of 3.05g/t gold from a group of nine highly anomalous samples from the Jinan Basin confirming the Geum-Mar discovery area; and 
  • A peak of 3.49g/t gold from a group of 20 highly anomalous samples from the Neungju Basin confirming the Daeam Valley discovery area. 
  • Consistent mineralisation identified at Daeam Valley with thirteen samples returning values >1g/t gold over a strike- length of >1km, open in both directions. 
  • Southern Gold Managing Director, Mr Simon Mitchell: “These latest gold results continue to validate our project generation methodology in South Korea and highlight the incredible situation where we are finding new areas of gold mineralisation approximately every 4-6 weeks of field work. This first pass reconnaissance sampling is fundamentally increasing our drill target pipeline by organically converting technical concepts to project status and typically in areas that have never been drilled before. With our drill operations currently continuing in South Korea, notwithstanding the COVID19 disruption, we expect a solid stream of news flow during the next few months and indeed for the balance of 2020, a unique position for a gold junior to be in.”
  • 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.

Have a question? admin@ashanticapital.com.au

ERA Communications