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15 April 2020 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,95023,391559.002.393.30
S&P 5002,8462,76284.003.064.98
NASDAQ8,5168,192323.003.958.14
FTSE 100 Index5,7915,843-51.00-0.887.92
DAX 3010,69710,565132.001.2515.86
CAC 40 Index4,5244,50717.000.389.85
Nikkei 225 (Japan)19,63919,043595.003.1312.67
HKSE24,43524,300135.000.561.67
SSE Composite Index2,8272,78344.001.59-2.08
S&P/TSX Composite Index14,25814,076182.001.303.95
NZ 5010,46510,159306.003.016.56
US Volatility (Vix)38
Overseas Market Report

US sharemarkets rose on Tuesday on investor hopes that US President Donald Trump could move to ease coronavirus- induced lockdowns. Shares of Johnson & Johnson rose by 4.4% as it reported solid quarterly earnings. But shares of JPMorgan Chase (- 2.7%) and Wells Fargo (-4.0%) both fell as first-quarter profits plunged with both banks setting aside billions of dollars to cover potential loan losses from the pandemic. Shares of Amazon.com rose by 5.3% to record highs and a broker upgrade boosted Tesla (+9.1%) shares. The Dow Jones index closed higher by 559 points or 2.4%. The S&P500 index rose by 3.1% and the Nasdaq index lifted by 323 points or 4.0%. 

Global oil prices fell sharply on Tuesday as the IMF's projections for the steepest recession in almost a century outweighed planned production cuts by OPEC+. Brent crude fell by US$2.14 or 6.7% to US$29.60 a barrel. The US Nymex price plunged by US$2.30 or 10.3% to US$20.11 a barrel. 

Base metal prices mostly rose on the London Metal Exchange on Tuesday. Tin (+3.0%) lifted the most, but copper rose 2.8% due to Peruvian supply disruptions. Lead fell 1.8%. 

The gold futures price rose by US$11.90 an ounce or 0.7% to 7- year highs of US$1756.70. Spot gold was trading near US$1,725 an ounce in late US trade. Iron ore rose by US90 cents or 1.1% to US$86.10 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent29.6031.74-2.14-6.74-12.56
Oil - West Texas crude20.7320.110.623.08-34.67
Gold Spot $/OZ1,726.001,727.00-1.20-0.0712.81
Silver Spot $/OZ15.7015.800.00-0.306.69
Iron Ore83.4083.100.300.36-1.01
Thermal Coal Newcastle62.8063.60-0.90-1.34-4.64
APAC Hard Coking Coal FOB128.50136.00-7.50-5.51-15.88
Aluminium ($US/t)1,4661,44025.001.77-11.82
Copper ($US/lb)2.322.33-0.50-0.24-6.06
Lead ($US/t)1,6731,703-30.00-1.76-3.56
Nickel ($US/t)11,81111,600211.001.82-3.75
Zinc ($US/t)1,9081,88721.001.13-3.25
Tin ($US/t)15,53115,073458.003.04-2.52
Uranium ($US/lb)31.0030.002.005.0330.42
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,5425,439103.001.89-0.86
S&P/ASX 2005,4885,387101.001.87-0.92
ASX 24 Futures5,500
Australian Market Report

Tuesday 14 April 2020 - close. A gold price surge and strong gains for Afterpay have propelled the Australian share market to its best levels in a month in a volatile post-Easter session. The S&P/ASX200 benchmark index dipped 27 points in early trading but climbed steadily after the first hour to finish Tuesday up 100.8 points, or 1.87 per cent, to 5,488.1. The broader All Ordinaries index closed up 103.1 points, or 1.9 per cent, to 5,542.5.

Ashanti Headlines

OZ Minerals Limited (OZL.ASX, 873cps, m.cap A$2.8B with 324.2m SOI, Cash $61m, Copper Producer)

  • OZL released its quarterly report: producing 20,231t copper and 55,606oz of gold. The increasing gold production at Prominent Hill relative to copper, in combination with the strong A$ gold price has reduced OZL’s C1 cash costs (net of gold by-product credits) to just US$8.8lb. 
  • A very strong statement from the management team noted that Prominent Hill is operating in line with guidance, 
  • Carrapateena ramp-up is ahead of schedule, there have been no material interruptions to sites caused by COVID-19 so FY2020 guidance is maintained and A$150M of cost deferrals and an increase in its revolving credit facility to A$480M has bolstered OZL’s finances to see out any uncertainty. 
  • Overall a great operating result from a company in a strong position considering the chaos.
  • Please see link to the report 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