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16 April 2020 08:47 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,50423,950-445.00-1.8616.42
S&P 5002,7832,846-63.00-2.2016.65
NASDAQ8,3938,516-123.00-1.4421.56
FTSE 100 Index5,5985,791-194.00-3.348.67
DAX 3010,28010,697-417.00-3.9017.59
CAC 40 Index4,3544,524-170.00-3.7612.17
Nikkei 225 (Japan)19,24019,550-311.00-1.5913.16
HKSE24,14524,435-290.00-1.194.69
SSE Composite Index2,8112,827-16.00-0.570.79
S&P/TSX Composite Index13,95914,258-300.00-2.1012.93
NZ 5010,55110,410141.001.3611.40
US Volatility (Vix)41
Overseas Market Report

US sharemarkets fell on Wednesday. The energy sector fell 4.7% with the bank sub-sector down 5.9%. Shares in Bank of America fell 6.5% and Citigroup lost 5.6% after reporting earnings results. The Dow Jones index closed lower by 445 points or 1.9% after being down 716 points. The S&P500 index fell by 2.2% and the Nasdaq index lost 123 points or 1.4%. 

Global oil prices fell again on Wednesday. The US Energy Information Administration reported that oil inventories rose by 19 million barrels in the past week - the biggest weekly increase. Refiners cut capacity use to 12-year lows. The International Energy Agency forecast a fall in global oil demand in April of 29 million barrels per day to 25-year lows. Brent crude fell by US$1.91 or 6.5% to US$27.69 a barrel. The US Nymex price fell by US24 cents or 1.2% to US$19.87 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Zinc, lead and aluminium rose by up to 0.6% while other metals fell by up to 2.4% with tin down the most. 

The gold futures price fell by US$29.50 an ounce or 1.7% from 7- year highs to US$1,727.20 an ounce. Spot gold was trading near US$1,720 an ounce in late US trade. Iron ore fell by US25 cents or 0.3% to US$85.85 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent28.2727.690.582.09-5.92
Oil - West Texas crude20.4219.870.552.77-28.85
Gold Spot $/OZ1,717.001,717.000.400.0213.43
Silver Spot $/OZ15.4015.50-0.10-0.3819.31
Iron Ore83.5083.500.000.00-0.96
Thermal Coal Newcastle62.2062.80-0.50-0.80-5.40
APAC Hard Coking Coal FOB128.50136.00-7.50-5.51-15.88
Aluminium ($US/t)1,4691,4663.000.23-11.62
Copper Mar-18 ($US/lb)2.292.30-0.80-0.35-4.61
Lead ($US/t)1,6801,6737.000.40-3.17
Nickel ($US/t)11,69811,811-113.00-0.96-4.67
Zinc ($US/t)1,9201,90812.000.60-2.66
Tin ($US/t)15,15215,531-379.00-2.44-4.90
Uranium ($US/lb)32.0031.001.002.2433.33
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,4055,523-118.00-2.146.86
S&P/ASX 2005,3505,467-116.00-2.136.97
ASX 24 Futures5,340
Australian Market Report

Wednesday 15 April 2020 - close. The Australian share market has pulled back after two days of gains, as lower oil prices dragged down energy producers and as warnings mounted of worsening economic conditions because of the coronavirus pandemic. The S&P/ASX200 benchmark index finished Wednesday down 21.4 points, or 0.39 per cent, to 5,466.7 points, after having risen as much as 44.9 points at the open. The All Ordinaries index closed down 19.2 points, or 0.35 per cent, to 5,523.3.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 18 cps, m.cap A$17.4m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • CBE has released significant drill results from its Perrinvale VHMS project. 
  • Highlights include 6m at 8.39% Cu, 3.52% Zn, 30g/t Ag, 0.14% Co and 3.1 g/t Au from 49m and 6m at 5.63% Cu, 3.89% Zn, 22g/t Ag, 0.1% Co and 1.4 g/t Au from 28m at the Schwabe prospect.
  • Drilling results uncovered disseminated, stringer and narrow massive base metal sulphide mineralisation at the Zinco Lago prospect.
  • The company now plans to complete a Moving Loop Electromagnetic Survey (MLEM) across both the recently drilled prospects and other priority conductive prospects previously highlighted by the 2019 AEM survey.
  • Cobre’s Executive Chairman and Managing Director, Martin Holland, said in relation to the latest drilling results at the Perrinvale Project: “The recently completed diamond drilling program confirms the presence of significant VHMS mineralisation within the Perrinvale Project. In particular, the assays from the Schwabe Prospect continues the positive results achieved from our maiden drilling campaign of that area in 2019. Further EM studies at the three Perrinvale prospects will determine the next stage of exploration drilling. I look forward to updating the market on these development as they come to hand.”
  • Please see a link to the 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