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22 April 2020 06:51 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average23,01923,650-632.00-2.6720.05
S&P 5002,7372,823-87.00-3.0718.73
FTSE 100 Index5,6415,813-172.00-2.968.67
DAX 3010,25010,676-426.00-3.9914.79
CAC 40 Index4,3574,528-171.00-3.777.62
Nikkei 225 (Japan)19,28119,669-388.00-1.9716.48
SSE Composite Index2,8272,853-26.00-0.902.96
S&P/TSX Composite Index13,94014,388-448.00-3.1217.62
NZ 5010,46810,536-68.00-0.6513.83
US Volatility (Vix)45
Overseas Market Report

US sharemarkets fell on Tuesday as the turmoil in the crude oil market and poor company earnings results dented market sentiment. The energy sector (-1.7%) declined for the seventh time in eight sessions as oil prices plummeted. Not helping sentiment were shares of IBM, which slipped 3% after the company reported a 3.4% decline in first quarter revenue from a year ago. Insurer Travelers Companies reported a 25% fall in quarterly profit as catastrophe claims jumped. Coca-Cola (-2.5%) said its current quarter results would take a severe hit from low demand for its soft drinks. The Dow Jones index closed lower by 631 points or 2.7%. The S&P500 index fell by 3.1% and the Nasdaq index fell by 297 points or 3.5%. 

Global oil prices fell sharply on Tuesday due to a massive supply glut and a worldwide shortage of storage space brought on by COVID-19. OPEC+ ministers held an unscheduled conference call, though no new policy measures were announced. The Brent crude price fell by US$6.24 or 24.4% to US$19.33 a barrel. The May US Nymex price settled at US$10.01 a barrel as most open positions coming into this week were settled on Monday. The June US Nymex contract - traded more actively - fell by US$8.86 or 43.4% to US$11.57 a barrel. 

Base metal prices fell on the London Metal Exchange on Tuesday. The collapse in oil prices rattled investors and the US dollar rose on safe haven demand. Copper (-3.1%), tin (-2.9%), nickel (-2.6%), zinc (-1.7%) and lead (-1.6%) all fell. 

The gold futures price fell by US$23.40 an ounce or 1.4% to US$1678.20. Spot gold was trading near US$1,681 an ounce in late US trade. Iron ore fell by US$2.60 or 3% to US$83.60 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent19.3325.57-6.24-24.40-28.35
Oil - West Texas crude13.4111.571.8415.90-40.21
Gold Spot $/OZ1,688.001,686.001.400.0812.61
Silver Spot $/OZ14.9014.900.00-0.1717.78
Iron Ore83.3083.100.200.26-1.68
Thermal Coal Newcastle61.2061.50-0.30-0.41-7.62
APAC Hard Coking Coal FOB130.50130.500.000.00-17.92
Aluminium ($US/t)1,4511,464-13.00-0.91-6.93
Copper ($US/lb)
Lead ($US/t)1,6421,667-26.00-1.55-0.10
Nickel ($US/t)12,12812,447-319.00-2.568.72
Zinc ($US/t)1,9021,936-34.00-1.733.12
Tin ($US/t)14,78215,228-446.00-2.935.74
Uranium ($US/lb)33.0033.000.000.0035.06
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,2795,415-136.00-2.518.74
S&P/ASX 2005,2215,353-132.00-2.468.40
ASX 24 Futures5,090
Australian Market Report

Tuesday 21 April 2020 - close. The Australian share market has plunged for a second day, falling to nearly a two-week low as US oil futures collapsed into negative territory. The S&P/ASX200 benchmark index on Tuesday closed down 131.7 points, or 2.46 per cent, to 5,221.3 points, while the All Ordinaries index was down 136.1 points, or 2.51 per cent, to 5,278.6 points. In percentage terms the losses just exceeded Monday's 2.45 per cent drop and they left the ASX200 at its lowest level since April 8.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 16 cps, m.cap A$15.5m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • Cobre Limited has provided an update of the results from the Down Hole Electromagnetic surveys (DHEM) undertaken following the recent diamond drilling program at the Perrinvale project. Highlights include:
  • Down hole electromagnetic surveys have been undertaken on the recently completed diamond core drill holes at the Schwabe, Zinco Lago and Monti Prospects, plus two of the reverse circulation holes drilled in 2019. 
  • A number of promising electromagnetic conductors have been identified within the Perrinvale Project including: the existing Schwabe drill area; below recent drilling at Zinco Lago; off hole along the Zinco Lago - Lago Rame gossan trend; and adjacent to the recent Monti drilling. 
  • Ground electromagnetic surveys now underway to further refine targets for the next phase of drilling at the Perrinvale Project.
  • Cobre’s Executive Chairman and Managing Director, Martin Holland, said in relation to the recent EM results at the Perrinvale Project: “The recent down hole EM results follows the positive diamond drill results reported recently1 at the Perrinvale Project. In particular, the off hole conductor along the Zinco Lago – Lago Rame gossan is an exciting new prospect identified by our exploration team. All together, these EM results provide encouragement to continue Cobre’s systematic plan of utilising geophysics to refine drill targets in favourable geological positions across the Perrinvale Project area. I am encouraged in knowing our work to date has focused on a small part of the total project area. The 2019 AEM survey covered about 30% of our tenure and this current program is focused on a fraction of that survey area. I look forward to updating the market on the MLEM results as they become available and to leveraging the knowledge we gain to unlock potential across the entire project.
  • Please see link to full announcement here.
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss the announcement further.

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