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23 April 2020 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,47623,019457.001.9926.27
S&P 5002,7992,73763.002.2925.11
NASDAQ8,4958,263232.002.8123.83
FTSE 100 Index5,7715,641130.002.3015.55
DAX 3010,41510,250165.001.6119.15
CAC 40 Index4,4124,35754.001.2512.71
Nikkei 225 (Japan)19,13819,281-143.00-0.7413.32
HKSE23,89323,794100.000.4210.13
SSE Composite Index2,8442,82717.000.606.91
S&P/TSX Composite Index14,28813,940348.002.5027.25
NZ 5010,59010,418172.001.6524.61
US Volatility (Vix)42
Overseas Market Report

US sharemarkets rose on Wednesday. The US House of Representatives is expected to pass a $484 billion relief package on Thursday. And a rebound in oil prices boosted the energy sector. The Dow Jones index rose by 457 points or 2.0%. The S&P500 index rose by 2.3% and the Nasdaq index gained 232 points or 2.8%. 

Global oil prices rebounded on Wednesday with the Brent global benchmark lifting from the lowest levels since June 1999. There is tentative talk of additional supply cuts from OPEC producers. US crude inventories rose by 15 million barrels in the past week in line with forecasts, but below some predictions of 20 million barrels. The Brent crude price rose by US$1.04 or 5.4% to US$20.37 a barrel. The June US Nymex contract rose by US$2.21 or 19.1% to US$13.78 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Nickel fell 1.5% and zinc lost 1% but other metals rose up to 2.2% with copper doing the best. 

The gold futures price rose by US$50.50 an ounce or 3.0% to US$1728.70. Spot gold was near US$1,715 in late US trade. Iron ore rose by US60 cents or 0.7% to US$84.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent20.3719.331.045.38-24.50
Oil - West Texas crude14.3913.780.614.43-38.40
Gold Spot $/OZ1,714.001,714.00-0.10-0.0110.35
Silver Spot $/OZ15.1015.100.00-0.1313.66
Iron Ore82.2083.70-1.50-1.84-1.02
Thermal Coal Newcastle61.2061.20-0.10-0.16-7.77
APAC Hard Coking Coal FOB127.00130.50-3.50-2.68-14.77
Aluminium ($US/t)1,4761,45126.001.76-5.29
Copper ($US/lb)2.282.29-0.70-0.317.71
Lead ($US/t)1,6441,6422.000.150.05
Nickel ($US/t)11,94312,128-185.00-1.537.06
Zinc ($US/t)1,8841,902-19.00-1.002.09
Tin ($US/t)14,90014,782118.000.806.58
Uranium ($US/lb)33.0033.000.000.9236.31
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,2745,279-5.00-0.0915.55
S&P/ASX 2005,2215,2210.000.0014.85
ASX 24 Futures5,286
Australian Market Report

Wednesday 22 April 2020 - close. The Australian share market has roared back from early morning losses of 2.3 per cent to finish flat on the day even as international oil prices collapsed. After being down 120.6 points in morning trade, the S&P/ASX200 benchmark index finished Wednesday down just 0.1 points to 5221.2, while the All Ordinaries index finished down 4.8 points, or 0.09 per cent, to 5,273.8.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 120cps, m.cap A$213.4m with 177.8m SOI, Cash cA$23.8m, Polymetallic Explorer / Developer)

  • ADT has announced the Federal Ministry of Environment and Tourism (“Ministry”) has issued a positive Record of Decision (“RoD”) to Adriatic’s subsidiary, Eastern Mining d.o.o., for the Veovaca Environmental Permit, one of the key approvals required for the issue of the Exploitation Permit. With the RoD received, the Environmental Permit will be issued by the Ministry as the RoD is final and cannot be challenged. The RoD was received following the submission of an Environmental Impact Assessment, prepared by Adriatic in accordance with the Federal Mining Code, and review by a five-member expert committee, and public hearing. 
  • In addition to the RoD for the Veovaca Mine, Plant and Tailings Facility, Eastern Mining d.o.o. has also received a Preliminary Water Permit and Environmental Permit for the demolition of the historic Veovaca Plant site, and Preliminary Water Permits covering the Veovaca Mine, Plant and Tailings Storage Facility, including an accumulation pond for excess water capture.
  • The Environmental Permit is required to be issued within 30 days from the date of the RoD, at which point Adriatic will submit an application for an Urban Planning Permit to the Federal Ministry for Spatial Planning. This application requires approvals from nine different utility and community service companies to be submitted. These approvals have been obtained.
  • Upon receiving the Urban Planning Permit, the application for Exploitation will be made to the Federal Ministry for Energy, Mining & Industry. As part of the approval procedure, the Ministry will hold a public hearing in Vares, where members of the public can comment on the application, and if necessary, the Company is given an opportunity to respond.
  • Adriatic’s CEO and Managing Director commented “The receipt of the RoD is a major step forward in the permitting of the Vares Project, and despite all the challenges being presented to government in the current COVID-19 crisis, demonstrates the Bosnian Government’s willingness to advance the project as quickly as possible. We continue to appreciate the consultative and cooperative approach of the various branches of government in Bosnia and look forward to the continual advancement of the Vares Project”.
  • 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