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27 April 2020 08:56 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,77523,515260.001.119.88
S&P 5002,8372,79839.001.3911.62
NASDAQ8,6358,495140.001.6515.09
FTSE 100 Index5,7525,827-74.00-1.284.39
DAX 3010,33610,514-178.00-1.697.30
CAC 40 Index4,3934,451-58.00-1.300.96
Nikkei 225 (Japan)19,54719,262285.001.480.81
HKSE23,83123,977-146.00-0.611.48
SSE Composite Index2,8092,838-30.00-1.061.31
S&P/TSX Composite Index14,42014,251169.001.1913.66
NZ 5010,41910,446-27.00-0.259.03
US Volatility (Vix)36
Overseas Market Report

US sharemarkets were firmer on Friday. Ahead of earnings results, shares in Apple rose 2.9% and Microsoft gained 1.8%. But shares in Boeing lost 6.6% on reports of plans to cut production. The Dow Jones index rose by 260 points or 1.1%. The S&P500 index rose by 1.4% and the Nasdaq index rose by 1.7%. Over the week the Dow fell 1.9%, the S&P 500 fell by 1.3% and the Nasdaq lost 0.2%. 

Global oil prices rose on Friday after a volatile week of trading. According to Baker Hughes, the number of oil rigs in operation in the US fell by 60 in the past week to 378, the lowest since July 2016. Oil rigs in operation are 53% down over the year. The Brent crude price rose by US11 cents or 0.5% to US$21.44 a barrel. The June US Nymex contract rose by US44 cents or 2.7% to US$16.94 a barrel. Over the week Brent fell by 23.6% and Nymex fell by 7.3%. 

Base metal prices were mixed on the London Metal Exchange on Friday. Lead, tin and copper prices fell up to 2.0%. But other metals rose up to 0.6%, led by nickel and zinc. Over the week zinc fell by 3.9% and lead lost 3.6% but nickel rose by 1.7%. 

The gold futures price fell by US$9.80 an ounce or 0.6% to US$1,723.50. Spot gold was near US$1,727 an ounce in late US trade. Over the week gold rose by US$34.30 or 2%. Iron ore rose by US20 cents or 0.2% to US$83.90 a tonne. Over the week iron ore fell by US$1.55 a tonne or 1.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent21.1821.44-0.26-1.21-15.04
Oil - West Texas crude16.0316.94-0.91-5.37-25.48
Gold Spot $/OZ1,725.001,730.00-4.80-0.285.93
Silver Spot $/OZ15.3015.300.000.015.44
Iron Ore82.2082.80-0.60-0.762.73
Thermal Coal Newcastle52.6052.000.500.96-20.98
APAC Hard Coking Coal FOB116.00124.00-8.00-6.45-22.15
Aluminium ($US/t)1,4781,4763.000.20-2.36
Copper ($US/lb)2.352.341.700.737.15
Lead ($US/t)1,5941,626-32.00-1.971.80
Nickel ($US/t)12,18012,10675.000.628.87
Zinc ($US/t)1,8731,86112.000.643.91
Tin ($US/t)14,97015,070-100.00-0.6611.10
Uranium ($US/lb)33.0033.000.000.3028.57
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,2985,301-3.00-0.058.69
S&P/ASX 2005,2305,243-13.00-0.258.00
ASX 24 Futures5,207
Australian Market Report

Friday 24 April 2020 - close. Energy and materials stocks have helped the Australian share market to its first winning day this week. The S&P/ASX200 benchmark index finished Friday up 25.5 points, or 0.49 per cent, at 5,242.6 points, while the All Ordinaries index was up 27.9 points, or 0.53 per cent, at 5,300.7 points. For the week the ASX dropped 244.9 points, or 4.46 per cent, snapping a four-week string of gains.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 19cps, m.cap A$29.7m with 160.6m SOI, Rare Earths explorer)

  • Pensana Metals announced this morning that it has received approval for the exploitation of the Longonjo Rare Earths Project in Angola, with a mining permit that is renewable up to 35yrs mine life. 
  • Key terms are: a 2% Revenue Royalty, 20% National Tax and 5% Municipal Tax and a 2-year tax holiday. 
  • This is a major milestone for PM8 in its efforts to develop the Longonjo project into the next operating major rare earths project globally.
  • Pensana CEO Tim George commented: “The Mining Title is a major milestone for us in the rapid development of the Longonjo project and we are absolutely delighted to have reached it so quickly. The support of the Ministry in expediting the contract is very much acknowledged and is testament to Angola being ‘open for business’ - even during the Covid-19 lockdown. The recent investment in the Company by Angola’s Sovereign Wealth Fund underscores the commitment towards the project which will bring major social and economic benefits to Angola and will help accelerate the diversification of the economy away from the oil and gas and diamonds sectors. We are excited about developing a mine which will not only create major social and economic benefits - and is being developed to the highest ESG standards - but one which will become a major global supplier of the magnet metals critical to our clean energy future.”
  • 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.


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ERA Communications