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29 April 2020 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,10224,134-32.00-0.1311.39
S&P 5002,8632,878-15.00-0.5212.67
NASDAQ8,6088,730-122.00-1.4014.73
FTSE 100 Index5,9585,847112.001.918.13
DAX 3010,79610,660136.001.2712.07
CAC 40 Index4,5704,50565.001.435.02
Nikkei 225 (Japan)19,77119,783-12.00-0.061.97
HKSE24,57624,280296.001.224.65
SSE Composite Index2,8102,815-5.00-0.191.36
S&P/TSX Composite Index14,79814,642156.001.0716.63
NZ 5010,75610,760-4.00-0.0412.55
US Volatility (Vix)34
Overseas Market Report

US sharemarkets were weaker ahead on key earnings results and economic data. Shares in Merck fell 3.3% after it warned of a $2.1 billion hit to 2020 revenue. Shares in Caterpillar, PepsiCo and 3M rose 0.2-2.6% after reporting earnings results with 3M up the most. The Dow Jones index fell by 32 points or 0.1%. The S&P500 index fell by 0.5% and the Nasdaq index fell by 122 points or 1.4%. 

Global oil prices were mixed on Tuesday. Data from consultancy Kpler showed that global oil storage was 85% full last week. And Petrologistics estimates that OPEC oil supply in April was the highest since April. The Brent crude price rose by US47 cents or 2.4% to US$20.46 a barrel. The US Nymex price fell by US44 cents or 3.4% to US$12.34 a barrel. 

Base metal prices mostly rose on the London Metal Exchange on Tuesday. Zinc rose 1.6% and other metals rose 0.4-0.5% but tin lost 0.6% and aluminium fell by 0.3%. 

The gold futures price fell by US$2.00 or 0.1% to US$1,710.60 an ounce. Spot gold was near US$1,709 an ounce in late US trade. Iron ore fell by US$1.00 or 1.2% to US$82.40 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent20.4619.990.472.35-17.93
Oil - West Texas crude12.8412.340.504.05-40.31
Gold Spot $/OZ1,704.001,708.00-3.90-0.234.65
Silver Spot $/OZ15.1015.20-0.10-0.334.47
Iron Ore82.2082.80-0.60-0.762.73
Thermal Coal Newcastle51.2050.500.801.49-23.11
APAC Hard Coking Coal FOB116.00124.00-8.00-6.45-22.15
Aluminium ($US/t)1,4651,470-5.00-0.34-3.35
Copper ($US/lb)2.342.35-0.80-0.346.40
Lead ($US/t)1,6201,6146.000.37-4.37
Nickel ($US/t)12,22612,17650.000.418.22
Zinc ($US/t)1,9241,89430.001.583.03
Tin ($US/t)15,46515,560-95.00-0.618.03
Uranium ($US/lb)32.0032.000.00-0.3118.20
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,3815,388-7.00-0.1310.40
S&P/ASX 2005,3135,321-8.00-0.169.72
ASX 24 Futures5,325
Australian Market Report

Tuesday 28 April 2020 - close. The Australian share market has closed down marginally after another dip in oil prices outweighed gains by the tech and consumer discretionary sectors. The benchmark S&P/ASX200 index finished Tuesday down 8.3 points, or 0.16 per cent, at 5,313.1 points, while the All Ordinaries index was 7.1 points lower, or 0.13 per cent, at 5,381.2 points.

Ashanti Headlines

Southern Gold Limited (SAU.ASX, 12.5cps, m.cap A$13.75m with 110m SOI, Cash $5.7m (post placement), Gold Explorer)

  • Southern Gold continued a high level of activities on the ground in South Korea in the March quarter. The focus was on the diamond drill programs at Beopseongpo, land access for drilling at various sites at Beopseongpo, as well as Weolyu and Shin Hill (Deokon; and reconnaissance rock sampling, utilising an experienced epithermal consultant. Several significant grade gold rock chip results were received from this work and has generated additional projects for the South Korean portfolio. 
  • A$4 million capital raise in 2 tranches: with $2.17 million completed and the second tranche of $1.83 million subject to shareholder approval in early May 
  • Southern Gold now has significant funding to complete drilling on multiple targets and exploit its ‘first mover advantage’ in South Korea 
  • 758.42m of Diamond drilling completed at the Beopseongpo Project at the ‘Golden Palm’, ‘Hand of Faith’ and ‘Spider’ prospects 
  • Scout drilling at ‘Golden Palm’ returned a peak intersection of 0.76m @ 2.41g/t Au from 63.82m in hole BPDD010, with deeper drill target defined 
  • Very encouraging low-sulphidation epithermal multi-phase veining intersected at ‘Hand of Faith’ in deeper drilling with assays pending 
  • Regulatory approvals well advanced to drill at depth at the Weolyu Project 
  • Drill programs finalised to test beneath the Shin Hill historical underground mine at the Deokon Project as well as the Aphae Project in June quarter 
  • Additional rock sampling at the Dokcheon Project, returning samples up to 1.5g/t gold in highlevel textures, warranting a scout drill program 
  • At Geum-Mar discovery area reconnaissance outcrop and float assays included a peak of 3.05g/t gold from a group of nine highly anomalous samples 
  • At Daeam Valley discovery area thirteen samples returning values >1g/t gold (peak 3.49g/t Au) over a strike-length of 1km, open in both directions 
  • Well regarded economic geologist, Douglas Kirwin, also joined the board during the quarter as part of the equity raising process 
  • AIM listed investment specialist, Metal Tiger PLC, strongly supported the equity raising and their nominee, Terry Grammer, will join the board on approval of the second tranche
  • Please see link to full announcement here


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