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30 April 2020 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,63424,102532.002.2112.40
S&P 5002,9402,86376.002.6613.73
NASDAQ8,9158,608307.003.5715.77
FTSE 100 Index6,1155,958157.002.637.82
DAX 3011,10810,796312.002.8911.79
CAC 40 Index4,6714,570101.002.226.26
Nikkei 225 (Japan)19,77119,783-12.00-0.061.97
HKSE24,64424,57668.000.284.41
SSE Composite Index2,8222,81012.000.442.62
S&P/TSX Composite Index15,22814,798430.002.9013.82
NZ 5010,75510,66689.000.839.78
US Volatility (Vix)31
Overseas Market Report

US sharemarkets rose on the back of positive trial results data for a potential coronavirus treatment from Gilead Sciences (+5.7%). Alphabet shares rose 8.9% after reporting a revenue growth decline that was less steep than forecast. Boeing shares lifted 5.9% after the planemaker announced it would shrink its workforce and production due to weaker demand. The Dow Jones index rose by 532 points or 2.2%. The S&P500 index lifted by 2.7% and the Nasdaq index rose by 307 points or 3.6%. 

Global oil prices rose on Wednesday. US crude oil inventories lifted by 9m barrels last week to 527.6m barrels, less than analyst forecasts for a 10.6m barrel lift. The Brent crude price rose by US$2.08 or 10.2% to US$22.54 a barrel. The US Nymex price rose by US$2.72 or 22.0% to US$15.06 a barrel. 

Base metal prices mostly rose on Wednesday. Copper (+0.7%) hit 6-week highs on stronger demand prospects. Zinc rose by 0.8%, but tin fell by 0.6%. 

The gold futures price fell by US$7.10 or 0.4% to US$1,703.40 an ounce. Spot gold was near US$1,712 an ounce in late US trade. Iron ore rose by US20 cents or 0.2% to US$82.60 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent22.5420.462.0810.17-9.59
Oil - West Texas crude15.9915.060.936.18-21.92
Gold Spot $/OZ1,714.001,713.000.300.028.66
Silver Spot $/OZ15.3015.300.000.059.52
Iron Ore81.8082.20-0.40-0.46-0.16
Thermal Coal Newcastle51.2051.200.000.00-23.11
APAC Hard Coking Coal FOB109.00116.00-7.00-6.03-25.85
Aluminium ($US/t)1,4661,4651.000.07-3.28
Copper ($US/lb)2.372.352.901.248.08
Lead ($US/t)1,6241,6204.000.26-4.12
Nickel ($US/t)12,24612,22620.000.168.39
Zinc ($US/t)1,9401,92415.000.793.84
Tin ($US/t)15,36715,465-98.00-0.637.35
Uranium ($US/lb)32.0032.000.000.6218.93
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,4645,38183.001.536.91
S&P/ASX 2005,3935,31380.001.516.24
ASX 24 Futures5,468
Australian Market Report

Wednesday 29 April 2020 - close. Energy producers and banks have spearheaded a rise on the Australian share market, which closed on an eight-day trading high. The S&P/ASX200 benchmark index finished on the highs of Wednesday, closing up 80.3 points, or 1.51 per cent, at 5,393.4. The All Ordinaries index finished 82.6 points higher, or 1.53 per cent, at 5,463.8.

Ashanti Headlines

Invictus Energy Limited: (IVZ.ASX, 2.6 cps, m.cap A$13.0m with 449.2m SOI, Cash ~$2.95m, O&G Explorer)

  • Invictus Energy Limited has announced that the Company has entered into a binding share subscription agreement with the Mangwana Opportunities Fund. 
  • Mangwana Opportunities Fund (“Mangwana” or "the Fund") is an investor owned, closed end investment company which is managed by Mangwana Capital. It is funded by Zimbabwean institutional investors including pension funds and invests primarily in the fields of Agriculture, Mining and Tourism with an investment horizon of 10 years. The Fund has prescribed asset status and has been granted tax exempt status by the Ministry of Finance.
  • The share subscription agreement raises the equivalent of AUD$0.44 million through the placement of 12,564,143 shares at a share price of $0.035; a 91% premium to the preceding 5 day VWAP of $0.0183 and a 40% to premium to the last closing price of $0.025. The condition precedent to the completion of the placement and the subscription agreement, is subject to approval by the Reserve Bank of Zimbabwe Exchange Control which is expected shortly. The shares issued to Mangwana will be held in escrow for 6 months from the date of completion.
  • Funds raised from the placement will be used advance the Cabora Bassa Project including on the ground activity and preparatory works in the project area, our CSR program within the Muzarabani and Mbire Districts and other in country activities. The agreement makes provision for a further equity investment by Mangwana for the project over the next 12-24 months. 
  • Noted Zimbabwean businessman Mr. Joe Mutizwa to be appointed as a director to 100% owned subsidiary Invictus Energy Resources Zimbabwe.
  • Invictus Managing Director Scott Macmillan commented: “We are pleased to announce this investment by Mangwana Opportunities Fund at a premium which strengthens our investor base and in-country presence through the appointment of Joe Mutizwa to our local subsidiary board. Our partnership with Mangwana will assist the Company in advancing key objectives in country and provide exposure for local investors to our world class Cabora Bassa project.”
  • In light of the global market and oil industry environment, the Board and Management has focused on reducing costs within its control. To this end, the Company has made cuts in various categories of its corporate costs in Australia from its already low overheads. The Board and Management have agreed to reduce their annual fees and remuneration by 25-50 percent effective 1 April 2020. Securing funding from Mangwana ensures that the project spending is unaffected and our exploration program remains on track. The Board believes that the Company’s cost base is now at a more appropriate level for the current circumstances and sees the Company fully funded to deliver a farmout of SG 4571. 
  • 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