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11 May 2020 09:30 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,33123,876455.001.912.58
S&P 5002,9302,88149.001.695.02
NASDAQ9,1218,980142.001.5811.87
FTSE 100 Index5,9365,85482.001.404.55
DAX 3010,90410,759145.001.353.22
CAC 40 Index4,5504,50148.001.070.95
Nikkei 225 (Japan)20,41420,179235.001.164.69
HKSE24,23023,981250.001.04-0.29
SSE Composite Index2,8952,87224.000.833.53
S&P/TSX Composite Index14,96714,834133.000.905.65
NZ 5010,71010,69614.000.137.49
US Volatility (Vix)28
Overseas Market Report

US sharemarkets were higher on Friday. Boosting sentiment were constructive trade talks between the US and China. The Energy sector rose 4.3% in response to a higher oil price. Shares in Apple rose 2.4% after the company said it would start reopening US stores. At the close of trade, the Dow Jones index was up 455 points or 1.9%. The S&P500 index was up by 1.7% and the Nasdaq index lifted 141 points or 1.6%. Over the week the Dow rose 2.6%, the S&P 500 rose by 3.5% and the Nasdaq gained 6%. 

Global oil prices rose on Friday. Baker Hughes said that US oil rigs in operation fell by 33 to 325 in the latest week. Brent crude price rose by US$1.51 or 5.1% to US$30.97 a barrel. The US Nymex price rose by US$1.19 or 5.1% to US$24.74 a barrel. Over the week, Brent rose US$4.53 or 17.1%. Nymex rose by US$4.96 or 25.1%. 

The London Metal Exchange was closed for a bank holiday. Over the week metals rose. While aluminium was flat, copper and nickel rose by 3.2% and zinc rose the most, up 5.1%. 

The gold futures price fell by US$11.90 or 0.7% to US$1,709.90 an ounce. Spot gold was near US$1,701 an ounce in late US trade. Over the week gold fell by US60c an ounce. Iron ore rose by US$4.25 or 5.0% to US$88.45 a tonne. Over the week iron ore rose by US$4.50 or 5.4%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent30.2630.97-0.71-2.29-3.88
Oil - West Texas crude23.9824.74-0.76-3.075.36
Gold Spot $/OZ1,708.001,703.004.800.280.64
Silver Spot $/OZ15.6015.500.100.690.15
Iron Ore83.0082.500.500.634.28
Thermal Coal Newcastle51.2051.100.000.00-18.36
APAC Hard Coking Coal FOB117.00115.002.001.74-13.97
Aluminium ($US/t)1,4491,4436.000.440.63
Copper Mar-18 ($US/lb)2.412.410.100.026.62
Lead ($US/t)1,6231,60815.000.93-5.91
Nickel ($US/t)12,26212,23527.000.227.53
Zinc ($US/t)2,0021,97626.001.334.53
Tin ($US/t)15,32215,29725.000.164.12
Uranium ($US/lb)34.0034.000.00-0.2916.32
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,5475,48859.001.081.98
S&P/ASX 2005,4485,39157.001.051.12
ASX 24 Futures5,446
Australian Market Report

Friday 8 May 2020 - close. Australian shares have finished higher, with retailers buoyant after Prime Minister Scott Morrison and the National Cabinet disclosed a roadmap to reopen the country for business. The benchmark S&P/ASX200 index finished Friday up 26.9 points, or 0.5 per cent higher, at 5,391.1 points, while the All Ordinaries index closed up 38.1 points, or 0.7 per cent, at 5,488.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 132.5cps, m.cap A$234.7m with 177.8m SOI, Cash cA$22.3m, Polymetallic Explorer / Developer)

  • ADT is acquiring 100% of the issued capital in TSX-listed Tethyan Resources (TETH) for a 29% premium, all scrip deal, valuing TETH at ~A$16.2M.
  • TETH is a polymetallic brownfields explorer with two projects (Kizevak & Sastavci) and a number of exploration targets in Serbia.
  • The deal expands ADT’s landholding to over 300sqkm across Bosnia and Serbia, with a demonstrated regional prospectivity for zinc & lead as well as precious metals.
  • At Kizevak, 16 years of open pit mining was completed in 2000, with deeper drilling from 2018/2019 returning promising results from an area 1.2km along strike from the mine: 43m @ 7.4% ZnEq from 193m, 12m @ 35.1% ZnEq from 130m & 40m @ 7.4% ZnEq from 137m.
  • Sastavci is also a historic open pit mine with visible massive sulphide veins in the pit walls and compelling exploration targets generated by rock chip sampling. Drilling is required.
  • Tethyan’s Board of Directors unanimously approved the Transaction and has unanimously resolved to recommend that its shareholders vote in favour of the Transaction and voting support agreements received from approximately 54% of Tethyan shareholders
  • Transaction expected to close by end-August once all conditions have been satisfied
  • Please see link to full announcement here
  • 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