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14 May 2020 08:36 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,24823,765-517.00-2.17-2.93
S&P 5002,8202,870-50.00-1.75-0.92
NASDAQ8,8639,003-139.00-1.554.08
FTSE 100 Index5,9045,995-91.00-1.511.95
DAX 3010,54310,820-277.00-2.56-1.44
CAC 40 Index4,3454,472-128.00-2.85-3.96
Nikkei 225 (Japan)20,12520,267-142.00-0.702.48
HKSE24,18024,246-65.00-0.27-1.04
SSE Composite Index2,8982,8926.000.222.50
S&P/TSX Composite Index14,50314,881-378.00-2.541.72
NZ 5010,77610,788-12.00-0.116.04
US Volatility (Vix)35
Overseas Market Report

US sharemarkets fell on Wednesday with traders citing the "grim outlook" from the US Fed chief. Energy fell 4.4% in response to a lower oil price. There was caution ahead of an expected White House announcement on the US-China trade deal. At the close of trade, the Dow Jones index was down by 517 points or 2.2%. The S&P500 index was lower by 1.8% and the Nasdaq index fell by 139 points or 1.6%. 

Global oil prices fell on Wednesday. While US crude stockpiles fell by 745,000 barrels last week (the first decline since January) investors focussed on downbeat comments from the US Fed chair. The Brent crude price fell by US79 cents or 2.6% to US$29.19 a barrel. The US Nymex price fell by US49 cents or 1.9% to US$25.29 a barrel. 

Base metal prices were lower by between 0.4-2.5% on Wednesday. Tin fell the least while lead fell the most. Aluminium went against the tide, up by 0.3%. 

The gold futures price rose by US$9.50 or 0.6% to US$1,713.90 an ounce. Spot gold was near US$1,715 an ounce in late US trade. Iron ore rose by US$1.00 or 1.1% to US$91.15 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent29.3429.190.150.51-0.88
Oil - West Texas crude25.4625.290.170.6726.60
Gold Spot $/OZ1,718.001,716.001.800.11-0.51
Silver Spot $/OZ15.6015.600.00-0.06-1.14
Iron Ore84.3083.400.901.061.02
Thermal Coal Newcastle52.4052.000.400.77-17.61
APAC Hard Coking Coal FOB117.00115.002.001.74-13.97
Aluminium ($US/t)1,4441,4404.000.300.28
Copper Mar-18 ($US/lb)2.362.350.800.341.18
Lead ($US/t)1,5761,616-41.00-2.52-7.47
Nickel ($US/t)12,19012,262-73.00-0.595.09
Zinc ($US/t)1,9722,003-31.00-1.554.53
Tin ($US/t)15,32015,380-60.00-0.391.64
Uranium ($US/lb)33.0034.000.00-0.5912.25
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,4465,514-67.00-1.22-1.74
S&P/ASX 2005,3545,422-68.00-1.26-2.45
ASX 24 Futures5,359
Australian Market Report

Wednesday 13 May 2020 - close. The volatile Australian share market has swung from an early 102-point loss to finish in the green with a 19-point gain. After being down as much as 1.8 per cent in the first hour of trade, the S&P/ASX200 benchmark index finished Wednesday up 18.9 points, or 0.35 per cent, to 5,421.9 points, while the All Ordinaries index closed up 16.4 points, or 0.3 per cent, at 5,513.7.

Ashanti Headlines

Taruga Minerals Ltd (TAR.ASX, 2cps, m.cap A$6.5m with 324.7m SOI, Cash c$2.2m (post placement) (Minerals Exploration)

  • Taruga Minerals Limited has announced that it has entered into a 12 month Option Agreement, in which Taruga can purchase a 100% interest in Strikeline Resources Pty Ltd (Strikeline) and its Flinders IOCG-style Project (Project) located 80km north of Port Augusta, South Australia, and 80km from Carrapateena, Fremantle Doctor and Khamsin IOCG’s, with power and rail on the lease (Option Period). Copper mining has been conducted on the Flinders Project from 1863-1909, and subsequently micaceous iron oxide (Miox) was mined in the 1980’s from the Main Lode in the Warrakimbo Ranges. Highlights include:
  • The Flinders Project lies at the intersection of two regional structural corridors which host the Olympic Dam and Carrapateena IOCG’s (NW trending) and Beltana Zinc and Leigh Creek Copper (NE trending) 
  • Project covers 647km2 and has existing IOCG-style mineralisation outcropping over a strike of at least 6.4km on the margin of the Gawler Craton 
  • Located 80km North of Port Augusta, South Australia, with Power and Rail on the lease 
  • Significant recent rock-chip sampling over 4 main prospect areas including 4.73g/t gold, 52.2% copper, 1.23% cobalt, 25.6g/t silver, 1.51kg/t LREE, 68.4% iron, 0.09g/t Pt + Pd 
  • Mineralisation hosted within a hematite-altered breccia complex with geochemical and petrological similarities to the nearby giant Carrapateena and Olympic Dam IOCG deposits, Rocklands IOCG (Cloncurry) and Dahongshan/Lala IOCG’s in China 
  • Taruga will pay an initial A$15,000 cash payment, with a further A$25,000 payable in 6 months, and subject to a minimum exploration spend of A$250,000, is entitled to exercise the option to acquire 100% of the Flinders Project 
  • Appointment of experienced South Australian based geologist and Flinders Project vendor, Thomas Line, as Project Manager. There will be no changes to the Board as a result of the transaction. 
  • In conjunction with the transaction, Taruga has received firm commitments to raise A$600,000 through the issue of 60,000,000 shares at 1 cent each on or about 22 May 2020
  • 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.


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ERA Communications