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19 May 2020 09:21 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,59723,685912.003.851.46
S&P 5002,9542,86490.003.152.76
NASDAQ9,2359,015220.002.446.76
FTSE 100 Index6,0495,800249.004.294.52
DAX 3011,05910,465594.005.674.08
CAC 40 Index4,4984,278221.005.16-0.01
Nikkei 225 (Japan)20,55920,134426.002.113.33
HKSE23,93523,797137.000.58-1.83
SSE Composite Index2,8752,8687.000.241.30
S&P/TSX Composite Index14,63914,510129.000.891.94
NZ 5010,85510,75897.000.900.71
US Volatility (Vix)29
Overseas Market Report

US sharemarkets soared on Monday. Drugmaker Moderna's shares rallied by 20% after the company reported "positive" phase one results for a potential COVID-19 vaccine. The S&P airlines sub-index added 13.9% as Delta Air Lines (+13.9%) said it would resume flights in June. United Airlines (+21.1%) and Boeing (+12.9%) shares both lifted. At the close of trade, the Dow Jones index rose by 912 points or 3.9%. The S&P500 index was higher by 3.2% and the Nasdaq index rose by 220 points or 2.4%. 

Global oil prices rose on Monday, boosted by a strengthening in Chinese demand. Bloomberg reported that the country's consumption is back at about 13 million barrels per day (bpd), just below the 13.4 million bpd consumed in May 2019. The Brent crude price rose by U$2.31 or 7.1% to US$34.81 a barrel. The US Nymex price lifted by US$2.39 or 8.1% to US$31.82 a barrel. 

Base metal prices rose on the London Metal Exchange on Monday. Copper (+2.6%) lifted on positive Chinese housing data. Lead (+4.2%), nickel (+3.3%) and zinc (+3.2%) rose most. 

The gold futures price fell by US$21.60 or 1.2% to US$1,731.80 an ounce. Spot gold was near US$1,731 an ounce in late US trade. Iron ore rose by US$2.90 or 3.1% to US$96.15 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent35.4434.810.631.8126.21
Oil - West Texas crude33.0531.821.233.8780.90
Gold Spot $/OZ1,736.001,733.003.400.203.16
Silver Spot $/OZ17.1017.000.100.6412.50
Iron Ore89.5086.403.103.557.43
Thermal Coal Newcastle51.4051.000.400.88-17.10
APAC Hard Coking Coal FOB123.00119.004.003.36-5.75
Aluminium ($US/t)1,4631,42934.002.37-0.46
Copper Mar-18 ($US/lb)2.432.402.701.123.73
Lead ($US/t)1,6471,58067.004.23-0.39
Nickel ($US/t)12,17911,784395.003.351.69
Zinc ($US/t)2,0291,96664.003.234.14
Tin ($US/t)15,41815,118300.001.982.17
Uranium ($US/lb)34.0034.000.000.153.54
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,6665,558109.001.962.19
S&P/ASX 2005,5695,461109.001.991.49
ASX 24 Futures5,566
Australian Market Report

Monday 18 May 2020 - close. The Australian share market has gained more than one per cent for the second straight day, with miners shining after iron ore and gold prices both jumped. The S&P/ASX200 benchmark index closed on Monday up 55.7 points, or 1.03 per cent, at 5,460.5 points, while the All Ordinaries index was up 64.7 points, or 1.18 per cent higher, at 5,557.5.

Ashanti Headlines

Cobre Ltd: (CBE.ASX, 18.5 cps, m.cap A$17.9m with 96.8m SOI, Cash $10m, Base Metals Explorer)

  • Cobre has provided an overview of the upcoming exploration drilling program within the Perrinvale Volcanic-Hosted Massive Sulphide (VHMS) Project located in Western Australia 
  • A number of promising conductors and follow-up drill targets have been identified following recent DHEM and MLEM surveys including: north & south extensions to Schwabe; below recent drilling at Zinco Lago; and two conductors along the Zinco Rame gossan trend. 
  • The third stage of Cobre’s exploration drilling at Perrinvale will commence shortly with a combination of RC and diamond drilling. Several other promising VHMS prospects identified during the 2019 Airborne Electromagnetic (AEM) Survey will be drill tested for the first time as part of this program over the coming weeks.
  • The upcoming drill program includes 3,400 metres of Reverse Circulation (RC) drilling and 2,600 meters of Diamond Drilling (DD). The field crews have begun mobilising to site in preparation for the arrival of drill rigs. The first DD holes are expected to commence at Zinco Lago and Schwabe.
  • Cobre’s Executive Chairman and Managing Director, Martin Holland, said in relation to the upcoming drilling program at the Perrinvale Project: “Following detailed analysis of the recent electromagnetic surveys by our technical team and consultants, the next phase of exploration drilling at the Perrinvale VHMS Project is about to commence. While we already have some impressive intercepts at Schwabe, and positive signs of mineralisation at Zinco Lago, we look forward to understanding the potential of multiple conductors across various prospects at Perrinvale. I look forward to seeing both a diamond rig and RC rig working in parallel to fast track our exploration results.”
  • 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