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24 July 2018 07:53 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,04425,058-14.00-0.061.89
S&P 5002,8072,8025.000.181.89
NASDAQ7,8427,82022.000.281.94
FTSE 100 Index7,6567,679-23.00-0.30-0.34
DAX 3012,54912,561-13.00-0.10-0.25
CAC 40 Index5,3785,398-20.00-0.37-0.17
Nikkei 225 (Japan)22,39722,698-301.00-1.33-0.53
HKSE28,25628,22432.000.11-3.69
SSE Composite Index2,8602,82930.001.07-1.05
S&P/TSX Composite Index16,42116,435-15.00-0.09-0.18
NZ 508,8788,8735.000.06-1.35
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were mixed on Monday. Bank shares rose on the back of rising interest rates as the 10-year US Treasury yield rose. Bank of America (+2.1%) and JPMorgan Chase (+1.9%) shares both rose. Toymaker Hasbro's shares surged 12.9% after reporting better-than-expected earnings. And Alphabet shares rose by 1.1% prior to releasing a bumper earnings result after market close. But shares of oilfield services company Halliburton fell 8.1% as investors became concerned about pipeline constraints in the Permian Basin. The Dow Jones index fell by almost 14 points or0.1%, but the S&P 500 index rose by 0.2% and the Nasdaq index rose by 21 points or 0.3%.

Global oil prices fell on Monday. It was a volatile trading session with crude oil prices up by more than $1 a barrel earlier in the session as tensions between the US and Iran escalated. But traders turned their attention to oversupply concerns. US crude inventories at the delivery hub at Cushing, Oklahoma gained in the most recent four days to Friday, according to information supplier Genscape. Brent crude fell by US1 cent or 0.01% to US$73.06 a barrel and the US Nymex fell by US37 cents or 0.5% to US$67.89 a barrel.

Base metal prices fell by up to 1.5% on the London Metal Exchange (LME) on Monday with zinc down the most as the US dollar strengthened. But Tin prices were flat.

The gold futures price fell by US$5.50 an ounce or 0.4% to $1,225.60 an ounce. The spot gold price was trading near US$1,224 an ounce in late US trade. Iron ore rose by US40 cents or 0.6% to US$65.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent73.0673.07-0.01-0.01-3.30
Oil - West Texas crude67.7967.89-0.10-0.15-1.15
Gold Spot $/OZ1,224.001,224.00-0.50-0.04-3.58
Silver Spot $/OZ15.4015.400.000.00-6.53
Iron Ore58.8058.800.000.05-2.50
Thermal Coal Newcastle118.70117.701.000.814.03
Coking Coal FOB ECP AUS172.70173.50-0.80-0.46-13.99
Aluminium ($US/t)2,0582,079-21.00-1.02-5.59
Copper Mar-18 ($US/lb)2.742.74-0.90-0.33-9.58
Lead ($US/t)2,1112,116-5.00-0.21-12.26
Nickel ($US/t)13,30113,437-136.00-1.01-12.38
Zinc ($US/t)2,5802,618-38.00-1.45-13.32
Tin ($US/t)19,56819,575-7.00-0.04-4.43
Uranium ($US/lb)24.0024.000.000.004.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3206,377-57.00-0.90-0.03
S&P/ASX 2006,2286,286-58.00-0.930.04
ASX 24 Futures6,185
Australian Market Report

Monday 23 July - close. The Australian share market has snapped its three-day winning streak to close lower amid global trade war concerns after US President Donald Trump threatened more tariffs on Chinese imports. The benchmark S&P/ASX200 index ended down 58.3 points, or 0.93 per cent, at 6,277.6 points, while the broader All Ordinaries was 57.3 points, or 0.9 per cent, lower at 6,320.1 points.

Ashanti Headlines

Galileo Mining Ltd (GAL.ASX, 35cps, m.cap A$43.3m with 120.3m SOI, Cash $11.6m, Polymetallic Explorer 

  • Mine lease application submitted by Creasy Group Company at the Fraser Range
  • Publicly available information on the Department of Mines, Industry Regulation and Safety (DMIRS) website shows that Mine Lease Application M28/395 was submitted on the 20th July 2018
  • The application company is Great Southern Nickel Pty Ltd, a Creasy Group entity. The application covers 6,135 Hectares of the western section of underlying exploration license E28/2065
  • Galileo subsidiary NSZ Resources Pty Ltd (NSZ) is in Joint Venture with Great Southern Nickel Pty Ltd, over a separate tenement E28/2064, along strike of the new mine lease application shown in Figure 1.
  • Galileo Managing Director Brad Underwood commented “Creasy Group companies have been active for many years in the Fraser Range with publicly available DMIRS data showing substantial exploration expenditure over a long period. To be at a stage where a Mining Lease Application can be submitted under the Western Australian Mining Act implies that economic mineralisation has been reported....“While we remain focussed on our Norseman Cobalt Project, Galileo is very pleased to have Fraser Range exploration tenements in Joint Venture with the Creasy Group. Our shareholders can look forward to Galileo progressing exploration at our Fraser Range prospects over the coming months.”
  • Galileo’s Fraser Range Project comprises four granted exploration licenses covering 492km2. Tenement E28/2064 is in a 67/33% JV between NSZ Resources Pty Ltd (NSZ) and Great Southern Nickel Pty Ltd. Tenements E63/1539, E63/1623 and E63/1624 are in a 67/33% JV between FSZ Resources Pty Ltd (FSZ) and Dunstan Holdings Pty Ltd. NSZ and FSZ are wholly owned subsidiaries of Galileo. Great Southern Nickel Pty Ltd and Dunstan Holdings Pty Ltd are entities of Mark Creasy.

Figure 1 - Galileo's Fraser Range tenement holdings (blue) relative to the location of the Great Southern Nickel Mine Lease Application. Tenement holdings of other key Fraser Range companies are also shown.


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