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10 September 2018 07:47 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,91725,996-79.00-0.312.38
S&P 5002,8722,878-6.00-0.221.36
NASDAQ7,9037,923-20.00-0.250.81
FTSE 100 Index7,2787,319-41.00-0.56-5.08
DAX 3011,96011,9554.000.04-3.74
CAC 40 Index5,2525,2448.000.16-3.00
Nikkei 225 (Japan)22,30722,488-181.00-0.800.04
HKSE26,97326,975-1.00-0.01-4.91
SSE Composite Index2,7022,69211.000.40-3.33
S&P/TSX Composite Index16,09016,101-11.00-0.07-1.45
NZ 509,0699,095-26.00-0.290.65
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were weaker on Friday. The positive jobs data raised the prospect of higher interest rates later in the month. There was no progress on US-China trade talks. Shares in Apple fell 0.8% on reports that additional tariffs could affect its products. The US is preparing to lift tariffs on an additional US$267 billion of Chinese goods. The Dow Jones index fell by 79 points or 0.3%. The S&P 500 index fell by 0.2% and the Nasdaq lost 20 points or 0.3%. Over the week the Dow lost 0.2%, the S&P 500 fell by 1% and the Nasdaq lost 2.6%.

Global oil prices were mixed on Friday. Global equities markets were weak, weighing on sentiment. A strong US dollar reduced the purchasing power of commodity buyers in Europe and Asia. But violent protests in the southern Iraqi city of Basra raised concerns about global oil supplies. Brent crude fell by US33 cents or 0.4% to US$76.83 a barrel and the US Nymex price fell by US2 cents US$67.75 a barrel. Over the week Brent fell by US59 cents or 0.8% and Nymex fell by US$2.05 or 2.9%.

Base metal prices ended mixed on the London Metals Exchange (LME) on Friday. Tin, copper, aluminium and lead rose up to 2.2% with lead up the most. Nickel and zinc fell up to 1%. Over the week aluminium and nickel fell by 3.4% but tin rose 0.1% and lead was flat.

The gold futures price fell by US$3.90 an ounce or 0.3% to $1,200.40 an ounce. The spot gold price was trading near US$1,195 an ounce in late US trade. Over the week gold lost US$6.30 or 0.5%. Iron ore was unchanged at US$68.85 a tonne. Over the week iron ore rose by US$2.70 or 4.1%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.2676.830.430.566.11
Oil - West Texas crude68.1167.750.360.530.71
Gold Spot $/OZ1,196.001,196.00-0.30-0.02-1.30
Silver Spot $/OZ14.2014.200.00-0.12-7.55
Iron Ore63.4062.700.701.081.02
Thermal Coal Newcastle114.60114.80-0.30-0.22-1.25
Coking Coal FOB ECP AUS182.20182.200.000.006.74
Aluminium ($US/t)2,0312,00229.001.440.88
Copper Mar-18 ($US/lb)2.602.60-1.50-0.57-5.40
Lead ($US/t)2,0582,01444.002.19-3.71
Nickel ($US/t)12,27112,356-85.00-0.69-10.84
Zinc ($US/t)2,4232,448-25.00-1.00-8.32
Tin ($US/t)19,07018,856214.001.13-2.88
Uranium ($US/lb)27.0027.000.001.133.26
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2526,268-16.00-0.25-1.80
S&P/ASX 2006,1446,160-17.00-0.27-2.14
ASX 24 Futures6,108
Australian Market Report

Friday 07 September - close. The Australian stock market has marked seven straight days of losses for the first time since January 2016, as US-China trade concerns continue to drag on the indices. The benchmark S&P/ASX200 index was down 16.6 points, or 0.27 per cent, to 6,143.8 points on Friday, while the broader All Ordinaries index was down 15.5 points, or 0.25 per cent, to 6,252.3 points. 

Ashanti Headlines

Rift Valley Resources Limited: (RVY.ASX, 1.7cps, m.cap A$19.7m with 1,158.5m SOI (post shareholder approval), Cash $6.34m, Rare Earths explorer)

  • RVY has reported the results of recently completed geophysical and geological surveys at its Longonjo NdPr project in Angola with the results confirming extensive new areas of deep weathering with the potential to host high grade NdPr mineralisation as well as a large extension of the six km2 carbonatite to the southeast
  • A ground penetrating radar geophysical survey has confirmed that the deep weathering profile that is host to the high grade NdPr mineralisation in the current Mineral Resource area continues over large areas to the east, west and north and that the weathering increases in thickness to the north
  • Results correlate well with logged geology from diamond drilling, successfully defining the undulating weathered fresh rock interface in detail
    • Extensive zones of deep weathering are indicated to the west, east and north of the previously drill tested area;
    • The survey indicates even deeper weathering in the northern area of the carbonatite;
    • Geological mapping has identified extensions to the Longonjo Carbonatite that will be drill tested by extending the current programme 900 metres to the southeast.
  • The 9,000m RC drill programme currently in progress will test the entire prospective are of the Longonjo Carbonatite including these new areas, to determine the full extent of the NdPr mineralisation and expects to report the initial assay results from the drilling programme within a few weeks
  • A link to the full announcement can be found here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Have a question? admin@ashanticapital.com.au

ERA Communications