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11 September 2018 07:47 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,85725,917-59.00-0.232.15
S&P 5002,8772,8725.000.191.55
NASDAQ7,9247,90322.000.271.08
FTSE 100 Index7,2797,2782.000.02-5.06
DAX 3011,98611,96027.000.22-3.53
CAC 40 Index5,2705,25217.000.33-2.68
Nikkei 225 (Japan)22,37322,30766.000.300.34
HKSE26,61326,973-360.00-1.33-6.18
SSE Composite Index2,6692,702-33.00-1.21-4.50
S&P/TSX Composite Index16,05716,090-33.00-0.21-1.65
NZ 509,1039,04955.000.601.03
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were mixed on Monday. Investors are watching the progress of a Category 4 storm, Hurricane Florence, bearing down on the US east coast. There is also key economic data later in the week. The Dow Jones index fell by 59 points or 0.2%. The S&P500 index rose by 0.2% and the Nasdaq gained almost 22 points or 0.3%.

Global oil prices were mixed on Monday. Early readings gave contradictory signals about whether US crude inventories rose over the past week. Investors also mulled data that indicated that the number of oil rigs in operation in the US fell by two in the past week. Other issues include constrained output from Iran, Libya and Venezuela, the US-China trade dispute and uncertainty on future US shale oil output growth. Brent crude rose by US54 cents or 0.7% to US$77.37 a barrel and the US Nymex price fell by US21 cents US$67.54 a barrel.

Base metal prices ended mixed on the London Metals Exchange (LME) on Monday. Tin, copper, aluminium and zinc rose fell by up to 2.5% with lead down the most. Nickel and aluminium rose up to 1.3%.

The gold futures price fell by US60 cents an ounce or 0.05% to $1,199.80 an ounce. The spot gold price was trading near US$1,196 an ounce in late US trade. Iron ore fell by US30 cents or 0.4% to US$68.55 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.3776.830.540.706.26
Oil - West Texas crude67.6067.540.060.09-0.04
Gold Spot $/OZ1,196.001,196.00-0.100.00-1.31
Silver Spot $/OZ14.2014.200.00-0.01-7.45
Iron Ore64.7063.401.402.132.03
Thermal Coal Newcastle115.30114.500.800.65-1.16
Coking Coal FOB ECP AUS182.20182.200.000.006.74
Aluminium ($US/t)2,0572,03126.001.29-1.44
Copper Mar-18 ($US/lb)2.612.610.700.27-4.81
Lead ($US/t)2,0072,058-51.00-2.47-3.65
Nickel ($US/t)12,32412,27153.000.43-10.28
Zinc ($US/t)2,3782,423-45.00-1.84-6.73
Tin ($US/t)19,02719,070-43.00-0.23-2.42
Uranium ($US/lb)27.0027.000.000.193.26
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2506,252-3.00-0.04-1.84
S&P/ASX 2006,1426,144-2.00-0.03-2.18
ASX 24 Futures6,138
Australian Market Report

Monday 10 September - close. The Australian stock market has closed flat after recovering some of its early losses after better-than-expected economic data from China. The benchmark S&P/ASX200 index closed down 2.1 points, or 0.03 per cent, at 6,141.7 points on Monday, while the broader All Ordinaries index was down 2.6 points, or 0.04 per cent, at 6,249.7 points.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 43cps, m.cap A$99.5m with 231.5m SOI, Cash $17.3m, Copper Explorer /Developer)

  • MOD has received Environmental management plan (EMP) approval for T20 Dome Complex
  • EMP covers ~700km2 along the northern part of T20, ~80km west of planned T3 mine
  • Diamond Drilling planned to commence in Q4 following a four week public review period
  • First targets are the T4 copper prospect and T23 Dome, 15km west of T4
  • Major airborne EM survey underway at T20 also covering T17 target areas
  • MD Julian Hanna commented "T4, within the T20 Dome Complex, was the subject of much excitement back in 2016 when we intersected significant copper and silver mineralisation in initial drilling. T4 was eclipsed by the discovery of T3 in March 2016 and no drilling has been carried out since... as with the recent A4 Dome discovery, we are utilising EM modelling to gain an understanding of the potential of the area around T4 and T23 which has highlighted some very interesting features.”

Cassini Resources Limited: (CZI.ASX, 7.0cps, m.cap A$24.2m with 345.5 SOI, Cash c$5.5m, Base Metals Explorer)

  • Assays from CZD007 confirm 80m zone of nickel and copper mineralisation at the Yappsu prospect, West Musgrave JV project with OZL (70% earn in)
  • Results include:
    • 1. A narrow disseminated zone of mineralisation returning 5.75m @ 0.28% Ni, 0.63% Cu, 0.01%Co, 0.30g/t PGE and 0.15g/t Au from 545m.
    • 2. An underlying broad disseminated zone of disseminated mineralisation of 70.25m @ 0.48% Ni,0.44% Cu, 0.02% Co, 0.34g/t PGE and 0.08g/t Au from 555.05m.
    • 3. Including a massive sulphide zone of 0.80m @ 4.39% Ni, 0.11% Cu, 0.13% Co, 1.45g/t PGE and 0.02g/t Au from 555.75m
  • Mineralisation has continuity over 250m down plunge and remains completely open at depth
  • Drilling has now re-commenced to identify up-plunge and down-plunge extensions of the host intrusion.
  • A minimum of 3 holes will be drilled with results expected in early Q4. Two up-plunge holes will be drilled to test for near surface mineralisation and to assist with interpretation of the geological model as well as testing for near-surface mineralisation. A single down-plunge hole will test the more likely mineralised position as well as provide a platform for DHEM surveying, beyond the range of previous surveys.
  • The prospect has been targeted by the JV partners as part of a regional exploration program designed to identify high-grade nickel mineralisation to complement the development of the Nebo-Babel Deposits.
  • Please see attached link to full announcement here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further


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ERA Communications