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11 October 2018 08:05 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,59926,431-832.00-3.15-1.43
S&P 5002,7862,880-95.00-3.29-3.54
NASDAQ7,4227,738-316.00-4.08-6.90
FTSE 100 Index7,1467,238-92.00-1.27-1.76
DAX 3011,71211,977-265.00-2.21-2.15
CAC 40 Index5,2065,319-112.00-2.11-1.47
Nikkei 225 (Japan)23,50623,46937.000.163.71
HKSE26,19326,17320.000.08-0.87
SSE Composite Index2,7262,7215.000.182.29
S&P/TSX Composite Index15,51715,854-337.00-2.12-3.58
NZ 508,8139,051-237.00-2.62-4.47
US Volatility (Vix)23
Overseas Market Report

US sharemarkets fell on Wednesday. Investors feared that higher longer-term bond yields could crimp economic activity and profits. Tech stocks led the declines with luxury retailers. There were also on-going concerns about the US-China trade stoush. The Dow Jones fell by 832 points or 3.2%. A week earlier the Dow was at record highs. The S&P 500 index lost 3.3% and the Nasdaq index lost 316 points or 4.1%.

Global oil prices fell on Wednesday with investors reacting to the declines on global equity markets. If economies slow in response to trade wars or higher interest rates that could crimp demand for oil. But traders continue to watch the path of Hurricane Michael that has served to close 40% of oil output in the US Gulf of Mexico. Brent crude fell by US$1.91 or 2.2% to US$83.09 a barrel and the US Nymex price fell by US$1.79 or 2.4% to US$73.17 a barrel.

Base metal prices fell by up to 3.1% on the London Metals Exchange on Wednesday. Zinc fell the most although aluminium fell by just 0.4% and tin rose by 0.1%.

The gold futures price rose by US$1.90 an ounce or 0.2% to $1,193.40 an ounce. The spot gold price was trading near US$1,193 an ounce in late US trade. Iron ore rose by US$1.15 or 1.6% to US$71.70 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent83.0985.00-1.91-2.257.39
Oil - West Texas crude72.6873.17-0.49-0.674.95
Gold Spot $/OZ1,194.001,195.00-1.00-0.09-0.40
Silver Spot $/OZ14.3014.300.000.171.30
Iron Ore67.7066.701.001.514.62
Thermal Coal Newcastle109.90111.00-1.10-0.99-4.73
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)2,0402,049-9.00-0.44-0.84
Copper Mar-18 ($US/lb)2.752.75-2.70-0.975.74
Lead ($US/t)1,8961,909-13.00-0.69-5.52
Nickel ($US/t)12,60412,933-329.00-2.542.27
Zinc ($US/t)2,6362,720-84.00-3.0710.83
Tin ($US/t)18,99418,98212.000.06-0.17
Uranium ($US/lb)28.0028.000.000.002.23
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,0486,164-115.00-1.87-3.81
S&P/ASX 2005,9406,050-110.00-1.81-3.88
ASX 24 Futures5,911
Australian Market Report

Wednesday 11 October - close. A surprising turnaround has seen the Australian market finish the day higher on the back of healthcare and telco stocks as the financial sector shrugged off leftover jitters from Wall Street. The benchmark S&P/ASX200 index was up 8.7 points, or 0.14 per cent, to 6,049.8 at 1630 AEDT, while the broader All Ordinaries rose 8.3 points, or 0.13 per cent, to 6,163.8, after the local market settled in the afternoon following an erratic open. 

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 8.1cps, m.cap A$91.7m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • Greenland Government affirms committed support for rare earth and associated uranium production following coalition adjustment
  • Acknowledges that the time to shift from “research and assessment” to exploitation is approaching 
  • All key permitting documents lodged in English for content reviews by Greenland Government and their advisory groups 
  • Translations of SIA to Greenlandic and Danish is complete, EIA translations are advanced ‐ translated versions are required for official application acceptance
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Cassini Resources Limited: (CZI.ASX, 6.9cps, m.cap A$23.8m with 345.5 SOI, Cash c$5.5m, Base Metals Explorer)

  • As required under the Earn-in/Joint Venture Agreement, OZ Minerals has satisfied the 51% earn-in milestone by contributing an initial spend of $3 million, followed by a further $19 million on the Pre Feasibility Study (PFS) at the Nebo-Babel deposits and regional exploration. OZ Minerals has now notified, and Cassini are satisfied, that this expenditure commitment has been met. 
  • The PFS for the Nebo-Babel commenced in November 2017 and is scheduled for completion in Q22019. OZ Minerals can earn up to 70 per cent of the WMP by investing an additional $14 million towards Nebo-Babel studies and regional exploration. 
  • Cassini Managing Director, Richard Bevan said “The pace with which OZ Minerals have met the earn-in hurdle is significant as it shows the partners desire to progress rapidly through the study stage and the potential of the project. “So far the outcomes from the PFS have been very positive and we look forward to continuing to share this information over the coming months. “OZ Minerals has been an excellent partner for Cassini and we will both be working hard to progress the project to the end of the PFS and beyond.”

Have a question? admin@ashanticapital.com.au

ERA Communications