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18 October 2018 07:51 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,70725,798-92.00-0.36-2.06
S&P 5002,8092,810-1.00-0.03-3.27
FTSE 100 Index7,0557,059-5.00-0.07-3.36
DAX 3011,71511,777-62.00-0.52-3.64
CAC 40 Index5,1455,173-28.00-0.54-4.08
Nikkei 225 (Japan)22,84122,549292.001.29-2.47
SSE Composite Index2,5622,54615.000.60-5.12
S&P/TSX Composite Index15,53015,580-50.00-0.32-4.11
NZ 508,9258,91213.000.15-4.19
US Volatility (Vix)17
Overseas Market Report

US sharemarkets declined on Wednesday after the US Federal Reserve released meeting minutes showing broad agreement from policymakers on the need to raise interest rates. Banks Goldman Sachs (+3.0%) and Morgan Stanley (+2.7%) rose. Netflix shares lifted 5.3% after posting strong subscriber growth with earnings beating expectations. IBM's shares slid 7.6% after the company's quarterly revenue fell more than expected. Homebuilders Home Depot (-4.3%) and Lowe's (-3.3%) fell after a downgrade by Credit Suisse. The Dow Jones fell by 91 points or 0.4%. The S&P500index fell by just 0.03% and the Nasdaq index fell by almost 3points or 0.04%.

Global oil prices fell on Wednesday. US crude inventories rose by 6.5 million barrels last week (survey: +1.6 million), the fourth straight weekly build, as exports were down to 1.8 million barrels per day, according to the US EIA. Brent crude fell by US$1.36 or1.7% to US$80.05 a barrel and the US Nymex price fell by US$2.17or 3.0% to US$69.75 a barrel. 

Base metal prices were mixed on the London Metals Exchange on Wednesday. Copper (+0.2%) was steady following the release of better-than-expected Chinese lending data. And BHP cut its full year copper production forecast by about 3%.

The gold futures price fell by US$3.60 an ounce or 0.3% to $1,227.40 an ounce. The spot gold price was trading near US$1,223 an ounce in late US trade. Iron ore rose by US$2.50 or3.5% to US$74.25 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent80.0581.41-1.36-1.672.56
Oil - West Texas crude69.9369.750.180.260.11
Gold Spot $/OZ1,222.001,
Silver Spot $/OZ14.6014.600.000.053.27
Iron Ore67.3067.300.000.036.57
Thermal Coal Newcastle109.20109.100.100.05-4.76
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)2,0142,025-11.00-0.530.76
Copper Mar-18 ($US/lb)2.772.77-0.40-0.132.30
Lead ($US/t)2,0322,052-20.00-0.97-1.62
Nickel ($US/t)12,29812,516-218.00-1.741.16
Zinc ($US/t)2,7102,63872.002.7317.87
Tin ($US/t)19,08819,215-127.00-0.660.23
Uranium ($US/lb)28.0028.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,0376,047-10.00-0.16-3.70
S&P/ASX 2005,9305,939-9.00-0.15-3.75
ASX 24 Futures5,914
Australian Market Report

Wednesday 17 October - close. The Australian share market has closed more than one per cent higher for the first time in four months, buoyed by banking stocks after a surge on Wall Street overnight. The benchmark S&P/ASX200 index was up 69.2 points, or 1.18 per cent, at 5939.1 points on Wednesday while the broader All Ordinaries was up 69.3 points, or 1.16 per cent, at 6047.1

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 44.5cps, m.cap A$58.9m with 130.8m SOI, Cash GBP4.6m, Polymetallic Explorer / Developer)

  • ADT released a further 4 drill results, one of which extended the Rupice deposit down plunge and to the north
  • Drill hole BR-17-18 continues to extend the high-grade zone to the north by 35m, returning:
    • 66m @ 9.5% Zn, 4.9% Pb, 187g/t Ag, 2.4g/t Au, 0.5% Cu, and 56% BaSO4 from 204m.
  • Drill holes BR-15-18 and BR-16-18 confirm continuity of mineralisation up-dip and to the west at Rupice and assaying has included precious metals that were not assayed in historic holes.
    • Drill hole BR-15-18, returned 8m @ 0.5% Zn, 0.8% Pb, 43g/t Ag, 1.4g/tAu, 0.1% Cu, and 53% BaSO4 from 194m, and
    • Drill hole BR-16-18, returned 2m @ 4.3% Zn, 2.8% Pb, 262g/t Ag,4.0g/t Au, 0.5% Cu, and 78% BaSO4 from 196m.
  • Adriatic has 4 rigs onsite and is drill testing an IP/soil anomaly over historic adits at Brestic-Jurasevac (BJ), 1km along strike to the s/e of Rupice
  • As announced previously, the Company is expecting to have all permissions required to continue exploration down plunge and along strike at Rupice North in the extended concession area by early November, and the company has prepared initial drill locations in the new area. A further announcement will be made regarding the final concession extension approvals in the coming weeks.
  • ADT's CEO Geraint Harris commented, “BR-17-18 continues to confirm the continuity and down dip extension of the thick and high grade mineralisation drilled in our 2017 and 2018 campaigns. Our drilling is providing an excellent understanding of the nature of our high-grade zone as it extends well beyond the historical drilling to the north and to the very limit of our licence. They also demonstrate the opportunity for additional precious metals content, when adequately sampled within the area of historical drilling, which was mostly not assayed for precious metals. This will provide significant upside once incorporated into our maiden Mineral Resource Estimate at Rupice”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

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