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22 October 2018 07:52 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,44425,37965.000.26-4.86
S&P 5002,7682,769-1.00-0.04-5.53
NASDAQ7,4497,485-36.00-0.48-6.74
FTSE 100 Index7,0507,02723.000.32-5.88
DAX 3011,55411,589-35.00-0.31-7.06
CAC 40 Index5,0855,117-32.00-0.63-7.45
Nikkei 225 (Japan)22,53222,658-126.00-0.56-5.60
HKSE25,56125,455107.000.42-8.56
SSE Composite Index2,5502,48664.002.58-8.83
S&P/TSX Composite Index15,47015,40466.000.43-4.65
NZ 508,8028,911-108.00-1.22-6.12
US Volatility (Vix)20
Overseas Market Report

US sharemarkets ended mixed on Friday. Shares in Procter & Gamble soared by 8.8% in response to strong quarterly sales figures, buoying the Dow Jones index. But investors remained concerned about the Sino-US trade dispute and US-Saudi Arabia tensions. The Dow Jones rose by almost 65 points or 0.3% after holding in a 259 point range. The S&P500 index was flat and the Nasdaq index lost 36 points or 0.5%. Over the week the Dow was up 0.4% with the S&P 500 flat but the Nasdaq lost 0.6%.

Global oil prices rose modestly on Friday. Investors were encouraged by data showing that refinery throughput in China rose in September to a record 12.49 million barrels per day. Also Reuters cited sources that said an OPEC and non-OPEC monitoring committee found that oil producers' compliance with a supply reduction agreement fell to 111% in September from 129% in August. Brent crude rose by US49 cents or 0.6% to US$79.78 a barrel and the US Nymex price rose by US47 cents or 0.7% to US$69.12 a barrel. Over the week Brent fell by US65 cents or 0.8%and Nymex fell by US$2.22 or 3.1%.

Base metal prices were mixed on the London Metals Exchange on Friday. Aluminium, lead and zinc fell by up to 2%. But other metals rose up to 1.1%. Over the week metals fell by up to 4.5% with lead down the most. But zinc was flat and tin rose 0.4%.

The gold futures price fell by US$1.00 an ounce or 0.1% to $1,229.10 an ounce. The spot gold price was trading near US$1,226 an ounce in late US trade. Over the week gold rose by US$7.10 or 0.6%. Iron ore fell by US85 cents or 1.1% to US$73.45 a tonne. Over the week iron ore rose by US$1.95 or 2.7%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent79.7579.78-0.03-0.041.21
Oil - West Texas crude69.2569.120.130.19-2.16
Gold Spot $/OZ1,228.001,227.000.700.062.39
Silver Spot $/OZ14.7014.600.100.532.58
Iron Ore69.1068.300.801.227.26
Thermal Coal Newcastle110.00109.800.300.23-3.93
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9962,008-12.00-0.600.23
Copper Mar-18 ($US/lb)2.782.78-0.10-0.02-2.08
Lead ($US/t)1,9751,981-6.00-0.30-1.67
Nickel ($US/t)12,37212,27696.000.78-0.39
Zinc ($US/t)2,6762,732-55.00-2.0110.76
Tin ($US/t)19,18519,036149.000.781.43
Uranium ($US/lb)28.0028.000.00-0.360.91
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,0026,043-41.00-0.67-4.81
S&P/ASX 2005,9005,939-39.00-0.66-4.75
ASX 24 Futures5,874
Australian Market Report

Friday 19 October - close. The Australian share market closed flat, with banking stocks clawing back from a weak start after heavy overnight losses on Wall Street. The benchmark S&P/ASX200 index was down 2.9 points, or 0.05 per cent, at 5939.5 points on Friday while the broader All Ordinaries lost 7.3 points or 0.12 per cent at 6042.80. China's economy grew 6.5 per cent in the third quarter, a tick short of forecasts and the slowest pace since the global financial crisis.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 9.4cps, m.cap A$106.5m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • GGG has provided an update on the optimisation of civil engineering design for the Kvanefjeld Project in Greenland
  • A team of highly specialised, globally‐diversified engineering firms conducted on‐site studies in September as part of the ongoing project optimisation 
  • Site survey work successfully devised engineering design refinements 
  • First outcome of these refinements is from Tetra Tech, who has outlined substantial reductions in civil earth works for site preparation 
  • Cut volumes reduced by 80%, and fill volumes reduced by >60% from the 2016 Feasibility Study 
  • A new civil construction cost estimate for the project is currently being compiled by Nuna Logistics with results expected by late November 
  • The significant reduction in civil earth works will substantially reduce civil costs and further complement expected capital cost reductions driven by metallurgical process optimisation (concentrator ‐ December 2017; refinery ‐ January 2018)
  • MD Dr John Mair commented: “With an overall goal of reducing capital costs, addressing the civil engineering strategy and civil earth works is an important part of the Kvanefjeld optimisation program.. The multi‐disciplinary team of engineering groups that spent time on‐site in September are establishing the optimal ways of maximising the advantages of the project setting to minimise civil works and associated capital costs.  Work by Tetra Tech is complete with major reductions to the amount of civil earth works required for site preparation. The Tetra Tech study is now with Nuna Logistics who are preparing the civil cost estimation, with outcomes expected in six weeks."
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.


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