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23 October 2018 08:03 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,31725,444-127.00-0.50-5.33
S&P 5002,7562,768-12.00-0.43-5.93
NASDAQ7,4697,44920.000.26-6.49
FTSE 100 Index7,0437,050-7.00-0.10-5.97
DAX 3011,52411,554-29.00-0.26-7.29
CAC 40 Index5,0535,085-31.00-0.62-8.02
Nikkei 225 (Japan)22,61522,53283.000.37-5.26
HKSE26,15325,561592.002.32-6.44
SSE Composite Index2,6552,550104.004.09-5.10
S&P/TSX Composite Index15,41315,470-57.00-0.37-5.00
NZ 508,7398,802-64.00-0.72-6.80
US Volatility (Vix)20
Overseas Market Report

US sharemarkets were mixed on Monday with technology stocks out-performing. Investors braced for a big batch of earnings results over the week. But investors were encouraged by a 4.1% lift in China's Shanghai Composite share index on the prospect that tax cuts will serve to lift economic growth. Shares in oil services provider Haliburton fell by 3.3% after it said that fourth-quarter earnings would miss forecasts. The Dow Jones fell by 127 points or 0.5% after holding in a 325 point range. The S&P500 index fell by 0.4% but the Nasdaq index gained 20 points or 0.3%.

Global oil prices rose modestly on Monday. Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that the country would soon raise output to 11 million barrels per day from the current 10.7 million. He added that Riyadh had capacity to increase production to 12 million bpd. Brent crude rose by US5cents to US$79.83 a barrel and the US Nymex price rose by US5cents to US$69.17 a barrel.

Base metal prices were generally by up to 1.6% on the London Metals Exchange on Monday with zinc doing best. But aluminium fell 0.1%.

The gold futures price fell by US$4.10 an ounce or 0.3% to $1,224.60 an ounce. The spot gold price was trading near US$1,223 an ounce in late US trade. Iron ore fell by US$1.55 or2.1% to US$75.00 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent79.8379.780.050.061.31
Oil - West Texas crude69.5969.360.230.33-1.68
Gold Spot $/OZ1,223.001,222.000.500.041.96
Silver Spot $/OZ14.6014.600.00-0.011.94
Iron Ore68.8069.10-0.30-0.386.20
Thermal Coal Newcastle110.10110.000.100.09-2.95
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9941,996-1.00-0.05-3.34
Copper Mar-18 ($US/lb)2.782.78-0.40-0.16-1.96
Lead ($US/t)1,9891,97514.000.70-2.32
Nickel ($US/t)12,44812,37276.000.61-5.46
Zinc ($US/t)2,7192,67643.001.598.81
Tin ($US/t)19,25819,18573.000.381.03
Uranium ($US/lb)28.0028.000.000.361.28
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9826,006-25.00-0.41-5.14
S&P/ASX 2005,8785,905-27.00-0.46-5.11
ASX 24 Futures5,867
Australian Market Report

Monday 22 October - close. The Australian share market has closed lower, giving up most of last week's gains in a single session. The benchmark S&P/ASX200 index closed Monday down 34.6 points, or 0.58 per cent, at 5,904.9 points, while the broader All Ordinaries was 0.61 per cent lower. At 1630 AEDT, the SPI200 futures index was down 31 points, or 0.52 per cent, at 5,892, while the Australian dollar was buying 71.09 US cents, unchanged from Friday.

Ashanti Headlines

Cassini Resources Limited: (CZI.ASX, 6.8cps, m.cap A$24.2m with 345.5 SOI, Cash c$5.5m, Base Metals Explorer) 

  • West Musgrave JV partners Cassini Resources and OZ Minerals (OZL earning 70%, currently has 51%) have provided update on PFS which is on track to be delivered in Q2 2019.
  • Resource Infill drilling (75% through a 40,000m program) returns best-ever Ni intersection at Nebo - aim of the program to improve resource confidence and allow a maiden Reserve estimate to be published with PFS results.
    • 23m @ 2.91% Ni, 1.13% Cu, 0.09% Co & 0.47g/t PGE (CZC0285) from 88m
  • Thick, continuous zones of mineralisation intersected at Babel
    • 8m @2.59% Ni, 1.33% Cu, 0.08% Co & 0.37g/t PGE from 34m in CZC0188.
  • Additional 23,000m of infill drilling brought forward into calendar 2018
  • Metallurgical testwork program, analysis from over 5,000m of PQ core, representing approximately 9t of sample with objectives of the program to improve concentrate recovery and grades across a representative range of ore types and nickel and copper grades, particularly focussing on lower grades close to the economic cut-off grade. Of significance is the improved nickel and copper recoveries over the 2017 Scoping Study results, despite a significantly lower head grade. Further testwork will develop a strategy of blending primary and weathered/pyrite-violarite material which may impact recoveries but ultimately optimise economic returns. 
  • Substantial progress on environmental baseline studies - Fauna and flora surveys over the proposed mine area are progressing well, with spring surveys underway.
  • GR Engineering appointed to complete engineering design
  • 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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