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24 October 2018 08:41 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,19125,317-126.00-0.50-5.16
S&P 5002,7412,756-15.00-0.55-6.12
NASDAQ7,4387,469-31.00-0.42-6.95
FTSE 100 Index6,9557,043-88.00-1.24-6.75
DAX 3011,27411,524-250.00-2.17-8.72
CAC 40 Index4,9685,053-86.00-1.69-9.29
Nikkei 225 (Japan)22,09422,01184.000.38-7.44
HKSE25,34726,153-807.00-3.08-7.83
SSE Composite Index2,5952,655-60.00-2.26-7.24
S&P/TSX Composite Index15,28515,413-128.00-0.83-5.69
NZ 508,6628,673-11.00-0.13-7.24
US Volatility (Vix)21
Overseas Market Report

US sharemarkets fell on Tuesday but finished well off the lows. A lower oil price weighed on the energy sector. Shares in Caterpillar fell 7.67% after the company didn't change its earnings forecast after lifting it the past two quarters. Shares in 3M fell by 4.4% after cutting earnings guidance. The Dow Jones fell by 126 points or0.5% after being down 549 points in morning trade. The S&P500 index fell by 0.6% and the Nasdaq index lost 31 points or 0.4%.

Global oil prices fell by over 4% on Tuesday. Investors fretted that weakness on global equity markets could lead to softer global economic growth and demand for oil. And investors responded to assurances from Saudi Arabia that it could supply more oil to the global market. Reuters also notes "Russia's oil production is currently 150,000 barrels per day higher than the October 2016 level, the baseline for the global oil production deal, TASS newsagency quoted Energy Minister Alexander Novak as saying." Brent crude fell by US$3.39 or 4.2% to US$76.44 a barrel and the US Nymex price fell by US$2.93 or 4.2% to US$66.43 a barrel.

Base metal prices were mixed on the London Metals Exchange on Tuesday. Nickel, copper and aluminium fell by up to 1.3% while other metals rose by up to 0.5%.

The gold futures price rose by US$12.20 an ounce or 1.0% to $1,236.80 an ounce. The spot gold price was trading near US$1,231 an ounce in late US trade. Iron ore fell by US20 cents or 0.3% to US$74.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent76.3976.44-0.05-0.07-5.92
Oil - West Texas crude66.3266.43-0.11-0.17-7.99
Gold Spot $/OZ1,232.001,230.001.700.142.74
Silver Spot $/OZ14.8014.700.000.153.52
Iron Ore68.8069.10-0.30-0.386.20
Thermal Coal Newcastle109.50110.10-0.60-0.54-3.48
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9821,994-12.00-0.60-3.93
Copper Mar-18 ($US/lb)2.762.760.300.13-1.94
Lead ($US/t)1,9991,98910.000.52-1.82
Nickel ($US/t)12,29012,448-157.00-1.26-6.65
Zinc ($US/t)2,7222,7193.000.098.91
Tin ($US/t)19,34119,25883.000.431.46
Uranium ($US/lb)28.0028.000.000.361.65
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9495,9454.000.07-5.56
S&P/ASX 2005,8525,8439.000.15-5.42
ASX 24 Futures5,829
Australian Market Report

Tuesday 23 October - close. The Australian share market has closed lower again, with energy and materials stocks dragging the ASX back toward last week's six-month low. The benchmark S&P/ASX200 index ended down 61.8 points, or 1.05 per cent, at 5,843.1 points on Tuesday, while the broader All Ordinaries was down 1.02 per cent.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 1.4cps, m.cap A$16.2m with 1,158.5m SOI, Cash $4.6m, Rare Earths explorer)

  • During the quarter, the Company raised $5.5 million to fund an exploration drilling programme and associated works at the Longonjo NdPr Project
  • The 9,000m drilling program is progressing well and first assay results are expected shortly. Drilling is testing an area of the Longonjo carbonatite ten times the area of the current Longonjo maiden Mineral Resource estimate and is scheduled for completion in November 2018 prior to the onset of heavy rains.
  • The Mineral Resource estimate was completed after a short drilling programme in 2017 ASX announcement 26 September 2017 and mineralisation remains open in all directions.
  • Several zones of deep weathering up to 50 metres thick have been intersected and compare well to the average 20 metres thick weathered zone that is host to the high grade NdPr mineralisation in the Mineral Resource area.
  • New geological mapping has extended the area of the prospective carbonatite by several hundred metres west and south east, defining additional target areas that will be drill tested by the current programme.
  • A link to the full announcement can be found here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications