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26 October 2018 08:03 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,98524,583401.001.63-5.31
S&P 5002,7062,65649.001.86-6.90
NASDAQ7,3187,108210.002.95-8.41
FTSE 100 Index7,0046,96341.000.59-6.75
DAX 3011,30711,192115.001.03-8.71
CAC 40 Index5,0324,95379.001.60-8.71
Nikkei 225 (Japan)21,26922,091-822.00-3.72-11.50
HKSE24,99425,250-255.00-1.01-10.15
SSE Composite Index2,6042,6031.000.02-7.23
S&P/TSX Composite Index14,92414,90915.000.10-7.70
NZ 508,6078,56839.000.45-7.95
US Volatility (Vix)24
Overseas Market Report

US sharemarkets rebounded on Thursday. Strong earnings from Ford, Whirlpool, Microsoft, Tesla, Twitter, American Airlines and Visa offset disappointment from Advanced Microsoft Devices. Bargain hunters were active. Reuters noted "the S&P's valuation fell to a two-and-a-half year low of 15.3 times profit estimates for the next 12 months from 15.8, according to Refinitiv data." The Dow Jones ended higher by 401 points or 1.6% after being up 520 points. The S&P500 index rose by 1.9% and the Nasdaq index gained 210points or 3.0%.

Global oil prices rose almost 1% on Thursday. Investors were encouraged by a rebound in global share markets. Reuters also noted that "also lifting prices were comments by Saudi Arabia Energy Minister Khalid Al-Falih, who said there could be a need for intervention to reduce oil stockpiles after increases in recent months." Brent crude rose by US72 cents or 0.9% to US$76.89 a barrel, and the US Nymex price rose by US51 cents or 0.8% to US$67.33 a barrel.

Base metal prices were mixed on the London Metals Exchange on Thursday. Copper rose 1.1%, lead rose 0.4% and tin rose 0.2% but other metals fell by up to 0.8%.

The gold futures price rose by US$1.30 an ounce or 0.1% to $1,232.40 an ounce. The spot gold price was trading near US$1,231 an ounce in late US trade. Iron ore rose by US10 cents or 0.1% to US$76.50 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent76.8976.170.720.95-6.08
Oil - West Texas crude66.9367.33-0.40-0.59-6.48
Gold Spot $/OZ1,232.001,232.00-0.60-0.053.12
Silver Spot $/OZ14.6014.600.00-0.112.12
Iron Ore71.1070.200.901.349.57
Thermal Coal Newcastle109.80109.800.000.00-3.47
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9731,978-5.00-0.23-3.50
Copper Mar-18 ($US/lb)2.752.75-0.20-0.07-1.94
Lead ($US/t)1,9981,9909.000.440.28
Nickel ($US/t)12,07212,142-70.00-0.57-6.13
Zinc ($US/t)2,6902,710-21.00-0.766.98
Tin ($US/t)19,37019,32743.000.222.46
Uranium ($US/lb)28.0028.000.000.001.09
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,7805,76020.000.35-8.37
S&P/ASX 2005,6805,66415.000.27-8.28
ASX 24 Futures5,662
Australian Market Report

Thursday 25 October - close. The Australian share market has tumbled to its lowest level in 12 months, with the indices suffering significant losses across the board after a dive on Wall Street overnight. The benchmark S&P/ASX200 index was down 164.9 points, or 2.83 per cent, at 5,664.1 points on Thursday, while the broader All Ordinaries was down 167.00 points or 2.82 per cent at 5,759.50.

Ashanti Headlines

Eastern Goldfield Limited - Notice of 2018 Annual General Meeting and Explanatory Statement has been released 

  • Time: 10:45am (WST)
  • Date: 30 November 2018
  • Place: Ernst & Young, 11 Mounts Bay Rd, Perth WA 6000
  • Please see link to the NOM here

MOD Resources Limited (MOD.ASX, 34.5cps, m.cap A$79.9m with 231.5m SOI, Cash $17.3m, Copper Explorer /Developer)

  • MOD has announced it has been granted two year extensions for key JV prospecting licences covering the T3 Copper Project and surrounding ~950km2 T3 Expansion Project (Figure 1). An additional 5 PL's cover ~1,824.6km2 of T20 Exploration Project have also been extended for two years
  • Ministerial approval has also been granted to transfer 8 JV prospecting licences (excluding PL 190/2008) from Tshukudu Metals into a new Botswana registered JV exploration company, Tshukudu Exploration (Pty) Ltd (Tshukudu Exploration),owned by MOD (70%) and Metal Tiger Plc (30%) (MTR). 10 additional JV licences are in the process of being extended and transferred into Tshukudu Exploration.
  • Key conditions precedent have now been met for acquisitions of 100% of T3 Copper Project.
  • MD Julian Hanna commented "The licence extensions were received well ahead of their scheduled expiry date of 31 December 2018. This provides us with confidence that MOD’s two in-country subsidiaries now have clear title to advance the T3 Copper Project towards a decision to mine, progress the potential of satellite deposits within the exciting T3 Expansion Project and commence drilling on the huge T20 Exploration Project... “The transfer of licences will enable completion of the major transaction with Metal Tiger which is expected to give the Company greater control and flexibility over its assets and open up the potential for significant additional value for shareholders.”
  • Drilling preparations underway at T20 Exploration Project - Drilling is initially planned at the T23 Dome to test the potential of the prospective NPF contact which may occur at shallow depth. Drilling is also planned along the T4 mineralised structure to follow up a shallow intersection of 2m @6% Cu and 111g/t Ag from 101m depth and test an isolated EM anomaly associated with anomalous soil values at T22, 6km east of T4 (Figure 1). The 940km2 airborne EM survey over the T20 Exploration Project and including parts of the T1, T17 and MOD’s 100% owned T7 target areas, has also been completed with data currently being compiled.


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ERA Communications