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29 October 2018 07:53 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,68824,985-296.00-1.19-6.69
S&P 5002,6592,706-47.00-1.73-8.76
NASDAQ7,1677,318-151.00-2.07-10.93
FTSE 100 Index6,9407,004-65.00-0.92-7.60
DAX 3011,20111,307-107.00-0.94-8.54
CAC 40 Index4,9675,032-65.00-1.29-9.58
Nikkei 225 (Japan)21,18521,269-84.00-0.40-12.17
HKSE24,71824,994-277.00-1.11-11.05
SSE Composite Index2,5992,604-5.00-0.19-7.89
S&P/TSX Composite Index14,88814,924-36.00-0.24-7.37
NZ 508,5558,568-13.00-0.15-8.51
US Volatility (Vix)24
Overseas Market Report

US sharemarkets fell on Friday, dragged lower by disappointment on earnings from Amazon (down 7.8%) and Alphabet (Google) (down 1.8%). The Vix or so-called 'fear gauge' fell by 0.2%. The Dow Jones ended lower by 296 points or 1.2% after tracking a 471 point range. The S&P500 index fell by 1.7% and the Nasdaq index lost 151 points or 2.1%. Over the week the Dow fell 3%, the S&P500 fell by 4% and the Nasdaq fell by 3.8%.

Global oil prices rose again on Friday. Investors focussed on the upcoming sanctions to be applied by the US on Iran, cutting global oil supplies. According to Reuters, two sources said on Friday Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with US sanctions. Brent crude rose by US73 cents or 0.9% to US$77.62 a barrel, and the US Nymex price rose by US26 cents or 0.4% to US$67.59 a barrel. Over the week Brent fell by 2.7% and Nymex fell by 2.2%.

Base metal prices were mixed on the London Metals Exchange on Thursday. Nickel fell by 2% with other metals down by up to0.7%. But aluminium rose by 0.4% and zinc rose by 0.5%. Over the week nickel fell by 4.3% and aluminium and copper were lower while metals rose by up to 1%.

The gold futures price rose by US$3.40 an ounce or 0.3% to $1,235.80 an ounce. The spot gold price was trading near US$1,233 an ounce in late US trade. Over the week gold rose by US$6.70 or 0.5%. Iron ore rose by US50 cents or 0.7% to US$77.00 a tonne. Over the week iron ore rose by US$3.55 or 4.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent77.7977.620.170.22-5.96
Oil - West Texas crude67.6967.590.100.15-7.59
Gold Spot $/OZ1,233.001,233.00-0.10-0.013.40
Silver Spot $/OZ14.7014.700.000.060.01
Iron Ore71.1070.200.901.349.57
Thermal Coal Newcastle108.00109.50-1.60-1.41-5.01
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9821,9739.000.44-3.05
Copper Mar-18 ($US/lb)2.752.751.300.46-1.84
Lead ($US/t)1,9851,998-14.00-0.680.80
Nickel ($US/t)11,83412,072-238.00-1.97-7.05
Zinc ($US/t)2,7042,69015.000.545.88
Tin ($US/t)19,34519,370-25.00-0.132.46
Uranium ($US/lb)28.0028.000.000.181.46
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,7975,76037.000.65-8.36
S&P/ASX 2005,7095,66544.000.77-8.03
ASX 24 Futures5,684
Australian Market Report

Friday 26 October - close. The Australian share market has pulled itself off the canvas and finished slightly higher after a choppy day's trading and despite the US futures markets looking ominous. The benchmark S&P/ASX200 index was up 1.1 points, or 0.02 per cent, at 5665.2 points on Friday, while the broader All Ordinaries was up 0.1 point at 5,759.60.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 48.5cps, m.cap A$63.4m with 130.8m SOI, Cash GBP4.6m, Polymetallic Explorer / Developer)

Ashanti Capital was pleased to host Adriatic Metals Plc (ASX.ADT) on a roadshow in Australia and Asia over the last two weeks. The company received an overwhelmingly positive reception from institutional investors who were particularly impressed by the latest round of high grade drilling intercepts and growth potential from the Rupice high-grade polymetallic project (maiden resources expected H1 2019) and potential underground development of Rupice to compliment the Veovaca open pit. 

Key themes and takeways:

  • Rupice: thick and high grade mineralisation, with significant growth potential
  • Veovaca: brownfield open pit with 64% Ind. Resources in a proven low cost operating environment
  • Much enlarged Concession application containing advanced exploration targets which provide significant growth upside
  • Pro-mining jurisdiction and a well defined permitting route to production
  • Excellent infrastructure and logistics
  • Proven management and board
  • Well funded
  • First mover advantage in a proven mineral belt.

Potential catalyst in the short to medium-term; 

  1. 2018 exploration programme is on-going with four rigs drilling at present with plans to continue over winter, weather permitting.

  2. 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

  3. Regional Exploration: Only 20% of 900m long Rupice to BJ corridor has been drill tested to date with numerous sub-parallel anomalies to be drill-tested, based on soils and geophysics

  4. Resource updates, permitting and metallurgy work to feed into a scoping study for Veovaca and Rupice expected in 1H19

Please contact the desk (+61 6169 2668) if you would like to discuss the ADT story further


Have a question? admin@ashanticapital.com.au

ERA Communications