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31 October 2018 07:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,87524,443432.001.77-5.99
S&P 5002,6832,64141.001.57-7.94
NASDAQ7,1627,050111.001.58-11.00
FTSE 100 Index7,0367,02610.000.14-6.32
DAX 3011,28711,335-48.00-0.42-7.83
CAC 40 Index4,9794,989-11.00-0.22-9.37
Nikkei 225 (Japan)21,45721,150307.001.45-11.04
HKSE24,58624,812-227.00-0.91-11.53
SSE Composite Index2,5682,54226.001.02-8.98
S&P/TSX Composite Index14,89414,722173.001.17-7.33
NZ 508,7308,64881.000.94-6.64
US Volatility (Vix)23
Overseas Market Report

US sharemarkets rose on Tuesday on hopes of a trade deal between the US and China. But shares in General Electric fell by 8.8% after cutting its dividend. The Dow Jones ended up by 432points or 1.8% after tracking a 491-point range. The S&P500 index rose by 1.6% and the Nasdaq index gained 111 points or 1.6%.

Global oil prices eased on Tuesday. Reuters reported the International Energy Agency as saying that high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. Also Refinitiv Eikon data showed that oil production from Russia, the US and Saudi Arabia reached 33 million barrels per day for the first time in September. Brent crude fell by US$1.43 or 1.8% to US$75.91 a barrel, and the US Nymex price fell by US86 cents or 1.3% to US$66.18 a barrel.

Base metal prices were lower by up to 2.9% on the London Metals Exchange on Tuesday with zinc down the most while nickel bucked the trend, up by less than 0.1%.

The gold futures price fell by US$2.30 an ounce or 0.2% to $1,225.30 an ounce. The spot gold price was trading near US$1,223 an ounce in late US trade. Iron ore fell by US$1.25 cents or 1.6% to US$75.55 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent75.9177.34-1.43-1.85-8.23
Oil - West Texas crude66.5166.180.330.50-9.20
Gold Spot $/OZ1,223.001,223.000.100.012.56
Silver Spot $/OZ14.5014.500.000.04-1.51
Iron Ore71.1070.200.901.349.57
Thermal Coal Newcastle107.50108.00-0.50-0.46-5.58
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9471,963-16.00-0.80-4.93
Copper Mar-18 ($US/lb)2.682.681.300.47-4.58
Lead ($US/t)1,9201,943-23.00-1.18-5.09
Nickel ($US/t)11,69011,6864.000.03-6.53
Zinc ($US/t)2,6022,680-78.00-2.91-2.11
Tin ($US/t)19,11319,172-59.00-0.311.34
Uranium ($US/lb)28.0028.000.000.181.82
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9005,88812.000.20-6.73
S&P/ASX 2005,8135,8058.000.14-6.35
ASX 24 Futures5,799
Australian Market Report

Tuesday 30 October - close. The Australian share market has ended more than one per cent higher amid volatile trade that saw shares decline early on fears of escalating trade tensions between the US and China before recovering. The benchmark S&P/ASX200 index closed up 76.9 points, or 1.34 per cent, at 5805.1 points on Tuesday, rising for the second straight session. The broader All Ordinaries closed up 74.10 or gained 1.27 per cent at 5,887.90.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 56cps, m.cap A$73.2m with 130.8m SOI, Cash GBP3.7m, Polymetallic Explorer / Developer)

  • ADT has released a highly productive 3Q CY18 quarterly report with a number of key developments. Highlights include:
  • Four rigs are currently drilling at Rupice, focussed on enlarging the mineralised footprint, infilling the historical data and particularly on upgrading the precious metals content
    • Over 3,750m of drilling was completed in Q3-CY18, v’s approximately 1,400m in Q2 despite un-seasonally high rainfall during the period.
  • Q3-CY18 drilling in the Rupice Area has expanded the mineralised footprint to the north well beyond the historical drilling and continues to confirm the continuity of the thick and very high-grade mineralisation drilled in the 2017 and Q2-CY18 campaigns.
  • The current programme has also confirmed the significant precious metals content at Rupice and the need to ensure that drilling targets areas around the historical drilling, which was mostly not assayed for silver and gold. The defining holes are as follows:
    • BR-13-18 confirms the continuity of mineralisation up-dip from the thick, high-grade zones intersected in hole BR-5-18: returning: 22m@ 0.6% Zn, 1.2% Pb, 91 g/t Ag, 1.3g/t Au, 0.3% Cu, and 41% BaSO4from 168m and, 24m @ 14.8% Zn, 7.7% Pb, 167 g/t Ag, 3.7/t Au,0.7% Cu, and 53% BaSO4 from 220m.
    • BR-10-18 continues to expand the high-grade zone surrounding the historic drill hole BR-79-89, returning 28m @ 10.8% Zn, 5.9% Pb, 271g/t Ag, 3.4g/t Au, 0.5% Cu, and 61% BaSO4 from 236m and expands the mineralisation to the west.
    • BR-07-18, returning 18m @ 2.6g/t Au, 201g/t Ag, 0.5% Cu, 4.5%Pb, 9.2%Zn and 62% BaSO4 from 228m mineralisation confirming continuity 50m up-dip of BR-2-18
  • Adriatic is pleased to report that the Public Review period for the concession expansion at both Rupice and Veovaca has now been completed and Adriatic was successful in its application, this is following unanimous Municipal council approval; once final permits are granted this will allow the exploration program to continue drilling the northern extension of mineralisation at Rupice, better access to Brestic-Jurasevac and testing new high priority targets at Borovica, which have been identified by historic data, soil geochemistry and geophysics.
  • Significantly progressed permitting with approval of the Reserves Elaborate for the Veovaca deposit by the Federal Ministry of Mining; representing a major milestone toward the issue of an Exploitation Permit.
  • Well capitalised with cash at 30 September of A$6.75 million1.
  • Adriatic’s Chief Executive Officer, Geraint Harris commented, “the third quarter has really consolidated the hard work that has been ongoing since our IPO. We have established our drilling program with four rigs now operating, the majority of these being from Bosnian contractors. Our focus has been on drilling Rupice, in preparation for delivering a Maiden Mineral Resource estimate there in 2019. We have also had a unanimous vote of approval from the Vareš Council (the Municipal government) to expand our concession areas significantly, which is not only a material event for our future growth, but also reinforces the great benefit and importance that Adriatic puts on fostering the best relationships possible with local stakeholders. Finally, we have gained Federal approval for our Mineral Resource Elaborat at Veovaca, which is a key step in our permitting process and long-term land tenure for the entire land package... We will continue to focus on expanding the known mineralisation at Rupice and preparing to continue that campaign into the new concession area, with a focus on Rupice North and the Brestic-Jurasevac (BJ) area; once final approvals are granted. We continue to be well capitalised to fulfil our exploration goals and deliver a Maiden Mineral Resource estimate on Rupice and a development study combining both Veovaca and Rupice in H1 2019”.
  • A link to the full announcement can be found here
  • Please contact the desk should you wish to discuss the announcement further.


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ERA Communications