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01 November 2018 07:57 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,11624,875241.000.97-5.76
S&P 5002,7122,68329.001.09-7.28
NASDAQ7,3067,162144.002.01-9.10
FTSE 100 Index7,1287,03692.001.31-4.90
DAX 3011,44811,287160.001.42-7.23
CAC 40 Index5,0934,979115.002.31-7.51
Nikkei 225 (Japan)21,92021,457463.002.16-9.59
HKSE24,98024,586394.001.60-10.11
SSE Composite Index2,6032,56835.001.35-7.75
S&P/TSX Composite Index15,02714,894133.000.89-6.69
NZ 508,7728,75220.000.23-5.95
US Volatility (Vix)21
Overseas Market Report

US sharemarkets rose on Wednesday as strong earnings results boosted sentiment. General Motors shares jumped 9.1% on strong truck sales and higher prices boosted profits. Shares of Facebook gained 3.8% after the social media giant said it would boost investment next year and announced plans to build products, including Facebook Watch and Instagram TV. Yum! Brands rose4.6% as strong KFC sales drove results. The Dow Jones ended up by 241 points or 1.0%. The S&P500 index rose by 1.1% and the Nasdaq index gained 144 points or 2.0%.

Global oil prices fell on Wednesday as US crude stocks rose for a sixth successive week. According to the US EIA, crude inventories rose by 3.2 million barrels last week, below market expectations for an increase of 4.1 million barrels. But gasoline stocks fell by 3.2 million barrels, below analysts' expectations for a 2.1 million barrels drop. Brent crude fell by US44cents or 0.6% to US$75.47 a barrel and the US Nymex price fell byUS87 cents or 1.3% to US$65.31 a barrel.

Base metal prices were mostly lower on the London Metals Exchange on Wednesday as the US dollar strengthened and China's factory output slowed to the lowest level in over 2 years. Nickel (-2.3%) and zinc (-2.0%) were the worst performers.

The gold futures price fell by US$10.30 an ounce or 0.8% to $1,215.00 an ounce. The spot gold price was trading near US$1,216 an ounce in late US trade. Iron ore was unchanged at US$75.55 a tonne according to Reuters.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent75.0475.95-0.91-1.20-9.28
Oil - West Texas crude65.0065.31-0.31-0.47-13.68
Gold Spot $/OZ1,216.001,215.001.300.112.28
Silver Spot $/OZ14.3014.200.000.25-1.42
Iron Ore74.9074.500.400.5213.41
Thermal Coal Newcastle105.20107.50-2.30-2.14-7.60
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9351,947-12.00-0.63-5.53
Copper Mar-18 ($US/lb)2.662.66-0.30-0.13-4.74
Lead ($US/t)1,9021,920-18.00-0.95-5.99
Nickel ($US/t)11,42611,690-265.00-2.26-8.65
Zinc ($US/t)2,5522,602-51.00-1.95-4.02
Tin ($US/t)19,13819,11325.000.131.47
Uranium ($US/lb)28.0028.000.000.362.18
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9485,91334.000.58-5.49
S&P/ASX 2005,8665,83036.000.61-4.96
ASX 24 Futures5,840
Australian Market Report

Wednesday 31 October - close. A late surge from heavyweight banking, mining and energy stocks has pulled the Australian share market higher on a choppy trading day. The benchmark S&P/ASX200 index dipped and dived but closed 25.2 points, or 0.43 per cent, higher at 5830.3 on Wednesday, while the broader All Ordinaries was up 0.43 per cent closed at 5913.30.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 61cps, m.cap A$82.4m with 130.8m SOI, Cash GBP3.7m, Polymetallic Explorer / Developer)

  • ADT has received assay results from two further drill holes from the current programme at Rupice. Highlights include:
    • Drill hole BR-22-18 was drilled to acquire gold and silver assay data in the vicinity of the historical drilling and returned:
      • 42m @ 14.1% Zn, 8.4% Pb, 245g/t Ag, 5.7g/t Au, 1.4% Cu, and 34% BaSO4 from 222m.
    • Drill hole BR-23-18 was drilled in the up-dip mineralisation to the west of the high-grade plunge and returned:
      • 12m @ 1.4% Zn, 2.8% Pb, 228g/t Ag, 0.8g/t Au, 0.3% Cu, and 16%BaSO4 from 74m.
    • Drilling continues with 4 rigs in operation.
  • ADT's CEO, Geraint Harris commented, “BR-22-18continues to confirm not just the continuity of the thick and high-grade mineralisation but the spectacular precious metals content not previously assayed in the majority of the historical drilling, and which will be incorporated into our maiden Mineral Resource Estimate at Rupice.”

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

  • Pensana Metals Ltd has reported the first assay results from its exploration programme at its 70% owned Longonjo NdPr Project in Angola. The Company is testing the wider area of the Longonjo Carbonatite to assess the potential for a globally significant and high grade NdPr deposit. Highlights include:
    • LRC011: 30m @ 7.72% REO including 1.21% NdPr from surface
    • LRC003: 16m @ 5.36 REO including 1.06% NdPr from surface
    • LRC006: 22m @ 4.68 % REO including 1.02 NdPr from 2 metres
    • LRC007: 18m @ 4.88% REO including 1.04% NdPr from surface
  • First 14 holes have all intersected mineralisation, the majority from surface extending up to 50m in depth supporting the potential to significantly expand the maiden Mineral Resource estimate, which remains open in all directions and extends over just 6% of the total area of the Longonjo Carbonatite.
  • Several new zones of deep weathering, up to 50m in thickness have been intersected across the highly weathered carbonatite compared to the average twenty metres of thickness in the area of the Mineral Resource estimate
  • RC drill programme which is covering an area approx. 10 times that of the maiden Mineral Resource estimate is progressing well with 75 holes completed. Remainder of programme expected to complete toward the end of the month with results flowing over next few weeks.
  • Chairman Paul Atherley commented, “These are very encouraging first results as they confirm that the blanket of highly weathered mineralisation extends well beyond the known resource, is thicker in places and has some very good grades. We look forward to a regular flow of drill results over the coming weeks as we build up a better understanding of the scale and grade of this very promising deposit.”

Table 1: Classification of 2017 Mineral Resources for the Longonjo NdPr Project, 1.0% REO cut-off grades, with NdPr grades and contained NdPr oxide

  • With 100,000 tonnes of contained NdPr at a grade of 0.86% NdPr in the weathered zone Mineral Resource estimate, Longonjo is already a significant size and grade deposit. Successful delineation of a very large expanded NdPr Mineral Resource estimate at Longonjo would allow the Company to identify and select the most favourable, highest quality mineralisation for development.
  • Please see a link to the full announcement 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