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05 November 2018 07:48 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,27125,381-110.00-0.43-4.45
S&P 5002,7232,740-17.00-0.63-5.63
FTSE 100 Index7,0947,115-21.00-0.29-3.07
DAX 3011,51911,46950.000.44-4.90
CAC 40 Index5,1025,08616.000.32-4.80
Nikkei 225 (Japan)22,24421,688556.002.56-6.48
SSE Composite Index2,6762,60670.002.70-5.13
S&P/TSX Composite Index15,11915,150-31.00-0.20-5.19
NZ 508,8188,836-18.00-0.20-4.31
US Volatility (Vix)20
Overseas Market Report

US sharemarkets eased on Friday. US officials gave mixed signals on the extent of progress on trade talks with China. And the jobs data pointed to further rate hikes - most likely in December. Shares in Apple fell by 6.6% after warning that holiday sales may miss expectations. The Dow Jones ended lower by 110 points or 0.4% after tracking a 500-point range. The S&P500 index fell by 0.6% and the Nasdaq index lost 77 points or 1.0%. Over the week the Dow and the S&P 500 both rose by 2.4% and the Nasdaq lifted by 2.7%.

Global oil prices eased on Friday. The US Secretary of State Mike Pompeo said that eight countries would be allowed to temporarily import crude from Iran when sanctions are applied against the country from Monday. Brent crude fell by US6 cents or 0.1% to US$72.83 a barrel, and the US Nymex price fell by US55cents or 0.9% to US$63.14 a barrel. Over the week Brent fell by US$4.79 or 6.2% with Nymex down by US$4.45 or 6.6%.

Base metal prices were higher by up to 3.5% on the London Metals Exchange on Friday with copper doing the best. But tin fell by less than 0.1%. Over the week copper rose by 1.8% with nickel up 0.2% but other metals fell with zinc down by 3.8%.

The gold futures price fell by US$5.30 an ounce or 0.4% to $1,233.30 an ounce. The spot gold price was trading near US$1,232 an ounce in late US trade. Over the week gold fell by US$2.50 or 0.2%. Iron ore fell by US45 cents or 0.6% to US$74.10 a tonne. Over the week iron ore fell by US$2.90 or 3.8%.

PreviousChangeDaily %
Monthly %
Oil Brent72.6472.83-0.19-0.26-13.69
Oil - West Texas crude62.9863.14-0.16-0.25-15.28
Gold Spot $/OZ1,234.001,
Silver Spot $/OZ14.8014.700.000.080.76
Iron Ore73.4074.50-1.10-1.4211.19
Thermal Coal Newcastle103.40102.800.600.53-9.34
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,9601,94911.000.58-6.72
Copper Mar-18 ($US/lb)2.812.810.700.231.83
Lead ($US/t)1,9681,93137.001.89-3.61
Nickel ($US/t)11,86011,718142.001.21-4.51
Zinc ($US/t)2,6002,5965.000.18-3.15
Tin ($US/t)19,11019,115-5.00-0.030.87
Uranium ($US/lb)29.0028.001.001.774.36
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,9165,936-20.00-0.34-6.12
S&P/ASX 2005,8275,849-23.00-0.38-5.80
ASX 24 Futures5,807
Australian Market Report

Friday 2 November - close. A late rally from mining and health care stocks has lifted the Australian share market into the black despite energy shares and the big four banks dragging on the index. The benchmark S&P/ASX200 index closed 8.4 points, or 0.14 per cent, higher at 5849.2 on Friday, while the broader All Ordinaries was up 0.17 per cent. The market has had its strongest week in nearly two years but it underperformed compared to Wall Street and neighbouring Asian markets.

Ashanti Headlines

Invictus Energy Limited: (IVZ.ASX, 5.5 cps, m.cap A$20.5m with 365.7m SOI, Cash ~$3.8m, O&G Explorer) 

  • IVZ has announced the findings of an Independent Report completed by Netherland, Sewell and Associates, Inc. (NSAI) estimating substantial resource potential at its Cabora Bassa Project, located in the Company's 80% owned and operated SG 4571 Permit in Zimbabwe. Highlights include:
  • Maiden Prospective Resource estimated at 3.9 Tcf and 181 million barrels of conventional gas / condensate (gross mean unrisked) 
  • Giant* scale resource potential determined by leading petroleum consultancy Netherland, Sewell and Associates, Inc. Summary of the reports findings below:

  • Resource estimate from the primary Upper Angwa target alone 
  • Significant additional potential to be evaluated in Q1 CY2019 post seismic reprocessing results
  • IVZ MD, Scott Macmillan commented, “The Independent Report by NSAI has resulted in net mean recoverable conventional potential of 680 million barrels of oil equivalent consisting of 3.1 Tcf and145 million barrels of condensate net to Invictus. The size of the primary Upper Angwa target alone in Mzarabani Prospect places us in Giant scale field potential. This estimate excludes the additional prospective horizons above and below the Upper Angwa in the Mzarabani structure as well as further plays and leads within the SG 4571 area which have the potential to add material prospective resources to the Cabora Bassa Project. The high side estimate of over 2.2 billion boe gross is enormous and confirms Mzarabani as potentially the largest undrilled seismically defined structure onshore Africa... Our technical work program continues to highlight the enormous potential of the world class Mzarabani Prospect in our Cabora Bassa Project. We look forward to maturing the additional potential within our acreage and continue to build on our significant prospective resource inventory.”

  • As announced previously, the Company will provide estimates on the additional potential at the Cabora Bassa Project which will benefit from the ongoing 2D seismic reprocessing and interpretation work
  • Following on from the reprocessing work, a Final Independent Prospective Resource Report encompassing the entire SG 4571 area will be delivered early next year
  • The Company will continue with its geological and geophysical studies including additional basin modelling and a further resource estimate leading into a planned marketing programme to attract a farm-out partner
  • Please see link to full announcement here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

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