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07 November 2018 07:56 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,63525,462173.000.68-3.07
S&P 5002,7552,73817.000.63-4.51
NASDAQ7,3767,32947.000.64-5.30
FTSE 100 Index7,0417,104-63.00-0.89-3.80
DAX 3011,48411,495-11.00-0.09-5.18
CAC 40 Index5,0755,101-26.00-0.51-5.30
Nikkei 225 (Japan)22,14821,899249.001.14-6.88
HKSE26,12125,934187.000.72-1.70
SSE Composite Index2,6592,665-6.00-0.23-5.74
S&P/TSX Composite Index15,29315,21875.000.49-4.10
NZ 508,7958,816-22.00-0.24-4.56
US Volatility (Vix)20
Overseas Market Report

US sharemarkets were firmer in light trade on Tuesday despite uncertainty on the mid-term elections and ahead of the Federal Reserve rates decision. Shares in chipmaker AMD rose by 3.9% after securing and agreement with Amazon to sell its EPYC processors. Shares in healthcare stocks Mylan (+16.1%) and CVS Health Corp (+5.8%) rose after releasing earnings results. At the close, the Dow Jones was up by 173 points or 0.7%. The S&P500 index was up by 0.6% and the Nasdaq index was up by 47 points or 0.6%.

Global oil prices fell again on Tuesday. Investors reacted to the news that eight countries were granted temporary waivers to US sanctions on Iran. The eight countries account for three-quarters of Iran's seaborne oil exports. And Iran indicated that so far it has be enable to sell all the oil available to the market. Brent crude fell by US$1.04 or 1.4% to US$72.13 a barrel, and the US Nymex price fell by US89 cents or 1.4% to US$62.21 a barrel.

Base metal prices were lower by up to 1.1% on the London Metals Exchange on Tuesday with aluminium down the most. But nickel rose 0.2%.

The gold futures price fell by US$6.00 an ounce or 0.5% to$1,226.30 an ounce. The spot gold price was trading near US$1,226 an ounce in late US trade. Iron ore was unchanged at US$75.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent72.1373.17-1.04-1.42-14.29
Oil - West Texas crude61.8362.21-0.38-0.61-16.83
Gold Spot $/OZ1,227.001,227.000.300.032.04
Silver Spot $/OZ14.5014.500.000.03-0.73
Iron Ore73.4074.50-1.10-1.4211.19
Thermal Coal Newcastle103.50103.90-0.40-0.38-8.93
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9351,956-22.00-1.10-9.05
Copper Mar-18 ($US/lb)2.732.730.100.02-1.09
Lead ($US/t)1,8861,906-20.00-1.04-4.58
Nickel ($US/t)11,70011,67624.000.21-6.70
Zinc ($US/t)2,5422,560-19.00-0.74-4.72
Tin ($US/t)19,08319,087-4.00-0.020.60
Uranium ($US/lb)29.0029.000.000.004.73
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9485,959-10.00-0.17-5.60
S&P/ASX 2005,8665,875-9.00-0.15-5.16
ASX 24 Futures5,844
Australian Market Report

Tuesday 6 November - close. The Australian share market closed nearly one per cent higher after strong gains from banking, energy and resources stocks. The benchmark S&P/ASX200 index was 57.1 points higher, or 0.98 per cent, at 5875.2 on Tuesday, while the broader All Ordinaries rose 0.91 per cent. The Australian dollar held firm after the Reserve Bank kept the official cash rate at a record low of 1.5 per cent and governor Philip Lowe said GDP is now expected to grow by 3.5 per cent in 2018 and 2019, up from 3.0 per cent.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 66.5cps, m.cap A$85.7m with 130.8m SOI, Cash GBP3.7m, Polymetallic Explorer / Developer)

  • Adriatic has announced that the Govt has approved the Company's application for a significant land extension to the current Concession Agreement following a 30-day public comment period.
  • Under the terms of the original Concession Agreement, the Company has three Fields, being Veovaca I & II and Rupice-Juracavec Brestic, as outlined in Red below. The approval of the amendment now extends those fields into the areas outlined in blue and is a significant milestone for Adriatic.

  • The significantly expanded Concession area includes land to the north of hole BR-17-18, which intercepted 66m of high-grade mineralisation near the boundary of the previous concession; this area is therefore a high priority for further exploration and drilling and the Company will now make all the required preparations for exploration access. The processing of the urban planning and exploration permits are very well advanced and their finalisation is now largely procedural
  • ADT's CEO Geraint Harris commented, "the approval of the amendment is the result of months of very constructive work by our team in Bosnia in conjunction with the government agencies in Bosnia. It clearly demonstrates the positive environment for mining in Bosnia and the willingness of both the Municipality of Vares and of Zenica-Doboj Canton to work cooperatively with Adriatic to significantly expand our land holding. We look forward to following up on our gradient array IP geophysics (GAIP) and the historical exploration with modern exploration techniques and focussed drilling campaigns.”
  • The land expansion at Rupice gives all necessary access for drilling at Brestic Jurasavec and to allow ground disturbing exploration over the significant GAIP anomalies which are sub-parallel to the Rupice mineralisation. Also, in the south of the expanded Concession historical exploration was undertaken at Siroki Radakovac, Ceo-Sutjeska, Kraljeva, Kraljeva Jama and Zakrušje; which yielded positive results from trenching, underground development and a limited amount of drilling. For the first time since the 1960s Adriatic will be using modern exploration techniques to follow up on these encouraging historical results, see Figure 2.

  • The land expansion at Veovaca has been planned to give access for modern exploration and drilling over the entirety of the significant base metal prospects of Orti, Seleste and Mekuse; where historical exploration yielded positive results from geophysical IP, trenching and a limited amount of drilling. See Figure 3.

  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Have a question? admin@ashanticapital.com.au

ERA Communications