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12 November 2018 07:23 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,98926,191-202.00-0.772.56
S&P 5002,7812,807-26.00-0.920.50
NASDAQ7,4077,531-124.00-1.65-1.20
FTSE 100 Index7,1057,141-35.00-0.491.56
DAX 3011,52911,5272.000.020.05
CAC 40 Index5,1075,131-25.00-0.480.21
Nikkei 225 (Japan)22,25022,487-237.00-1.05-1.96
HKSE25,60226,228-626.00-2.39-0.77
SSE Composite Index2,5992,636-37.00-1.39-0.31
S&P/TSX Composite Index15,27415,357-83.00-0.54-0.91
NZ 508,9018,931-31.00-0.340.65
US Volatility (Vix)17
Overseas Market Report

US sharemarkets fell on Friday as investors booked profits at the end of the week. But shares rallied from lows in the last 90 minutes of trade. Consumer staples stocks rose but oil, technology and consumer discretionary stocks fell. Investors fretted about the slowing of the Chinese economy. At the close of trade, the Dow Jones was lower by 202 points or 0.8% after being down 308 points. The S&P500 index was down by 0.9% and the Nasdaq index was down by 124 points or 1.7%. But over the week the Dow rose 2.8%, the S&P 500 rose by 2.1% and the Nasdaq gained 0.7%.

Global oil prices fell again on Friday with Nymex down for the10th straight day - the longest losing streak since 1984. Investors worried that a slower Chinese economy could crimp oil demand. Supply concerns eased with eight countries granted a waiver from US sanctions against Iran. Brent crude fell by US47 cents or 0.7% to US$70.18 a barrel and the US Nymex price fell by US48cents or 0.8% to US$60.19 a barrel. Over the week Brent fell by 3.6% and Nymex fell by 4.7%.

Base metal prices fell by up to 2.7% on the London Metals Exchange on Friday with nickel down the most and zinc down the least (just -0.1%). Over the week, metals fell by up to 3.9% with nickel down the most. But tin rose 0.4%.

The gold futures price fell by US$16.50 an ounce or 1.3% to $1,208.60 an ounce. The spot gold price was trading near US$1,209 an ounce in late US trade. Over the week gold fell by US$24.70 or 2%. Iron ore rose by US$1.00 or 1.3% to US$77.25 a tonne. Over the week iron ore rose by US$3.15 or 4.3%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent70.8770.180.690.98-11.89
Oil - West Texas crude60.9160.190.721.20-14.62
Gold Spot $/OZ1,210.001,210.00-0.10-0.01-0.67
Silver Spot $/OZ14.2014.200.000.16-2.94
Iron Ore73.9073.700.300.3512.00
Thermal Coal Newcastle105.90105.300.600.52-4.55
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9461,980-34.00-1.69-5.03
Copper Mar-18 ($US/lb)2.682.68-0.10-0.06-4.20
Lead ($US/t)1,9561,985-29.00-1.452.47
Nickel ($US/t)11,39711,710-313.00-2.67-11.88
Zinc ($US/t)2,5862,588-2.00-0.06-4.91
Tin ($US/t)19,18919,364-175.00-0.901.09
Uranium ($US/lb)29.0029.000.000.175.63
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9816,011-30.00-0.50-0.43
S&P/ASX 2005,8925,922-30.00-0.51-0.06
ASX 24 Futures5,885
Australian Market Report

Friday 9th November - close. A late rally from banking and health care stocks limited losses to the local indices but falling oil prices ensured the energy sector would drag the Australian share market lower at the close. The benchmark S&P/ASX200 index closed 6.4 points lower, or 0.11 per cent, at 5921.8 on Friday, while the broader All Ordinaries fell 0.08 per cent. 

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 69.5cps, m.cap A$88.9m with 130.8m SOI, Cash GBP3.7m, Polymetallic Explorer / Developer)

  • ADT has announced a further two high-grade precious metal assay results from its drill programme at Rupice
  • BR-24-18 intercepted a thick zone of high-grade mineralisation over 34m returning 13.3% Zn, 6.8% Pb, 455g/t Ag, 3.0g/t Au, 0.5% Cu from 146m, and 32m at 63% BaSO4 from 146m. Significantly, the lower half of the intercept contained higher lead and zinc grades and returned the following interval at greater than 10% lead or zinc (Table 1):
    • 18m at 17.6% Zn, 9.4% Pb, 508g/t Ag, 3.8g/t Au, 0.5% Cu and 52% BaSO4from 160m
  • BR-20-18 intersected a sheared sequence of brecciated shales and dolomites with a best interval returning 8m @ 1.1% Zn, 4.2% Pb, 57g/t Ag, 0.4g/t Au and 0.5% Cu from 204m. The eastern boundary of the Rupice mineralisation appears to represent a fault contact as previously reported by the Company (Figure 3).
  • Adriatic is also pleased to report the current progress of hole BR-25-18, which has been drilled to the south of previously reported BR-22-18 (refer to announcement on 1 November 2018) with field observations indicating high grade mineralisation lower in the sequence and to the east of the current high grade zone. This may indicate a potential new extension to the Rupice zone that has been the focus of drilling in 2018. The Company will report the assay results when they are received.
  • Adriatic’s Chief Executive Officer, Geraint Harris commented, “BR-24-18 continues to confirm the spectacular precious metals content not previously assayed in the majority of the historical drilling, which will be incorporated into our maiden Mineral Resource Estimate at Rupice.”
  • Drilling continues with 4 rigs in operation
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications