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14 November 2018 06:16 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,28625,387-101.00-0.40-0.21
S&P 5002,7222,726-4.00-0.15-1.62
FTSE 100 Index7,0547,0531.000.010.83
DAX 3011,47211,325147.001.30-0.45
CAC 40 Index5,1025,05943.000.850.12
Nikkei 225 (Japan)21,81122,270-459.00-2.06-3.90
SSE Composite Index2,6552,63124.000.931.84
S&P/TSX Composite Index15,13215,156-25.00-0.16-1.83
NZ 508,8788,86216.000.180.39
US Volatility (Vix)20
Overseas Market Report

US sharemarkets were mixed on Tuesday. The Dow and S&P500 indexes lifted by more than 100 points in early trading after White House economic advisor Larry Kudlow confirmed reports of renewed US-China trade talks. Tariff-sensitive shares of General Electric (+7.8%) and Caterpillar (+0.8%) both rose. But Tyson Foods' shares fell by 5.6% after the meat processor's sales missed consensus due to lower chicken demand. Boeing shares fell by 2.1% on concerns over the safety of its 737 MAX aircraft following the tragic Lion Air crash. And the S&P energy sector fell 2.4% as crude oil prices tumbled. At the close of trade, the Dow Jones fell by 100 points or 0.4%. The S&P500 index declined by 0.2% and the Nasdaq index ended flat.

Global oil prices slumped for a 12th straight trading session on Tuesday. In its monthly report, OPEC said world oil demand next year would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than forecast. Output, however, was predicted to rise by 127,000 bpd to 32.9 million bpd. Brent crude fell by US$4.65 or 6.6% to US$65.47 a barrel and the US Nymex price fell by US$4.24 or 7.1% to a 12-month low of US$55.69 a barrel.

Base metal prices were mixed on the London Metals Exchange on Tuesday. Copper (+0.2%) prices rose on reports that China and the US have restarted trade talks. Zinc fell 0.7%.

The gold futures price fell by US$2.10 an ounce or 0.2% to $1,201.40 an ounce. The spot gold price was trading near US$1,202 an ounce in late US trade. Iron ore fell by US$1.55 or 2.0% to US$75.20 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent65.3470.12-4.78-6.82-18.76
Oil - West Texas crude55.2859.93-4.65-7.76-22.51
Gold Spot $/OZ1,202.001,202.00-0.60-0.05-1.34
Silver Spot $/OZ14.0014.000.000.02-4.14
Iron Ore74.2074.
Thermal Coal Newcastle105.50105.80-0.30-0.33-3.39
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,9221,930-8.00-0.43-5.52
Copper Mar-18 ($US/lb)2.682.680.600.21-4.23
Lead ($US/t)1,9281,90821.001.09-6.77
Nickel ($US/t)11,26211,320-58.00-0.51-10.47
Zinc ($US/t)2,5462,563-18.00-0.68-4.87
Tin ($US/t)19,29519,2941.000.010.95
Uranium ($US/lb)29.0029.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,9236,027-105.00-1.74-1.40
S&P/ASX 2005,8345,941-107.00-1.80-1.04
ASX 24 Futures5,826
Australian Market Report

Tuesday 13 November - close. Broad-based losses to the local indices dragged the Australian share market down following a sell-off on Wall Street overnight and weakening oil prices. The benchmark S&P/ASX200 index closed 107.1 points lower, or 1.8 per cent, at 5834.2 on Tuesday, while the broader All Ordinaries was down 1.74 per cent.

Ashanti Headlines

Adriatic Metals Plc (ASX.ADT) – Highly Prospective Zinc Polymetallic Explorer/Developer in Bosnia & Herzegovina 

Company Snapshot

Shares on Issue: 130,795,596

Options (various): 19,500,000 

Issue Price: $0.65

Cash: ~ $6.47m (31 Oct 2018)

Market Cap: @ $0.65 ~A$100.02M (undiluted)

EV: ~$78.55M (undiluted)

Ashanti Capital Pty Ltd (“Ashanti”) is acting as Joint Lead Manager and Bookrunner to Adriatic Metals Plc (ADT.ASX) who is seeking to raise $15,000,000 through an offer of 23,076,923 new fully paid CDIs in the Company at an issue price of $0.65. The Company reserves the right to accept oversubscriptions.

Investment Highlights

  • Focus is the High-grade Veovaca and Rupice zinc polymetallic assets in Bosnia and Herzegovina;
  • Delivered a strong pipeline of news flow in 2018 with active drilling programme underway with 4 rigs onsite;
  • IPO was cornerstoned by leading ASX base metals miner, Sandfire Resources, validating the assets and jurisdiction;
  • Strategy is to rapidly explore Rupice to maiden resource and advance a scoping study on a combined operation;
  • Recently announced approval for an enlarged concession containing advanced exploration targets which provide significant growth upside;
  • First Class Team including, Peter Bilbe (IGO), Geraint Harris (Ex Lisheen), Julian Barnes (Ex VP Dundee Precious Metals);
  • Located in an emerging world class minerals district in Eastern Europe, rapidly attracting the Majors;
  • Lack of quality zinc exposure on the ASX;
  • Bosnia is a pro-mining jurisdiction which benefits from a low operating cost environment, favourable fiscal regime and stable government/social structure; and
  • Adriatic has gained first mover advantage in Bosnia with other regional opportunities

Company Overview

Adriatic Metals PLC is an ASX-listed zinc polymetallic explorer and developer via its 100% interest in the Vareš Project in Bosnia & Herzegovina. The Project comprises a historic open cut zinc/lead/barite and silver mine at Veovaca and Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals. Adriatic’s short-term aim is to expand the current JORC resource at Veovaca and to complete an in-fill drilling programme at the high-grade Rupice deposit. Adriatic has attracted a world class team to expedite its exploration efforts and to rapidly advance the Company into the development phase and utilise its first mover advantage and strategic assets in Bosnia. Adriatic listed on the 1st May 2018 following a significantly oversubscribed $10 million capital raising at $0.20 per share.

Please contact your advisor or the office on +61 8 6169 2671 should you wish to discuss or would like further information.

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