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21 November 2018 07:56 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,46625,017-552.00-2.21-3.85
S&P 5002,6422,691-49.00-1.82-4.55
NASDAQ6,9097,028-120.00-1.70-7.25
FTSE 100 Index6,9487,001-53.00-0.76-1.45
DAX 3011,06611,245-178.00-1.58-4.22
CAC 40 Index4,9254,985-61.00-1.21-3.14
Nikkei 225 (Japan)21,58321,821-238.00-1.09-4.21
HKSE25,84026,372-532.00-2.021.09
SSE Composite Index2,6462,704-58.00-2.133.74
S&P/TSX Composite Index14,87715,071-194.00-1.29-3.83
NZ 508,6718,720-49.00-0.56-1.49
US Volatility (Vix)22
Overseas Market Report

US sharemarkets fell sharply on Tuesday with the Dow Jones and S&P500 indexes turning negative for the year. The Dow fell 648 points at its session low. Target's shares slumped by 10.5% after the retailer's third-quarter profit missed analysts' estimates. Shares of department store operator Kohl's shed 9.2% after its full year profit forecast fell below expectations. Boeing shares fell 1.0% after it cancelled a conference call to discuss the systems on the 737 MAX model. Goldman Sachs reduced its price target on Apple(-4.8%) on concerns over iPhone XR demand. At the close of trade, the Dow Jones was down by 551 points or 2.2%. The S&P500 index was lower by 1.8% and the Nasdaq index was lower by 119 points or 1.7%.

Global oil prices fell to their lowest level in over a year on Tuesday amid investor concerns that OPEC's plan to cut production won't be enough to stem a surge in inventories. A sell-off in global equities also weighed on oil, raising concerns about demand. Brent crude fell by US$4.26 or 6.4% to US$62.53 a barrel and the US Nymex price fell by US$3.77 or 6.6% to US$53.43 a barrel.

Base metal prices mostly fell on the London Metal Exchange on Tuesday. Copper (-1.4%) declined after Barclays' forecast that prices will end 2019 below US$6,000 a tonne, citing trade war concerns. Lead fell by 2.2%, but aluminium rose by 0.7%.

The gold futures price fell by US$4.10 an ounce or 0.3% to $1,221.20 an ounce. The spot gold price was trading near US$1,221 an ounce in late US trade. Iron ore fell by US$1.95 or 2.6% to US$73.50 a tonne on concerns over rising supply.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent62.5366.79-4.26-6.38-21.62
Oil - West Texas crude53.4553.430.020.04-22.67
Gold Spot $/OZ1,222.001,222.000.300.02-0.41
Silver Spot $/OZ14.3014.300.000.05-1.72
Iron Ore73.7073.000.700.929.38
Thermal Coal Newcastle102.30103.00-0.70-0.63-7.00
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9291,91613.000.67-3.32
Copper Mar-18 ($US/lb)2.762.76-1.00-0.38-0.79
Lead ($US/t)1,9401,984-44.00-2.22-1.77
Nickel ($US/t)11,02711,108-81.00-0.73-10.87
Zinc ($US/t)2,6452,697-52.00-1.93-1.18
Tin ($US/t)19,42919,635-206.00-1.051.27
Uranium ($US/lb)29.0029.000.00-0.345.25
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,6855,759-74.00-1.29-5.92
S&P/ASX 2005,6035,672-68.00-1.21-5.66
ASX 24 Futures5,609
Australian Market Report

Tuesday 20 October - close. A late rally from banking stocks kept the Australian share market from the doldrums reached in October, but broad-based losses still dragged the indices lower with local tech stocks following the fortunes of US counterparts. The benchmark S&P/ASX200 index was down 21.9 points, or 0.38 per cent, at 5671.8 on Tuesday, while the broader All Ordinaries was down 0.47 per cent.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 36cps, m.cap A$89.5m with 248.6m SOI, Cash $12.8m, Copper Explorer /Developer)

  • MOD has announced it has intersected significant visible copper at very shallow depth, from two widely spaced diamond core drill holes at the T23 Dome
  • T23 Dome is the first new target to be drilled in the northern part of the regional scale T20 Exploration Project. T23 Dome is located ~15km west of the T4 prospect where MOD intersected very promising copper mineralisation in shallow RC drilling in February 2016, including a notable high grade intersection of 2m @ 6.1% Cu and 111 g/t Ag from 101m depth. Drilling stopped at T4 once T3 was discovered in March 2016.
  • Similar to the T3, A4 and A1 Domes, the T23 Dome is covered by a surface layer of sand and calcrete, which has masked the copper mineralisation from previous discovery. Airborne magnetic data suggests T23 Dome is a large, structurally complex domal feature within a major regional shear zone, which may extend at least to T4 (Figures 1 and 2). The coincidence of all these factors makes T23 Dome a very compelling target.
  • Assays are awaited from MO-T23-001D and MO-T23-002D to confirm the visible intersections and drilling is in progress to test specific structural targets interpreted from magnetic and EM data within this large,previously undrilled dome. Drilling is also planned at the nearby T4 prospect starting as soon as possible
  • The results confirm MOD's strategy of drilling large structural domes defined by EM and magnetics and opens up wider potential of the huge T20 Exploration Project (covering ~3,350km2)
  • MOD's Managing Director Julian Hanna commented, “The immediate success of finding copper near surface at T23 Dome confirms the prospectivity of this exciting new target. It also opens up the wider potential of the extensive T20 Exploration Project, dominated by a wide, ~60km long zone of copper and zinc soil anomalies which are as yet undrilled... The early results from T23 Dome and previous drilling success at T4 in early 2016 suggest this could be another copper rich region, in addition to the prolific T3 region 100km to the east. MOD and our 30% JV partner Metal Tiger have built a very experienced team, developed an effective strategy and applied the best exploration techniques to find copper across our huge landholding along the copper belt.”
  • PLease contact the desk on +61 8 6169 2668 should you wish to discuss further.


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ERA Communications