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22 November 2018 08:34 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average24,46524,466-1.000.00-3.37
S&P 5002,6502,6428.000.30-3.84
FTSE 100 Index7,0506,948102.001.470.11
DAX 3011,24411,066178.001.61-2.43
CAC 40 Index4,9764,92551.001.03-1.54
Nikkei 225 (Japan)21,54021,50833.000.15-4.75
SSE Composite Index2,6522,6466.000.21-0.13
S&P/TSX Composite Index15,09514,877218.001.47-2.06
NZ 508,7138,67240.000.46-1.02
US Volatility (Vix)21
Overseas Market Report

US sharemarkets were mixed on Wednesday. Foot Locker's shares surged by 14.9% after the retailer's quarterly same-store sales beat analyst expectations. Other retailers L Brands (+5.5%) and Office Depot (+9.5%) also performed well ahead of Black Friday sales. Autodesk shares rose 9.7% after the software company reported third-quarter results ahead of analysts' estimates and announced an US$875 million deal to buy cloud-based software company Plan Grid. Tech stocks were mixed with Facebook up 1.8%, but Apple down just 0.1%. At the close of trade, the Dow Jones was down by almost 1 point or 0.01%, erasing a200 point gain. The S&P500 index was higher by 0.3% and the Nasdaq index was up by 63 points or 0.9%.

Global oil prices rebounded on Wednesday on growing expectations that OPEC and its allies will cut production by 1-1.4 million barrels a day in Vienna next month. The US EIA reported that US crude oil stocks rose by 4.9 million barrels last week, above market expectations for a 3.2 million increase. But gasoline stocks fell by 1.3 million barrels over the week. Brent crude rose by US95 cents or 1.5% to US$63.48 a barrel and the US Nymex price rose by US$1.20 or 2.2% to US$54.63 a barrel.

Base metal prices were mixed on the London Metal Exchange on Wednesday. Global stockpiles of copper (+1.0%) held in London, Shanghai and Comex warehouses fell to the lowest level since July 2016. Lead rose 2.1%, but tin fell 0.9%.

The gold futures price rose by US$6.80 an ounce or 0.6% to$1,228.00 an ounce. The spot gold price was trading nearUS$1,225 an ounce in late US trade. Iron ore fell by US10 cents or0.1% to US$73.40 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent63.4862.530.951.52-20.43
Oil - West Texas crude54.6554.630.020.04-20.99
Gold Spot $/OZ1,226.001,
Silver Spot $/OZ14.5014.500.00-0.02-0.43
Iron Ore73.7074.20-0.50-0.717.00
Thermal Coal Newcastle102.50102.300.200.15-6.86
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,9431,92914.000.71-2.63
Copper Mar-18 ($US/lb)2.782.78-1.20-0.43-0.11
Lead ($US/t)1,9801,94041.002.090.28
Nickel ($US/t)10,95211,027-76.00-0.68-11.48
Zinc ($US/t)2,6622,64518.000.66-0.52
Tin ($US/t)19,25719,429-172.00-0.890.38
Uranium ($US/lb)29.0029.000.00-0.175.07
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,7575,72235.000.61-4.15
S&P/ASX 2005,6755,64333.000.58-3.89
Australian Market Report

Wednesday 21 November - close. A late rally from banking and health care helped lift the Australian share market off a near two-year low but commodity-related stocks and tech shares weighed heavily. The benchmark S&P/ASX200 index was down 29 points, or 0.51 per cent, at 5642.8 at 1615 AEDT on Wednesday, while the broader All Ordinaries was down 0.64 per cent. 

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 2.3cps, m.cap A$26.4m with 1,202.1m SOI, Cash $4.6m, Rare Earths explorer)

  • All resolutions put to shareholders were carried unanimously yesterday at the Company's AGM. Results can be found here
  • As part of the AGM - Chairman Paul Atherley provided the following key updates at an Ashanti investor event yesterday:
  • Pensana have had a busy few months on the ground in Angola since the successful $5.5m capital raising in July. 
  • Exploration work has successfully extended the prospective carbonatite area surrounding the current Mineral Resource estimate (only 10% drill tested).
  • The first assays are outstanding returning high grade intersections from surface including;
    • 30 metres at 7.72% REO including 1.21% NdPr
  • 14 of 108 drill holes announced significantly extend the mineralisation from 450 metres to over 1,400 metres east to west
  • The drill program has now been completed and a flow of drilling results are anticipated over the coming weeks as the company receives the assays
  • The Company will use the results to select the most favourable mineralisation for metallurgical testwork to develop an early flowsheet 
  • A JORC resource and additional Infill drilling will be completed early next year in an effort to expedite project development
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further 

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