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26 November 2018 07:42 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,28624,465-179.00-0.73-1.63
S&P 5002,6332,650-17.00-0.66-0.98
NASDAQ6,9396,972-33.00-0.48-3.18
FTSE 100 Index6,9536,960-7.00-0.110.19
DAX 3011,19311,13854.000.49-0.07
CAC 40 Index4,9474,9389.000.18-0.41
Nikkei 225 (Japan)21,64721,508139.000.65-1.65
HKSE25,92826,019-92.00-0.354.90
SSE Composite Index2,5792,645-66.00-2.49-0.75
S&P/TSX Composite Index15,01115,092-81.00-0.540.82
NZ 508,6828,701-19.00-0.221.33
US Volatility (Vix)22
Overseas Market Report

US sharemarkets were weaker in a shortened trading session on Friday. The energy sector fell by 3.3% in response to a slump in oil prices. The S&P retailing sector fell 0.6% despite reports of longlines at checkouts as buyers embraced Black Friday bargains. At the close the Dow Jones was down by almost 179 points or 0.7%. The S&P500 index was lower by 0.7% and the Nasdaq index was lower by 33 points or 0.5%. Over the week the Dow fell by 4.4% with the S&P 500 index down 3.8% and the Nasdaq fell 4.3%.

Global oil prices fell between 6-8% on Friday. While traders expect OPEC oil producers to cut output by 1.4 million barrels per day at a December 6 meeting, they are less optimistic about the outcome of US-China trade talks. The oil market is estimated in surplus by around 0.5 million barrels per day. Brent crude fell by US$3.80 or 6.1% to US$58.80 a barrel and the US Nymex price fell by US$4.21 or 7.7% to US$50.42 a barrel. Over the week Brent fell by 11.9% and Nymex fell by 10.7% - the largest weekly declines since January 2016.

Base metal prices were weaker by up to 2.3% on the London Metal Exchange on Friday with tin down the most. But aluminium rose 0.1%. Over the week metals fell by up to 3.9% with nickel down the most. But aluminium rose 0.9% with copper up 0.2%.

The gold futures price fell by US$4.80 an ounce or 0.2% to $1,223.20 an ounce. The spot gold price was trading near US$1,222 an ounce in late US trade. Over the week gold fell by US20c. Iron ore fell by US$3.15 or 4.4% to US$68.90 a tonne. Over the week iron ore fell by US$6.20 or 8.3%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.7358.80-0.07-0.12-24.34
Oil - West Texas crude50.2850.42-0.14-0.28-25.61
Gold Spot $/OZ1,224.001,223.000.800.06-0.74
Silver Spot $/OZ14.3014.300.000.11-2.67
Iron Ore73.1073.50-0.40-0.544.20
Thermal Coal Newcastle101.80102.40-0.70-0.63-7.08
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9381,9372.000.08-2.23
Copper Mar-18 ($US/lb)2.772.77-0.10-0.050.88
Lead ($US/t)1,9431,970-27.00-1.36-2.79
Nickel ($US/t)10,84910,902-53.00-0.49-11.73
Zinc ($US/t)2,6142,672-59.00-2.19-3.97
Tin ($US/t)18,82019,270-450.00-2.34-2.69
Uranium ($US/lb)29.0029.000.000.004.32
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,7505,793-43.00-0.75-0.16
S&P/ASX 2005,6745,716-43.00-0.740.15
ASX 24 Futures5,678
Australian Market Report

Friday 23 November - close. The Thanksgiving holiday in the US led to a stagnant day of trading on the Australian share market, where banking and energy stocks recouped value and lifted the indices higher. The benchmark S&P/ASX200 index was up 24.9 points, or 0.44 per cent, at 5716.2 at 1615 AEDT on Thursday, while the broader All Ordinaries rose 0.40 per cent at 5,793.40.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 34.5cps, m.cap A$85.8m with 248.6m SOI, Cash $12.8m, Copper Explorer /Developer)

  • MOD Resources Limited (the ‘Company’ or ‘MOD’) (ASX/LSE: MOD) is pleased to announce that following the publication of its Prospectus on 19 November 2018, the Company’s 248,572,620 ordinary shares will be admitted to the Standard Segment of the Official List of the Financial Conduct Authority (‘Admission’) and to trading on the London Stock Exchange's Main Market at 8.00am GMT today under the ticker “MOD”.
  • Julian Hanna, commented “We are delighted to be joining a peer group of quality copper companies listed on the Main Market of the London Stock Exchange. The listing allows us to introduce MOD Resources to European and UK investors as we look to develop into a substantial copper producer. The LSE has a strong track record as a leading destination for companies with African mining assets, making it a natural dual listing destination for a company like ours with an exciting copper portfolio in Botswana’s Kalahari Copper Belt. ”MOD is a copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana. The Company’s primary focus is the development of its wholly owned T3 Copper Project, for which a Feasibility Study (FS) is targeted for completion in Q1 2019.
  • Please see attached updated presentation here

Highlights:

  • T3 Copper Project Mineral Resource estimate comprises 60 million tonnes (Mt) at 0.98% copper (Cu) and 13.9 grams per tonne (g/t) silver (Ag), containing 590Kt of copper and 27 million ounces (Moz) of silver at 0.4% Cu cut-off grade
  • Pre-feasibility Study (PFS) for the T3 Copper Project completed in January 2018 confirmed a robust, long-life open-pit copper mine based on a base case process plant throughput of 2.5 million tonnes per annum (Mtpa)
  • Feasibility Study targeted for completion in Q1 2019, based on an expanded process plant throughput of 3 Mtpa, with allowance for a possible future staged expansion
  • Encouraging exploration drilling results from A4 and A1 Domes support T3 expansion strategy to define additional sources of ore within the T3 Expansion Project that could enable future increases in production through the proposed T3 process plant
  • On 15 November 2018, MOD completed the acquisition of AIM-listed Metal Tiger Plc’s (‘Metal Tiger’) 30 percent interest in the T3 Copper Project, giving MOD a 100 percent interest in this project
  • The majority of MOD’s Prospecting Licences outside the T3 Copper Project in Botswana are held as part of a 70/30 joint venture with Metal Tiger and are subject to options to purchase Metal Tiger’s interest in the joint venture exploration assets at MOD's election over a 3 year period until November 2021.
  • Diamond drilling in the first two widely spaced holes at the T23 Dome, the first drilling target within the T20 Exploration Project recently intersected shallow visible copper mineralisation with assay results pending.

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ERA Communications