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29 November 2018 07:31 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,36624,749618.002.503.78
S&P 5002,7442,68262.002.303.88
NASDAQ7,2927,083209.002.953.42
FTSE 100 Index7,0057,017-12.00-0.18-0.31
DAX 3011,29911,309-10.00-0.09-0.32
CAC 40 Index4,9834,9830.000.00-0.12
Nikkei 225 (Japan)22,17721,952225.001.024.86
HKSE26,68326,332351.001.337.54
SSE Composite Index2,6022,57527.001.052.35
S&P/TSX Composite Index15,17114,944227.001.523.05
NZ 508,7858,71471.000.821.97
US Volatility (Vix)18
Overseas Market Report

US sharemarkets rose sharply after the Federal Reserve chair watered down expectations for future rate hikes. At the close of trade, the Dow Jones was up by 618 points or 2.5%, near the day's highs. The S&P500 index was up 2.3% and the Nasdaq index was higher by 209 points or 2.9%.

Global oil prices fell by around 2.5% on Wednesday. US crude stockpiles rose by 3.6 million barrels last week, the 10th straight gain and above forecasts. Investors were encouraged by the latest speech from the Federal Reserve chair but cautious ahead of the US-China meeting and December 6 meeting of OPEC oil producers. Brent crude fell by US$1.45 or 2.4% to US$58.76 a barrel and the US Nymex price fell by US$1.27 or 2.5% to US$50.29 a barrel.

Base metal prices were firmer by 0.2-1.4% on the London Metal Exchange on Wednesday with aluminium and nickel up the least and copper up the most. But tin fell 0.2%.

The gold futures price rose by US$9.90 an ounce or 0.8% to $1,229.80 an ounce. The spot gold price was trading near US$1,221 an ounce in late US trade. Iron ore rose by US$1.05 to US$65.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.7660.21-1.45-2.41-24.30
Oil - West Texas crude50.5750.290.280.56-24.57
Gold Spot $/OZ1,221.001,221.00-0.30-0.02-0.69
Silver Spot $/OZ14.3014.300.00-0.02-0.92
Iron Ore65.1067.50-2.40-3.55-11.11
Thermal Coal Newcastle101.60101.500.000.00-7.39
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9251,9204.000.22-2.88
Copper Mar-18 ($US/lb)2.792.79-0.70-0.231.77
Lead ($US/t)1,9081,88523.001.22-3.87
Nickel ($US/t)10,72610,70027.000.25-9.36
Zinc ($US/t)2,5452,51431.001.23-5.88
Tin ($US/t)18,23418,262-28.00-0.15-5.74
Uranium ($US/lb)29.0029.000.000.003.41
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,8535,80053.000.920.68
S&P/ASX 2005,7775,72552.000.910.86
ASX 24 Futures5,769
Australian Market Report

Wednesday 28 November - close. The Australian share market has closed slightly lower, dragged down by losses to the major miners after mixed commodity prices overnight. The benchmark S&P/ASX200 index was down 3.2 points, or 0.06 per cent, at 5725.1 on Wednesday, while the broader All Ordinaries lost 0.05 per cent at 5,800.10. 

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 2.0cps, m.cap A$24m with 1,202.2m SOI, Cash $4.6m, Rare Earths explorer)

  • PM8 have released additional positive assay results from its exploration drilling programme at the Longonjo Project.
  • A further 23 holes of the total 108 hole programme have extended the mineralisation to the north and identified new and deeper zones of NdPr mineralisation extending from surface up to 65 metres in thickness.
  • Substantial widths of high grade niobium mineralisation were also intersected.
  • The thickness of the mineralisation intersected in this previously untested northern area of the project compares favourably with the average twenty metres of thickness in the area of the current Mineral Resource estimate located 800 metres to the south.
  • The new mineralisation intersected in the north is particularly enriched in NdPr, which can comprise around 27% of the total rare earths compared with around 20%  in  the Mineral  Resource estimate area. The mineralisation  is also more enriched in the heavy rare earths and contains some high grade niobium.
  • Drill Hole Highlights include:
    • LRC033: 65 metres at 2.61% REO including 0.71% NdPr from surface to end of hole 
    • LRC027: 44  metres  at  2.56%  REO  including  0.51%  NdPr  from  14 metres 
    • LRC037:    38 metres at 1.97% REO including 0.50% NdPr from surface 
    • LRC025: 40 metres at 2.15% REO including 0.43% NdPr from surface to end of hole 
  • The 2018 drilling programme is now complete and further assay results are expected over coming weeks from an additional 71 drill holes.
  • Executive Director Dave Hammond commented: “These  thick  intersections  from  surface  have  confirmed  widespread  and particularly  NdPr‐rich  mineralisation  in  the  untested  northern  area  of  the project. We are very much looking forward to receiving the results from the remaining 71 holes as the scale of this very promising NdPr deposit begins to unfold.”
  • Please see link to full announcement here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.

AuMake International Ltd (AU8.ASX, 28cps, m.cap A$76m with 271.5m SOI, Cash $10.7m, Consumer Discretionary)

  • AuMake is hosting its inaugural Chinese tourism industry trade show on Saturday 8 December 2018 at Sydney's Shangri-La Grand Ball Room from 10am to 5pm.
  • The tradeshow aims to directly connect 100 leading Australian and New Zealand brands with over 2,000 influential Chinese tourist market and daigou attendees expected at the event. Chinese media will be covering the trade show, with 20 high profile daigou KOLs* livestreaming the event back to their customers in China.
  • Chinese tourist industry attendees include tour groups, tour guides, travel agencies and Free Independent Travellers, with the trade show offering a unique opportunity for Australian and New Zealand suppliers to engage directly with influencers in the Chinese tourism industry.
  • In addition to delivering AuMake revenue and branding benefits, the inaugural trade show consolidates the retailer’s position within the Chinese tourist market and forms a key part of its overall strategic plan to capitalise on this important and growing customer segment.
  • Shareholders and investors are welcome to attend the event by registering here.

Adriatic Metals PLC (ADT.ASX, 68.5cps, m.cap A$103.1m with 150.5m SOI, Cash A$15.5m, Polymetallic Explorer / Developer)

  • ADT has released another set of positive results from its Rupice deposit in Bosnia and Herzegovina
  • BR-25-18 shows the high-grade plunge mineralisation to the south, returning;
    • 46m @ 12.7% Zn, 9.6% Pb, 309 g/t Ag, 4.1 g/t Au, 40% BaSO4 and 1.0% Cu from 218m, including:
    • 22m @ 22.6% Zn, 16.0% Pb, 286 g/t Ag, 5.6 g/t Au, 37% BaSO4 and 1.4% Cu from 230m.
  • Holes currently being drilled in proximity to BR-25-18 suggest further extensions to south east of current area of mineralisation.
  • Adriatic’s Chief Executive Officer, Geraint Harris commented, “BR-25-18 is an exciting hole because it has potential for extending the plunge mineralisation back to the south and into an area where there was no previous drilling. In addition to the Northern plunge, this will be a second focus area for Adriatic to expand the known areas of mineralisation at Rupice.”
  • Drilling continues with 4 rigs in operation
  • Please see link to full announcement here


Have a question? admin@ashanticapital.com.au

ERA Communications