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03 December 2018 07:55 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,53825,339200.000.791.06
S&P 5002,7602,73822.000.821.36
FTSE 100 Index6,9807,039-59.00-0.83-1.61
DAX 3011,25711,298-41.00-0.36-2.27
CAC 40 Index5,0045,006-2.00-0.05-1.92
Nikkei 225 (Japan)22,35122,26388.000.400.48
SSE Composite Index2,5882,56721.000.81-3.30
S&P/TSX Composite Index15,19815,1944.000.020.52
NZ 508,8838,82460.000.680.54
US Volatility (Vix)18
Overseas Market Report

US sharemarkets ended firmer on Friday. Investors awaited the result of US-China trade talks. The energy sector eased but airlines rose in response to weaker oil prices. Shares in General Electric fell 5.5% on reports of a federal investigation. The Dow Jones rose by almost 200 points or 0.8%. The S&P500 index rose by 0.8% and the Nasdaq index gained 57.5 points or 0.8%. Over the week the Dow rose 5.1%, S&P 500 rose by 4.8% and the Nasdaq rose 5.6%- the biggest weekly gain in over seven years. Over the month the Dow rose 1.7%, S&P 500 rose 1.8% and Nasdaq gained 0.3%.

Global oil prices fell by over 1% on Friday, largely reversing Thursday's gains. Brent crude fell by US80 cents or 1.3% to US$58.71 a barrel and the US Nymex price fell by US52 cents or1.0% to US$50.93 a barrel. Over the week Brent lost 0.2% and Nymex rose 1.0%.

Base metal prices were firmer by up to 3.4% on the London Metal Exchange on Friday with zinc up the most but tin lost 0.7% and copper lost 0.3%. Over the week metals were mixed with nickel up 2.6% and tin lost 2.2%.

The gold futures price fell by US$4.40 an ounce or 0.4% to $1,226 an ounce. The spot gold price was trading near US$1,222an ounce in late US trade. Over the week gold rose by US$2.80 or0.2%. Iron ore fell by US20 cents or 0.3% to US$65.45 a tonne. Over the week iron ore fell by US$3.45 or 5%.

PreviousChangeDaily %
Monthly %
Oil Brent60.7659.461.302.19-16.57
Oil - West Texas crude52.2550.931.322.59-17.25
Gold Spot $/OZ1,222.001,
Silver Spot $/OZ14.2014.200.100.44-3.41
Iron Ore65.0065.10-0.10-0.21-12.76
Thermal Coal Newcastle102.90101.201.701.63-2.19
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,9571,93721.001.061.16
Copper Mar-18 ($US/lb)2.852.856.902.501.43
Lead ($US/t)1,9601,91842.002.193.10
Nickel ($US/t)11,13610,984152.001.38-2.54
Zinc ($US/t)2,6552,56887.003.394.05
Tin ($US/t)18,39818,524-126.00-0.68-3.87
Uranium ($US/lb)29.0029.000.000.352.85
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,8345,74984.001.47-1.72
S&P/ASX 2005,7505,66783.001.47-1.69
ASX 24 Futures5,744
Australian Market Report

Friday 30 November - close. The Australian share market suffered significant losses across the board, with consumer and banking stocks weighing the heaviest as world leaders descend on Argentina for critical trade discussions at the G20 summit. The benchmark S&P/ASX200 index was down 91.2 points, or 1.58 per cent, at 5667.2 on Friday, while the broader All Ordinaries lost 1.48 per cent at 5749.30.

Ashanti Headlines

Invictus Energy Limited: (IVZ.ASX, 4.0 cps, m.cap A$14.6m with 365.7m SOI, Cash ~$3.8m, O&G Explorer) 

  • After reaching recent highs of 7.3c on the 5th of November post the release of their maiden prospective resource (3.9 Tcf and 181 million barrels of conventional gas / condensate (gross mean unrisked)), IVZ has pulled back to around 4.0c which in our opinion is a function of general market weakness and a sharp decline in the oil price and now represents attractive buying at these levels.
  • The world class potential of the Mzarabani Prospect has now been confirmed through an Independent Report by Netherland, Sewell and Associates, Inc. (NSAI). The size of the primary Upper Angwa target alone in Mzarabani Prospect places IVZ in Giant scale field potential with further scope for additional upside. As noted in the recent AGM Address by MD Scott Macmillan, link here "I must point out that this estimate excludes the additional potential in the horizons above and below the Upper Angwa and the additional plays and leads we have identified in our acreage". 

  • Invictus attended Africa Oil Week in Cape Town last month where feedback was extremely positive from majors/potential farm-out partners with a number requesting additional data at present. 

  • Additional mapping of horizons and prospects as well as seismic reprocessing and interpretation (early 19’) will only lead to an increase in the prospective resource numbers and general interest from farm out partners 

  • Regardless, a prospect of this size will demand the interest from potential suitors. The noise surrounding a transaction will act as a major catalyst for the stock and if a farm-out is to transpire, it will be well north of the current $14.6m MC. 

  • Please contact your advisor on +61 8 6169 2668 should you wish to discuss further.

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ERA Communications