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10 December 2018 07:42 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,38924,948-559.00-2.24-6.16
S&P 5002,6332,696-63.00-2.33-5.32
NASDAQ6,9697,188-219.00-3.05-5.91
FTSE 100 Index6,7786,70474.001.10-4.61
DAX 3010,78810,811-23.00-0.21-6.43
CAC 40 Index4,8134,78033.000.68-5.75
Nikkei 225 (Japan)21,67921,502177.000.82-2.57
HKSE26,06426,156-93.00-0.351.80
SSE Composite Index2,6062,6051.000.030.27
S&P/TSX Composite Index14,79514,937-142.00-0.95-3.14
NZ 508,7108,767-57.00-0.65-2.47
US Volatility (Vix)23
Overseas Market Report

US sharemarkets rebounded spectacularly on suggestions that the Federal Reserve was mulling a more cautious approach on rates. At the close the Dow Jones was down by 79 points or 0.3% after being down 785 points earlier in the session. The S&P500 index was lower by 0.2% and the Nasdaq index was up by 30 points or 0.4%.

Global oil prices fell on Thursday. OPEC oil ministers haven't yet secured a deal on output cuts. Reuters quoted a OPEC delegate assaying that said the organisation had agreed on a tentative deal to cut oil output but had not come up with a final figure. OPEC ministers meet with Russia on Friday. Market expectations centre on a deal to cut output by around 1.5 million barrels per day. Brent crude fell by US$1.50 or 2.4% to US$60.06 a barrel and the US Nymex price fell by US$1.40 or 2.6% to US$51.49 a barrel.

Base metal prices were lower by up to 3.4% on the London Metal Exchange on Thursday with nickel down the most. But lead rose by 0.1%.

The gold futures price rose by US$1.00 an ounce or 0.1% to $1,243.60 an ounce. The spot gold price was trading near US$1,238 an ounce in late US trade. Iron ore fell by US$1.45 or 2.1% to US$66.10 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.7861.670.110.18-11.97
Oil - West Texas crude52.4652.61-0.15-0.29-12.84
Gold Spot $/OZ1,249.001,248.000.800.063.25
Silver Spot $/OZ14.6014.600.000.053.30
Iron Ore64.7065.00-0.30-0.42-13.57
Thermal Coal Newcastle102.60102.500.000.00-2.75
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9511,93714.000.71-1.04
Copper Mar-18 ($US/lb)2.762.761.700.620.11
Lead ($US/t)1,9831,97012.000.624.10
Nickel ($US/t)10,84610,78065.000.60-7.65
Zinc ($US/t)2,6812,707-26.00-0.967.13
Tin ($US/t)19,01618,96056.000.30-0.37
Uranium ($US/lb)29.0029.000.000.00-0.17
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,6855,758-72.00-1.26-5.42
S&P/ASX 2005,6095,681-72.00-1.28-5.28
ASX 24 Futures5,607
Australian Market Report

Friday 07 December - close. The Australian share market has closed higher due to strong gains from supermarket and health care stocks, offsetting losses to the commodity-related sectors as investors moved away from volatile shares. The benchmark S&P/ASX200 index was up 23.8 points, or 0.42 per cent, at 5681.5 on Friday, while the broader All Ordinaries rose 0.37 per cent, as the bourse shrugged off a choppy Wall Street session and subdued oil prices. 

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 32cps, m.cap A$79.5m with 248.6m SOI, Cash $12.8m, Copper Explorer /Developer)

  • MOD has reported further encouraging results from widely spaced drilling at T23 Dome which is the first new target drilled within the regional scale T20 Exploration Project.
  • The third drill hole at T23 Dome (MO-T23-003D) has intersected zones of visible, finely disseminated copper sulphides within a wide interval from approximately 85m to 385m down hole depth (Figure 4). This type of mineralisation was also intersected in the first two holes at T23 Dome, announced on 21 November 2018. In addition, MO-T23-003D intersected a strongly mineralised vein at 268.1m down hole depth, confirming the potential for high grade vein hosted mineralisation similar to other copper discoveries in the Kalahari Copper Belt.
  • As demonstrated in the T3 region 100km to the east, electromagnetic (EM) data of T23 Dome suggests the Kalahari host sequence may occur within a number of well-defined domes and folds at shallow depth, below the entire 390km2 of the EM survey area interpreted to date. A substantial drilling campaign is planned for early 2019 to target some of the most compelling domes and structural targets in the T23 Dome area.
  • Drilling is to focus on the prospective NPF contact below domes along regional structures
  • MOD's MD Julian Hanna commented “While we are still at an early stage of exploring the T23 Dome, we are very encouraged by the first drilling results. Having confirmed the prospectivity of this area, our exploration team can now start testing the potential for high-grade mineralisation within specific structures defined by the EM.. MOD’s discovery in March 2016 which is now the T3 Copper Project, followed by recent successes at the A4 and A1 Domes, and now the T23 Dome, suggests the Central Structural Corridor, which links all these occurrences, may represent one of the largest, most under-explored district scale targets for sediment hosted copper.”
  • Please see attached link to full announcement here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.


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ERA Communications