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17 January 2019 07:53 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,20724,066142.000.592.60
S&P 5002,6162,6106.000.222.76
NASDAQ7,0357,02411.000.154.16
FTSE 100 Index6,8636,895-32.00-0.471.32
DAX 3010,93110,89239.000.361.48
CAC 40 Index4,8114,78625.000.510.23
Nikkei 225 (Japan)20,44320,555-113.00-0.55-4.95
HKSE26,90226,83072.000.273.12
SSE Composite Index2,5702,5700.000.00-1.06
S&P/TSX Composite Index15,11115,04665.000.435.21
NZ 509,0779,02750.000.553.79
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were firmer on Wednesday underpinned by a positive reaction to bank earnings results. Shares in Goldman Sachs rose 9.5% and Bank of America rose 7.2% after issuing better-than expected results. The Dow Jones index closed higher by 141 points or 0.6%, after being up 223 points in afternoon trade. The S&P 500index was up by 0.2%. The Nasdaq index was higher by 11 points or 0.2%.

Global oil prices rose again on Wednesday after gains of near 3% in the previous session. US crude inventories fell by 2.7 million barrels (mb) in the past week while gasoline stocks rose by 7.5mband distillate stocks rose by 3mb. US crude production rose to a record high of 11.9mb in the past week. Brent crude rose by US68cents or 1.1% to US$61.32 a barrel and the US Nymex price rose by US20 cents or 0.4% to US$52.31 a barrel.

Base metal prices were mixed on the London Metal Exchange. Zinc rose by 1.7% and aluminium rose 1.0% but nickel fell 0.8% and tin fell 0.5%.

The gold futures price rose by US$5.40 an ounce or 0.4% to $1,293.80 an ounce. The spot gold price was trading near US$1,293 an ounce in late US trade. Iron ore rose by US60 cents or 0.8% to US$75.20 a tonne

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.3260.640.681.121.73
Oil - West Texas crude52.2652.31-0.05-0.104.77
Gold Spot $/OZ1,293.001,294.00-0.30-0.033.80
Silver Spot $/OZ15.6015.600.000.046.37
Iron Ore72.8072.800.000.007.95
Thermal Coal Newcastle99.7098.701.001.01-2.54
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8401,82119.001.04-3.56
Copper Mar-18 ($US/lb)2.672.67-0.40-0.13-3.01
Lead ($US/t)1,9561,9525.000.230.77
Nickel ($US/t)11,56411,661-98.00-0.845.03
Zinc ($US/t)2,4982,45742.001.69-2.74
Tin ($US/t)20,65520,760-105.00-0.516.64
Uranium ($US/lb)29.0029.000.000.000.70
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9135,89419.000.333.15
S&P/ASX 2005,8545,83519.000.323.46
ASX 24 Futures5,793
Australian Market Report

Wednesday 16 January - close. Australian shares have largely avoided fresh Brexit vote drama to close the day higher, though mining shares weighed on the local market. The benchmark S&P/ASX200 index was up 20.6 points, or 0.35 per cent, to 5,835.2 at 1615 AEDT on Wednesday, with the gains for the financial sector offset by falls in the large mining stocks. The broader All Ordinaries was 21.9 points, or 0.37 per cent, higher at 5,893.7.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 1.8cps, m.cap A$21.6m with 1,202.2m SOI, Cash $4.6m, Rare Earths explorer)

  • PM8 has  reported  more  excellent  drill results  from  the  final batch of  results of its 108 hole drill programme at the Longonjo NdPr Project in Angola.
  • All  new  intersections  lie  outside  of  the  current  Mineral  Resource  area  and extend the NdPr mineralisation to the south, east and west. The  high  grade  mineralisation  starts  at  surface  and  remains  open  in  the southern area. 
  • Highlights include: 
    • LRC089: 50 metres at 5.63% REO including 1.00% NdPr from surface to end of hole 
    • LRC068: 33 metres at 5.42% REO including 0.88% NdPr from surface 
    • LRC094: 10 metres at 8.50% REO including 1.50% NdPr from 38 metres 
    • LRC071: 26 metres at 2.57% REO including 0.92% NdPr from 22 metres and 15 metres at 2.88% REO including 1.03% NdPr from 60 metres to end of hole 
  • The  new  intersections  also  identify  a  new  thick  zone  of  particularly  NdPr–enriched  mineralisation  (LRC071,  where  NdPr  makes  up  36%  of  total  rare earths) on the western margin of the carbonatite 1,200 metres from the limit of the current Mineral Resource estimate. 
  • The Company has now received all results from the 2018 drilling programme and  has  appointed  SRK  Consulting  (Perth)  to  complete  a  revised  Mineral Resource estimate, which is scheduled for completion in February 2019. 
  • Executive Director Dave Hammond commented "These  high  grade  NdPr  intersections  are  some  of  the  thickest  and  highest grade  received  to date. They occur over substantial widths  from surface and will extend the high grade mineralisation in a number of directions. SRK has already started on an upgraded Mineral Resource estimate which we look forward to reporting next month.”
  • A link to the full announcement can be found here
  • Please contact the desk or your advisor on +61 8 6169 2668 should you wish to discuss further

The following plans and sections illustrate the location of the new results with respect to the current Mineral Resource area. 


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