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22 January 2019 06:50 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average24,70624,370336.001.3810.07
S&P 5002,6712,63635.001.3210.51
FTSE 100 Index6,9716,9682.000.033.71
DAX 3011,13611,206-69.00-0.624.72
CAC 40 Index4,8684,876-8.00-0.173.69
Nikkei 225 (Japan)20,71920,66653.000.262.74
SSE Composite Index2,6112,59615.000.563.75
S&P/TSX Composite Index15,35415,30450.000.3310.18
NZ 509,1389,149-10.00-0.115.21
US Volatility (Vix)18
Overseas Market Report

US sharemarkets were closed for Martin Luther King Jr. holiday. On Friday the Dow Jones index was higher by 336 points or 1.4%. The S&P500 index was up by 1.3%. The Nasdaq index was higher by 73 points or 1.0%. Over the week the Dow Jones rose by 3%, the S&P 500 rose by 2.9% and the Nasdaq rose by 2.7%.

Global oil prices were little changed on Monday. Investors dissected the latest Chinese economic data. Chinese crude oil refinery throughput in 2018 climbed to a record 12.1 million barrels per day, up 6.8% from the previous year. Brent crude rose by US12cents or 0.2% to US$62.82 a barrel and the US Nymex price rose by US10 cents or 0.2% to US$53.90 a barrel.

Base metal prices were mixed on the London Metal Exchange. Lead, zinc and tin rose by up to 0.9% while other metals fell by up to1.3% with copper down the most.

The spot gold price was trading near US$1,280 an ounce in late US trade, little changed from Friday. Over the week gold fell by US$6.90 or 0.5%. Iron ore was unchanged at US$75.95 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent62.8362.700.130.2116.74
Oil - West Texas crude53.8052.071.733.3216.35
Gold Spot $/OZ1,280.001,
Silver Spot $/OZ15.3015.300.000.004.37
Iron Ore72.9072.700.100.163.42
Thermal Coal Newcastle99.4099.80-0.40-0.40-2.31
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,8481,862-15.00-0.78-3.16
Copper Mar-18 ($US/lb)2.682.72-4.30-1.60-0.11
Lead ($US/t)2,0071,98918.000.922.37
Nickel ($US/t)11,73611,772-36.00-0.308.71
Zinc ($US/t)2,5962,5906.000.231.68
Tin ($US/t)20,78520,73550.000.247.28
Uranium ($US/lb)29.0029.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,9545,94112.000.217.60
S&P/ASX 2005,8905,88011.000.187.73
ASX 24 Futures5,827
Australian Market Report

Monday 21 January - close. Australian shares gained for the fifth straight day, as optimism of a resolution to trade tensions between the US and China offset data showing the Chinese economy grew at its weakest pace for 10 years. The benchmark S&P/ASX 200 Index climbed 10 points, or 0.2 per cent, to 5890, while the All Ordinaries advanced 12 points, or 0.2 per cent, to 5953.

Ashanti Headlines

MOD Resources Limited - Successful $15 million Capital Raise and Response to Media Speculation

  • MOD Resources Ltd has announced that it has received firm commitments to raise $10 million at $0.30/sh (36% premium to last close) through an institutional share Placement with an additional $5 million fully underwritten Rights Issue at $0.24/sh to be offered to existing shareholders.
  • Funds are intended for working capital to advance the T3 Copper Project towards production and defining additional resources within the surrounding T3 Expansion Project area
  • The Company also confirmed media speculation surrounding the receipt of an unsolicited, non-binding, indicative and conditional proposal by ASX listed Sandfire Resources NL (ASX.SFR). The proposal is to acquire 100% of MOD shares via an all scrip transaction equivalent to $0.38 per MOD share. The Board believes this proposal undervalues MOD's unique and extensive assets.
  • The Company continues to progress the T3 Feasibility Study to reach a decision to mine in the first half of 2019. The Company has also advanced discussions with a number of parties which has provided the Board with confidence in the availability of a range of funding options to progress the T3 Copper Project into production.
  • MOD’s Managing Director, Julian Hanna, commented “Funding from this capital raise will enable the Company to progress the T3 Copper Project towards a development decision and conduct further drilling for additional resources. The unsolicited, indicative proposal for 100% of the Company received from Sandfire confirms the potential of the T3 Copper Project, however the Board considers it significantly undervalues the assets of the Company. With strong ongoing support of our shareholders through a placement and a fully underwritten rights issue, we believe that the Company will have sufficient working capital to achieve our objectives.”
  • Ashanti Capital acted as lead manager and underwriter of the capital raising.
  • A link to the full announcement can be found here
  • Please contact your adviser on +61 8 6169 2668 should you wish to discuss further.

Invictus Energy Limited: (IVZ.ASX, 4.5 cps, m.cap A$16.5m with 365.7m SOI, Cash ~$3.1m, O&G Explorer) 

  • IVZ has released its quarterly activities report this morning: Highlights during the Dec Qtr 18 below:
    • Maiden Prospective Resource Estimate of 3.9 Tcf + 181 mmbbls of gas + condensate (gross mean unrisked)
    • Giant scale field potential confirmed by Netherland Sewell and Associates 
    • Largest undrilled structure onshore Africa
    • Additional prospectivity to be quantified post seismic reprocessing
    • Initial seismic reprocessing results extremely encouraging – improved subsurface imaging and data quality
    • Expected to be completed around end Q1 and to identify a number of play types which will enhance     the acreage attractiveness
    • Updated Prospective Resource estimate once seismic interpretation completed
    • Farm out process post CPR (significant industry interest ahead this already)
    • Well funded - cash at 31 Dec AUD$3.1M
  • A link to the full announcement can be found here

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