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29 January 2019 07:10 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,52824,737-209.00-0.846.36
S&P 5002,6442,665-21.00-0.786.36
NASDAQ7,0867,165-79.00-1.117.61
FTSE 100 Index6,7476,809-62.00-0.910.19
DAX 3011,21011,282-71.00-0.636.17
CAC 40 Index4,8894,926-37.00-0.764.48
Nikkei 225 (Japan)20,64920,774-125.00-0.603.17
HKSE27,57727,5698.000.038.13
SSE Composite Index2,5972,602-5.00-0.184.13
S&P/TSX Composite Index15,37915,36613.000.088.13
NZ 509,1029,115-13.00-0.143.63
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were weaker following weaker profits and profit warnings from Caterpillar and chipmaker, Nvidia. Shares in Caterpillar fell by 9.1% with Nvidia down 13.8%. Nvidia cut its fourth quarter revenue estimate by half a billion dollars on weak demand for gaming chips in China. The energy sector fell in response to a lower oil price. At the close of trade the Dow Jones index was down by 209 points or 0.8% after rising 184 points on Friday. The S&P500 index fell by 0.8%. And the Nasdaq index lost 79 points or 1.1%.

Global oil prices fell by around 3.0% on Monday after gains of around 1% on Friday. Investors fretted about the potential for increased crude supply after a report showed that the number of oilrigs in operation in the US rose by 10 to 862 last week. There was also some profit-taking with oil headed for the strongest monthly gain in two years. Brent crude fell by US$1.71 or 2.8% to US$59.93a barrel and the US Nymex price fell by US$1.70 or 3.2% toUS$51.99 a barrel.

Base metal prices fell on the London Metal Exchange on Monday. Aluminium fell the most, down 2.9%. But tin only lost 0.1% and zinc rose 0.3%. On Friday, metals rose 1.3-2.4% but tin fell 1.4%.

The gold futures price rose by US$5.00 an ounce or 0.4% to $1,303.10 an ounce. The spot gold price was near US$1,304 an ounce in late US trade. Iron ore rose by US$3.30 or 4.4% to US$78.70 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.9361.64-1.71-2.7714.81
Oil - West Texas crude52.1451.990.150.2915.02
Gold Spot $/OZ1,303.001,303.000.100.011.75
Silver Spot $/OZ15.8015.700.000.062.41
Iron Ore72.7072.100.600.834.63
Thermal Coal Newcastle99.5099.500.000.00-2.40
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8461,902-56.00-2.94-0.55
Copper Mar-18 ($US/lb)2.682.680.100.060.00
Lead ($US/t)2,0662,106-40.00-1.880.68
Nickel ($US/t)11,76111,907-146.00-1.2310.46
Zinc ($US/t)2,6902,6827.000.267.88
Tin ($US/t)20,78520,815-30.00-0.146.45
Uranium ($US/lb)29.0029.000.000.001.22
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9565,971-15.00-0.254.20
S&P/ASX 2005,8885,906-18.00-0.314.12
ASX 24 Futures5,838
Australian Market Report

Monday 28 January - Local market closed due to Australia Day Holiday

Ashanti Headlines

MOD.ASX - December Quarterly Activities Report

  • MOD has made substantial progress on its T3 Copper Project during the December Quarter and remains on track to complete the Feasibility Study by the end of Q119. Highlights include:
  • Submission a draft T3 Environmental and Social Impact Assessment to the Department of Environmental Affairs
  • Completed metallurgical and engineering test work programs required for the design of the process plant. Results identified opportunities to reduce operating costs through lower power consumption and lower reagent requirements.
  • Exploration continued across selected priority drill targets, returning good grades and widths of copper mineralisation notably at the A4 Dome, only 8 kilometres from the T3 Copper Project. Initial drilling at the T23 Exploration Project area, 100 kilometres west of the T3 Copper Project was also successful in intersecting disseminated copper mineralisation at shallow depth, to be followed up during 2019. 
  • 18 key prospecting licences extended for additional two years
  • MOD commenced trading on the London Stock Exchange
  • Subsequent to the end of the quarter, the Company announced a capital raising of $15 million through a combination of a share placement and a rights issue. The Company also received an unsolicited, non-binding, indicative, conditional proposal from Sandfire Resources NL (ASX: SFR) equivalent to $0.38 per share for 100% of MOD shares, which the Board believes undervalues MOD’s assets.
  • MOD’s Managing Director, Julian Hanna commented, “2018 was a transformational year for the Company. More specifically during the fourth quarter MOD took significant steps towards achieving its goal of becoming a copper developer within a highly prospective, emerging copper district. An important part of this process was completion of the acquisition of the remaining 30% of the T3 Copper Project as well as the extension of 18 key exploration licences for an additional two years. These accomplishments provide MOD with funding flexibility and security of tenure while demonstrating commitment to both the Project and to the Ghanzi District... Subsequent to a busy 2018, MOD now has sufficient funding and significantly improved access to international debt and equity to take the 100% MOD owned T3 Copper Project towards development and production. MOD’s focus has not changed. The Company remains on schedule to provide an ore reserve update and complete the T3 Copper Project Feasibility Study by the end of the first quarter, followed by a decision to mine targeted during the first half of 2019.”
  • Please follow link to full announcement here
  • Please contact the desk or your adviser on +61 8 6169 2668 should you wish to discuss further


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ERA Communications