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18 March 2019 07:59 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,84925,710139.000.54-0.13
S&P 5002,8222,80814.000.501.69
FTSE 100 Index7,2287,18543.000.600.12
DAX 3011,68611,58798.000.853.42
CAC 40 Index5,4055,35056.001.044.58
Nikkei 225 (Japan)21,45121,287164.000.770.79
SSE Composite Index3,0222,99131.001.049.71
S&P/TSX Composite Index16,14016,08853.000.331.91
NZ 509,4849,47310.000.112.58
US Volatility (Vix)13
Overseas Market Report

US sharemarkets rose on Friday. Reuters reports China's state run Xinhua news agency as saying that "Washington and Beijing were making substantive progress on trade talks, providing relief after news that a summit to seal a deal between the two sides would not happen at March-end." The Dow Jones index rose by 139 points or 0.5%. The S&P500 index rose 0.5%. And the Nasdaq index rose by almost 58 points or 0.8%. Over the week the Dow rose by 1.6%, the S&P 500 lifted 2.9% and the Nasdaq gained 3.8%.

Global oil prices fell just slightly on Friday. The International Energy Agency said on Friday that the market could show a modest surplus in the first quarter of 2019 before flipping into a deficit in the second quarter by about 0.5 million barrels per day. Investors weighed higher US production, OPEC production cuts, a slower global economy and Chinese economic stimulus. Brent crude fell by US7 cents or 0.1% to US$67.16 a barrel and the US Nymex price fell by US9 cents or 0.2% to US$58.52 a barrel. Over the week Brent rose 2.2% with Nymex up 4.4%.

Base metal prices were generally lower on Friday. Lead lost 2.5% and zinc fell 1.7%. But copper and nickel rose by almost 0.5%. Over the week metals were mixed with zinc, aluminium and copper up by as much as 3.9% while other metals fell by around 1.4%.

The gold futures price rose by US$7.80 an ounce or 0.6% to $1,302.90 an ounce on Friday. The spot gold price was near US$1,301 an ounce in late US trade. Over the week gold rose by US$3.60 or 0.3%. Iron ore fell by US90 cents or 1.0% on Friday to US$86.20 a tonne. Over the week iron ore rose by US$1.35 or 1.6%.

PreviousChangeDaily %
Monthly %
Oil Brent67.2067.
Oil - West Texas crude58.4958.52-0.03-0.055.22
Gold Spot $/OZ1,301.001,302.00-1.80-0.14-1.98
Silver Spot $/OZ15.3015.300.00-0.15-3.42
Iron Ore81.3080.800.500.61-4.94
Thermal Coal Newcastle93.9094.60-0.80-0.79-1.05
Coking Coal FOB ECP AUS0.
Aluminium ($US/t)1,8751,877-3.00-0.132.73
Copper Mar-18 ($US/lb)2.902.891.500.523.75
Lead ($US/t)2,0452,097-52.00-2.49-1.02
Nickel ($US/t)12,84412,79945.000.354.26
Zinc ($US/t)2,8302,880-50.00-1.726.77
Tin ($US/t)21,12021,232-112.00-0.53-0.61
Uranium ($US/lb)27.0028.000.00-0.91-5.05
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,2836,26518.000.281.82
S&P/ASX 2006,1926,17517.000.271.67
ASX 24 Futures6,198
Australian Market Report

Friday 15 March - close. Australian shares have closed the week marginally lower after a seesaw day. The benchmark S&P/ASX200 index was down 4.4 points, or 0.07 per cent, to 6175.2 points at 1615 AEDT on Friday, while the broader All Ordinaries was down 1.7 points, or 0.03 per cent, at 6265.1.

Ashanti Headlines

Alliance Mineral Assets Limited (A40.ASX, 18.5cps, m.cap A$241.5m with 1305.3m SOI, Cash A$13m, Polymetallic Explorer / Developer)

  • Alliance have recommenced resource and exploration drilling at Bald Hill with an initial 350-hole, 60,000m program expected to be completed over the next seven months
  • Drilling will focus on the following key areas:
    • Continuing infill drilling of areas that contain approximately 8.8Mt of Inferred Resources which have potential to add to Bald Hill Mineral Reserves. 90 first priority infill holes have been planned and others will be added as the program progresses. 60 infill drill holes were completed in 2018
    • Extensional drilling of known mineralised pegmatites including the Eastern Extension where significant intercepts were made in 2018 after completion of the current Resource , including:
      • 33m @ 1.33% Li2O from 228m including 20m at 1.78% Li2O;
      • 24m @ 1.51% Li2O from 200m;
      • 29m @ 1.31% Li2O from 174m; and 
      • 28m @ 1.28% Li2O from 179m including 11m @ 1.73% Li2O
    • Exploratory drilling of the western outcropping lithium and tantalum pegmatites (Creekside-Fenceline) and the Northern target area, where an isolated water bore exploration hole intercepted 21m of pegmatite at 1.50% Li2O from 169m, 600m north of the current pit.
  • MD Mark Calderwood commented, "It is great to be embarking again on an exploration drilling program. 80% of the drilling for the first three months will be infill drilling to allow further engineering, leading to potential increases to Reserves and mine life... We also have some exciting extensional and exploration targets for which we will allocate some drilling. Some of the best intercepts from Bald Hill were made at the end of the last program. Only 20% of the 8.8km2 Southern Mineralised Area (SMA) has been drill tested for lithium to date. The SMA itself represents only 1.1% of the entire Bald Hill tenure".
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further.

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