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25 March 2019 07:19 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,50225,963-460.00-1.77-2.26
S&P 5002,8012,855-54.00-1.900.16
NASDAQ7,6437,839-196.00-2.501.17
FTSE 100 Index7,2087,355-148.00-2.010.33
DAX 3011,36411,550-186.00-1.61-1.23
CAC 40 Index5,2705,379-109.00-2.030.73
Nikkei 225 (Japan)21,62721,60918.000.090.46
HKSE29,11329,07242.000.140.53
SSE Composite Index3,1043,1013.000.094.82
S&P/TSX Composite Index16,08916,245-155.00-0.960.20
NZ 509,4769,551-75.00-0.781.41
US Volatility (Vix)16
Overseas Market Report

US sharemarkets fell on Friday on fears of a global slowdown. But President Trump said a trade deal with China "will probably happen". The Dow Jones index lost 460 points or 1.8%. The S&P500 index fell 1.9%. And the Nasdaq index lost 196 points or 2.5%. Over the week the Dow fell by 1.3%, the S&P 500 fell by 0.8% and the Nasdaq lost 0.6%.

Global oil prices fell on Friday with traders worried about the outlook for global crude demand. Traders reacted to weak manufacturing data in Germany and France. But supporting prices was data showing that the number of oil rigs in operation in the US fell to 12-month lows in the latest week. Brent crude fell by US83 cents or 1.2% to US$67.03 a barrel and the US Nymex price fell by US94 cents or 1.6% to US$59.04 a barrel. Over the week Brent fellby 0.2% but Nymex was up by 0.9%.

Base metal prices were generally lower on Friday. Copper lost 1.8% and zinc fell 0.8%. But aluminium and tin rose by around 0.25%. Over the week metals were mixed with copper down 2% and lead down 1.7% but other metals were higher with tin up 1.7%.

The gold futures price rose by US$5.00 an ounce or 0.4% to $1,312.30 an ounce on Friday. The spot gold price was near US$1,313 an ounce in late US trade. Over the week gold rose by US$9.40 or 0.7%. Iron ore rose by US$2.70 or 3.2% on Friday to US$86.20 a tonne. Over the week iron ore rose by US60 cents or 0.7%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.9467.03-0.09-0.133.37
Oil - West Texas crude58.8659.04-0.18-0.306.09
Gold Spot $/OZ1,312.001,314.00-1.20-0.09-1.14
Silver Spot $/OZ15.4015.400.00-0.17-3.05
Iron Ore74.7074.600.100.17-11.45
Thermal Coal Newcastle93.3093.50-0.20-0.21-1.84
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8771,8743.000.17-0.70
Copper Mar-18 ($US/lb)2.852.841.300.44-3.28
Lead ($US/t)2,0102,021-11.00-0.56-2.63
Nickel ($US/t)12,90312,911-8.00-0.06-0.10
Zinc ($US/t)2,8462,870-24.00-0.823.77
Tin ($US/t)21,49021,43258.000.27-0.88
Uranium ($US/lb)26.0026.000.00-0.19-9.09
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2176,281-64.00-1.02-0.75
S&P/ASX 2006,1316,195-64.00-1.04-0.89
ASX 24 Futures6,134
Australian Market Report

Friday 22 March - close. Australian shares have finished the week with a rally led by the big banks and market heavyweight CSL. The benchmark S&P/ASX200 index closed up 28 points, or 0.45 per cent, to 6,195.2 points at 1615 AEDT on Friday, while the broader All Ordinaries was up 27.4 points, or 0.44 per cent, at 6,280.9.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 31.5cps, m.cap A$94.1m with 231.5m SOI, Cash c$29m, Copper Explorer /Developer)

  • MOD has announced a substantial upgrade to the Ore Reserve within the planned, 100% owned, T3 open pit mine.
  • T3 open pit Ore Reserve increased to 34.4Mt at 1.0% Cu and 13.2 g/t Ag
  • Ore Reserve contains 342.7kt (~756mlb) of copper and 14.6 Moz of silver
  • 61% increase in total tonnage compared with the Pre-Feasibility Study
  • 57% increase in contained copper and 107% increase in contained silver
  • Open pit mine design in six stages provides a life of mine (“LOM”) over 11 years
  • Feasibility Study (“FS”) on track for completion at end of March 2019

MOD's MD Julian Hanna commented “The T3 Copper Project is an outstanding project located in Botswana, arguably the best mining and investment jurisdiction in Africa. With this >60% increase in the size of the ore reserve, we have continued to improve on the already strong fundamentals identified within the Pre-Feasibility Study announced in January 2018. 

Since publication of the Pre-Feasibility Study, the Company has focused on developing a better understanding of the geology that underpins the proposed T3 open pit, conducted substantial additional drilling and continued to identify and define further copper mineralisation, improving what was already a robust investment case. The increase in the T3 open pit Ore Reserve is significant for MOD, our supportive shareholders and people in the Ghanzi District. The proposed six stage open pit mine and 3Mtpa conventional processing plant is expected to produce high-margin, high-quality copper concentrates for more than 11 years. This should generate strong returns for investors and provide potential to create increased employment opportunities and generate significant benefits for Botswana and local communities.”

Please see link to full announcement here

Please contract the desk on +61 8 6169 2668 should you wish to discuss further


Have a question? admin@ashanticapital.com.au

ERA Communications