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29 April 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,54326,46281.000.312.37
S&P 5002,9402,92614.000.473.72
NASDAQ8,1468,11928.000.345.40
FTSE 100 Index7,4287,434-6.00-0.082.05
DAX 3012,315033.000.276.85
CAC 40 Index5,5695,55812.000.214.09
Nikkei 225 (Japan)22,25922,308-49.00-0.224.97
HKSE29,60529,55055.000.191.91
SSE Composite Index3,0863,124-37.00-1.20-0.14
S&P/TSX Composite Index16,61316,57637.000.233.18
NZ 5010,0079,99513.000.131.65
US Volatility (Vix)13
Overseas Market Report

US sharemarkets rose on Friday. The solid economic growth result boosted interest in stocks together with earnings results. Shares in Ford rose 10.7% and Amazon gained 2.5%. On the negative side, Intel fell 9% and Exxon Mobil fell by 2%. Shares in Walt Disney rose 2% on strong box office figures for 'Avengers: Endgame'. The Dow Jones rose by 81 points or 0.3%. The S&P500 index lifted by 0.5% to record highs. And the Nasdaq index gained almost 28 points or 0.3% to record highs. Over the week the Dow lost 0.1% but the S&P 500 rose by 1.2% and the Nasdaq rose by 1.9%.

Global oil prices fell by around 3% on Friday to 3-week lows. Investors booked profits after US President Trump again put pressure on OPEC nations to lower the oil price. But supporting prices was data showing that the number of oil rigs in operation in the US fell by 20 to 805 in the past week. The Brent crude fell by US$2.20 or 3.0% to US$72.15 a barrel and US Nymex fell byUS$1.91 or 2.9% to US$63.30 a barrel. Over the week Brent rose by 0.3% but Nymex fell by 1.1%.

Base metal prices were firmer on Friday, lifting up to 1.1% with lead up the most. The exception was aluminium, down 1.1%. Over the week metals fell by between 1.0-1.9%, except lead (+1%) and zinc (+0.7%).

The gold futures price rose by US$8.70 an ounce or 0.7% to $1,288.40 an ounce. The spot gold price was near US$1,286 an ounce in late US trade. Over the week gold rose by US$16.40 or1.3%. Iron ore rose by US20 cents or 0.2% to US$92.80 a tonne. Over the week iron ore rose by US$1.00 or 1.1%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent71.7072.15-0.45-0.624.84
Oil - West Texas crude62.8963.30-0.41-0.654.57
Gold Spot $/OZ1,286.001,286.000.000.00-0.47
Silver Spot $/OZ15.1015.100.00-0.13-0.37
Iron Ore87.2087.40-0.30-0.297.22
Thermal Coal Newcastle87.0087.90-0.90-1.02-6.65
APAC Hard Coking Coal FOB202.00200.002.001.002.02
Aluminium ($US/t)1,8231,843-20.00-1.09-2.23
Copper Mar-18 ($US/lb)2.892.890.300.09-1.60
Lead ($US/t)1,9391,91722.001.13-1.66
Nickel ($US/t)12,35412,252102.000.83-4.93
Zinc ($US/t)2,8882,86523.000.79-1.11
Tin ($US/t)20,03519,913122.000.61-6.14
Uranium ($US/lb)25.0025.000.00-0.39-1.36
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,4736,4713.000.043.38
S&P/ASX 2006,3866,3824.000.053.32
ASX 24 Futures6,366
Australian Market Report

Friday 26 April - close. The Australian share market has been sapped of its recent bullishness during a thin day of trade, but the local bourse shook off a subdued resources sector to remain at a near 11-year high. The benchmark S&P/ASX200 index had been as much as 0.3 per cent lower early on, but finished up 3.5 points, or 0.05 per cent, at 6385.6 points at 1615 AEST on Friday. The broader All Ordinaries was just 2.6 points, or 0.04 per cent, higher at 6473.2. 

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 35cps, m.cap A$106.3m with 303.7m SOI, Cash c$14m, Copper Explorer /Developer)

  • MOD has announced encouraging results from the ongoing resource infill program within the planned T3 Copper Project open pit.
  • Significant recent infill results include:
    • MO-G-199D with 21m at 1.5% Cu, 30g/t Ag from 118m,
      • including 10m at 2.0% Cu, 44g/t Ag from 118m
    • MO-G-200D with 26m at 1.8% Cu, 25g/t Ag from 119m
      • including 6.4m at 4.6% Cu, 75g/t from 120.6m
    • MO-G-201D with 16.5m at 1.8% Cu, 18g/t Ag from 83.5m
    • MO-G-202D with 60m at 1.0% Cu, 13g/t Ag from 78m
    • MO-G-203D with 11.4m at 2.1% Cu, 16g/t Ag from 74.6m
    • MO-G-204D with 41.9m at 1.4% Cu, 25g/t Ag from 82m
      • including 4.4m at 2.6% Cu, 141g/t Ag from 87m
    • MO-G-212D with 16m at 1.9% Cu, 26g/t Ag from 117m
    • MO-G-217D with 20.5m at 2.2%, 44g/t Ag Cu from 105.5m
  • Upon completion, results of the T3 infill program will be incorporated into an updated resource model during the third quarter of 2019, when the Company expects to upgrade a significant proportion of production within the first two stages of the open pit into the higher confidence JORC compliant Measured Resource category. This may result in upgrading part of the current Probable Ore Reserve to the Proved Ore Reserve category.
  • MD Julian Hanna commented, “This second batch of drill holes from the T3 infill drilling program continue to deliver impressive results. Again, as expected, the infill drill program has successfully intersected wide, high-grade vein-hosted mineralisation whilst providing more clarity around the up-dip extent of mineralisation within the planned Stage 1 and 2 pit shells. As the end of the infill drilling program approaches, our understanding and confidence in the orebody continues to strengthen and we expect that we will be in a position to upgrade part of the first few years of production into the higher confidence JORC compliant Measured Resource category.”


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ERA Communications