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07 May 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,43826,505-66.00-0.250.05
S&P 5002,9322,946-13.00-0.451.37
NASDAQ8,1238,164-41.00-0.502.33
FTSE 100 Index7,3817,35129.000.40-0.89
DAX 3012,2870-126.00-1.012.31
CAC 40 Index5,4845,549-65.00-1.180.13
Nikkei 225 (Japan)22,25922,308-49.00-0.224.97
HKSE29,21030,082-872.00-2.90-2.43
SSE Composite Index2,9063,078-172.00-5.58-10.48
S&P/TSX Composite Index16,49316,494-1.00-0.010.59
NZ 509,9889,96127.000.271.33
US Volatility (Vix)15
Overseas Market Report

US sharemarkets slumped at the start of trade. Investors were concerned after President Trump tweeted that tariffs on a raft of Chinese goods would increase on Friday as the trade negotiations were proceeding too slowly. But late in the session shares rebounded on a media alert indicating that the Chinese trade delegation would still visit the US this week. After being down 471 points, the Dow Jones ended lower by 66 points or 0.3%. The S&P500 index lost 0.5%. And the Nasdaq index fell by 41 points or 0.5%.

Global oil prices rose slightly on Monday. Tensions between the US and Iran offset trade tensions between the US and China. Reuters reported that "The US is deploying a carrier strike group and a bomber task force to the Middle East to send a clear message to Iran that any attack on US interests or its allies will be met with "unrelenting force," US national security adviser John Bolton said on Sunday." The Brent crude price rose by US39 cents or 0.6% to US$71.24 a barrel. And the US Nymex rose by US31 cents or 0.5% to US$62.25 a barrel.

The London Metal Exchange was closed on Monday for a bank holiday in the UK. Last week metals were lower with tin down the most (down 3.1%) and zinc down the least (down 0.6%).

The gold futures price rose by US$2.50 an ounce or 0.2% to $1,283.80 an ounce. The spot gold price was near US$1,280 an ounce in late US trade. Iron ore fell by US$1.55 or 1.6% toUS$93.10 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent71.2470.850.390.551.28
Oil - West Texas crude62.1462.25-0.11-0.18-1.49
Gold Spot $/OZ1,282.001,281.000.500.04-0.79
Silver Spot $/OZ14.9014.900.000.01-1.37
Iron Ore88.0087.700.300.357.23
Thermal Coal Newcastle87.0087.60-0.60-0.7410.27
APAC Hard Coking Coal FOB202.00198.503.501.765.76
Aluminium ($US/t)1,7701,796-27.00-1.50-5.45
Copper Mar-18 ($US/lb)2.832.84-0.30-0.09-2.07
Lead ($US/t)1,8871,86225.001.36-5.21
Nickel ($US/t)12,13612,07562.000.51-8.36
Zinc ($US/t)2,8712,81655.001.95-4.30
Tin ($US/t)19,42019,36258.000.30-8.89
Uranium ($US/lb)25.0025.000.00-0.20-2.91
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3706,427-57.00-0.890.78
S&P/ASX 2006,2846,336-52.00-0.821.66
ASX 24 Futures6,275
Australian Market Report

Monday 6 May - close. Two tweets by Donald Trump have tanked the local bourse - along with markets around the globe - as investors worried the US-China trade war might not be so close to resolution after all. The benchmark S&P/ASX200 index closed down 52.1 points, or 0.82 per cent, to 6,283.7 points at 1615 AEST on Monday, while the broader All Ordinaries was down 57.3 points, or 0.89 per cent, to 6,369.9.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 78.5cps, m.cap A$118.1m with 150.5m SOI, Cash cA$14.6m, Polymetallic Explorer / Developer)

  • ADT has announced it has received assay results from six drill holes from the programme at Rupice.
  • Highlights:
    • Hole BR-01-19 and BR-04-19 drilled to test the down-plunge continuation of the high-grade mineralisation into the northern extension of the new Concession returned:
      • 30m @ 9.7% Zn, 5.2% Pb, 265g/t Ag, 4.6g/t Au, 0.4% Cu, and 43% BaSO4 from 246m (BR-04-19), and
      • 16m @ 13.7% Zn, 10.0% Pb, 241g/t Ag, 1.6g/t Au, 1.0% Cu, and 52% BaSO4 from 240m (BR-01-19).
    • Hole BR-02-19 and BR-03-19 drilled to test the southern extension of high-grade mineralisation to the south in an area previously untested, returned:
      • 24m @ 2.3% Zn, 1.9% Pb, 158g/t Ag, 1.0g/t Au, 0.4% Cu, and 35% BaSO4 from 236m (BR-03-19), and
      • 12m @ 2.2% Zn, 3.7% Pb, 294g/t Ag, 3.0g/t Au, 0.3% Cu, and 40% BaSO4 from 230m (BR-02-19),
    • Drilling continues to the north and south.
    • Adriatic’s Executive Director, Paul Cronin commented: “These drill hole results released today demonstrate that the high-grade mineralisation drilled up to the old Concession boundary in 2018 continues north into the new Concession area returning exceptional grade, continuity and thickness of the mineralisation. The drilling has extended mineralisation some 45m from BR-17-18 our most northern hole of the 2018 drill campaign, and drilling continues in the northern plunge zone some 65m into the new Concession area. At Rupice South our drilling continues to return high-grade intersections that extend our mineralisation a further 45m into areas previously untested. The focus of our drilling this year has been to complete holes up-dip and down-dip on each northerly step-out, to provide a more robust contextual understanding of the deposit. At Rupice we will continue drilling both north and south before declaring a Maiden Resource Estimate whilst metallurgical, geotechnical and hydrogeological studies currently underway will feed into a Scoping Study and ultimately a Feasibility Study. Our geo-physical survey is also underway, and will assist in identification of more specific drill targets at Jurasevic-Brestic and Borovica
    • Please see link to full announcement here
    • Please contact your adviser or the desk on +61 8 6169 2668 should you wish to discuss further.

Invictus Energy Limited: (IVZ.ASX, 3.8 cps, m.cap A$13.9m with 365.7m SOI, Cash ~$3.1m, O&G Explorer) 

  • IVZ has announced it signed an MOU to progress gas supply from its Cabora Bassa Project with Sable Chemicals 
  • Sable is the largest manufacture of fertilisers in Zimbabwe and a large gas consumer currently importing ammonia gas from South Africa   https://sablechemicals.com/
  • Supply of up to 26 billion cubic feet per year (Bcf) for 20 years (70 million cubic feet per day)
  • Major step towards underpinning the development of the Cabora Bassa Project subject to a commercial discovery
  • Demonstrates huge local gas demand in an energy starved market and future additional MOUs will be entered into

  • Key Terms

    • Daily Contract Quantity 35 – 70 mmscf/d

    • Supply term of twenty (20) years from the date of First Commercial Gas Production (255 – 510 Bcf Total Contract Quantity)
    • Gas sales price commercial in confidence but in line with regional prices


Have a question? admin@ashanticapital.com.au

ERA Communications