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13 May 2019 07:41 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,94225,828114.000.44-1.78
S&P 5002,8812,87111.000.37-0.89
NASDAQ7,9177,9116.000.08-0.84
FTSE 100 Index7,2037,207-4.00-0.06-3.14
DAX 3012,06011,97486.000.720.50
CAC 40 Index5,3275,31314.000.27-3.18
Nikkei 225 (Japan)21,34521,402-57.00-0.27-2.40
HKSE28,55028,311239.000.84-4.55
SSE Composite Index2,9392,85188.003.10-7.82
S&P/TSX Composite Index16,29816,322-24.00-0.15-1.11
NZ 5010,10010,0991.000.013.40
US Volatility (Vix)16
Overseas Market Report

US sharemarkets rebounded from lows on Friday. Despite new tariffs being imposed by the US on Chinese goods, investors are still optimistic about a trade deal eventually being secured. US President Trump said he was in "absolutely no rush" to secure a deal. Trade talks will continue in Beijing. Shares in ride-hailing firm Uber Technologies fell by 7.6% in its first day of trade. After being down 358 points, the Dow Jones ended higher by 114 points or 0.4%. The S&P500 index rose by 0.4%. And the Nasdaq index lifted by 6 points or 0.1%. Over the week the Dow lost 2.1%, the S&P 500 fell by 2.2% and the Nasdaq lost 3%.

Global oil prices closed mixed on Friday. Investors awaited news on the China-US trade talks. The Brent crude price rose by US23 cents or 0.3% to US$70.62 a barrel. And the US Nymex fell by US4cents or 0.1% to US$61.66 a barrel. Over the week Brent fell by 0.3% and Nymex fell by 0.5%.

Base metal prices were higher by up to 2.0% on Friday with tin up the most although copper only rose by 0.3%. And lead was the exception, down by 0.8%. Over the week metals were lower by 1.9-4.2% with lead and zinc down the most. But aluminium was the exception, up by 0.4%.

The gold futures price rose by US$2.20 an ounce or 0.2% to$1,287.40 an ounce. But the spot gold price ended lower, near US$1,286 an ounce in late US trade. Over the week gold rose by US$6.10 or 0.5%. Iron ore was up 30 cents to US$95.45 a tonne. Over the week iron ore rose by US80 cents a tonne or 0.8%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent70.4270.62-0.20-0.28-1.58
Oil - West Texas crude61.3461.66-0.32-0.52-3.99
Gold Spot $/OZ1,288.001,286.001.900.14-0.19
Silver Spot $/OZ14.8014.800.000.04-1.28
Iron Ore87.5088.10-0.70-0.75-0.33
Thermal Coal Newcastle86.2086.20-0.10-0.124.81
APAC Hard Coking Coal FOB202.00202.000.000.002.54
Aluminium ($US/t)1,7771,7689.000.51-3.37
Copper Mar-18 ($US/lb)2.772.79-1.40-0.50-5.94
Lead ($US/t)1,8071,822-14.00-0.78-6.48
Nickel ($US/t)11,88511,735150.001.28-9.53
Zinc ($US/t)2,7522,70943.001.57-6.65
Tin ($US/t)19,82119,428393.002.02-5.30
Uranium ($US/lb)25.0025.000.00-0.80-4.26
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,3936,37716.000.250.73
S&P/ASX 2006,3116,29516.000.250.95
ASX 24 Futures6,325
Australian Market Report

Friday 10 May - close. The Australian share market has finished up slightly in choppy trading as investors kept a wary eye on developments in US-Chinese trade talks. The benchmark S&P/ASX200 index closed up 15.6 points, or 0.25 per cent, to 6,310.9 points at 1615 AEST on Friday, while the broader All Ordinaries finished up 15.8 points, or 0.25 per cent, to 6,393.1.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 1.7cps, m.cap A$20.6m with 1,212.2m SOI, Cash $1.4m, Rare Earths explorer)

  • Pensana have reported more high grade drill results from its infill drilling programme at Longonjo
  • The objective of the programme is to provide data to support an Indicated JORC (2012) category Mineral  Resource  estimate  over  a  portion  of  the high grade weathered zone for the Preliminary Feasibility Study (“PFS”) that is scheduled for completion in September 2019. 
  • Assay  results  from  50  metre  x  100  metre  spaced  infill  drill  holes  LRC133  to LRC0155 confirm the continuity of high grade NdPr mineralisation from surface, with every hole intersecting mineralisation. 
  • Highlights include:
    • LRC135: 14 metres at 5.20% REO including 1.06% NdPr from surface 
    • LRC136: 22 metres at 4.16% REO including 0.82% NdPr from surface to end of hole 
    • LRC137: 8 metres at 8.08% REO including 1.54% NdPr from surface 
    • LRC146: 30 metres at 5.22% REO including 1.04% NdPr from surface 
    • LRC147: 14 metres at 4.83% REO including 1.07% NdPr from surface and 10 metres at 4.73% REO including 0.75% NdPr from 16 metres LRC150: 14 metres at 8.54% REO including 1.79% NdPr from 8 metres
  • The  new  intersections  include  some  of  the  highest grades  returned  from  the project to date. High grade mineralisation occurs from surface in this area of the deposit as a continuous thick blanket of soft weathered material up to 30 metres thick. The mineralisation is expected to be ‘free‐dig’ with a very low waste to mineralisation strip ratio, making it amenable to shallow open pit mining. 
  • A Diamond  core  drilling  programme  has  now  been completed.  The programme of 16 holes for approximately 500 metres of vertical PQ3 drilling is designed to provide information for the PFS:  
    • samples for metallurgical optimisation testwork  
    • samples for density determinations of the different rock types  
    • geotechnical information for mine engineering design  
    • twinning of the RC drilling results for Mineral Resource estimation
  • The Company has appointed SRK Consulting Perth to complete a revised Mineral Resource estimate to include results from the 2019 drilling programmes.  
  • Remaining assay results from an additional 18 RC drill holes are expected to be received later in May, and will include the results of the exploration drill holes along the southern margin of the carbonatite.
  • Diamond  core  assays  are  expected  in  June,  to  allow  the  Mineral  Resource estimate to be completed in July 2019. 
  • Executive Director Dave Hammond commented, “These high grade NdPr intersections are exceptional and demonstrate that the weathered  blanket of  mineralisation  at  Longonjo  contains  some  of  the  best global NdPr grades.. The  close  spaced  drilling  in  the  proposed  open  pit  area  is confirming  the continuity of the NdPr mineralisation over substantial widths from surface and will provide the detail required to support an upgrade of this part of the Mineral Resource estimate from the current Inferred to the Indicated JORC category, as is required for a Preliminary Feasibility Study.”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further
  • A link to the full announcement can be found here


Have a question? admin@ashanticapital.com.au

ERA Communications