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24 June 2019 08:20 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,71926,753-34.00-0.134.43
S&P 5002,9502,954-4.00-0.134.40
NASDAQ8,0328,051-20.00-0.245.17
FTSE 100 Index7,4087,424-17.00-0.231.78
DAX 3012,34012,355-15.00-0.132.74
CAC 40 Index5,5285,536-7.00-0.133.98
Nikkei 225 (Japan)21,25921,463-204.00-0.950.67
HKSE28,47428,550-77.00-0.274.09
SSE Composite Index3,0022,98715.000.505.22
S&P/TSX Composite Index16,52516,575-49.00-0.301.82
NZ 5010,29710,327-30.00-0.290.73
US Volatility (Vix)15
Overseas Market Report

US sharemarkets fell on Friday as traders booked profits at the end of the week. Traders watched relations between the US and China. Also President Trump called off retaliatory strikes following Iran's downing of a US drone. The Dow Jones index fell by 34 points or 0.1% after being up 154 points in early trade. The S&P500 index fell by 4 points or 0.1% from record highs and the Nasdaq fell by almost 20 points or 0.2%. Over the week the Dow rose by 2.4%, the S&P 500 rose by 2.2% and the Nasdaq rose by 3%.

Global oil prices rose by around 1% on Friday. Traders continue to focus on tensions between the US and Iran. Also US gasoline futures rose 4% following a fire at a large refinery in Philadelphia - the biggest on the East Coast. The Brent crude price rose by US75 cents or 1.2% to US$65.20 a barrel. And the US Nymex rose by US36 cents or 0.6% to US$57.43 a barrel. Over the week Brent rose by 5.1% while Nymex rose by 9.4%.

Base metal prices fell by up to 1.7% on Friday with nickel down the most while copper fell by just 0.1%. Over the week copper rose by 2.8% and nickel rose by 1.9% but tin lost 1.5% and zinc lost 0.6%. 

The gold futures price rose by US$3.20 an ounce or 0.2% to US$1,396.90 an ounce. The spot gold price was trading near US$1,399 an ounce in late US trade. Over the week gold rose by US$54.80 or 4.1%. Iron ore fell by US$1.15 or 1.0% to US$116.40 a tonne. Over the week iron ore rose by US$7.00 or 6.4%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent65.4865.200.280.43-4.67
Oil - West Texas crude57.7857.430.350.61-1.45
Gold Spot $/OZ1,408.001,400.008.600.629.61
Silver Spot $/OZ15.4015.300.100.555.88
Iron Ore111.30108.602.702.4519.79
Thermal Coal Newcastle71.3070.500.801.13-14.97
APAC Hard Coking Coal FOB192.50192.500.000.00-5.87
Aluminium ($US/t)1,7421,756-14.00-0.80-1.12
Copper Mar-18 ($US/lb)2.702.70-0.10-0.02-0.09
Lead ($US/t)1,8981,902-5.00-0.245.77
Nickel ($US/t)12,01812,230-211.00-1.73-0.41
Zinc ($US/t)2,5462,570-23.00-0.90-6.53
Tin ($US/t)19,07019,220-150.00-0.78-3.32
Uranium ($US/lb)25.0025.000.000.410.20
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7176,734-17.00-0.262.62
S&P/ASX 2006,6346,651-16.00-0.242.76
ASX 24 Futures6,566
Australian Market Report

Friday 21 June - close. The Australian share market has closed lower for the first time in three days, with all sectors in the red except energy and mining stocks. The benchmark S&P/ASX200 index was down 36.6 points, or 0.55 per cent, to 6,650.8 points at 1615 AEST on Friday, while the broader All Ordinaries was down 33.6 points, or 0.5 per cent, to 6,734.3. For the week, the ASX was still up 1.48 per cent, its third straight week of gains.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 2.8cps, m.cap A$39.5m with 1,462.2m SOI, Cash $6m, Rare Earths explorer)

  • Pensana has announced the final results from the recent infill and exploration RC drilling programme at the Longonjo NdPr in Angola
  • Results highlights: Infill RC drilling returned high grade intersections from surface including:
    • LRC159: 8 metres at 7.66% REO including 1.39% NdPr from surface
    • LRC161: 12 metres at 5.12% REO including 0.91% NdPr from 6 metres
  • Exploration drilling along the southern margin of the carbonatite intersected a deep zone of weathered mineralisation including:
    • LRC172: 22 metres at 4.26% REO including 0.86% NdPr from 48 metres
    • LRC173: 10 metres at 4.07% REO including 0.73% NdPr from 16 metres
  • The results have confirmed the continuity of high-grade weathered mineralisation from surface. The infill RC drilling was completed to support a revised Mineral Resource estimate for the high-grade weathered zone mineralisation at Longonjo.
  • An updated Mineral Resource estimate has commenced in support of the Preliminary Feasibility Study which is scheduled for completion in September 2019.
  • Exploration drilling on the southern margin of the carbonatite has identified a thick zone of weathered mineralisation which remains open along strike for 550 metres to the east and requires further drilling to evaluate its full potential.
  • Executive Director Dave Hammond commented "These high grade NdPr intersections confirm the continuous nature of the near surface blanket of weathered zone NdPr mineralisation in the area targeted for initial open pit mining in the Preliminary Feasibility Study. The results from the exploration holes are significant as they add further proof of the existence of arcuate mineralised ring dyke structures around the margins of the circular carbonatite. Several kilometres of this prospective contact zone have yet to be drill tested and offer further upside potential to the weathered zone mineralisation at Longonjo.”
  • A link to the full announcement and technical report can be found here
  • Please contact your adviser or the desk on +61 8 6319 7806


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ERA Communications