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03 October 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,07926,573-494.00-1.86-0.15
S&P 5002,8882,940-53.00-1.79-0.64
NASDAQ7,7857,909-123.00-1.56-1.13
FTSE 100 Index7,1237,360-238.00-3.23-2.00
DAX 3011,9250-339.00-2.760.12
CAC 40 Index5,4235,598-175.00-3.12-0.79
Nikkei 225 (Japan)21,77921,885-107.00-0.495.59
HKSE26,04326,092-50.00-0.192.02
SSE Composite Index2,9052,932-27.00-0.920.66
S&P/TSX Composite Index16,31116,448-137.00-0.83-0.54
NZ 5010,83810,952-114.00-1.04-1.06
US Volatility (Vix)21
Overseas Market Report

US sharemarkets fell on Wednesday. Investors fretted about the health of the global economy. Fears of a widening trade war also weighed on investor sentiment. And shares in Ford fell by 3.3% after data showed a 5% fall in US auto sales in September. After being down 600 points in early afternoon trade, the Dow Jones closed lower by 494 points or 1.9%. The S&P500 index fell by 1.8% and the Nasdaq lost 123 points or 1.6%. 

Global oil prices fell by around 2% on Wednesday. US crude oil inventories rose by 3.1 million barrels last week, ahead of expectations for a gain of 1.6m barrels. Soft US economic data and weaker equities markets also weighed on sentiment in energy markets. The Brent crude price fell by US$1.20 or 2.0% to US$57.69 a barrel. And the US Nymex price fell by US98 cents or 1.8% to US$52.64 a barrel. 

Base metal prices were generally firmer on the London Metal Exchange on Wednesday with tin doing best, up by 1.9%. But aluminium lost 2.1% with copper down 0.2%. 

The gold futures price rose by US$18.90 an ounce or 1.3% to US$1,507.90 an ounce. The spot gold price was trading near US$1,498 an ounce in late US trade. Iron ore was unchanged at US$93.90 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent57.6958.89-1.20-2.04-1.65
Oil - West Texas crude52.5552.64-0.09-0.17-2.58
Gold Spot $/OZ1,500.001,499.000.600.04-3.04
Silver Spot $/OZ17.6017.600.000.12-8.73
Iron Ore92.1092.80-0.60-0.684.85
Thermal Coal Newcastle66.2067.40-1.20-1.711.84
APAC Hard Coking Coal FOB152.00152.000.000.00-2.56
Aluminium ($US/t)1,6861,722-36.00-2.08-2.02
Copper Mar-18 ($US/lb)2.572.570.000.002.31
Lead ($US/t)2,0922,0866.000.263.98
Nickel ($US/t)17,64017,434206.001.18-2.64
Zinc ($US/t)2,3542,33419.000.814.21
Tin ($US/t)16,53516,228307.001.89-1.65
Uranium ($US/lb)25.0025.000.000.000.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7536,853-100.00-1.461.19
S&P/ASX 2006,6406,743-103.00-1.531.01
ASX 24 Futures6,493
Australian Market Report

Wednesday 2 October 2019 - close. A major sell-off in global shares has battered the Australian share market, wiping out $35 billion in value, following fears the once-mighty United States economy is slowing. The benchmark S&P/ASX200 index finished Wednesday down 102.9 points, or 1.53 per cent, to 6,639.9 points, while the broader All Ordinaries tumbled 99.7 points, or 1.45 per cent, to 6,753.3 points.

Ashanti Headlines

Cassini Resources Ltd (CZI.ASX, 8.4cps, m.cap A$34.9m with 415.5m SOI, Cash cA$8.1m, Base Metals Explorer)

  • CZI have announced further results of RC drilling at Cassini’s 100%-owned Mount Squires Project in the Musgrave Province of Western Australia. 
  • Drilling at the Handpump prospect continues to extend shallow gold mineralisation
  • Assays have been received for the next 3 holes from recently completed 10 RC hole program, with significant intercepts including 27m @ 1.00g/t Au from 31m (incl. 3m @ 2.59g/t Au) – assays are pending for 4 holes.
  • Recent drilling results support the current geological interpretation. Mineralisation is hosted within a hydrothermal breccia at the stratiform contact of a rhyolite and overlying (predominantly barren) volcaniclastic unit. Mineralised lodes, defined by a 0.1g/t Au halo, strike E-W to ESE-WNW and are near vertical to steeply south dipping. Mineralisation is potentially controlled by the intersection of NW-SE and SW-NE trending structures. Surface rock chip sampling of the hydrothermal breccia (Figure 3) and extrapolation of recent and historical drill results indicates a potential mineralised strike of at least 600m which remains open down plunge.
  • Recently completed airborne magnetic survey has been processed and is being interpreted to generate additional targets – follow-up drilling is expected
  • Please contact your adviser or the desk on +61 8 6319 7806 should you wish to discuss further.


Have a question? admin@ashanticapital.com.au

ERA Communications