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23 October 2019 07:43 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,78826,828-40.00-0.15-0.60
S&P 5002,9963,007-11.00-0.360.14
NASDAQ8,1048,163-59.00-0.72-0.10
FTSE 100 Index7,2127,16449.000.68-1.55
DAX 3012,75512,7487.000.053.34
CAC 40 Index5,6585,6489.000.170.48
Nikkei 225 (Japan)22,54922,49356.000.252.13
HKSE26,78626,72661.000.232.15
SSE Composite Index2,9542,94015.000.50-0.76
S&P/TSX Composite Index16,39216,418-27.00-0.16-2.82
NZ 5010,92811,090-163.00-1.470.50
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were mixed on Tuesday as investors dissected earnings news and developments in the UK with Brexit legislation. In response to earnings results, shares in Proctor & Gamble rose 2.6% with Harley Davidson up 8% but McDonalds fell by 5%. Shares in Facebook fell by 3.9% on news of a new probe into the company by the New York Attorney General. The Dow Jones fell by 40 points or 0.2% after trading in a 164-point range. The S&P500 index fell by 0.4% with the Nasdaq down by 59 points or 0.7%. 

Global oil prices were firmer by up to 1.6% on Tuesday on further signs of progress in US-China trade negotiations. Gains were capped by expectations that data will show that US crude inventories rose in the past week. Brent crude rose by US74 cents or 1.3% to US$59.70 a barrel. And the US Nymex price rose by US85 cents or 1.6% to US$54.16 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Tuesday. Nickel rose by 2.6% with tin and lead higher by up to 0.4%. But other metals fell by up to 0.7%.

The gold futures price fell by US60 cents to US$1,487.50 an ounce. Spot gold was trading near US$1,488 an ounce in late US trade. Iron ore rose by US95 cents or 1.1% to US$86.00 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.7058.960.741.26-7.13
Oil - West Texas crude54.2054.48-0.28-0.51-7.57
Gold Spot $/OZ1,489.001,488.001.500.10-2.18
Silver Spot $/OZ17.6017.500.000.26-5.78
Iron Ore86.3087.80-1.50-1.74-10.24
Thermal Coal Newcastle67.5067.60-0.10-0.223.06
APAC Hard Coking Coal FOB155.00157.00-2.00-1.2716.54
Aluminium ($US/t)1,7101,722-11.00-0.65-3.61
Copper Mar-18 ($US/lb)2.632.630.100.061.54
Lead ($US/t)2,2332,2321.000.025.87
Nickel ($US/t)16,49116,080411.002.56-6.62
Zinc ($US/t)2,4982,504-6.00-0.228.07
Tin ($US/t)16,80616,73274.000.440.48
Uranium ($US/lb)25.0025.000.00-0.40-4.28
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7626,779-16.00-0.24-1.44
S&P/ASX 2006,6546,672-19.00-0.28-1.43
ASX 24 Futures6,623
Australian Market Report

Tuesday 22 October 2019 - close. The Australian share market has closed higher on positive signs for easing US-China trade tensions and a deal on Brexit. The benchmark S&P/ASX200 index closed on Tuesday up 19.7 points, or 0.3 per cent, to 6,672.2 points, while the broader All Ordinaries was up 20.9 points, or 0.31 per cent, to 6,778.6 points.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 18cps, m.cap A$8.05m with 44.7m SOI, Cash $2.4m, Copper Developer)

Cue Copper Project Drilling Result Highlights:

  • 10.4m @ 14.9% Cu in drill hole 19HOMET003 from 84.5m downhole including:  
    • 4.5m @ 21.9% Cu with 1.2 g/t Au and 46.4 g/t Ag from 90.4m  
  • 19.1m @ 1.3% Cu in drill hole 19HOMET002 from 85.9m downhole including:  
    • 6.4m @ 2.1% Cu with 0.5 g/t Au and 10.5 g/t Ag from 98.6m  
  • 27.9m @ 1.1% Cu in drill hole 19HOMET001 from 45.7m downhole including:  
    • 9.0m @ 1.6% Cu with 0.1 g/t Au and 2.3 g/t Ag from 63.2m  
  • 5m @ 2.3% Cu in drill hole 19HORC006 from 50m downhole including:  
    • 3m @ 3.4% Cu with 0.3 g/t Au and 13.3 g/t Ag from 51m
  • 16m @ 0.8% Cu from 59m including:  
    • 7m @ 1.4% Cu with 0.1 g/t Au and 17.5 g/t Ag from 59m
  • 8m @ 0.9% Cu from 76m including:  
    • 1m @ 5.2% Cu from 79m  
  • 12m @ 1.3% Cu in drill hole 19HORC005 from 101m downhole including:  
    • 8m @ 1.8% Cu with 0.2 g/t Au and 13.1 g/t Ag from 104m  
  • 19m @ 1.1% Cu in drill hole 19HORC010 from 106m downhole including:  
    • 8m @ 1.9% Cu with 0.9 g/t Au and 13.7 g/t Ag from 109m  
  • 30m @ 0.7% Cu in drill hole 19HORC014 from 77 m downhole including:  
    • 1m @ 1.0% Cu with 0.2 g/t Au and 5.0 g/t Ag from 80m and  
    • 6m @ 2.0% Cu with 0.2 g/t Au and 6.7 g/t Ag from 84m

Completed Work Programme 2019

  • Hollandaire resource extension phase 1 of 4,038m of RC drilling
  • Hollandaire metallurgical drilling 330 metres diamond drilling
  • Twinned diamond and RC holes to check the mineralised intersections
  • Initial round of RC drilling assays received
  • Metallurgical diamond hole assays received
  • Geophysical review commenced
  • Regional geochemical sampling programme commenced

Next steps 2019

  • Phase 1 assays to be completed November 2019
  • Metallurgical diagnostic testing results expected November 2019
  • Twinned RC and diamond drill holes assay results November 2019
  • Geochemical sampling results expected November 2019
  • Hollandaire resource extension phase 2 RC drilling commencing November 2019
  • Regional targets initial drilling to be conducted from November 2019
  • Follow up downhole geophysics to be conducted as drilling progresses
  • Resource evaluation update to JORC Code 2012 to be completed in 2020

Executive Director Barry Cahill commented "We are extremely please with the stunning high-grade drill results from the Phase 1 drilling programme at Hollandaire West and Hollandaire. The majority of the intercepts are less than 100 metres vertical depth which is a reminder of the quality of the mineralised envelope at this project. We are looking forward to commencing the Cue Copper Project Phase 2 drilling programme during the last quarter of 2019.

A link to the full announcement can be found here


Have a question? admin@ashanticapital.com.au

ERA Communications