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10 December 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,91028,015-105.00-0.380.82
S&P 5003,1363,146-10.00-0.321.39
NASDAQ8,6228,657-35.00-0.401.73
FTSE 100 Index7,2347,240-6.00-0.08-1.71
DAX 3013,1060-61.00-0.46-0.93
CAC 40 Index5,8375,872-35.00-0.59-0.89
Nikkei 225 (Japan)23,43123,35476.000.330.17
HKSE26,49526,498-4.00-0.01-4.18
SSE Composite Index2,9142,9122.000.08-1.68
S&P/TSX Composite Index16,95116,997-46.00-0.270.44
NZ 5011,23611,2306.000.053.30
US Volatility (Vix)16
Overseas Market Report

US sharemarkets fell on Monday. Investors were cautious ahead of the US Federal Reserve's interest rate decision on Wednesday. Trade-sensitive shares including Apple (-1.4%) and Boeing (-0.8%) came under pressure as the December 15 deadline to impose US tariffs on US$156 billion of Chinese goods remained in place. In trade news, China Assistant Commerce Minister Ren Hongbin said the country hopes to make a deal with the US “as soon as possible.” Pharmaceutical giant Merck (-0.2%) announced it would buy cancer drug developer ArQule (+103.9%) for US$2.7 billion. At the close of trade, the Dow Jones index was down by 105 points or 0.4%. The S&P500 index was lower by 0.3% and the Nasdaq index fell by 34 points or 0.4% - the first decline in four trading sessions. 

Global oil prices fell on Monday as weak Chinese trade data in November increased trader concerns about global oil demand. The most active Brent crude contract was down by US14 cents or 0.2% to US$64.25 a barrel. And the US Nymex price was lower by US18 cents or 0.3% to US$59.02 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Monday. Copper (+1.4%) rose to 4½-month highs after China's copper imports lifted by 12.1% to 483,000 tonnes in November - the highest since September 2018. But nickel was down by 1.1% and aluminium fell by 0.7%. 

The gold futures price rose by US20 cents or 0.01% to US$1,459.30 an ounce. Spot gold was trading near US$1,460 an ounce in late US trade. Iron ore rose by US$4.95 or 5.5% to US$94.35 a tonne on demand optimism after China's leaders vowed to maintain growth and pursue domestic reforms in 2020.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.0764.39-0.32-0.502.50
Oil - West Texas crude59.0259.20-0.18-0.303.11
Gold Spot $/OZ1,465.001,462.003.700.250.44
Silver Spot $/OZ16.6016.600.000.02-1.09
Iron Ore83.8084.40-0.60-0.661.11
Thermal Coal Newcastle66.2066.40-0.20-0.30-0.90
APAC Hard Coking Coal FOB145.50139.006.504.680.69
Aluminium ($US/t)1,7601,772-12.00-0.69-3.15
Copper Mar-18 ($US/lb)2.752.713.501.312.40
Lead ($US/t)1,8761,8752.000.09-11.13
Nickel ($US/t)13,27813,423-145.00-1.08-17.98
Zinc ($US/t)2,2412,242-2.00-0.07-11.19
Tin ($US/t)17,17017,11060.000.352.90
Uranium ($US/lb)26.0026.000.00-0.194.66
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8366,81323.000.340.05
S&P/ASX 2006,7306,70723.000.340.09
ASX 24 Futures6,715
Australian Market Report

Monday 9 December 2019 - close. The Australian share market has closed modestly higher, with a drop in the health care sector trimming some of the index's gains after energy stocks powered ahead in early trade. The benchmark S&P/ASX200 index finished Monday up 23 points, or 0.34 per cent, to 6,730 points, while the broader All Ordinaries was closed up 22.9 points, or 0.34 per cent, to 6,836.4 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 161cps, m.cap A$285.2m with 177.6m SOI, Cash cA$35m, Polymetallic Explorer / Developer)

  • ADT has announced its Prospectus for the dual listing of the Company's ordinary shares to the standard segment of the Official List and the LSE's Main Market for listed securities has been approved by the UK Listing Authority.
  • Subject to the UKLA’s final approval, the Company expects that Admission will become effective and that unconditional dealings in the Shares will commence at 08.00 a.m. on Thursday, 12 December 2019 under the ticker “LSE: ADT1”

Cassini Resources Ltd (CZI.ASX, 8.3cps, m.cap A$34.5m with 415.5m SOI, Cash cA$7.3m, Base Metals Explorer)

  • CZI have updated the market on exploration activities at the Yarawindah Brook Project (80%) located 130km northeast of Perth, on agricultural land near the township of New Norcia in Western Australia.
  • A rig has now been mobilised with diamond drilling to commence immediately 
  • The program will target two separate prospect areas, the XC05 conductor and the AN01-AN02 conductors (Figure 1). The program will consist of approximately 1,000m of diamond drilling and will conclude in January after a short break for Christmas.
  • Historical exploration returned a best hit of 7m @ 1.29% Ni, 0.21% Cu, 0.06% Co
  • Cassini has re-modelled surface and downhole electromagnetic (DHEM) data and identified multiple offhole conductors which may represent extensions to recognised mineralisation. Target depths are a maximum of 120m below surface.
  • Cassini Managing Director, Mr Richard Bevan, said “This is an exciting time for our Company and we are not slowing down for the holiday period. This is our maiden drill program at Yarawindah Brook, supported by some excellent work done by our exploration team. There is a high level of anticipation amongst our team and we hope this program delivers a great start to the New Year for all of our shareholders.

Greenland Minerals Limited: (GGG.ASX, 13cps, m.cap A$154m with 1,190.9m SOI, Cash $9.6m, Rare Earth's Developer)

  • GGG has announced positive meetings were conducted in Copenhagen in the week of December 2nd, with major shareholder Shenghe Resources Holding Co Ltd (‘Shenghe’) and Greenland and Danish government and industry representatives.   
  • Shenghe were represented by Mr Hu Zesong (Chairman and CEO), Mr Guo Xiaolei (Secretary to the Board, Shenghe, GML Director), and Ms Jean Fan (Assistant Manager, Investment and Development, Shenghe). Dr John Mair (Managing Director, GML) represented Greenland Minerals Ltd.
  • Meetings were conducted with Greenland’s Minister for Finance and Mineral Resources Mr Vittus Qujaukitsoq, the head of Greenland’s business association Mr Brian Buus Pedersen, and representatives of the Danish Government and the Confederation of Danish Industry.  
  • The meetings provided an excellent opportunity to update Greenland and Danish governmental representatives on the outstanding technical progress made on the Kvanefjeld rare earth project through 2019, and to discuss the permitting status where substantial progress has also been made in 2019.  
  • Shenghe addressed the Confederation of Danish Industry’s annual Greenland Conference on December 4th and provided insights into the outlook for the rare earth market, the significance of Kvanefjeld as an important potential new international rare earth supplier, and Shenghe and GML’s joint objective of integrating and collaborating with European industry. Shenghe’s presentation was made by Mr Hu Zesong and Mr Guo Xiaolei and is available on GML’s company website. http://www.ggg.gl/

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ERA Communications