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13 January 2020 08:06 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average28,82428,957-133.00-0.462.45
S&P 5003,2653,275-9.00-0.293.05
NASDAQ9,1799,203-25.00-0.275.08
FTSE 100 Index7,5887,598-10.00-0.143.19
DAX 3013,48313,495-12.00-0.091.51
CAC 40 Index6,0376,043-5.00-0.092.00
Nikkei 225 (Japan)23,85123,740111.000.47-0.72
HKSE28,63828,56177.000.273.43
SSE Composite Index3,0923,095-3.00-0.084.20
S&P/TSX Composite Index17,23417,236-1.00-0.011.36
NZ 5011,54811,552-4.00-0.042.72
US Volatility (Vix)13
Overseas Market Report

US sharemarkets fell from record highs on Friday as investors took profits. Employment rose just short of forecasts but the data showed no new reasons for shares to rally. The start of the earnings season is in the coming week. Shares of Boeing fell 1.9% after the company released internal emails that were critical of the 737 MAX development. The Dow Jones index fell by 133 points or 0.5%. The S&P500 index lost 0.3% and the Nasdaq index eased by 25 points or 0.3%. Over the week the Dow rose 0.7%, the S&P 500 rose 0.9% and the Nasdaq rose by 1.75%. 

Global oil prices fell by up to 0.9% on Friday. US job growth rose by less than expected so investors took profits with safe-haven assets like bonds, gold and the Japanese yen favoured over equities and oil. The Brent crude price fell by US39 cents or 0.6% to US$64.98 a barrel. And the US Nymex price fell by US52 cents or 0.9% to US$59.04 a barrel. Over the week Brent lost US$3.18 or 4.7% and Nymex fell by US$2.68 or 4.3%. 

Base metal prices were up by as much as 0.8% on the London Metal Exchange with nickel gaining the most. But lead was flat with tin down by 0.2%. Over the week metals generally rose with nickel up 3.2% and zinc up 2.9% although aluminium lost 0.7%. 

The gold futures price rose by US$5.80 or 0.4% to US$1,557.50 an ounce. Spot gold was trading near US$1,562 an ounce in late US trade. Over the week gold also rose by 0.4%. Iron ore fell by US15 cents or 0.2% to US$93.25 a tonne. Over the week iron ore fell by US65 cents or 0.7%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.8364.98-0.15-0.23-0.60
Oil - West Texas crude58.8959.04-0.15-0.25-1.96
Gold Spot $/OZ1,560.001,562.00-2.60-0.175.65
Silver Spot $/OZ18.1018.10-0.10-0.286.68
Iron Ore88.2089.20-1.00-1.073.11
Thermal Coal Newcastle70.9069.002.002.837.42
APAC Hard Coking Coal FOB154.50154.000.500.326.19
Aluminium ($US/t)1,7811,7756.000.321.67
Copper Mar-18 ($US/lb)2.812.810.000.001.19
Lead ($US/t)1,9141,9131.000.031.11
Nickel ($US/t)14,11614,008108.000.775.83
Zinc ($US/t)2,3882,3862.000.067.34
Tin ($US/t)17,20917,240-31.00-0.18-1.32
Uranium ($US/lb)24.0024.000.000.00-5.22
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords7,0027,042-40.00-0.562.30
S&P/ASX 2006,8886,929-41.00-0.592.20
ASX 24 Futures6,833
Australian Market Report

Friday 10 January 2020 - close. The Australian share market has roared to a new all-time high after enjoying its best week in nearly a year. The benchmark S&P/ASX200 index finished Friday up 54.8 points, or 0.8 per cent, to 6,929 points, while the broader All Ordinaries closed above 7,000 for the first time, finishing up 50.5 points, or 0.72 per cent, at 7,041.9 points. The 186.7-point, 2.72 per cent gains for the week were the ASX's strongest weekly gains since a 200.8-point surge for the week ending February 8, 2019. So far in January, the ASX200 is already up 239.5 points, or 3.5 per cent, after gaining 18.38 per cent in all of 2019.

Ashanti Headlines

Pensana Metals Ltd: (PM8.ASX, 17.5cps, m.cap A$26.8m with 147.4m SOI, Cash $3m, Rare Earths explorer)

  • PM8 has reported the first assay results received from the first 16 holes of the 7,000 metre infill and extension drilling programme at the Longonjo NdPr Project in Angola.
  • The programme is being undertaken in support of the Definitive Feasibility Study.
  • The results have identified further high grade weathered mineralisation from surface over an area extending 250 by 450 metres immediately to the west of the current pit design;
  • The results demonstrate the potential to extend the weathered zone mineralisation and the mine life in the recently reported Preliminary Feasibility Study (ASX announcement 15 November 2020).
  • Several of the infill drill holes intersected higher NdPr grades than estimated by the current Mineral Resource estimate block model in this area.
  • Drill hole Intersections 
    • LRC175: 16 metres at 4.19% REO including 0.93% NdPr from surface 
    • LRC180: 18 metres at 5.69% REO including 1.06% NdPr from surface 
    • LRC181: 10 metres at 4.60% REO including 0.88% NdPr from surface and 
      • 8 metres at 3.52% REO including 0.59% NdPr from 16 metres to end of hole 
    • LRC182: 16 metres at 6.53% REO including 1.27% NdPr from surface to end of hole 
    • LRC189: 13 metres at 6.19% REO including 1.01% NdPr from surface to end of hole
  • “This is a great start to the DFS drilling programme and these initial results confirm the continuous and consistent nature of this weathered blanket style of mineralisation from surface. We expect to be able to upgrade significant amounts of currently Inferred Mineral Resource to the higher Indicated JORC category, thereby extending the current mine life with further studies. We look forward to reporting many more results from this large drilling programme that will include the testing of some potentially high grade targets, extensions to the known mineralisation and an area of high grade fresh rock hosted mineralisation that could add a further dimension to the project.”

  •  A link to the full announcement can be found here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further.

Invictus Energy Limited: (IVZ.ASX, 2.8 cps, m.cap A$12.56m with 448.7m SOI, Cash ~$2.95m, O&G Explorer)

  • IVZ's Cabora Bassa project at Muzarabani held through the Company’s 80% interest in Geo Associates (Private) Limited has been classified as a priority development project by the Office of the President and Cabinet of Zimbabwe. 
  • The Company’s Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle Income Economy by 2030.
  • The board is encouraged by the strong support being offered by the Government of Zimbabwe to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe. The PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations.
  • Invictus and One-Gas Resources look forward to working in conjunction with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other Ministries to progress the Cabora Bassa project to ensure that key outcomes are delivered during this period.

Have a question? admin@ashanticapital.com.au

ERA Communications