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04 May 2020 09:22 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average23,72424,346-622.00-2.5512.69
S&P 5002,8312,912-82.00-2.8113.74
FTSE 100 Index5,7635,901-138.00-2.346.42
DAX 3010,86211,108-246.00-2.2213.80
CAC 40 Index4,5724,671-99.00-2.128.67
Nikkei 225 (Japan)19,61920,194-574.00-2.8410.10
SSE Composite Index2,8602,82238.001.334.59
S&P/TSX Composite Index14,62014,781-160.00-1.0913.00
NZ 5010,30210,449-147.00-1.413.69
US Volatility (Vix)37
Overseas Market Report

US sharemarkets fell on Friday. Investors fretted over reports that the US was threatening to lift tariffs against China. In response to earnings results, shares in Apple fell 1.6%, Amazon fell 7.6%, Chevron lost 2.8% and Exxon Mobil fell 7.2%. Shares in Tesla fell 10.3% after Chief Executive Elon Musk said in a tweet that the company's share price was "too high". The Dow Jones index fell by 622 points or 2.6%. The S&P500 index fell by 2.8% and the Nasdaq index lost 285 points or 3.2%. Over the week the Dow Jones and S&P 500 indexes fell by 0.2% and the Nasdaq lost 0.3%. 

Global oil prices ended mixed on Friday. Prices were supported by data showing that the number of oil rigs operating in the US fell to near 4-year lows. Also the agreed OPEC+ production cuts of 9.7 million barrels per day started from Friday. The Brent crude price fell by 4 cents or 0.2% to US$26.44 a barrel. The US Nymex price rose by US94 cents or 5% to US$19.78 a barrel. Over the week Brent rose by 23% while Nymex rose by about 17%. 

Base metal prices fell by between 0.4-2.0% on Friday with lead down the least and nickel down the most. Over the week tin, zinc and lead rose while other metals fell. Zinc rose 1.7%. 

The gold futures price rose by US$26.30 an ounce or 1.6% to US$1,710.50 an ounce. Spot gold was near US$1,685 an ounce in late US trade. Over the week gold fell by US$13.00 or 0.8%. Iron ore was unchanged at US$83.95 a tonne on Friday. Over the week iron ore rose by just 5 cents.

PreviousChangeDaily %
Monthly %
Oil Brent25.6726.44-0.77-2.91-24.74
Oil - West Texas crude18.2819.78-1.50-7.58-35.50
Gold Spot $/OZ1,696.001,700.00-4.20-0.244.66
Silver Spot $/OZ14.9015.00-0.10-0.763.30
Iron Ore81.8082.20-0.40-0.46-0.16
Thermal Coal Newcastle51.2052.40-1.10-2.10-23.16
APAC Hard Coking Coal FOB106.00107.00-1.00-0.93-26.39
Aluminium ($US/t)1,4491,459-10.00-0.68-1.07
Copper ($US/lb)2.292.32-2.90-1.254.42
Lead ($US/t)1,6041,610-7.00-0.42-6.24
Nickel ($US/t)11,88712,124-237.00-1.966.04
Zinc ($US/t)1,9041,934-30.00-1.552.49
Tin ($US/t)15,09715,274-177.00-1.164.76
Uranium ($US/lb)34.0032.002.005.2624.95
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords5,2795,325-46.00-0.873.37
S&P/ASX 2005,2045,246-42.00-0.802.70
ASX 24 Futures5,190
Australian Market Report

Friday 1 May 2020 - close. The Australian share market has suffered its worst day in five weeks, wiping out nearly all of its gains for the week with heavy losses across the board. The S&P/ASX200 benchmark index finished Friday down 276.5 points, or 5.01 per cent, at 5,245.9 points, while the All Ordinaries index closed down 272.7 points, or 4.87 per cent, at 5,325 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 124cps, m.cap A$220.5m with 177.8m SOI, Cash cA$22.3m, Polymetallic Explorer / Developer)

  • ADT has released a drilling update from the Vareš Project, focussing on recent progress made at the world-class Rupice deposit. 
  • BR-02-20 has intersected 8.9m at 2.4g/t Au, 398g/t Ag, 1.79% Zn, 3.16% Pb, 0.35% Cu and 45% BaSO4 from 368m. 
  • While the intersect is deep, it is important to note that this is an ~20m down dip extension of Rupice extending the known mineralisation to the south-east, towards the Jurasevac-Brestic prospect. 
  • There were several other notable infill drill results released that were largely confirming the high grade mineralisation in the known Rupice Resource:
    • BR-06-20 – 26.7m @ 3.95g/t Au, 502g/t Ag, 6.75% Zn, 3.76% Pb, 0.35% Cu and 72% BaSO4 from 275.5m 
    • BR-06-20 – 10.2m @ 5.81g/t Au, 876g/t Ag, 8.65% Zn, 5.94% Pb, 0.50% Cu and 69% BaSO4 from 323m 
    • BR-07-20 – 9.3m @ 3.49g/t Au, 393g/t Ag, 3.13% Zn, 3.86% Pb, 0.36% Cu and 59% BaSO4 from 181.7m 
    • BR-07-20 – 22.9m @ 3.18g/t Au, 259g/t Ag, 10.71% Zn, 6.48% Pb, 0.63% Cu and 45% BaSO4 from 199m 
    • BR-09-20 – 31m @ 3.85g/t Au, 335g/t Ag, 9.50% Zn, 8.12% Pb, 0.76% Cu and 36% BaSO4 from 198m.
  • Paul Cronin, Adriatic’s Managing Director and CEO commented, “The latest drill results show that the mineralisation at Rupice continues down-dip to the south of the deposit, and remains open to the South, North, East and at depth. The infill confirmation drilling completed in the central part of the deposit confirms continuity of grade and supports our understanding of the geological and structural complexities of the deposit. With the winter months behind us, we will now look to expand our mineralisation in the northern plunge, whilst continuing to test the southern and depth extents”. He also added “Drilling and exploration works continue as per normal despite the current limitations due to the COVID19 pandemic, with little interruption to daily activities.”

Pensana Metals Ltd: (PM8.ASX, 22cps, m.cap A$35.3m with 160.6m SOI, Rare Earths explorer)

  • PM8 has been granted a new exploration licence adjacent to the Longonjo Project in Angola. 
  • The 7,456 square kilometre Coola Project lies 16 kilometres from Longonjo and contains two known carbonatites with reported NdPr rare earth mineralisation.
  • The additional licence is known to contain rare earth mineralisation in two carbonatite complexes, Coola and Mount Verde. Whilst the bulk of efforts remain on delivering the DFS for Longonjo, the new licence has never been commercially explored and has good potential to provide upside to Pensana’s efforts in Angola.
  • Chief Operating Officer Dave Hammond commented: “Our main focus is on completing the current programme at Longonjo and reporting an upgraded Mineral Resource estimate for the DFS, which is expected to significantly extend the mine life of the project. Having received the Mining Licence for Longonjo our plan is to capture and test the high potential brownfield opportunities within trucking distance of the proposed treatment plant which have the potential to increase overall production. The Coola and Monte Verde carbonatite complexes are of similar size to Longonjo and have been identified as being rich in NdPr mineralisation. We are very much looking forward to getting on the ground with the first round of exploration on these exciting new targets.”

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