Pic: Getty Images
Closing Bell: ASX closes flat, tech stocks up on back of Nvidia rally
News
share
- S&P/ASX 200 closes flat up just 0.01%, while the emerging companies index is up 0.09%
- ASX tech sector continues to climb on back of chip maker Nvidia’s impressive NASDAQ performance
- Blaze Minerals soars after announcing it will acquire the North Spirit lithium project in Canada
The S&P ASX 200 index has closed flat on Friday, while the S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies – is slightly up o.09%.
Six of the 11 sectors were in the green today with info tech continuing to climb on the back of the tech giant and chip maker Nvidia’s NASDAQ rally. The local tech sector rallied 1.55% today, followed by materials rising 0.93% and consumer discretionary, which was up 0.46%.
The laggards were healthcare, which has fallen 0.76%, followed by the real estate sector (down 0.69%) and consumer staples (down 0.50%).
Overnight, Wall Street rebounded as chipmaker Nvidia ignited a rush for AI and tech stocks. At the close, Nasdaq was +1.7% higher, and the S&P 500 rose +0.88%.
As reported this morning Nvidia surged 24% to an all time high as the company’s outlook bolstered bets that AI will be the key to mega-cap tech’s growth story.
Nvidia, now capped at US$939bn, is poised to become a trillion-dollar company as the chipmaker predicted a substantial sales increase in the second half.
On the economic front, US jobless claims for the week came in lower than expected, with 229,000 claims filed vs 245,000 expected by economists now expecting the US Federal Reserve to maintain its hawkish tone.
Meanwhile, the Shanghai Composite in mainland China is recovering some of yesterday’s losses. At 4.30pm (AEST) and up 0.59%, while the Hong Kong market is closed today for a public holiday to mark the Birthday of Buddha.
Japanese markets are mixed today. The Nikkei 225 was up 0.37%, while the Topix fell 0.14%.
TODAY’S ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Today | Volume | Market Cap |
|---|---|---|---|---|---|
| BLZ | Blaze Minerals Ltd | 0.019 | 90% | 59,283,675 | $3,675,082 |
| AOA | Ausmon Resorces | 0.004 | 33% | 3,023,777 | $2,907,868 |
| ARE | Argonaut Resources | 0.002 | 33% | 8,209,423 | $9,542,807 |
| GMN | Gold Mountain Ltd | 0.004 | 33% | 5,346,574 | $5,909,798 |
| NXS | Next Science Limited | 0.63 | 29% | 157,450 | $105,247,166 |
| ENT | Enterprise Metals | 0.005 | 25% | 1,829,724 | $2,820,323 |
| GNM | Great Northern | 0.0025 | 25% | 961,723 | $4,272,627 |
| MTH | Mithril Resources | 0.0025 | 25% | 7,368,000 | $6,737,609 |
| ROG | Red Sky Energy. | 0.005 | 25% | 651,421 | $21,208,909 |
| SIH | Sihayo Gold Limited | 0.0025 | 25% | 167,000 | $12,204,256 |
| TYM | Tymlez Group | 0.005 | 25% | 700,000 | $4,368,781 |
| LPD | Lepidico Ltd | 0.012 | 20% | 30,594,221 | $76,377,726 |
| WEC | White Energy Company | 0.11 | 20% | 653 | $3,732,375 |
| WA1 | WA1 Resources | 4.72 | 18% | 1,658,021 | $157,291,047 |
| PAM | Pan Asia Metals | 0.27 | 17% | 177,028 | $35,711,250 |
| ZEU | Zeus Resources Ltd | 0.034 | 17% | 1,742,612 | $12,710,700 |
| AHK | Ark Mines Limited | 0.35 | 17% | 78,317 | $10,383,031 |
| BAT | Battery Minerals Ltd | 0.0035 | 17% | 3,716,200 | $10,070,827 |
| FTC | Fintech Chain Ltd | 0.015 | 15% | 6,000 | $8,460,005 |
| CYP | Cynata Therapeutics | 0.155 | 15% | 230,858 | $24,163,797 |
| FAU | First Au Ltd | 0.004 | 14% | 4,226,479 | $5,081,976 |
| TAS | Tasman Resources Ltd | 0.008 | 14% | 600,000 | $4,988,685 |
| TIG | Tigers Realm Coal | 0.008 | 14% | 3,538,662 | $91,466,917 |
| OEC | Orbital Corp Limited | 0.16 | 14% | 78,841 | $16,412,943 |
| XRG | Xreality Group Ltd | 0.048 | 14% | 458,654 | $18,739,994 |
In small caps today Blaze Minerals (ASX:BLZ) soared after announcing that it has entered into a Heads of Agreement with Exiro Minerals to acquire the North Spirit lithium project in Ontario, Canada.
North Spirit is made up of 1,698 claims over roughly 340km2, located 30km along strike to the southeast from Frontier Lithium’s world class PAK and Spark lithium project, which is why everyone’s all excited about it.
WA1 Resources (ASX:WA1) is also on the winners list on no fresh news. As Stockhead’s Gregor Stronach noted at lunchtime today’s rally puts WA1 up more than 2600% over the past 12 months.
TODAY’S ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| CCE | Carnegie Cln Energy | 0.001 | -33% | 178,212 | $23,463,861 |
| MTL | Mantle Minerals Ltd | 0.001 | -33% | 1,018,471 | $9,221,169 |
| TNY | Tinybeans Group Ltd | 0.13 | -28% | 102,500 | $11,049,382 |
| RNX | Renegade Exploration | 0.011 | -27% | 3,982,826 | $14,221,857 |
| ZMI | Zinc of Ireland NL | 0.022 | -27% | 1,655,007 | $6,301,328 |
| PKO | Peako Limited | 0.007 | -22% | 3,205,243 | $4,236,583 |
| TMH | The Market Herald | 0.27 | -21% | 65,111 | $109,130,678 |
| DCL | Domacom Limited | 0.03 | -19% | 319,380 | $16,113,566 |
| PVL | Powerhouse Ven Ltd | 0.049 | -18% | 133,000 | $7,244,591 |
| MPP | Metro Perf.Glass Ltd | 0.12 | -17% | 10,000 | $26,879,822 |
| CLU | Cluey Ltd | 0.1 | -17% | 15,500 | $24,193,628 |
| CHK | Cohiba Min Ltd | 0.005 | -17% | 724,977 | $10,879,465 |
| EFE | Eastern Resources | 0.01 | -17% | 13,276,168 | $14,903,358 |
| KNM | Kneomedia Limited | 0.005 | -17% | 2,993,786 | $9,028,712 |
| PNX | PNX Metals Limited | 0.0025 | -17% | 40,000 | $16,141,874 |
| SKN | Skin Elements Ltd | 0.01 | -17% | 401,077 | $5,593,619 |
| DBO | Diablo Resources | 0.041 | -16% | 107,774 | $3,552,500 |
| RNT | Rent.Com.Au Limited | 0.026 | -16% | 585,649 | $15,923,281 |
| ADD | Adavale Resource Ltd | 0.016 | -16% | 1,661,829 | $9,870,996 |
| IMM | Immutep Ltd | 0.315 | -15% | 7,676,073 | $325,339,382 |
| AD1 | AD1 Holdings Limited | 0.006 | -14% | 200,000 | $5,757,983 |
| ADX | ADX Energy Ltd | 0.006 | -14% | 1,472,100 | $24,742,372 |
| OAR | OAR Resources Ltd | 0.003 | -14% | 275,000 | $8,438,633 |
| KLL | Kalium Lakes Ltd | 0.025 | -14% | 12,074,060 | $58,919,654 |
| CSF | Catalano Seafood | 0.052 | -13% | 126,834 | $2,022,240 |
On the losers list today is Catalano Seafood (ASX:CSF) after announcing it has a new executive chairman, replacing Nick Catalano.
Michael Marcus Liew stepping into the role, effective today with Catalano will remain as managing director and CEO of the company.
Liew, who is a substantial shareholder in CSF, holding 16% of the total issued capital, will replace as executive chairman.
In an announcement CSF said Liew is a highly accomplished professional with a distinguished career within the public listed company landscape, including ASX, SGX, Bursa and NASDAQ.
“He has established himself as a trusted expert in driving strategic initiatives and optimising corporate performance,” the announcement said.
There was no reason given for Catalano stepping down from the executive chairman role.
LAST ORDERS
Some news today from Kingwest Resources (ASX:KWR) after the company announced that the share and option schemes of arrangement in relation to the merger of Kingwest and Brightstar Resources (ASX:BTR) have been implemented today.
Under the terms of the scheme, all eligible Kingwest security holders have been issued 1 new BTR share for every 0.38 KWR shares held at the record date, plus 1 new BTR option at the same rate.
Kingwest will now apply to the ASX for the termination of official quotation and removal from the official list of the ASX which is expected to take effect from close of business on 29 May 2023.
Magnis Energy Technologies (ASX:MNS) has announced non-executive director Hoshi Daruwalla is stepping up to be the company’s managing director (USA). Based in the US, Hoshi will oversee Magnis’ US expansion plans.
MNS said Hoshi brings more than 30 years of experience in global tier-1 advanced manufacturing companies where he has held board, C-Level, and Senior Management roles.
In the battery industry, Hoshi was recently the chairman and CEO of EcoPro Battery Materials Inc. Hoshi has held senior global roles with Daikin Industries, American Air Filter – McQuay, The Hong Leong Group, and Purafil Inc. Hoshi is also a US. Department of Commerce-appointed State of Georgia District Exports Council rep and board member
TRADING HALTS
Sayona Mining (ASX:SYA) – Capital raising.
Hammer Metals (ASX:HMX) – Capital raising.
Optiscan (ASX:OIL) – Capital raising.
Tivan (ASX:TVN) – Announcement regarding the establishment of an Advisory Group.
Read MoreArtificial Intelligence - AI
