It was a fait acompli that Australian GDP figures would crash in the September quarter given lockdowns in NSW and Victoria, but it wasn’t as bad as economists feared.

A contraction of 2.7% had been tipped but the result was a modest 1.9% retreat – paling in comparison to the record 6.8% drop in the June quarter last year – and on an annualised basis, the economy was 3.9% bigger.

In other economic data today, Australian housing prices grew for the 14th month in a row – by 1.3%. However the rate of growth had slowed to levels not seen since January.

Taking the cake for the biggest annual rise was Hobart, up 27.7%, while Perth had the smallest rise, up 14.5%.

While Australian GDP figures will likely rebound this quarter with lockdowns seemingly out of the way, the ASX retreated 0.72%, taking weekly losses to -2.7%.

The fall in oil prices and the omicron variant have continued to worry investors.

The ‘best’ sector was healthcare which only retreated 0.04% while the ASX 200 Information Technology index posted the biggest dip, falling by more than 1.4%.

ASX SMALL CAP WINNERS

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First Graphene (ASX:FGR) announced the results of test work which demonstrated its PureGRAPH hybrid materials showed an 85% improvement in energy density levels.

Carnaby Resources (ASX:CNB) reported a significant lithium soil anomaly at its Big Hill project in WA’s Pilbara region.

Resources services provider Babylon Pump and Power (ASX:BPP) signed a new three year deal with Premier Coal.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 30 [intraday]:

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