• ASX hits strong start, energy sector leads
  • WiseTech, Megaport drag down tech stocks
  • DevEx, Energy World, A2M soar on positive news

 

The ASX had a solid start on Friday, with the S&P/ASX 200 benchmark rising 1%, just shy of its all-time record. 

The energy sector led the charge, boosted by a 2% jump in oil prices amid escalating tensions in the Russia-Ukraine war, which have raised concerns about crude supply.

Source: Market Index

 

Source: Market Index

 

Technology stocks tumbled heavily, weighed down by WiseTech Global (ASX:WTC) which fell by 9%  after downgrading its revenue and earnings forecasts for FY25, primarily due to delays in the launch of its Container Transport Optimisation product.

At Wisetech’s AGM this morning, CEO Richard White, who has been under pressure following recent controversies, spoke out.

“While this time has been difficult and challenging, I want to assure you, that this has not diminished my passion and dedication for WiseTech and what this business will achieve in the long-term.”

Megaport (ASX:MP1), another tech giant, also crashed 10% despite affirming its earnings guidance of $57 million to $65 million for FY25.

In other large caps news, A2 Milk (ASX:A2M) soared 16% after lifting its revenue guidance and announcing plans to start paying dividends, driven by a strong rise in sales and global dairy prices.

And, Resolute Mining (ASX:RSG) rebounded 0.5% after its executives, including CEO Terry Holohan, were released from jail in Mali following a tense couple of weeks during which the company faced significant pressure from the local government and was compelled to pay $160 million.

Overnight, Nvidia’s rally stalled after a disappointing forecast but ended the day in positive territory.

Meanwhile Bitcoin continues its march higher, trading above $US98,000 after news that Gary Gensler, the highly unpopular US Securities and Exchange Commission chairman, known for his tough stance on crypto, will step down in January. 

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 22 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Volume Market Cap
SFG Seafarms Group Ltd 0.002 33% 555,769 $7,254,899
TMK TMK Energy Limited 0.002 100% 40,979,707 $9,325,565
VPR Voltgroupltd 0.002 50% 3,241,666 $10,716,208
DEV Devex Resources Ltd 0.150 36% 2,741,387 $48,585,974
1TT Thrive Tribe Tech 0.004 33% 13,819 $2,110,085
RML Resolution Minerals 0.002 33% 54,039 $2,415,033
IFG Infocusgroup Hldltd 0.051 28% 20,693,771 $4,351,041
SP3 Specturltd 0.019 27% 825,566 $4,484,350
BUY Bounty Oil & Gas NL 0.005 25% 1,203,000 $5,994,004
CUL Cullen Resources 0.005 25% 500,000 $2,773,607
ERA Energy Resources 0.003 25% 6,850,384 $810,792,482
EWC Energy World Corpor. 0.020 25% 1,462,400 $49,262,740
ROG Red Sky Energy. 0.010 25% 9,488,380 $43,377,818
VFX Visionflex Group Ltd 0.005 25% 250,000 $13,421,298
HRE Heavy Rare Earths 0.036 24% 138,173 $2,443,979
PCL Pancontinental Energ 0.017 21% 20,814,437 $113,842,202
AZ9 Asianbatterymet PLC 0.071 20% 17,490,005 $17,830,684
G11 G11 Resources Ltd 0.018 20% 1,728,253 $14,499,332
BEL Bentley Capital Ltd 0.012 20% 100,000 $761,279
SBW Shekel Brainweigh 0.024 20% 200,000 $4,561,225
A2M The A2 Milk Company 5.660 18% 5,613,300 $3,482,531,958
GRV Greenvale Energy Ltd 0.035 17% 356,231 $14,211,867
TMB Tambourahmetals 0.029 16% 76,000 $2,764,751
FTL Firetail Resources 0.085 15% 524,551 $24,512,350
EMD Emyria Limited 0.040 14% 97,961 $14,538,629
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DevEx Resources (ASX:DEV) surged after Chairman Tim Goyder’s comments at the company’s AGM sparked investor optimism. 

Goyder highlighted the resurgence of the uranium sector, driven by growing global demand for clean energy and nuclear power’s crucial role in the energy transition. He outlined DevEx’s strategic focus on uranium exploration in the Northern Territory, alongside recent progress at its Nabarlek and Murphy West projects, which have yielded promising results. 

Goyder also discussed the company’s ongoing restructuring efforts and the appointment of new managing director, Todd Ross.

Energy World Corporation (ASX:EWC) surged after the company responded to an ASX query about the significant impairment of assets related to its gas projects, including the Sengkang and Gilmore LNG facilities.

Investors reacted positively as the company provided clarity on its financial position, explaining the impairments were based on revised economic assumptions and challenges in its projects. 

Asian Battery Metals (ASX:AZ9) has confirmed the discovery of sulphide mineralisation at the North Oval area of its Oval Cu-Ni-PGE Project in Mongolia. 

Drillhole OVD025 intercepted 3.6 metres of sulphide, located 500 metres northwest of a previous high-grade find in OVD021. The company said the new discovery suggests that additional massive sulphide zones could exist in the area, supporting the potential for high-grade ore accumulation within the project.

Further drilling and assays are ongoing, with results expected in the coming weeks.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 22 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Volume Market Cap
88E 88 Energy Ltd 0.002 -25% 17,785,005 $57,867,624
CT1 Constellation Tech 0.002 -25% 4,502,577 $2,949,467
CZN Corazon Ltd 0.003 -25% 10,698,439 $2,671,622
H2G Greenhy2 Limited 0.003 -25% 471,091 $2,392,737
KP2 Kore Potash PLC 0.047 -24% 1,908,609 $41,604,316
COY Coppermoly Limited 0.008 -20% 165,770 $7,076,574
PRM Prominence Energy 0.004 -20% 75,000 $1,945,882
TSL Titanium Sands Ltd 0.004 -20% 51,279 $11,058,736
AGD Austral Gold 0.019 -17% 22,495 $14,083,161
ALM Alma Metals Ltd 0.005 -17% 176,074 $9,399,133
FIN FIN Resources Ltd 0.005 -17% 83,821 $3,895,612
ERW Errawarra Resources 0.061 -16% 26,115 $7,002,209
LYK Lykosmetalslimited 0.016 -16% 15,000 $3,578,756
GCM Green Critical Min 0.006 -14% 10,745,334 $13,352,873
JAV Javelin Minerals Ltd 0.003 -14% 675,000 $18,162,887
SRN Surefire Rescs NL 0.003 -14% 1,560,000 $6,952,077
GEN Genmin 0.037 -14% 2,159,701 $36,818,152
BLU Blue Energy Limited 0.007 -13% 1,628 $14,807,789
LCY Legacy Iron Ore 0.011 -12% 4,612,440 $122,566,349
WAK Wakaolin 0.052 -12% 208,437 $30,894,413
E79 E79Goldmineslimited 0.023 -12% 25,000 $2,656,228
JLL Jindalee Lithium Ltd 0.235 -11% 353,009 $18,911,911
DM1 Desert Metals 0.024 -11% 89,524 $7,166,494
ZGL Zicom Group Limited 0.057 -11% 109,574 $13,731,841
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IN CASE YOU MISSED IT

Bevis Yeo reported that:

Altech Batteries (ASX:ATC) has finalised a funding invitation document for its 120-megawatt-hour Cerenergy sodium chloride (common salt) solid-state battery project in Saxony, Germany, and has distributed to various financial institutions.

It had previously engaged 10 commercial banks and two venture debt funds in a first market round and received predominantly positive initial feedback with several of the institutions expressing strong interest in participating in the financing.

The company has also engaged several equity advisers to support the equity component of the project’s funding package, which will likely see the divestment of a minor interest in the project to one or two strategic investors.

It is targeting large utility groups, data centre operators, investment funds and corporations that are heavily involved in the green energy transition as they are strongly aligned with the project’s focus on sustainable energy solutions. Financing for the project will be structured into three key areas – debt, equity and grants – that will cover not only capital expenditures but also financing costs, working capital, debt service coverage, and an additional contingency.

The Saxony plant will manufacture batteries using common table salt and ceramic solid-state technology without the use of critical minerals such as lithium, copper, graphite, nickel and cobalt.

They are fire and explosion proof, have a life span of more than 15 years and operate in all but the most extreme conditions. Testing of the prototype using continuous daily charging and discharging cycles under real world conditions has thus far affirmed its efficiency and performance whilst maintaining safe, optimal operating temperatures.

Aurum Resources (ASX:AUE) has declared that its off-market takeover offer for Mako Gold (ASX:MKG) is now unconditional after securing a relevant interest of 39.86% in the company.

It had offered MKG shareholders one AUE share for every 25.1 MKG shares held and option holders one AUE share for every 248 MKG January 2025 options held and one AUE share for every 170 MKG June 2025 options held.

This offer, which represented a 112% premium on the 30-day volume weighted average price of $0.00855, was unanimously recommended by MKG’s directors in the absence of a superior offer.

The offer will close on Wednesday, December 4, 2024.

 

At Stockhead, we tell it like it is. While Altech Batteries and Mako Gold are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.