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ASX October Winners: The 50 best stocks in weaker month for markets

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  • The S&P/ASX 200 fell 1.3% in October with small cap companies outperforming
  • S&P Dow Jones Indices said financials led the gains in October and is up 30% YTD
  • Ovanti rose 525% in October after appointment of former Zip US CFO Simon Keast as CEO

After five consecutive months of gains, the S&P/ASX 200 fell 1.3% in October, erasing the Spring optimism that had lifted the benchmark by 3% in September, according to S&P Dow Jones Indices (S&P DJI).

Australian small-cap companies held up relatively better, with the S&P/ASX 200 ex-S&P/ASX 100, S&P/ASX Small Ordinaries and S&P/ASX Emerging Companies finishing the month with small gains.

VanEck Asia Pacific CEO and managing director Arian Neiron said October was positive for Australian investors with exposure to international equities, with MSCI World ex Australia up 3.92% in local dollar terms.

However, Australian equities went the other direction, largely due to Materials being down -5.2%.

“Bond proxies such as Utilities and A-REITs were also down, reflecting the inverse relationship with Australian 10-year bond yields,” he said.

The Australian dollar, which was generally pegged to Australian equities, fell relative to the US dollar by 5.6%. It is currently trading at US65c.

Neiron said in global bond markets, the month was characterised by a major sell-off. The Australian 10-year bond yield surged by 53bps, resulting in a 1.88% decline in Australian bonds.  Similarly, the US 10-year bond yield rose sharply to 4.27%.

“The movement was primarily driven by persistent inflation concerns and renewed worries about US debt serviceability,” he said.

Inflation rose 0.2% in the September 2024 quarter and 2.8% annually, according to the latest data from the Australian Bureau of Statistics (ABS).

However, trimmed mean annual inflation was 3.5% for the September quarter down from 4% in the June quarter but above the Reserve Bank of Australia (RBA) 2-3% target. Trimmed mean inflation is often cited as the RBA’s preferred measure of inflation because it excludes more extreme price changes.

“The Australian quarterly inflation print pushed back on market expectations for an RBA rate cut, with resilience in the labour market and some persistence in inflation keeping the trimmed mean above the RBA’s target range,” Neiron said.

“We do not anticipate a rate cut till Q2 CY25, which is predicated on falls in inflation and a lift in the unemployment rate.”

Gold was the beneficiary of increased uncertainty in the market, jumping 6% over the month with a 35% gain YTD, according to S&P. Bitcoin was up more than 16%.

“We anticipate gold prices will continue rallying in light of central banking buying, increasing geopolitical risks and more rate cuts by the Fed which may spur the US dollar coming off,” Neiron said.

All eyes are on the US election and the FOMC meeting next week.

“Smalls caps, both domestically and internationally, have historically outperformed their large cap counterparts post a US Federal Election,” Neiron said.

“We reinforce being selective and focusing on quality assets as well as opportunistically buying into duration, gold bullion and gold miners.”

 

Pic: S&P

 

Financials lead gains, up 30% YTD

Pic: S&P

 

Eight out of the 11 S&P/ASX 200 sectors had losses, with utilities and consumer staples dipping 7% over the month. Financials remained resilient with a 3% gain and are up 30% YTD.

Information technology lost ground, dipping 4.43% in October but remains the best performing sector YTD, up ~42%.

Equity volatility continued to trend higher globally, implying increased uncertainty priced in the options market. The S&P/ASX 200 VIX closed the month at 13.7, up 1.9 points from the end of September.

 

Pic: S&P

 

Here were the 50 best performing ASX stocks in October

Scroll or swipe to reveal table. Click headings to sort.

CODE COMPANY LAST SHARE PRICE OCTOBER RETURN % MARKET CAP
OVT Ovanti Limited 0.025 525% $50,753,640
JBY James Bay Minerals 0.7 367% $23,409,750
TZL TZ Limited 0.08 321% $20,526,649
GCM Green Critical Min 0.008 300% $12,208,341
YRL Yandal Resources 0.29 222% $77,664,208
BDG Black Dragon Gold 0.044 214% $11,770,778
UCM Uscom Limited 0.041 193% $10,269,557
AZ9 Asian Battery Met PLC 0.081 179% $24,479,414
POL Polymetals Resources 0.8 167% $155,808,532
PUA Peak Minerals Ltd 0.005 150% $12,485,551
AUZ Australian Mines Ltd 0.016 129% $22,376,194
PPY Papyrus Australia 0.016 129% $7,883,081
LM8 Lunnon Metals 0.36 118% $79,368,749
HIQ Hitiq Limited 0.026 117% $9,147,969
RSH Respiri Limited 0.078 117% $100,695,576
NVU Nanoveu Limited 0.043 115% $21,711,676
VR1 Vection Technologies 0.017 113% $22,552,012
NOU Noumi Limited 0.27 108% $74,819,516
EG1 Evergreen Lithium 0.084 105% $4,723,320
AYA Artrya Limited 0.53 104% $41,739,616
CCZ Castillo Copper Ltd 0.008 100% $11,629,883
GCR Golden Cross 0.004 100% $4,389,024
MKG Mako Gold 0.018 100% $17,759,143
ODE Odessa Minerals Ltd 0.008 100% $10,146,260
PEC Perpetual Res Ltd 0.017 100% $12,512,517
RFA Rare Foods Australia 0.024 100% $6,527,598
TKL Traka Resources 0.002 100% $3,891,317
XPN Xpon Technologies 0.014 100% $5,074,181
EWC Energy World Corpor. 0.02 100% $61,578,425
AVM Advance Metals Ltd 0.047 96% $7,919,461
SES Secos Group Ltd 0.035 94% $20,881,351
A1G African Gold Ltd. 0.082 91% $29,434,681
LRV Larvottor Rsources 0.71 89% $227,487,649
NVA Nova Minerals Ltd 0.25 85% $67,984,220
NYR Nyrada Inc. 0.12 85% $21,865,044
AIV Activex Limited 0.009 80% $1,939,523
G88 Golden Mile Resources 0.018 80% $7,402,011
EEL Enrg Elements Ltd 0.002 80% $2,326,032
TYP Tryptamine Ltd 0.032 78% $34,849,555
TZN Terramin Australia 0.077 75% $162,975,329
MM8 Medallion Metals 0.091 72% $37,127,550
CY5 Cygnus Metals Ltd 0.145 71% $68,824,203
LIS Lisenergy Limited 0.2 70% $128,040,046
TIP Teaminvest Private 2.2 69% $59,724,124
GW1 Greenwing Resources 0.067 68% $16,123,649
HPC The Hydration Company 0.015 67% $4,573,696
SLZ Sultan Resources Ltd 0.01 67% $1,975,865
VIG Victor Group Hldgs 0.05 67% $28,611,334
ARD Argent Minerals 0.03 67% $43,317,770
RWD Reward Minerals Ltd 0.068 66% $15,494,013
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Fintech Ovanti (ASX:OVT) topped the October winners list, clocking up a 525% rise for the month after announcing the appointment of former Zip US CFO, Simon Keast, as its new CEO. Keast has a clear mandate to launch the company’s BNPL offering in the US market.

“We are excited to re-launch our BNPL offering with entry into the US market with such deep potential to win market share in various segments of the US market presently under-serviced by the large incumbents,” said Ovanti chairman David Halliday.

Meanwhile, resources dominated the list of winners in October with James Bay Minerals (ASX:JBY) rising by 367% in October after several positive announcements including the proposed acquisition of the Independence Gold Project in Nevada.

“The company believes the increase in share price is a result of this announcement, combined with the significant increase in gold and silver prices during the same period,” JBY responded when hit with an ASX price query.

Green Critical Minerals (ASX:GCM) rose 300% in October after inking a binding technology purchase agreement with Cerex Pty Ltd to acquire 100% rights to a late-stage graphite technology which produces saleable graphite blocks from graphite powder.

“The acquisition of this VHD Graphite technology represents q significant milestone for GCM, aligned with our strategy to move to
revenue generating operations expediently through opportunities where we have q significant competitive advantage,” GCM managing director Clinton Booth said.

Black Dragon Gold (ASX:BDG) rose 214% on not a great deal of news other than a placement to Spanish investors and releasing its quarterly report on October 31, which delivered updates on its 1.5Moz Salave gold project in Asturias in Northern Spain, where a laborious approvals process is currently underway.

The company provided commentary about support from pro-mining stakeholders, who “expressed frustration at the slow process relating to the Environmental Impact Assessment progressing”. It’s been ongoing since 2019.

US-focused e-health provider Respiri (ASX:RSH) rose 117% in October after posting revenue of $409,000 for the quarter, which was 93% higher on pcp with cash receipts of $242,000.

As Stockhead’s Tim Boreham noted given the company managed $500,000 of revenue in the full 2023-24 year, this showed decent traction for the previously struggling company.

RSH’s lead device is the Wheezo, a blow-in-the-phone diagnostic for respiratory diseases. The company reported total patient enrolment of 2435, up 71% on the June quarter.

 

Here were the 50 worst performing ASX stocks in October

Scroll or swipe to reveal table. Click headings to sort.

CODE COMPANY LAST SHARE PRICE OCTOBER RETURN % MARKET CAP
EXR Elixir Energy Ltd 0.055 -69% $65,824,594
PPG Pro-Pac Packaging 0.017 -66% $3,088,691
KLI Killi Resources 0.066 -62% $9,254,767
M4M Macro Metals Limited 0.009 -61% $32,607,962
NOV Novatti Group Ltd 0.034 -56% $13,816,342
CAN Cann Group Ltd 0.04 -55% $18,746,659
CDD Cardno Limited 0.15 -55% $5,859,099
SER Strategic Energy 0.01 -52% $6,710,333
MOV Move Logistics Group 0.16 -52% $20,418,243
ATV Active Port Group 0.02 -51% $7,068,831
CNJ Conico Ltd 0.001 -50% $2,201,528
ICU Investor Centre Ltd 0.003 -50% $913,534
MTB Mount Burgess Mining 0.001 -50% $1,298,147
EQN Equinox Resources 0.14 -48% $17,339,000
TOU Tlou Energy Ltd 0.015 -46% $19,478,765
ANX Anax Metals Ltd 0.012 -45% $10,457,219
MDR Medadvisor Limited 0.235 -45% $129,557,295
CML Connected Minerals 0.2 -44% $8,271,642
QEM QEM Limited 0.059 -44% $11,259,188
OSL Oncosil Medical 0.008 -43% $30,272,641
WIN WIN Metals 0.027 -41% $8,951,988
RTG RTG Mining Inc. 0.026 -40% $28,208,505
CVB Curvebeam Ai Limited 0.094 -39% $29,854,863
TEM Tempest Minerals 0.0055 -39% $3,449,984
LVH Livehire Limited 0.028 -38% $10,685,208
AUK Aumake Limited 0.005 -38% $13,566,205
MNB Minbos Resources Ltd 0.037 -37% $32,509,031
GEN Genmin 0.049 -37% $41,955,569
BPM BPM Minerals 0.066 -37% $5,535,566
CPV Clearvue Technologie 0.29 -36% $77,349,082
CHM Chimeric Therapeutic 0.009 -36% $8,776,267
CMO Cosmo Metals 0.018 -36% $2,357,872
ADA Adacel Technologies 0.32 -35% $24,423,996
AW1 American West Metals 0.072 -35% $42,845,462
SMP Smartpay Holdings 0.615 -34% $148,795,230
CXU Cauldron Energy Ltd 0.013 -33% $18,987,788
AFA ASF Group Limited 0.02 -33% $15,847,951
AHN Athena Resources 0.004 -33% $4,281,870
AOA Ausmon Resorces 0.002 -33% $2,117,999
BCB Bowen Coal Limited 0.008 -33% $23,443,918
BCM Brazilian Critical 0.008 -33% $6,953,531
EDE Eden Inv Ltd 0.001 -33% $4,108,209
GMN Gold Mountain Ltd 0.002 -33% $7,814,946
IVX Invion Ltd 0.002 -33% $13,633,183
NES Nelson Resources 0.002 -33% $1,410,522
PAB Patrys Limited 0.004 -33% $8,229,789
RLC Reedy Lagoon Corp. 0.002 -33% $1,523,413
SIT Site Group Int Ltd 0.002 -33% $6,304,980
TMX Terrain Minerals 0.003 -33% $5,400,086
VMM Viridis Mining 0.47 -33% $33,793,924
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The most high profile loss was WiseTech Global (ASX:WTC), which finished October down 14% after recovering from heavier losses earlier in the month following allegations of misconduct by founder, executive director and CEO Richard White.

WTC announced on October 24 White would be stepping down from his CEO and executive director positions, causing its share price to recover some losses. He will continue in a consultancy role with a salary of $1m per year.

 

At Stockhead, we tell it like it is. While James Bay Minerals and Green Critical Minerals are Stockhead advertisers, the companies did not sponsor this article.

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