There were more chaotic scenes in the Washington DC as House of Representatives Speaker Nancy Pelosi called on Vice-President Mike Pence to invoke the US Constitution’s 25th amendment against President Donald Trump.

Vice-President Pence stands to take over as US president if he uses his powers under the 25th Constitutional Amendment to trigger the removal of President Trump from office.

The Constitutional Amendment provides for this on the grounds of a President’s perceived “inability to discharge the powers and duties of the said office”.

However, the Vice-President has reportedly declined to invoke the 25th Amendment and turned down a telephone call from Speaker Pelosi.

Pence presided over the Senate session Wednesday that confirmed Democratic Party candidate Joe Biden as the new US President with 306 Electoral College votes to President Trump’s 232 votes.

Social media platforms are starting to block information flow from President Trump with Twitter taking down two of his latest posts for breaching its rules.

Facebook chief Mark Zuckerberg reportedly said the social media company will halt publication of any further posts from President Trump for the remaining two weeks of his term of office.

The political turmoil in the US has not impacted equity markets, with the Nasdaq index racing 2.5 per cent higher overnight to 13,067 points.

Meanwhile, the rise and rise of Tesla chief executive Elon Musk continues on reports he has surpassed Amazon chief Jeff Bezos as the world’s richest businessperson.

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Tesla chief Elon Musk’s net wealth has surged past that of Amazon founder Jeff Bezos. Image: Twitter

Musk’s net worth is estimated at $US195 billion ($252bn) to $US185 billion for Bezos, and Musk’s wealth has escalated by $US145 billion in 2020, reports said.

The Tesla founder owns 20 per cent of the EV company which has a market value on the Nasdaq exchange of $US773 billion.

Tesla shareholders continue to share in the company’s success story, and its share price closed nearly 8 per cent higher Thursday at $US816 per share.

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Tesla’s buoyant share price has made founder and chief Elon Musk the world’s richest business person. Image: Google

At lunch, the ASX All Ordinaries index had punched through the 7,000 points mark, and is up 0.44 per cent to 7,011 points.

 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Friday January 8:

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

CODE NAME PRICE % CHANGE VOLUME MARKET CAP
COY Coppermoly Limited 0.00026 116.67 18,476,745 25,526,568
NWE Norwest Energy NL 0.00009 50.00 209,561,353 28,406,802
CLZ Classic Min Ltd 0.000015 50.00 5,114,024 16,734,968
ECT Env Clean Tech Ltd. 0.000015 50.00 100,000 9,601,033
PWNCA Parkway Minls NL - 0.1C Pd, 1.9C Unpd 0.00003 50.00 2,000,000 493,201
GLV Global Oil & Gas 0.00014 40.00 15,417,855 6,536,248
TMK Tamaska Oil Gas Ltd 0.00011 37.50 16,080,598 7,120,000
TRU Truscreen 0.0014 33.33 5,831,699 37,901,457
KEY KEY Petroleum 0.00006 33.33 71,569,731 8,855,677
HLX Helix Resources 0.00014 27.27 34,738,074 8,735,319
XST Xstate Resources 0.000075 25.00 32,684,797 10,867,445
LVE Love Group Global 0.00085 23.19 365,026 2,796,858
KTE K2 Energy Ltd 0.00055 22.22 10,695,422 13,529,572
AVL Aust Vanadium Ltd 0.00018 20.00 28,272,269 43,952,382
CBY Canterbury Resources 0.0012 20.00 472,505 8,801,500
FGO Fargo Enterprises 0.00003 20.00 2,846,116 2,964,392
GGE Grand Gulf Energy 0.00012 20.00 3,658,185 3,837,495
TIG Tigers Realm Coal 0.00012 20.00 400,000 97,584,926
OVT Ovato Limited 0.000095 18.75 29,102,271 69,862,498
WFL Wellfully Limited 0.0013 18.18 312,979 16,113,585
ANP Antisense Therapeut. 0.001475 18.00 5,467,329 71,748,521
EMT Emetals Limited 0.00027 17.39 410,436 9,204,600
DLC Delecta Limited 0.00007 16.67 571,429 6,051,727
MRD Mount Ridley Mines 0.000035 16.67 3,091,148 10,305,639
TPD Talon Petroleum Ltd 0.000035 16.67 7,209,175 13,055,369

Several ASX resources companies were in demand for investors in early Friday trading including Coppermoly (ASX:COY), Cobalt Blue Holdings (ASX:COB), Helix Resources (ASX:HLX) and Canterbury Resources (ASX:CBY).

Russian coal shipper Tigers Realm Coal (ASX:TIG) traded higher and is well positioned to benefit from changed Chinese coal buying patterns.

The coal company completed a capital raising Thursday for $3.7m through an entitlement offer that was taken up by 57 per cent of its shareholders.

Tigers Realm Coal has now raised $20.8m to cover the cost of its new coal handling and preparation plant in eastern Russia.

The CHPP will enable the company to churn out more coking coal which attracts higher prices than its mainstay product to-date of thermal coal.

Cervical cancer screening company Truscreen Group (ASX:TRU) surged nearly 50 per cent after its shares listed on the ASX for the first time.

Shares in the company were changing hands at 15.5c, more than double its issue price of 7c in its IPO that raised $2.5m in December.

Trusceen’s hand-held wand uses changes in electrical signals to detect possible pre-cancerous cells in the cervix in real time.

The medical tech company is listed on the New Zealand Exchange, and China now accounts for around half of its sales.

The company’s technology was first developed back in the 1980s by University of Sydney cancer specialist Malcolm Coppleson and Sydney gynecologist Bevan Reid, who wanted to improve upon pap smears.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Friday January 8:

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

CODE NAME PRICE % CHANGE VOLUME MARKET CAP
BAS Bass Oil Ltd 0.001 -33.33 1,554,009 5,013,210
ANL Amani Gold Ltd 0.0015 -25.00 44,626,227 18,773,993
GGX Gas2Grid Limited 0.002 -20.00 877,725 3,339,992
XPE Xped Limited 0.002 -20.00 1,400,000 4,482,155
XTC Xantippe Res Ltd 0.002 -20.00 59,712 10,186,411
HNR Hannans Ltd 0.006 -14.29 1,610,661 16,519,840
PDZ Prairie Mining Ltd 0.285 -13.64 38,678 75,357,179
ATP Atlas Pearls Ltd 0.015 -11.76 375,333 7,273,820
NCL Netccentric Ltd 0.062 -10.14 136,742 18,112,500
MRQ Mrg Metals Limited 0.009 -10.00 1,286,144 13,696,279
RNX Renegade Exploration 0.009 -10.00 14,190,174 8,626,266
SCU Stemcell United Ltd 0.019 -9.52 16,736,787 16,236,356
ARE Argonaut Resources 0.01 -9.09 38,366,829 32,041,586
AQI Alicanto Min Ltd 0.11 -8.33 4,615 39,230,095
BDG Black Dragon Gold 0.11 -8.33 201,151 16,122,433
CSE Copper Strike Ltd 0.11 -8.33 85,000 12,821,377
G88 Golden Mile Res Ltd 0.055 -8.33 164,224 7,381,100
VMC Venus Metals Cor Ltd 0.22 -8.33 2,450 36,258,884
AZI Alta Zinc Ltd 0.0055 -8.33 1,700,000 21,664,195
9SP 9 Spokes Int Limited 0.023 -8.00 354,300 37,333,431
BOA Boadicea Resources 0.23 -8.00 12,100 15,536,437

Profit-taking was evident in Boart Longyear’s (ASX:BLY) share price Friday, which retreated by 20 per cent following a strong run-up Thursday.

Investors may also be having second thoughts about the company’s strategic review of its business announced a day earlier.

The Adelaide-based company said it had engaged Rothschild and Company to carry out a strategic review of its operations.

Options on the table for Boart, which has net debt of $823m, include refinancing of its debt facilities and recapitalising the company.

The ASX company returned an after-tax net loss of $74m for the nine months ended September 2020 due to decreased operational activity, impairments and additional financing costs.

Prairie Mining’s (ASX:PDZ) share price deflated after the company responded to an ASX query about a recent rise in its market value.

The coal company told the ASX mid-week it was unaware of any market-relevant information that could explain the share price rise.

Shareholders may have been expecting an update on the company’s arbitration claim involving the government of Poland, but none was forthcoming.

Prairie Mining is developing two coal projects in Poland, Eastern Europe, Jan Karski for semi-soft coking coal, and Debiensko for hard coking coal.

The ASX company has notified the Polish government of an arbitration claim under the Energy Charter Treaty and Australia-Poland Bilateral Investment Treaty.

The action centres on claims Warsaw has deprived Prairie of the value of its coal investments in Poland by blocking the development of its coal projects.