Investor hope was restored in Elon Musk’s EV company Tesla after its shares bounded 19.6 per cent higher overnight to $US673.58 per share following a three-month low.

The dramatic recovery in Tesla’s share price and that of the tech heavy Nasdaq index which rose a more modest 3.7 per cent in Tuesday Wall Street trade stunned tech naysayers.

A slew of reasons were advanced by analysts for the sharp turnaround in Tesla’s share price, including growing consumer confidence as vaccines are rolled out, rising sales data for Tesla EVs, and a decline in US bond yields which is positive for growth stocks.

Chinese sales data for February showed Tuesday that Tesla had sold 18,320 units of its Model 3 and Model Y EVs produced at its plant in Shanghai.

“Tesla will be in a position to deliver 2 [million] units in 2023, and deliver earnings of $US12 per share, more than 50 per cent above current expectations,” Tesla stock watcher and market analyst at New Street Research Pierre Ferragu told Barron’s.

Ferragu has raised his share price target for Tesla to $US900 per share from $US578 previously.

To markets:

At lunchtime in Sydney, the ASX All Ordinaries index was 16 points lighter at 6,985 having surged to 7,038 points in morning trade Wednesday.

US stock indexes rallied overnight as the S&P 500 rose 1.4 per cent. The NASDAQ was 3.7 per cent higher, while the broader Dow Jones added 30 points to 31,832.

“US stocks rallied on Tuesday, with the Nasdaq gaining about 4 per cent to recoup heavy losses from the previous session as US bond yields retreated and investors scooped up battered technology stocks,” said stockbroker Argonaut in a note.

The price of gold in US dollars has climbed above $US1,700 per ounce to $US1,713 ($2,222/ounce) Wednesday.

Ten-year bond rates slipped with the US yield at 1.54 per cent and Australia’s at 1.73 per cent.

 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday March 10:

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Stocks highlighted in yellow made market moving announcements
CODE NAME PRICE % CHANGE VOLUME MARKET CAP
ASO Aston Minerals Ltd 0.054 59 61620836 $ 29,637,712.59
ANL Amani Gold Ltd 0.0015 50 1316525 $ 10,786,996.75
ANW Aus Tin Mining 0.0015 50 8175333 $ 10,062,318.38
BAS Bass Oil Ltd 0.0015 50 2774999 $ 3,342,140.10
OEX Oilex Ltd 0.003 50 1574185 $ 8,333,552.05
SBR Sabre Resources 0.005 25 1093426 $ 6,732,254.60
MCT Metalicity Limited 0.017 21 20519250 $ 24,739,739.57
CXM Centrex Metals 0.063 21 3934307 $ 19,061,471.36
AVW Avira Resources Ltd 0.006 20 186000 $ 6,875,200.00
BRK Brookside Energy Ltd 0.019 19 93124132 $ 26,423,337.49
FGL Frugl Group Limited 0.069 17 9344783 $ 9,646,500.00
HSN Hansen Technologies 4.89 17 535252 $ 834,408,181.16
CGN Crater Gold Min Ltd 0.021 17 76767 $ 22,094,925.61
EVS Envirosuite Ltd 0.14 17 895647 $ 123,137,268.72
RNO Rhinomed Ltd 0.14 17 32317 $ 30,457,095.84
ACB A-Cap Energy Ltd 0.05 16 318722 $ 37,491,049.24
ALY Alchemy Resource Ltd 0.015 15 1000 $ 8,739,164.89
JAN Janison Edu Group 0.068 15 310254 $ 124,286,816.39
GLH Global Health Ltd 0.4 14 2500 $ 14,734,412.00
RVS Revasum 0.4 14 42500 $ 35,974,605.10
SHE Stonehorse Energy Lt 0.025 14 10792838 $ 10,395,965.18
GAS State GAS Limited 0.57 14 66033 $ 86,516,152.50

 

Aston Minerals (ASX:ASO) was a strong gainer in early Wednesday trade after announcing it had struck gold during a maiden drilling program for its Edleston project in Canada.

The drilling intersected visible veinlets of gold 200m along strike from the main ore body identified at the Edleston project in the Canadian province of Ontario.

“The effective strike length tested by drilling consists of only 1km out of a 10km of strike within the project,” managing director, Dale Ginn, said.

Another early riser was oil explorer Brookside Energy (ASX:BRK) that was mentioned in a Stockhead article featuring stock picks by pro investor James Whelan.

Whelan said Brookside Energy was worth looking at from an investment point of view because “it is a perfect representation of where I am investing”.

Brookside Energy has leasehold areas for gas and oil in the Anadarko super basin in the US state of Oklahoma which has a long history of oil production.

Price comparison platform company Frugl Group (ASX:FGL) rose significantly Wednesday after signing a service agreement with groceries wholesaler Metcash Trading.

Frugl Group is providing data analysis information to Metcash Food through its frugal and InFocus Analytics platforms to drive intelligence-led retail decision making.

The agreement enables Frugl Group to develop its relationship with Metcash with a view to expanding the scope of services it provides the wholesaler.

Frugl Group’s data analysis platform allows consumers to compare the cost of goods in different retailers and supermarkets.

 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday March 10:

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

Stocks highlighted in yellow made market moving announcements
CODE NAME PRICE % CHANGE VOLUME MARKET CAP
AUH Austchina Holdings 0.016 -20 12728637 $ 32,682,487.22
MLS Metals Australia 0.002 -20 2000000 $ 10,477,258.94
NPM Newpeak Metals 0.002 -20 12530000 $ 14,185,403.25
AOU Auroch Minerals Ltd 0.18 -18 2111154 $ 59,890,074.20
YPB YPB Group Ltd 0.0025 -17 36815622 $ 14,163,153.86
RFR Rafaella Resources 0.1 -13 714041 $ 14,709,140.67
BNO Bionomics Limited 0.25 -13 1266237 $ 242,194,954.03
MTB Mount Burgess Mining 0.007 -13 150000 $ 5,281,190.39
VAL Valor Resources Ltd 0.007 -13 689585 $ 22,670,651.34
PKD Parkd Ltd 0.05 -12 118637 $ 4,283,550.00
WSA Western Areas Ltd 2.09 -11 6484700 $ 643,807,834.02
NCR Nucoal Resources Ltd 0.009 -10 4438 $ 7,686,123.54
ELT Elementos Limited 0.01 -9 1492947 $ 35,843,363.82
AAU Antilles Gold Ltd 0.09 -9 91588 $ 19,319,023.25
DRX Diatreme Resources 0.021 -9 72173 $ 59,235,502.86
PO3 Purifloh Ltd 1.02 -9 1770 $ 34,991,082.78
LSR Lodestar Minerals 0.011 -8 458000 $ 12,420,339.58
PEX Peel Mining Limited 0.285 -8 608579 $ 105,909,582.34
JXT Jaxstaltd 0.08 -8 521854 $ 21,505,558.71
ASQ Australian Silica 0.081 -8 102096 $ 23,583,446.66
STM Sunstone Metals Ltd 0.012 -8 53286 $ 28,729,839.40
TSC Twenty Seven Co. Ltd 0.006 -8 723114 $ 13,821,085.72

 

AustChina Holdings (ASX:AUH) was a significant faller Wednesday as the energy exploration company posted its December 2020 half-year results.

The company made a loss after tax of $711,850 for the December-ended half year and is looking into investing in biogas in the renewable energy sector.

AustChina Holdings has two exploration permits for coal in Central Queensland, and its Blackall project for thermal coal in the Eromanga basin has a resource of 1.3 billion tonnes.