The ASX200 is flatter than another Stockhead dad joke at lunch on Thursday.

A shame to be sure, because the benchmark did open with some brief flair after overnight global equity markets faded late, but almost universally closed higher as US Treasury yields fell on bets the US is done with inflation.

At midday on Thursday Nov. 30, the S&P/ASX 200 index was down by six points or -0.08% to 7029.

Via

Amusingly, tech stocks thought it was still Wednesday when the trading got underway in Sydney, spiking early with some of the exuberance which was on show after the October CPI read dropped at 11.30am yesterday.

The XTK quickly fell into line but one never knows with this lot…

Via MarketIndex

In New York, Wall Street gave up early gains to end mixed, amid growing expectations the US Federal Reserve will cut interest rates in the new year.

US Treasury yields backtracked on the sudden vacuum of investor fears around inflation, as Wall Street stops asking when the Federal Reserve will next lift rates, and instead start cutting interest rates.

That said, all three indices  decelerated into the afternoon as traders took the cream off recent profits following more untimely Fedspeak looking to dispel too much confidence that the Fed’s tightening cycle is already done.

We’ve got flat energy stocks on the ASX and flat oil prices from Texas to Turkmenistan ahead of the ultra high-stakes OPEC+ meet, as fears revolve around the prospect of deeper cuts and higher prices.

No-one cares, but we should probably also mention that The Global Climate Conference, COP 28, kicks off today in Dubai.

Chinese PMIs also drop today and my goodness, there’ll be some heads rolling if these don’t offer some clear signs of life after the previous batch arrived DOA last month.

Some quite decent headline ASX annual meetings today for fans of both finance and classic Aussie ’80s television drama like Sons and Daughters…

Probably the most revealing will be Dr Leslie Chong and her incredibly busy team walking their oftentimes bewildered shareholders through the latest complex results at the gene-therapy outfit Imugene (ASX:IMU).

Elsewhere we have Lake Resources (ASX:LKE) and Sayona Mining (ASX:SYA) talking nice at their respective AGMs as well.

We’re also watching on this AM in Sydney, that things are finally happening over at Origin Energy (ASX:ORG), where another sorely put upon board has at last reached deep into the company sperm bank, scooped up some remaining testosterone and rejected the revised takeover bid from the out-of-town takeover Cabal led by Canadian giant Brookfield.

In a note to shareholders, but perhaps written for angriest shareholder AustralianSuper, the board said the offer was ‘incomplete and too complex’, not in the best interests of the company or its shareholders (or AustralianSuper) and have meekly suggested that investors vote no to the $18.7bn offer when the opportunity arises on Monday next.

“The Revised Proposal is incomplete and highly conditional, including requiring finalisation of funding arrangements, updates to regulatory approvals, rulings from the Australian Taxation Office, and entry into revised legal documentation. In addition, pursuit of the Revised Proposal would result in an extended timeline,” the board wrote this morning.

“If the current scheme is not approved by the requisite majorities at the scheme meeting on 4 December 2023, board and management will continue to execute on Origin’s strategy and ambition to lead the energy transition in Australia. Consistent with its duties, the board will remain open to strategic options that enhance shareholder value.”

As mentioned, IT stocks took the briefest of early leads before returning to the comfort of the pack.

Dropping some upwardly revised forward guidance early in the session, much of that uplift came from buying into the financial platform Iress (ASX:IRE), which was up about +13% last I checked.

The $1bn plus IRE really only tweaked its underlying earnings by about $5m – from between $118m-$122m offered at the company’s FY results to $123m-$128m… but frankly, it’s been that long since anyone – let alone a SaaS financial/IT stock – offered both forward guidance AND an upward revision.

OFC, the financial software maker also said it’s killing a long slated transformation and accelerating into some nice dollars.

 

ASX SECTORS ON THURSDAY

Via Google

 

US PAST and FUTURES

In New York, stocks traded in a fairly narrow range as Q3 GDP data added a little extra encouragement for the resilient US economy.

All three major indices trimmed gains in a late arvo sell off with the big growth names like Microsoft and Apple dragging the S&P 500 into the red.

In regular hours trade on Wednesday, the Dow slipped home (up +0.04%), while the S&P 500 and Nasdaq Composite closed lower by -0.1% and -0.16%, respectively.

On the plus side of the ledger,  all of the big US indexes look set to finish November with gains.

Amazon says its snazzy new AI chip is four times faster than the last one, while offering twice more energy efficiency.

And finally, General Motors found lots of old-new friends when it declared a record monstrous US$10bn share buyback as well as a ridiculous +33% additional dividend.

US stock futures rose on Thursday in Sydney ahead of the last trading session of November in New York:

Via Fox

 

ASX SMALL CAP WINNERS

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

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Code Company Price % Volume Market Cap
CPM Cooper Metals 0.43 65% 14,050,325 $16,183,869
DMG Dragon Mountain Gold 0.015 50% 133,334 $3,946,717
CRB Carbine Resources 0.006 50% 1,000,000 $2,206,951
KEY KEY Petroleum 0.0015 50% 310,000 $1,967,928
IEC Intra Energy Corp 0.004 33% 2,497,250 $4,982,345
AUK Aumake Limited 0.005 25% 1,126,447 $7,436,294
BUY Bounty Oil & Gas NL 0.01 25% 2,222,449 $10,964,008
CHK Cohiba Min Ltd 0.0025 25% 400,000 $4,426,488
ADG Adelong Gold Limited 0.006 20% 500,000 $2,981,611
MKL Mighty Kingdom Ltd 0.02 18% 787,000 $7,146,283
BFC Beston Global Ltd 0.007 17% 357,333 $11,982,281
IBG Ironbark Zinc Ltd 0.007 17% 2,508,522 $8,843,236
MOM Moab Minerals Ltd 0.007 17% 141,150 $4,271,781
PAB Patrys Limited 0.007 17% 3,013,244 $12,344,684
PUA Peak Minerals Ltd 0.0035 17% 282,334 $3,124,130
WOA Wide Open Agriculture 0.18 16% 140,584 $27,072,356
RTG RTG Mining Inc. 0.029 16% 25,000 $27,136,988
ATV Activeport Group 0.115 15% 20,872 $31,714,787
LDR Lode Resources 0.115 15% 64,248 $10,678,415
VBC Verbrec Limited 0.085 15% 12,786 $18,744,175
IBX Imagion Biosys Ltd 0.39 15% 20,989 $11,099,827
IPG IPD Group 4.78 14% 544,553 $363,117,606
M4M Macro Metals Limited 0.004 14% 1,750,000 $8,634,772
NTM Nt Minerals Limited 0.008 14% 2,454 $6,019,320
PXX Polarx Limited 0.008 14% 3,389 $10,917,317
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With its stock rising proudly in AM trade, much like the fortunate user of LTR Pharma’s miraculous nasal sprayCooper Metals (ASX:CPM) has found more copper at its Brumby Ridge Prospect at the Mt Isa East Cu-Au Project.

The latest assays look convincing to me – and the compamny says they “confirm bonanza copper grades” at Brumby Ridge, so must be true.

Dragon Mountain Gold (ASX:DMG) is holding its AGM.

The voting’s been done and there was almost wholesale backing of the various resolutions including a 99.97% vote in favour of changing the company name.

Shares are up 50% so it must be a right cracker of a name – ‘cos I thought Dragon Mountain Gold was pretty bloody good already.
 

ASX SMALL CAP LOSERS

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

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

Code Company Price % Volume Market Cap
AMD Arrow Minerals 0.001 -33% 23,800,000 $4,535,648
NPMDA Newpeak Metals 0.069 -31% 25,296 $9,995,579
BP8 BPH Global Ltd 0.0015 -25% 500,000 $3,231,126
4DS 4DS Memory Limited 0.08 -24% 33,468,529 $183,601,416
SRH Saferoads Holdings 0.09 -18% 20,000 $4,120,796
CLU Cluey Ltd 0.075 -17% 67,868 $18,145,221
WIN Widgie Nickellimited 0.115 -15% 678,917 $40,222,582
AQX Alice Queen Ltd 0.006 -14% 238,053 $1,018,444
AVE Avecho Biotech Ltd 0.003 -14% 120,000 $11,092,540
EEL Enrg Elements Ltd 0.006 -14% 2,502,659 $7,069,755
EMN Euro Manganese 0.12 -14% 2,545,668 $34,414,167
LNR Lanthanein Resources 0.006 -14% 15,240 $7,851,029
RLC Reedy Lagoon Corp. 0.006 -14% 168,000 $4,316,785
VRC Volt Resources Ltd 0.006 -14% 728,915 $28,910,747
ENR Encounter Resources 0.29 -13% 1,814,790 $134,754,012
BGE Bridge SaaS 0.026 -13% 10,000 $1,573,362
CTT Cettire 3.015 -13% 4,067,328 $1,315,271,859
ATH Alterity Therapeutics 0.0035 -13% 829,802 $11,209,442
OAR OAR Resources Ltd 0.0035 -13% 601,000 $10,506,597
SGC Sacgasco Ltd 0.007 -13% 410,000 $6,188,662
RRR Revolver Resources 0.105 -13% 21,328 $31,154,912
LCL LCL Resources Ltd 0.021 -13% 2,530,303 $19,063,307
PTR Petratherm Ltd 0.043 -12% 201,000 $11,012,806
CMP Compumedics Limited 0.155 -11% 10,470 $31,003,516
KP2 Kore Potash PLC 0.008 -11% 1,600,000 $6,021,518
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