Fans of Tesla chief executive and SpaceX founder Elon Musk will be surprised to learn the new job title he has bestowed on himself and another for a Tesla lieutenant.

Musk’s new title at Tesla is ‘Technoking’ – he’s put the title prominently on his Twitter feed:

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Better – the Tesla chief announced his role as Technoking in a company regulatory filing to the US Securities and Exchange Commission which makes it official.

“Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively,” said Tesla’s update to the SEC.

Master of Coin may refer to Tesla buying $US1.5bn of Bitcoin to store its excess cash, and similar to a move by MicroStrategy led by Michael Saylor.

The filing went on to add that both Musk and Kirkhorn have kept their “respective positions as Chief Executive Officer and Chief Financial Officer”.

Musk’s Twitter page is a treasure trove for information on new technology, cryptocurrency, popular culture and even the odd joke.

Like this one below on Nikola Tesla and Thomas Edison who were in competition over the best form of power generation, and with an unintentional nod to an Aussie rock band.

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Note to the Technoking – there are better Teslas that rock.


To markets:

At lunchtime in Sydney, the ASX All Ordinaries index was down 51 points to 7,028, as energy stocks lost ground.

US stock indexes were mixed after overnight trade. The NASDAQ was 11.8 points higher at 13,471, while the broader Dow Jones lost 127 points to close at 32,825.

The S&P 500 was 6 points lower at 3,962 after Tuesday’s trading session.

“The S&P 500 ended lower on Tuesday, weighed down by energy and industrial stocks as investors awaited the result of the Federal Reserve’s two-day policy meeting,” said stockbroker Argonaut in a note.

The price of gold in US dollars has steadied at $US1,730 per ounce ($2,234/ounce), Wednesday.

Ten-year bond rates moved up again with the US yield at 1.63 per cent and Australia’s was at 1.73 per cent.



Here are the best performing ASX small cap stocks at 12pm Wednesday March 17:

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Stocks highlighted in yellow made market moving announcements
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Top performing ASX market stock Wednesday is Queensland copper and gold explorer Cannindah Resources (ASX:CAE) which rocketed 150 per cent in early trade.

The exploration company took off after publishing an upbeat assessment of its flagship Mount Cannindah copper-gold project 100km south of the port of Gladstone.

Cannindah Resources said its project’s resource is sufficiently large in scale that major companies have demonstrated their interest in the area by conducting extensive drilling.

“The prices today for gold, copper and silver which are all major commodities at the Mount Cannindah project are significantly higher than when the previous explorers were drilling,” said the company.

Cannindah Resources said it was taking advantage of a timely review into the potential contained in its mining leases to develop the assets at a time of high metals demand.

Recent intercepts at its Mount Cannindah project include 82m at 2.32 per cent copper, 0.88 grams per tonne (g/t) gold and 42.1g/t silver.

A re-examination of the resources contained in the Mount Cannindah project show they amount to 90,000 tonnes of copper, 60,000 ounces of gold, and 2.5 million ounces of silver.

Another fast-mover Wednesday is Sihayo Gold (ASX:SIH) a gold explorer with projects in the Indonesian island of Sumatra that rose on some drilling results.

Results for drilling at its Hutabargot Julu gold project showed significant intercepts for eight drill holes, including 9m at 8.36 g/t gold and 9.3 g/t silver from 8m.

“These latest results clearly demonstrate the presence of a large mineralised system at Hutabargot Julu that appears to strengthen to the west in near surface drilling,” chairman, Colin Moorhead, said.

Know-your-customer data business Kyckr (ASX:KYK) was an in-demand stock on announcing a partnership with BAE Systems Applied Intelligence, an anti-cybercrime company.

The partnership will develop anti-money laundering and compliance issues and efficient know-your-customer solutions that minimise the risks of doing business around the world.



Here are the worst performing ASX small cap stocks at 12pm Wednesday March 17:

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

Stocks highlighted in yellow made market moving announcements
Wordpress Table Plugin


Among the ASX stocks at the losing end of the market on Wednesday is blockchain applications company Tymlez Group (ASX:TYM) despite issuing a positive presentation.

The software group provides secure peer-to-peer blockchain technology and has invested $15m into developing a blockchain technology platform over the past four years.

Tymlez Group made a loss after tax for the December-ended year of $3.6m on revenue of $192,000, according to its latest accounts.

The company’s presentation said the global blockchain market will grow to $US39.7bn by 2025 from $US3bn currently.

Gold explorer Carrawine Resources (ASX:CWX) dipped in Wednesday trade after announcing assay results from drilling at its Atlantis prospect in WA’s northeastern goldfields region.

The drilling targeted areas beyond its central high-grade zone at its Tropicana North project and returned hits with lower grades including 6m at 0.99 g/t gold from 80m for the main lode trend.

“Previous explorers intersected bonanza gold grass, including 15m at 21 g/t gold from just 50m below surface at the Atlantis prospect,” said managing director, David Boyd.

“Our step-out drilling was unable to repeat these high grades beyond this central zone, although we were successful in expanding the mineralised footprint at lower grades,” he said.