ASX Small Cap Lunch Wrap: Wall Street upbeat but a blow for Joe
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Joe Biden was sworn in as the 46th US President on Wednesday and Wall Street hit all-time highs.
Meanwhile, tiger wrangler/meth connoisseur Joe Exotic – who ran for President as an independent candidate in 2016 — did not get a last minute pardon from outgoing President Don Trump.
The commodity boom keeps booming.
Global oil prices rose on Wednesday. At ~$US18,000/t the nickel price dances around six-year highs.
Copper consolidated after pounding through the ~US$8,000/t mark in January – its highest point since February 2013.
Following a manic rally past $US170/t, iron ore pulled back (very slightly) after major miner BHP lifted annual production targets.
Battery metals – graphite, lithium, cobalt – are all turning on the burners.
Even gold surged, with the futures price up by US$26.30 an ounce overnight to US$1,866.50 an ounce.
The ASX 200 index was up 37 points to 6,808 by midday.
Colombian explorer Los Cerros (ASX:LCL) just hit a 320m long “porphyry-style” intersection at the Tesorito South target grading 1.5g/t gold from surface.
Fashion retailer Mosaic Brands (ASX:MOZ) says half earnings are expected to be between $40 million and $45 million.
It also mentioned that “a large number of our frontline team [will be] vaccinated (against COVID-19) by the middle of the year” which is a weird thing to put in an announcement.
The big boys of BNPL are hot again. Zip (ASX:Z1P) shares have surged to a three-month high – and Afterpay (ASX:APT) has hit an all-time high – after Zip reported strong second-quarter growth, particularly in the US.