• Benchmark ASX 200 Index gains another 0.55% to midday, now at 10-month highs
  • NASDAQ and Dow Jones hit record highs overnight
  • Large Cap Winners: James Hardie, Lynas Rare Earths, Evolution Mining
  • Small Cap Winners: First Lithium, Godolphin, Entyr


The ‘Santa Rally’ – a tendency for the stock market to go up around the Christmas period — continues unchecked with the benchmark ASX 200 Index gaining another 0.55% to midday, eastern time.

It is now at 10-month highs.

Fun fact: the ASX has posted December gains in nine of the 13 years from 2010 but inked losses in three of the last five, not counting 2023 (because it isn’t over yet).

The ASX today followed the lead of Wall Street where both the NASDAQ and Dow Jones are at record highs.

“If things keep heading the way they are, the S&P 500 will be at an all-time before the end of the year,” Capital’s Kyle Rodda says.

“The benchmark index is the most overbought on the daily charts since the so-called ‘Volmageddon’ melt-up and correction in early 2018.”

Volmaggedon – a portmanteau of ‘volatility’ and ‘Armageddon’ – refers to the sudden rise in market volatility on 5 February 2018 which sparked a one-day loss of more than 90% in the value of short volatility exchange-traded products (ETPs).



Winners 🚀

James Hardie (ASX:JHX)

IDP Education (ASX:IEL)

Evolution Mining (ASX:EVN)

Lynas Rare Earths (ASX:LYC)


Losers 👎

Orica (ASX:ORI)

Mercury NZ (ASX:MCY)

Infratil (ASX:IFT)

Fortescue Metals (ASX:FMG)



Here are the best performing ASX small cap stocks for 20 December [intraday]:

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Tyre recycler Entyr (ASX:ETR) will sell 100% of its tyre pyrolysis oil, carbon char and recovered carbon black production to global commodities trader Trafigura.

~1 billion tyres go into landfill every year, the company says, with current recycling methods barely making a dent.

ETR, previously known as Pearl Global, says its low emissions tech turns old tyres into asphalt products, a diesel replacement, and scrap steel.

First Lithium (ASX:FL1) says “significant discovery confirmed!” at Blakala, part of the Gouna project in Mali.

The first 3 holes include an outstanding 111m intersection @ 1.57% Li2O, including a 10m chunk grading 3.39% Li2O from 33m depth.

That’s exceptionally thick, shallow, and high grade. The stock is up ~160% since it was backdoored into former crypto/mineral exploration stock Ookami earlier this year.

Minnow Enova  (ASX:ENV) is now up +60% since announcing a deal to buy a Brazilian rare earths and lithium project on Monday.

Bastion Minerals (ASX:BMO) will buy a couple of lithium projects in the Gascoyne and Mt Ida regions, both popular addresses following Delta Lithium’s (ASX:DLI) recent drilling success.

And Godolphin (ASX:GRL) will sell its non-core Lewis Ponds and Mt Bulga projects in NSW for $11m.

Lewis Ponds contains a 6.2Mt at 2.g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper resource. The Mt Bulga mine to the north was reported to have a copper grade of 6.5% and also has a historical resource from 1970.

GRL is now in a trading halt after the ASX asked for more info on the vendor, Minerals Pty Ltd.



Here are the worst performing ASX small cap stocks for 20 December [intraday]:

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The NZ Commerce Commission has now instituted proceedings against hand sanitiser maker Zoono (ASX:ZNO) — a market darling during the Covid-killing craze of 2019 — regarding its marketing claims relating to the longevity/efficacy of its products.