Memestonks, NFTs, Dogecoin… risk assets that some say require ‘diamond hands’ to invest in.
A term that’s become common parlance in post-COVID bull markets — to possess diamond hands is to have a high tolerance for risk.
It can mean holding the bag for an extended period if your risk asset slumps, or refusing to sell as your risk asset moons into the stratosphere.
Unfortunately for rapper Lil Uzi Vert, someone gave the term new meaning at one of his recent concerts.
While crowdsurfing in Miami in July, things went from 0-100 real quick as a concert-goer ripped out the diamond encrusted jewel embedded in his forehead. This diamond, in case you were wondering:
Uzi Vert (real name Symere Woods) has made a full recovery (and still has the diamond).
To markets…
While there were some big individual gains among small caps, local stocks again drifted lower into midday trade as Asian markets continued to struggle for direction.
The major miners lost more ground, while travel companies and retail stocks also fell. But the broader index was supported by the big banks, particularly Macquarie (ASX:MQG) as investors cheered its half-year trading update.
Globally, a renewed bout of strength in the US dollar saw oil prices fall while benchmark USD gold prices dipped back below US1,800/oz.
But that didn’t stop a wave of demand for junior ASX gold explorers after some big gold hits overnight…
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for September 8 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| NWE | Norwest Energy NL | 0.0155 | 93.8% | $43,705,776 |
| A1G | African Gold Ltd | 0.375 | 82.9% | $18,738,608 |
| CLZ | Classic Minerals | 0.0015 | 50.0% | $22,369,104 |
| YPB | YPB Group Ltd | 0.003 | 50.0% | $9,983,641 |
| NXM | Nexus Minerals Ltd | 0.215 | 43.3% | $36,622,751 |
| KEY | KEY Petroleum | 0.004 | 33.3% | $5,903,784 |
| CCE | Carnegie Cln Energy | 0.0025 | 25.0% | $29,805,147 |
| GGX | Gas2Grid Limited | 0.0025 | 25.0% | $8,092,204 |
| TMX | Terrain Minerals | 0.01 | 25.0% | $5,886,088 |
| OKR | Okapi Resources | 0.64 | 23.1% | $52,812,098 |
| NTL | New Talisman Gold | 0.003 | 20.0% | $5,584,451 |
| VPR | Volt Power Group | 0.003 | 20.0% | $23,361,334 |
| ID8 | Identitii Limited | 0.215 | 19.4% | $27,373,821 |
| GEV | Global Ene Ven Ltd | 0.084 | 16.7% | $32,916,230 |
| AYM | Australia United Min | 0.014 | 16.7% | $22,110,930 |
| ESH | Esports Mogul Ltd | 0.007 | 16.7% | $17,347,345 |
| IMR | Imricor Med Sys | 1.2 | 15.9% | $130,135,527 |
| ELT | Elementos Limited | 0.0265 | 15.2% | $92,364,620 |
| MEB | Medibio Limited | 0.008 | 14.3% | $12,565,430 |
| MHI | Merchant House | 0.12 | 14.3% | $9,897,982 |
| UUL | Ultima Utd Ltd | 0.88 | 12.8% | $57,179,869 |
| A8G | Australasian Gold | 0.27 | 12.5% | $8,067,586 |
| BAT | Battery Minerals Ltd | 0.018 | 12.5% | $33,645,241 |
Small cap gains today were dominated by junior resources and energy plays, with gold strikes aplenty.
But leading the pack this morning was Norwest Energy (ASX:NWE), which almost doubled after the announcement of a big gas find in the Perth Basin by its joint venture partner — $10bn mining company Mineral Resources (ASX:MIN).
MIN confirmed the discovery this morning at its Lockyer Deep-1 exploration well. The company has an 80% interest in EP368 where the well is located, while NWE holds the remaining 20%.
In resources, gains were led by African Gold (ASX:A1G), which surged by more than 80% after announcing an outstanding set of drilling results at its ‘Didievi’ project in Côte d’Ivoire.
A1G wasn’t the only gold stock to run red hot this morning. Get the full rundown in Reuben Adams’ daily resources wrap.
Outside of energy and resources, gains were led by medical device company Imricor Medical Systems (ASX:IMR), which jumped more than 20% after advising that it’s completed the book-build for an institutional placement to raise $16.5m.
IMR, which makes compatible devices for use in MRI-guided heart procedures, said the funds will be used to support its product development pipeline, as well as clinical and regulatory costs.
ASX SMALL CAP LOSERS
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| NPM | Newpeak Metals | 0.001 | -50.0% | $13,654,870 |
| OAK | Oakridge | 0.001 | -50.0% | $6,878,586 |
| HAW | Hawthorn Resources | 0.046 | -23.3% | $20,010,937 |
| FFC | Farmaforce Ltd | 0.05 | -23.1% | $8,494,264 |
| ARO | Astro Resources NL | 0.004 | -20.0% | $18,820,965 |
| DLC | Delecta Limited | 0.011 | -15.4% | $13,112,076 |
| TSC | Twenty Seven Co. Ltd | 0.003 | -14.3% | $9,312,849 |
| AEV | Avenira Limited | 0.007 | -12.5% | $6,902,823 |
| GMR | Golden Rim Resources | 0.007 | -12.5% | $21,362,797 |
| GTG | Genetic Technologies | 0.007 | -12.5% | $73,808,721 |
| KNI | Kunikolimited | 1.715 | -12.1% | $80,870,525 |
| GGE | Grand Gulf Energy | 0.023 | -11.5% | $9,977,486 |
| RKN | Reckon Limited | 1.055 | -11.3% | $134,820,850 |
| RLC | Reedy Lagoon Corp. | 0.025 | -10.7% | $13,160,733 |
| VRC | Volt Resources Ltd | 0.034 | -10.5% | $92,721,960 |
| POL | Polymetals Resources | 0.135 | -10.0% | $5,823,489 |
| AGS | Alliance Resources | 0.15 | -9.1% | $34,322,827 |
| GAL | Galileo Mining Ltd | 0.3 | -9.1% | $47,223,398 |
| DCN | Dacian Gold Ltd | 0.205 | -8.9% | $217,671,751 |
| DCC | Digitalx Limited | 0.072 | -9.0% | $58,434,377 |
| ADV | Ardiden Ltd | 0.0155 | -9.0% | $36,539,022 |
| ARD | Argent Minerals | 0.031 | -9.0% | $29,812,870 |
| OBM | Ora Banda Mining Ltd | 0.105 | -9.0% | $111,979,468 |