The ASX has gotten into the Friday spirit to end the week, with steady gains across the board leaving the local index well-placed to snap a three-day losing streak.
It followed similar gains in the US, as markets bounced back from more inflation jitters which have seen capital flows pivot out of high-growth tech stocks.
Speaking of pivots, Elon Musk is back at it again with some more shenanigans in the crypto space.
Yesterday, Musk’s electric vehicle company Tesla — ostensibly a business focused on helping the environment — announced it would no longer accept Bitcoin as payment due to the amount of energy used in BTC mining.
That marks a 180-degree flip in Elon’s moral compass since February, when some small print in Tesla’s annual report showed it had changed its investment policy in January and promptly bought US$1.5bn of Bitcoin.
So if BTC is out, what comes in its place? For now, Musk is now eyeing off everyone’s favourite Shibu Inu. Good times:
Back on traditional markets, crypto hodlers with their red laser-eyes burning bright would no doubt be salivating at the >6,000% gain generated by a junior iron ore play in morning trade today. Read on below to find out more.
WINNERS
Here are the best performing ASX small cap stocks to 11:30am on Friday, May 14
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MDX | Mindax Limited | 0.2 | 6567 | 33,268,190 | $2,961,836 |
| ECT | Env Clean Tech Ltd. | 0.0015 | 50 | 1,367,300 | $11,584,625 |
| PUR | Pursuit Minerals | 0.063 | 29 | 63,354,462 | $44,290,312 |
| CZR | CZR Resources Ltd | 0.014 | 27 | 17,394,000 | $31,383,208 |
| ALT | Analytica Limited | 0.0025 | 25 | 2,748,572 | $8,799,031 |
| TSC | Twenty Seven Co. Ltd | 0.005 | 25 | 4,905,010 | $10,642,758 |
| CAP | Carpentaria Resource | 0.097 | 23 | 27,065,311 | $30,410,311 |
| PIL | Peppermint Inv Ltd | 0.017 | 21 | 4,541,302 | $22,244,194 |
| LCD | Latitude Consolidate | 0.065 | 20 | 2,590,538 | $42,497,507 |
| EFE | Eastern Iron | 0.012 | 20 | 32,170,608 | $6,111,854 |
| LKE | Lake Resources | 0.25 | 19 | 5,467,638 | $214,592,372 |
| BIR | BIR Financial Ltd | 0.019 | 19 | 125,844 | $1,300,006 |
| RXH | Rewardle Holding Ltd | 0.02 | 18 | 5,017,773 | $8,947,465 |
| WFL | Wellfully Limited | 0.055 | 17 | 1,171,036 | $9,861,562 |
| DTR | Dateline Resources | 0.0035 | 17 | 25,289 | $26,493,234 |
| ERL | Empire Resources | 0.014 | 17 | 226,467 | $10,905,000 |
| VRC | Volt Resources Ltd | 0.03 | 15 | 29,711,010 | $61,888,531 |
| AEV | Avenira Limited | 0.008 | 14 | 1,181,602 | $6,039,970 |
| AO1 | Assetowl Limited | 0.008 | 14 | 153,600 | $3,727,536 |
| MSR | Manas Res Ltd | 0.008 | 14 | 3,563,258 | $19,321,915 |
| TYM | Tymlez Group | 0.026 | 13 | 41,666 | $6,716,848 |
| TRT | Todd River Res Ltd | 0.054 | 13 | 534,768 | $26,571,011 |
| FNT | Frontier Resources | 0.018 | 13 | 21,192,862 | $7,825,631 |
| KTE | K2 Energy Ltd | 0.019 | 12 | 315,851 | $5,111,172 |
| BAT | Battery Minerals Ltd | 0.02 | 11 | 2,518,915 | $36,742,924 |
We assume the 6,000% gain from Mindax Limited (ASX:MDX) probably caught your eye at the top of today’s winners list.
One could argue it’s not an intraday gain as such, because the stock has been in suspension since June 2019 for breaching sub-sections from Chapter 12 of the ASX Listing Rules around on-going requirements (including 12.2 — financial condition).
The company wasn’t totally inactive in that time, announcing a ~$2m capital raise last June at 0.5c per share. Investors who participated in that raise would most likely be delighted at today’s reinstatement price which rose as high as 20c.
Mindax’s assets include the Mt Forrest magnetite iron ore project in WA, where it has established a joint venture with Norton Gold Fields Pty Ltd — a subsidiary of the China-based Zijin Mining Group.
Earlier this week, Mindax announced that Norton has now received Foreign Investment Review Board (FIRB) approval for its proposed earn-in of a 19.9% interest in the Mt Forrest Project, which has a proven JORC resource of over 1.7 billion tonnes.
LOSERS
Here are the best performing ASX small cap stocks to 11:30am on Friday, May 14
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ANL | Amani Gold Ltd | 0.0015 | -25 | 854,750 | $21,573,993 |
| CLZ | Classic Min Ltd | 0.0015 | -25 | 28,097,810 | $35,114,383 |
| G88 | Golden Mile Res Ltd | 0.067 | -25 | 6,600,699 | $12,461,631 |
| CUL | Cullen Resources | 0.022 | -21 | 10,570,386 | $10,469,694 |
| SIX | Sprintex Ltd | 0.062 | -21 | 130,378 | $16,689,764 |
| FPL | Fremont Petroleum | 0.004 | -20 | 60,656,770 | $23,392,563 |
| NPM | Newpeak Metals | 0.002 | -20 | 193,810,750 | $14,185,403 |
| CY5 | Cygnus Gold Limited | 0.12 | -17 | 275,000 | $15,720,914 |
| BDG | Black Dragon Gold | 0.085 | -15 | 151,287 | $13,563,915 |
| AVW | Avira Resources Ltd | 0.006 | -14 | 12,500 | $9,625,280 |
| GGX | Gas2Grid Limited | 0.003 | -14 | 210,000 | $7,005,429 |
| DEG | De Grey Mining | 1.25 | -14 | 9,455,668 | $1,871,096,038 |
| LAW | Lawfinance Ltd | 0.013 | -13 | 150,000 | $17,553,451 |
| KNM | Kneomedia Limited | 0.007 | -13 | 6,734,019 | $7,905,973 |
| AME | Alto Metals Limited | 0.105 | -13 | 767,674 | $54,031,168 |
| TEM | Tempest Minerals | 0.022 | -12 | 487,906 | $6,794,783 |
| GTE | Great Western Exp | 0.15 | -12 | 204,761 | $23,153,670 |
| GTG | Genetic Technologies | 0.008 | -11 | 7,014,585 | $81,150,541 |
| OEX | Oilex Ltd | 0.004 | -11 | 1,442,510 | $22,773,451 |
| ODY | Odyssey Gold Ltd | 0.165 | -11 | 8,481,438 | $83,718,134 |
| IMC | Immuron Limited | 0.17 | -11 | 249,636 | $43,176,853 |
| AFR | African Energy Res | 0.017 | -11 | 329,418 | $11,836,252 |