ASX Small Cap Lunch Wrap: Who’s changing gears today?
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Back in 2018, Russian arms maker Kalashnikov made a prototype electric car, the Izh UV-4.
That was followed by a taxi version in 2019, and now it looks like they’re back with a souped-up EV.
However, it’s not quite the Mad Max gun boasting beast that you might imagine.
According to Carscopps, a set of patent images have surfaced that hint at a possible production version with military-style doors and exposed wheels (but no guns).
The company is also working on a breezy three-wheeler with no doors and a sunroof.
In 2019, reports suggested a top speed of 80 km/h and a low weight of 650 kg, and while Kalashnikov didn’t reveal figures for the battery, they claimed it was enough for a 150 km range and that it was “a low fire and explosion hazard.”
While working prototypes are under development, no official announcement has been made as yet.
The ASX 200 is down 3 points or 0.0.4% at midday today to 7,407.60.
Base metal prices were mixed, nickel was flat and tin rose 0.2% but other metals fell 0.1-0.9% with aluminium down the most.
The gold futures price fell by US$22.50 to US$1,783.80 an ounce, with Spot gold trading near US$1,789 an ounce.
Iron ore rose by US$4.75 or 5.0% to US$99.45 a tonne.
In the US, President Biden’s selection of Jerome Powell for a second term as Fed chairman was a sign of the government’s preference for ‘continuity’ in economic policy, Morningstar said.
According to Morningstar (with Dow Jones), Federal Reserve officials in the coming months will debate how soon to raise interest rates, trying to avoid either overreacting and cooling the economy or under-reacting and allowing inflation to rise out of control.
“With good economic growth and without a policy mistake, I believe the more cyclical areas of the market could continue to do well, versus what has done well, which is more those technology stocks” said John Bailer, deputy head of equity income at Newton Investment Management.
With most of the reporting season in the books, investors are in a quieter period for new information about companies.
David Bahnsen, chief investment officer at wealth management firm The Bahnsen Group, is looking ahead to the fourth-quarter earnings season that will kick off early next year.
“Fundamentals are going to drive the next leg of the market, either because earnings outperform expectations yet again, or because they don’t,” he said.
Oil prices oscillated after the White House said the US, China, Japan and other countries would tap strategic oil reserves in a bid to temper gasoline prices and inflation. Global benchmark Brent crude rose 3.3%.
“What matters for the price is how much oil we have above ground, and releasing oil from strategic reserves actually reduces this,” said Bjarne Schieldrop, chief commodities analyst at Nordic bank SEB. “It is very temporary, it’s not very effective
Here are the best performing ASX small cap stocks for November 24 [intraday]:
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The biggest small cap winner today was Sovereign Cloud Holdings (ASX:SOV) up 31% after coming out of a trading halt.
The company announced today the successful completion of its placement to NextDC (ASX:NXT) who bought a 19.99% stake for over $12 million.
The company also completed the institutional component of its fully underwritten 4 for 11 accelerated pro-rata non-renounceable entitlement offer of new fully paid ordinary shares in AUCloud.
The combined proceeds of the placement and the entitlement offer will be around A$35 million – excluding estimated transaction costs.
Metalhawk (ASX:MHK) jumped 20%, reporting maiden assays from drilling at its Kanowna East project of 4m at 17.8 g/t gold from 75m, including 1m at 42.7 g/t gold from 76m.
“Our first RC drilling program at Kanowna East has further highlighted the potential of this gold project,” MD Will Belbin said.
“Following the company’s nickel sulphide discovery at Berehaven and the successful capital raising in October, the company is very well positioned to continue delivering exploration success across its highly prospective gold and nickel projects.”
Advanced Human Imaging (ASX:AHI) dropped 17%, announcing today that it had closed its US$10.5 Million US Initial Public Offering (IPO).