ASX Small Cap Lunch Wrap: Who’s competing for the ultimate title today?
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Australia’s annual Mulletfest kicked off yesterday and the pictures are actually amazing.
— Fiona J Roberts Author (@fionajroberts1) February 27, 2022
It’s the fifth year the event has run in Kurri Kurri in New South Wales, and categories included juniors, adults, redheads, vintage, rookie, grubby, extreme, everyday – and international.
But don’t worry if you missed out on the chance to show off your mullet because the event is going on tour.
Mulletfest will tour multiple locations across regional NSW, Queensland, the Northern Territory and Victoria from February to October.
The ASX 200 is up 26.30 points or 0.38% at midday today to 7,024.10.
All eyes are on the Russian invasion of Ukraine, and Russia’s stock market had a slight rebound on Friday before further waves of sanctions targeting its central bank and leadership were announced over the weekend.
There are reports that ATMs in Moscow are running low on foreign currency as citizens rush to exchange rubles for dollars and euros.
In Europe, Oanda analysts say it appears traders are anticipating minimal disruption to Russian exports either directly as a result of the invasion or from sanctions imposed.
“The latter is understandable as the proposed measures so far have underwhelmed, to say the least.”
In the US, some analysts and investors said the end-of-week rally on Friday had more to do with investors pricing in expectations that the Fed will take a less aggressive path on interest-rate increases.
Several said they believe the conflict in Ukraine adds too much uncertainty to the economic picture, making a 0.25% rate increase more likely next month rather than the 0.50% increase some officials had previously suggested.
“Ultimately, the long-term path for risk assets will remain broadly unaltered,” said Seema Shah, chief strategist at Principal Global Investors. “A modest path higher — but one that could be hit with significant volatility and uncertainty.”
But Yung-Yu Ma, chief investment strategist for BMO Wealth Management in the US, said short term market movements will be difficult to predict.
“It looks like the military action in Ukraine could be protracted,” he said.
Here are the best performing ASX small cap stocks for February 28 [intraday]:
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Then there was lithium explorer Qx Resources (ASX:QXR) which rose off the back of news Chinese firm Suzhou TA&A Ultra Clean Technology will invest $2.85m in the company.
“This is an excellent development for our company, a strong vote of confidence in our lithium exploration projects, and it brings an experienced and large lithium sector investor onto our register,” chairman Maurice Feilich said.
“As well, their desire to collaborate with us on project exploration, development and secure future offtake for any lithium we discover on our projects delivers huge value at multiple levels to QXR.
“We now have the added financial flexibility to fast-track and scale up exploration activities in Western Australia as well as continuing to invest in ongoing trenching and drilling of our Drummond Basin gold assets where we are achieving excellent results.”