A Jack Russell terrier in Victoria has found a way to help out on the farm despite being too small to herd sheep.

Lexie steers the ute while her owner Cam Zschech feeds out hay.

Zschech found out about Lexie’s talents when he put the ute in first gear and let it idle along at walking pace.

“If she sees the sheep in front of the ute, she loves the sheep that much that she points the ute in that direction,” he said.

Luckily, Lexie is just big enough to see over the top of the steering wheel.

 

 

To Markets …

The ASX 200 is down 104.80 points or 1.45% at midday today to 7,100.80.

In the US, stocks ended a wild week with modest declines, extending a selloff that has dragged the S&P 500 to its longest weekly losing streak in more than a decade.

Stocks have recorded some of their steepest one-day drops since 2020, extending their losses from April. That’s left investors grappling with an extended selloff that bears little resemblance to the historically short and severe stock-market crash of March 2020.

“Investors, in some ways, may have forgotten what corrections felt like,” said Mike Bailey, director of research at FBB Capital Partners. “Some of them may just want out.”

 

April jobs report is strong though

The latest jobs report showed the US economy added 428,000 jobs in April and the unemployment rate remained unchanged at 3.6%.

Economists surveyed by The Wall Street Journal had projected that 400,000 jobs were created in April and the unemployment rate would fall to 3.5% — where it stood just before the pandemic and a five-decade low.

The strong jobs report “could also mean that the Fed has a little bit more leeway to be aggressive,” said Amy Kong, chief investment officer at Barrett Asset Management.

 

Oil prices and nuclear reactor restarts

On the other side of the fence, Japanese stocks ended higher, led by gains in energy and power stocks as hopes grow for nuclear-reactor restarts following recent gains in crude oil prices.

Brent crude rose 4.9% last week to $112.39 a barrel, extending a recent run of gains driven by expectations that the European Union was set to ban imports of Russia’s oil in response to its invasion of Ukraine.

 

ASX SMALL CAP WINNERS

 

Here are the best performing ASX small cap stocks for May 9 [intraday]:

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The Discovex Resources (ASX:DCX) and Carnaby Resources (ASX:CNB) Greater Duchess’ JV announced a “stunning drill result” of 68m at 2.4% copper and 0.4g/t gold from 40m.

CNB says wide, high grade and very shallow copper gold mineralisation now been intersected over a core zone of over 300m strike length which remains strongly open.

“These stunning drill results clearly demonstrate the resource and development potential of the Greater Duchess Copper Gold Project,” CNB MD Rob Watkins said.

“We are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only grow over time as we define and grow the maiden resource and move towards a development timetable.”

 

ASX SMALL CAP LOSERS