ASX Small Cap Lunch Wrap: Who’s found themselves at the end of the road today?
It’s time to say goodbye to Toadie, Dr Karl, and that old bloke that returns as the villain every few seasons.
But it had a good run of 37 years gracing our screens before its broadcast partner – UK’s Channel 5 – pulled the plug on funding.
And Fremantle Media has been unable to secure a replacement broadcaster for the show which launched the careers of Kylie Minogue, Guy Pierce and Margot Robbie.
It looks like Aussie actors will have to go the Chris Hemsworth route and look to Home and Away to get their foot in the industry.
I’m so sorry to hear Neighbours will end. Aside from being the incredible launch pad it’s been no one can deny the effect it’s had throughout millions of homes around the world. It’s bonded all of us in immeasurable ways. A true honour to have been a part of it. Great memories Xx
— Guy Pearce (@TheGuyPearce) March 3, 2022
The ASX 200 is down 118.20 points or 1.65% at midday today to 7,033.20.
Chinese shares closed lower yesterday, amid concerns over the escalating Russia-Ukraine war, and the Fed’s plans to increase interest-rate.
Recent reports have suggested that China is weighing methods to loosen some pandemic-related controls, which could provide some optimism towards further reopening, IG says.
In Europe, index providers MSCI Inc. and FTSE Russell have said they would cut Russian equities from their benchmarks next week and S&P Dow Jones Indices is considering doing the same.
In the US, stocks swung between small gains and losses and oil prices slipped Thursday as investors assessed how a recent jump in commodities prices is likely to affect inflation and the Federal Reserves monetary policy.
US crude prices briefly surged over $116 a barrel for the first time since 2008, before turning lower to trade around $110.
The reversal came as representatives from the US, Britain, France, Germany, Russia, China and Iran engage in round-the-clock meetings in Vienna in a bid to restore a 2015 deal that lifted most international sanctions on Iran in exchange for tight but temporary restrictions on its nuclear program.
If the deal were restored, Iranian oil exports would help make up for the Russian barrels that global buyers have shunned since it invaded Ukraine.
Investors are worried that a prolonged elevation in oil prices could herald a combination of slowing growth and higher inflation — also known as stagflation.
Here are the best performing ASX small cap stocks for March 4 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
The biggest winner today was communications stock Swift Networks (ASX:SW1) who signed a 3 year, $3.5m partnership with the massive Roy Hill iron ore mine.
Swift Access will be installed in 2,374 accommodation rooms, 17 executive rooms, and 20 common areas, and will allow workers based at Roy Hill MPV to cast their favourite streaming apps from their mobile device straight to their room’s TV.
Plus, they’ll have access to Swift’s full content library including first release movies and sector-specific mental health and indigenous education resources.
And the product will allow facility managers to easily upload and distribute site information such as inductions, health and safety messages and more, directly to TVs across the site.
Fellow telco tech company Norwood Systems (ASX:NOR) was up after forming a global tech relationship with Infosys (NYSE:INFY) “a global leader in next-generation digital services and consulting”.
And Liontown spinout Minerals 260 (ASX:MI6) hit a wide copper-gold zone at the ‘Moora’ project, with highlight intercepts including 24m at 1.9% copper and 0.7g/t gold.
A number of ASX uranium small caps populated today’s loser’s list, as money flowed out of risk assets in response to reports that a major Ukrainian power plant was on fire.