It sounds like something from the plot of Succession, but Goldman Sachs bossman David Solomon has been named as one of the acts at US music festival Lollapalooza.

Solomon – who’s been a DJ since 2015 – will perform alongside Metallica and Dua Lipa at the event in July.

The 60-year-old banker, who earned $35m last year, said proceeds would benefit non-profit organisations focused on tackling addiction.

But not everyone is happy about the gig, DJ Joe Nice said the organisers should be ashamed.

“Goldman Sachs generated record profits in 2021 during a pandemic where millions of Americans lost their jobs, health insurance, life savings, and homes,” he wrote.

“When David Solomon “DJ D-Sol” takes the stage, walk out.”

 

To Markets …

The ASX 200 is up 32.20 points or 0.44% at midday today to 7,419.20.

Chinese stocks ended lower yesterday, weakening from a broad rally that started late last week amid signs of an easing in US-China tensions over Russia’s invasion of Ukraine.

And liquor makers further weighed on the market amid continuing worries over China’s consumption slowdown due to the country’s latest Covid-19 outbreak.

The ongoing war in Ukraine is causing investors to remain cautious about European equities, IG analyst Chris Beauchamp says.

“Meanwhile, London has made some small gains, helped by further strength in yields which has boosted financial shares,” he said.

Russia’s stock market jumped in its first limited trading session since the West unveiled punishing sanctions nearly a month ago.

The benchmark MOEX index added about 4%.

The increase is unlikely to be interpreted as a sign that all is well with the Russian economy.

Only 33 shares out of 50 shares on the index were allowed to trade.

To prevent a steep selloff, Russia’s central bank banned short selling, and blocked foreigners, who make up a huge chunk of the market, from selling their shares.

The move will also help prevent the ruble from weakening, as foreign investors would likely sell their ruble-denominated shares and then move out of the ruble for the dollar or euro.

Russia’s currency has trimmed some of its losses against the dollar in recent sessions, trading at 98 rubles to the dollar Thursday.

In the US, a climb in oil prices, which remain above $100 a barrel, have added to concerns that consumers could see higher prices for energy and even products like plastic wrap or lawn fertilizer.

In the semiconductor industry, Nvidia rose 9.8%, to $281.50 and Intel rose 6.9%, to $51.62 yesterday — its biggest one-day gain since January 2021 — as investors bet booming demand for chips would overwhelm short-term logistics issues.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 25 [intraday]:

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Explorer Mandrake Resources (ASX:MAN) has inked a “transformational” deal to buy the high grade ‘Delphin’ copper project in Chile.

The project is in a prolific copper-producing region home to monstrous mines like BHP (ASX:RIO) and Rio’s (ASX:RIO) Escondida (11.2 billion tonnes @ 0.8% Cu).

Over 15,000m of historical drilling at Delpin has pulled up hits like 86m @ 4.83% Cu from 121m, and 89m @ 3.2% Cu from 122m.

Importantly, 90% of this old drilling was concentrated in a tiny 300 x 100m area “with little previous application of modern exploration techniques”.

Mandrake intends to undertake an active exploration program commencing early Q2.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 25 [intraday]:

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