A Tesla fan holds an effigy of Tesla CEO Elon Musk outside the new Tesla electric car manufacturing plant in Germany. Pic: Getty
ASX Small Cap Lunch Wrap: Who’s got their funding secured (again) today?
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- Stocks dip after treading water for most of the week
- ASX follows US markets lower as bond yields rise again
- Small cap resources stocks find demand, alongside a big fintech winner
After holdings its ground for the whole week, the ASX finally buckled (slightly) on Friday as bond market gremlins continue to rattle investors.
Through midday trade, the ASX 200 dipped by more than 1% while the microcap Emerging Companies is on track for its third straight losing session.
Those losses followed similar falls on Wall Street, after the US strengthened its commitment to a double-shot 50 basis point rate hike in May, and bond yields got back on the move (upwards).
While public markets were jittery, Elon Musk took centre stage in the financial news cycle overnight with his preference for taking things private.
Four years on from his famous ‘funding secured’ tweet to take Tesla private, Musk this time says he’s rustled up US$46.5bn to do the same thing for Twitter, after taking a material stake in the company earlier this year.
About half that amount is in debt commitments from a group of large lenders. Musk has also got approval for a margin loan of US$12.5bn, which will be held against a portion of his Tesla shares.
The latest development follow Musk’s US$43bn hostile offer for the social media platform, and if he can finalise the numbers it will force the Twitter board to the negotiating table with the mercurial billionaire.
Back on local (public) markets, it was a sea of red with large cap mining stocks leading the way.
Gold stocks also came under pressure, while tech stocks continue to come under pressure in the rising rates environment.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for April 22 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Market Cap |
|---|---|---|---|---|
| W2V | Way2Vatltd | 0.1 | 127.3% | $6,079,011 |
| ANW | Aus Tin Mining | 0.0015 | 50.0% | $13,766,787 |
| JAV | Javelin Minerals Ltd | 0.0015 | 50.0% | $7,568,253 |
| ALY | Alchemy Resource Ltd | 0.027 | 42.1% | $18,094,553 |
| AW1 | Americanwestmetals | 0.265 | 29.3% | $15,738,875 |
| PYR | Payright Limited | 0.2 | 25.0% | $11,180,941 |
| MGTRE | Magnetite Mines | 0.006 | 20.0% | $3,159,747 |
| NZS | New Zealand Coastal | 0.006 | 20.0% | $5,135,025 |
| BMO | Bastion Minerals | 0.195 | 18.2% | $12,528,328 |
| LRV | Larvottoresources | 0.405 | 15.7% | $14,422,625 |
| OSM | Osmondresources | 0.23 | 15.0% | $5,620,000 |
| POL | Polymetals Resources | 0.115 | 15.0% | $4,005,657 |
| OEX | Oilex Ltd | 0.004 | 14.3% | $25,087,267 |
| NGS | NGS Ltd | 0.16 | 14.3% | $9,689,610 |
| DEV | Devex Resources Ltd | 0.565 | 14.1% | $155,521,065 |
| INV | Investsmart Group | 0.34 | 13.3% | $41,774,261 |
| CXU | Cauldron Energy Ltd | 0.017 | 13.3% | $8,031,169 |
| SRN | Surefire Rescs NL | 0.026 | 13.0% | $25,988,687 |
| TGH | Terragen | 0.22 | 12.8% | $37,644,601 |
| WMG | Western Mines | 0.31 | 12.7% | $10,073,938 |
| RIM | Rimfire Pacific | 0.009 | 12.5% | $14,449,958 |
| TSC | Twenty Seven Co. Ltd | 0.0045 | 12.5% | $10,643,256 |
| CR1 | Constellation Res | 0.23 | 12.2% | $10,230,612 |
| VIP | VIP Gloves | 0.019 | 11.8% | $13,375,284 |
| WIN | Widgienickellimited | 0.485 | 11.5% | $108,750,000 |
Automated tax-processing fintech Way2Vat (ASX:W2V) surged at the opening bell and was the pick of the bunch in morning trade, doubling up after confirming the successful launch of its Smart Spend Debit Mastercard in partnership with Railsbank.
Using the card, W2V’s business clients can automatically process tax payments such as VAT and GST, rather than completing the process manually.
W2V said it’s focused on a UK and Europe rollout of the product, before expanding to Australia and North America.
The company listed on the ASX last August and its backers include billionaire businessman Alex Waislitz.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for April 22 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Market Cap |
|---|---|---|---|---|
| NZK | NZK Salmon Ltd | 0.315 | -26.7% | $60,474,212 |
| SAN | Sagalio Energy Ltd | 0.016 | -23.8% | $4,297,863 |
| S66 | Star Combo | 0.155 | -22.5% | $26,900,596 |
| GTG | Genetic Technologies | 0.004 | -20.0% | $46,169,826 |
| T3D | 333D Limited | 0.002 | -20.0% | $7,418,242 |
| AML | Aeon Metals Ltd. | 0.059 | -15.7% | $60,606,622 |
| AYM | Australia United Min | 0.006 | -14.3% | $12,898,042 |
| SBR | Sabre Resources | 0.006 | -14.3% | $19,524,154 |
| KMT | Kopore Metals Ltd | 0.046 | -13.2% | $37,915,612 |
| OZM | Ozaurum Resources | 0.165 | -13.2% | $10,871,040 |
| ENV | Enova Mining Limited | 0.02 | -13.0% | $7,789,153 |
| PNM | Pacific Nickel Mines | 0.105 | -12.5% | $32,553,103 |
| CSF | Catalanoseafoodltd | 0.18 | -12.2% | $6,227,695 |
| MP1 | Megaport Limited | 8.79 | -12.2% | $1,581,069,650 |
| RCR | Rincon | 0.145 | -12.1% | $6,975,960 |
| MEB | Medibio Limited | 0.004 | -11.1% | $10,786,456 |
| CZR | CZR Resources Ltd | 0.017 | -10.5% | $66,240,142 |
| CLE | Cyclone Metals | 0.0045 | -10.0% | $28,471,185 |
| DDT | DataDot Technology | 0.009 | -10.0% | $12,438,695 |
| CBY | Canterbury Resources | 0.056 | -9.7% | $7,638,309 |
| EDE | Eden Inv Ltd | 0.014 | -9.7% | $35,873,835 |
| ICL | Iceni Gold | 0.14 | -9.7% | $19,870,446 |
| AD1 | AD1 Holdings Limited | 0.019 | -9.5% | $14,192,101 |
| ICG | Inca Minerals Ltd | 0.095 | -9.5% | $50,563,792 |
| IKW | Ikwezi Mining Ltd | 1.63 | -9.4% | $73,169,953 |
