ASX Small Cap Lunch Wrap: Who’s had an unexpected house guest today?
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A Florida couple had an unexpected visitor yesterday, when an alligator broke into their garage and helped itself to some Diet Coke stockpiled for a party.
“There was Diet Coke spewing everywhere, because the gator was interested, tore open the box, had a few cans,” Karyn Dobson told WSVN News.
“Probably thought it was beer, maybe. I don’t know.”
The Dobsons called a local wrangler known as “Ray the Trapper” who safely relocated the alligator.
Ray not calling his business Gator-Aid is a missed opportunity tbh.
The ASX 200 is up 46.90 points or 0.63% at midday today to 7,350.70.
European stocks closed lower yesterday after the European Commission President Ursula von der Leyen proposed a phased oil embargo of Russian oil imports by year-end.
Global oil prices rose by about 5% and the Brent crude price rose by US$5.17 or 4.9% to US$110.14 a barrel.
In the US, stocks rallied, scoring their biggest one-day gain since 2020, after Federal Reserve Chairman Jerome Powell put to rest investors’ fears that the central bank might be considering bigger interest-rate increases in the coming months.
Powell said the Fed wasn’t “actively considering” raising interest rates by 0.75 percentage point at a future meeting. Federal-funds futures, which traders use to track interest-rate expectations, had previously shown the market pricing in a 95% chance of the Fed making such a move in June.
Stocks soared after Powell’s remarks, with the Dow Jones Industrial Average finishing up 2.8%, marking its biggest one-day gain since November 2020. The S&P 500 jumped 3% for its best day since May 2020, while the Nasdaq Composite added 3.2%.
“There’s a sense of relief,” said Christopher Smart, chief global strategist and head of the Barings Investment Institute.
“There’s a feeling they’re heading into the right direction,” he said. The central bank, he said, has shown it is taking inflation seriously, but not giving the impression that it will surprise investors with the size of subsequent rate increases.
Here are the best performing ASX small cap stocks for May 5 [intraday]:
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Red Sky Energy (ASX:ROG) has announced a 1,228% increase in best estimate on Petroleum Initially In Place (PIIP) at the ‘Killanoola’ oil project in South Australia up to 93mmbbls.
“This is a significant increase from the previously best estimated 7mmbbls PIIP,” MD Andrew Knox said.
“We are working towards a market for the crude and steps to bring a rig in and perforate the additional zones of interest.”
The company says this will be followed by production testing and potentially long-term production.
And Terrain Minerals (ASX:TMX) has picked up three tenements prospective for rare earths in WA, covering 320km2 of highly prospective exploration in the emerging southern Esperance clay hosted REE province.