ASX Small Cap Lunch Wrap: Who’s landed a plane and saved the day today?
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A passenger has landed a plane at a Florida airport after the pilot became incapacitated.
Air Traffic Controller Robert Morgan, a certified flight instructor, was on a break when the call came in from the plane.
“They’re like, ‘Hey, this pilot’s incapacitated. The passengers are flying the plane. They have no flying experience,” he told CNN.
“I said, ‘Oh boy.'”
“He was really calm. He said, ‘I don’t know how to fly. I don’t know how to stop this thing if I do get on the runway.'”
Morgan had never flown that model Cessna, so he pulled up a picture of the instrument panel’s layout and guided the passenger step-by-step.
And the passenger managed to land the plane safely at Palm Beach International – amazing.
The ASX 200 is up 107.40 points or 1.55% at midday today to 7,048.40.
Chinese stocks ended the session mixed yesterday, tracking broad declines among Asian equities as investors digested higher-than-expected US inflation data.
Developments surrounding China’s Covid-19 policies will remain in focus, after the country’s censors blocked the WHO’s criticism of its zero-Covid strategy from social media on Wednesday.
“China’s Covid-zero policy will continue crimping growth….Nor has China’s property developer debt woes gone away, with news that major developer Sunac has missed a foreign currency bond payment,” Oanda senior market analyst Jeffrey Halley said in a note.
London’s FTSE 100 closed down 1.6% as the UK saw the risk of a sharp economic downturn increase as it published weak GDP data for the first quarter and investors worried the US Federal Reserve would hamper growth in its effort to bring inflation under control.
“Whether the UK suffers a technical recession or something more severe will largely depend on the choices consumers make and the development of external risks,” Kallum Pickering, a senior economist at Berenberg, said in a note.
The US Senate voted overwhelmingly on Thursday to give Jerome Powell a second term as US Federal Reserve chair.
The Dow Jones Industrial Average declined for a sixth consecutive session Thursday, extending a streak of volatility in a market driven by worries that the Federal Reserve will hamper growth in its effort to bring inflation under control.
The blue-chip index fell 0.3%. The S&P 500 declined 0.1%. The Nasdaq Composite Index edged up less than 0.1%. All three indexes are on pace for weekly declines of at least 3.5%.
Tech stocks particularly flourished in the ultra-low interest-rate era and have tumbled sharply this year, with the Nasdaq Composite trading at its lowest level since November 2020.
“They [tech investors] found themselves at the most vulnerable time, the farthest out on the cliff, so now they’re walking back from the cliff and trying to get on more solid ground, and they’re changing their risk profiles,” said Dan Genter, chief executive and chief investment officer of Genter Capital Management.
Genter recommends investors to take advantage of the recent declines in the market, which have made equities more affordable. His firm isn’t worried about a recession but is still holding dividend-paying stocks out of caution.
Here are the best performing ASX small cap stocks for May 13 [intraday]:
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OzAurum Resources (ASX:OZM) says a new diamond drill hole is hitting gold-hosting rock at ‘Mulgabbie North’, “further validating the potential of Mulgabbie to be a significant gold discovery”.
“The Mulgabbie North Gold Project is shaping up to be a significant gold discovery situated right alongside the Northern Star Carosue Dam Mill,” CEO and MD Andrew Pumphrey said.
An RC rig is planned to mobilise to site in three weeks’ time to commence RC drilling at the Demag Zone, with sampling and assay protocols to allow for a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North.
And AXP Energy (ASX:AXP) has leveraged the strength in recent spot gas prices to roll forward existing, lower-priced supply agreements with one of its major customers to secure a 41% increase in pricing.