ASX Small Cap Lunch Wrap: Who’s lighting landmarks purple today?
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Cities around the world have been lighting their landmarks purple as part of the WeThe15 movement to end discrimination towards the world’s 1.2 billion persons with disabilities ahead of the Tokyo Paralympic Games.
Spearheaded by the International Paralympic Committee (IPC) WeThe15 brings organisations together to initiate change for the world’s largest marginalised group – who make up 15% of the global population.
“Sport, and events such as the upcoming Tokyo 2020 Paralympic Games, are hugely powerful vehicles to engage global audiences,” IPC President Andrew Parsons said.
“By partnering with Special Olympics, Invictus Games, and Deaflympics, there will be at least one major international sport event for persons with disabilities to showcase WeThe15 each year between now and 2030.”
The ASX 200 was down 47.6 points or 0.63% at midday today to 7,454.50. The index has lost 1.75% for the last five days, but sits 2.32% below its 52-week high.
The bottom performing stocks are Mineral Resources and BHP, down 7.62% and 6.54% respectively.
Iron ore lost US$6.45 a tonne or 4.0% to US$153.05 a tonne as BHP warned about a possible reduction in China’s steel output this year.
Australian labour force data for July showed employment change of +2,200, and an unemployment rate of 4.6%.
And according to Morningstar, Wall Streets main indexes also dropped after the release of minutes from the Federal Reserves policy meeting last month showed officials felt the employment benchmark for decreasing support for the economy “could be reached this year.”
The focus now shifts to the Fed’s annual research conference next week for any read about the central bank’s next steps. Many analysts expect the Fed to announce its plan to taper asset purchases as early as the Sept. 21-22 policy meeting.
“We have gotten a rash of both earnings and economic data over the past several weeks that broadly is pointing to a positive outlook for the fundamental backdrop to the market,” said Craig Fehr, investment strategist at Edward Jones.
“The one wildcard at this stage is going to be the role Fed stimulus is going to play.”
Here are the best performing ASX small cap stocks for August 19 [intraday]:
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The biggest small cap winner today was Classic Minerals (ASX:CLZ) up 50% on no news.
It was followed by Globe Metals & Mining (ASX:GBE), up 25% after announcing it has been granted a large-scale mining licence for the Kanyika Niobium Project in Malawi.
Kanyika is set to become the first new niobium mine in more than 50 years – subject to financing, off-take and construction.
“We expect that the Malawi Government will soon execute our Development Agreement, and then our focus will shift to, off-take and financing,” Globe managing director Alistair Stephens said.
“The Kanyika Niobium Project will be an important project, utilising state-of-the art technology for a state-of-the art metal.”
The company also released an overview of the projects feasibility and economics detailing how over 90% of niobium is used in the manufacture of high strength alloy steels and the market outlook with steel production is growing year on year.
Plus, niobium is critical to military, aerospace, space and medical industries and is becoming increasingly important in quantum electronics, in the manufacture of semiconductors and in the electrical vehicle industry.
Next up, jumping 21% was Medallion Metals (ASX:MM8) purely off the back of announcing an investor briefing on Tuesday 24 August where the company will discuss the Ravensthorpe gold project and the strategic objective of developing the project into a significant development asset, targeting in excess of 1 million gold ounces in JORC compliant mineral resources.
Kali Resources (ASX:KLR) rose 20% on no news, and Venture Minerals (ASX:VMS) was up 19% after announcing it has booked the first iron ore shipment from its Riley Mine in September.
IDT Australia (ASX:IDT) and Alligator Energy (ASX:AGE) were both up 17% on no news, followed by Hexima (ASX:HXL) which rose 16% on the news it has filed a design patent covering important consumer oriented designs of the proposed commercial packaging for pezadeftide – its proprietary product in development to treat onychomycosis.
Trailing the pack was Fatfish Group (ASX:FFG) up 15% after announcing it had raised $8 million to grow its BNPL and Fintech businesses in Southeast Asia.
And Spacetalk (ASX:SPA) also rose 15% after recording its best ever year of revenue of $15.1 million – an jump of 44% – mostly due to its Spacetalk Kids and Spacetalk Adventurer devices for children, and the Spacetalk LIFE seniors connected wearables.