ASX Small Cap Lunch Wrap: Who’s not reading the room today?
Billionaire Gina Rinehart has pleaded with political leaders at a luncheon for the 2032 Brisbane Olympic Games for more infrastructure for super yachts in Queensland.
Rhinehart said she’d just spent two rough days at sea only to rock up with nowhere to moor due to the lack of marinas.
“Let’s not forget super yachts that may want to visit from overseas, bringing passengers who would want to spend in Australia,” she told the event via video message from the deck of a super yacht.
“These super yachts need marinas too — sadly lacking for vessels over 50m.”
Rinehart said Queensland was in the prime position to poach the sailing tourist market from Europe.
And the ASX 200 is trading flat as a pancake to end the week.
Local stocks failed to take the baton following a stronger lead from Wall Street overnight, where the major US indexes all rose by more than 1%.
Gains in the US were led by sectors tied the reopening trade such as travel and leisure, as investors assess the potential impact of the Omicron variant.
Elsewhere, brent crude oil briefly tanked before edging back to around US$70/barrel, after Saudi Arabia pledged to deliver another $400,000 barrels per day into the market following negotiations with the US Biden administration.
Here are the best performing ASX small cap stocks for December 3 [intraday]:
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Also up 25% was Pancontinental Energy (ASX:PCL), with drilling activity commencing on-trend to its acreage position in Namibia PEL 87 offshore Namibia.
French major TotalEnergies has commenced drilling its ultra-deep Venus-1 well in the Orange Basin, which the company says is geologically similar on-trend to its Saturn turbidite complex in PEL 87 – as both lie immediately below the major Regional Seal.
Plus, Shell is expected to start drilling at the Graff-1 sell nearby.
“In a carbon-transition world that is growing and still hungry for energy, the fact is that oil remains an unavoidable part of the energy mix until we achieve a full transition,” Pancontinental’s technical director Barry Rushworth said.
“Shell and Total are two of the world’s largest and most successful oil companies.
“Pancontinental is the only listed junior company in this exciting Orange Basin play offshore Namibia and we watch with great interest as drilling proceeds.”
The biggest loser today was Victory Mines (ASX:VIC) which dropped 25% after announcing its changing its name to Javelin Minerals Limited as of Monday 6th December.
The company’s code will change to JAV.