ASX Small Cap Wrap: Who’s struggling to get their head in the game today?
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British sports fans and players alike have probably had their fair share of lessons recently in what “home ground advantage” can mean.
But even Nick Kyrgios admitted last night’s crowd for his match against Pom Liam Broady resembled “a zoo”.
Kyrgios pretty much steamrolled Broady 6-4 6-4 6-3. Some might say he didn’t take the match as seriously as he might have:
Your front row seat to the @NickKyrgios show 🤩
— #AusOpen (@AustralianOpen) January 18, 2022
“Siri, define box office entertainment”. Even the Aus Open organisers themselves were spellbound.
But yeah, feel some sympathy for Broady, trying to make a career out of tennis last night.
“The atmosphere was incredible,” he said after the game, “but it’s the first time I’ve ever walked onto a tennis court and been booed, which for me was a crazy experience.
“You get sledged from the sides. Like, you can’t believe that they don’t pick (it) up on TV.”
The “booing” actually turned out to be “Siuuu-ing”, as in the calls that follow every Cristiano Ronaldo goal celebration.
And Broady himself admits it was fun. Just different.
Even Kyrgios said after the game “I kind of know I created this s..tshow”, but said he asked the chair ump to calm fans down, at least while Broady was serving.
Then chugged a fan’s beer after match point….
— Eurosport (@eurosport) January 18, 2022
To markets, where it’s definitely not a game, no sir. Especially when Brainchip soars another 10pc on another patent grant.
In case you missed it, here’s why Luke Winchester at Merewether Capital just can’t buy the BRN hype.
And it’s true – America sneezes and Australia catches a cold. The ASX has been getting out the tissue box in mid-week morning trade with the market down 0.9% following the lead of all three US stock market benchmarks, which fell sharply overnight following another rise in bond yields.
The ASX 200 lost 31.6 points to be sitting at 7377.2 in morning trade. The selloff following jitters from the US where benchmark 10-year Treasury yield rose 4 basis points to 1.82%, its highest level in two years as traders begin to price in expected rate hikes by the Fed.
The S&P 500 was down by 1.84%, the Dow Jones by 1.51%, and tech heavy Nasdaq slumped by 2.6%.
In December, the Fed’s dot plot showed central bank officials expected three hikes in 2022, but some analysts predict there could be as many as four (or more) rate hikes this year.
At this point, the yield curve suggests traders are pricing in a 0.50% hike in March.
Here are the best performing ASX small cap stocks for January 13 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
With an $18 million market cap at listing explorer NiCo Resources (ASX:NC1) has had a successful IPO launch this morning. Its share price rose a massive 75% to 35 cents.
After spinning out the Wingellina project from Metals X (ASX:MLX), NiCo will now hold 100% ownership of one of the largest undeveloped cobalt nickel projects in the world.
Advertising technology company Engage BDR (ASX:EN1) led the laggards, with its share price down 20% to 0.002 cents as part of a broader tech sell-off.
Cann Global (ASX:CGB) and Volt Power Group (ASX:VPR) were also other notable losers in morning trade with their share prices both falling 17%. While Volt Power had no news, Cann Global yesterday announced its AGM for January 31.