Will Australia avoid a double-dip recession? Today’s GDP figures give some hope.

Despite the Australian economy being mostly open during the June quarter, there were fears GDP growth might still have dipped into negative territory.

However, the economy still managed a 0.7% during, which took annual growth to a hefty (record high) of 9.6%, although that figure was heavily impacted by base effects due to the Q2 economic downturn.

While it is certain that GDP for the September quarter, due in early December, will be negative, it is hoped the vaccination roll out and the end of lockdowns will help the economy return to growth in the December quarter.

Despite today’s GDP figures, the ASX still shed more than 0.5% today. All sectors retreated except energy which rose 0.71%.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for Wednesday September 1 [intraday]:

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Leading the charge was Pan Asia Metals (ASX:PAM) after yesterday’s announcement that it had lodged 5 prospecting applications over the geothermal lithium-rich ‘Kata Thong’ project in Thailand.

Gold explorer Aurumin (ASX:AUN) rose off the back of drilling results released today.

Copper explorer Hillgrove Resources (ASX:HGO) also rose with drilling results, making it 2 days in a row it has made its column.

AWN Holdings (ASX:AWN) climbed after releasing its financial results.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for Wednesday September 1 [intraday]:

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Palla Pharma (ASX:PAL) meanwhile fell after getting a 1 month extension to submit its financial reports.

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