• The ASX was up 0.35% on Friday, down 0.6% for the week
  • NaaS stock Megaport (ASX:MP1)  which soared ~40%
  •  Central banks in focus next week


The S&P ASX 200 closed 0.23% higher on the last trading day of the week. The S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies – rose 0.79%.

The Aussie bourse was boosted by strong gains in New York overnight as mega tech stocks including Amazon and Meta surged on earnings, and fears of a banking meltdown contagion eased.

The S&P 500 closed 2% higher, the Dow rose 1.5% and the tech-heavy Nasdaq was up 2.5%.


The week that was

Judging by local markets, it was a decent week and an overall positive month for the ASX. Fully 60% of the market are worth more than at the end of last month,  none more so than Megaport (ASX:MP1) which jumped out of its skin, Friday on a strong result and promising guidance.

The data centre and NaaS play soared ~40% after announcing it now expects to report normalised EBITDA in FY23 in the range of $16m to $18m, and $41m to $46m in FY24.

The ASX 200 added +1.85% in April, with lower interest rate stocks doing well and Materials (sans gold) Property and Tech less so.

A few tidbits worth chewing over:

  • Mirvac (MGR) +3.43% was higher despite cutting settlements guidance
  • PointsBet (PBH) -6.06% fell after reporting weaker growth in US turnover – they are looking to jettison this part of their business given cash burn remains too high
  • Iron Ore was ~1% lower in Asia today
  • Gold was back down at ~US$1985 by our close
  • Asian stocks ended higher, Hong Kong up +0.63%, Japan +1.50% while China was up +1.12%


Wall Street stocks looked shaky to start the week but ended on a Meta Platform high.

Japanese shares rose and Chinese shares fell. Finally EU markets took a step back.

Bond yields were mostly flat to down, as oil, metal and iron ore prices fell.

In the states, this US spending bill can be a problem, but we’re a bit far out to wind up the anxiety on that one yet.

Best keep the stress focused on US bank stress. That’s continuing to be an adolescent ulcer in the bottom for Wall Street with previously put to bed fears around a wobbly First Republic Bank remerging.

“(The) US debt ceiling issue is starting to hot up, recession risks remain and the period from May to September is often rougher for shares,” says the Shane Oliver of AMP Capital.

“Australian shares are likely to be caught up in this as the recovery in China is so far less commodity intensive than thought earlier this year which partly explains the local markets relative underperformance so far this year.”

US economic data was mixed over the last week. Consumer confidence fell, but March quarter GDP growth was less weaker than the deceptively weak read according to Dr Oliver. US jobless claims fell but are still pretty good compared to where The Fed would like them to be.




Here are the best performing ASX small cap stocks from 17-21 April:

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Here are the least-best performing ASX small cap stocks from 17-21 April:

Swipe or scroll to reveal full table. Click headings to sort:

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