ASX Small Caps Lunch Wrap: Local benchmarks take cue from Wall Street
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Despite concerns about China’s disappointing stimulus package, the Australian market quickly piled on the pounds, taking direction instead from Wall Street, which marked record closing highs on Friday.
Locally, healthcare stocks were the winners with materials, financials and real estate trailing behind.
The ASX was up this morning with the S&P/ASX 200 index up by 0.3% at lunch time. Trading at 8,242, the index is now just 50 points shy of last month’s record close.
Healthcare was the best performing sector, led by Telix Pharmaceuticals (ASX:TLX), which rose almost 2%. Bank stocks also performed well, spurred by solid earnings from US banks.
Mining stocks mostly rallied despite China’s stimulus announcement on Saturday failing to meet market expectations.
A look at the sub-indices shows ASX 200 Resources making gains against the rest of the market, up 1.771%.
In the commodities space, oil stocks struggled after crude prices dipped following a lacklustre briefing from China which failed to provide any significant stimulus for the markets.
Meanwhile, Chinese inflation data released this morning weighed on the markets, showing a 2.8% contraction in the Producer Price Index.
In stocks news, Web Travel Group (ASX:WEB) was the worst performing stock after plunging by 30%.
The company’s preliminary trading update revealed that while Total Transaction Value (TTV) and bookings have improved, the company’s EBITDA margins are projected to decline from 52% to about 44% compared to the previous year.
Seek (ASX:SEK) has made a $45 million buyout offer for candidates reference checker company Xref (ASX:XF1). The news has pushed SEK up 1.5% while XF1 soared by 55%.
Lifestyle Communities (ASX:LIC) saw its shares drop 3% after CEO James Kelly announced his resignation.
Here are the best performing ASX small cap stocks for 14 October [intraday]:
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Code Name Price % Change Volume Market Cap OAR OAR Resources Ltd 0.003 200% 19,205,027 $3,300,835 RNE Renu Energy Ltd 0.002 100% 2,528,777 $845,245 JBY James Bay Minerals 0.325 63% 4,235,721 $6,688,500 XF1 Xref Limited 0.21 56% 1,301,817 $25,526,241 TMK TMK Energy Limited 0.003 50% 497,000 $15,183,224 VPR Voltgroupltd 0.0015 50% 1,452,568 $10,716,208 ALR Altairminerals 0.004 33% 34,000 $12,889,733 AMD Arrow Minerals 0.002 33% 5,742,507 $19,072,296 PAT Patriot Lithium 0.055 31% 1,073,098 $4,346,180 CR1 Constellation Res 0.16 28% 178,525 $7,879,903 NYM Narryermetalslimited 0.028 27% 10 $2,915,134 CTO Citigold Corp Ltd 0.005 25% 209,825 $12,000,000 EEL Enrg Elements Ltd 0.0025 25% 103,926 $2,090,032 GTI Gratifii 0.005 25% 9,720 $8,596,785 NSX NSX Limited 0.042 24% 983,291 $15,564,553 NSM Northstaw 0.023 21% 97,660 $3,054,740 MVL Marvel Gold Limited 0.012 20% 7,598,253 $8,637,907 NES Nelson Resources. 0.003 20% 550,598 $1,596,486 WYX Western Yilgarn NL 0.032 19% 171,042 $2,701,608 LU7 Lithium Universe Ltd 0.02 18% 2,136,242 $10,096,531 TZN Terramin Australia 0.049 17% 108,088 $88,895,634 ACP Audalia Res Ltd 0.021 17% 20,045 $12,458,451 KLI Killiresources 0.175 17% 356,951 $21,033,561 ATH Alterity Therap Ltd 0.0035 17% 2,021,665 $15,961,008 BPH BPH Energy Ltd 0.014 17% 4,079,401 $14,604,394
ReNu Energy (ASX:RNE) has partially disclosed a behind-doors offer for its hydrogen assets including Tasmanian green hydrogen project that was recently awarded an $8m grant from the Tasmanian Government based on delivering green hydrogen to customers.
James Bay Minerals (ASX:JBY) climbed after executing a definitive term sheet to purchase and earn-in up to 100% of the advanced, high-grade Independence gold project, located at Battle Mountain, Nevada in the US. Independence features a non-JORC NI43-101 resource of 1.18Moz gold and 7.6Moz silver, including a high-grade component of 769,200oz gold at a grade of 6.53g/t that is open in all directions.
Xref (ASX:XF1) is up after announcing that it is set to be acquired by jobs platform Seek (ASX:SEK). XF1 said it had entered into an exclusivity deed with SEK following receipt of a non-binding indicative offer to acquire all of its shares for 21.81 cents in cash/share, by way of a scheme of arrangement.
Here are the most-worst performing ASX small cap stocks for 14 October [intraday]:
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Code Company Price % Volume Market Cap WEB WEB Travel Group Ltd 4.785 -32% 16,877,296 $2,759,488,410 PRX Prodigy Gold NL 0.0015 -25% 20,000 $4,664,912 TMX Terrain Minerals 0.003 -25% 2,288,164 $7,200,115 TYX Tyranna Res Ltd 0.003 -25% 392,432 $13,151,701 YAR Yari Minerals Ltd 0.003 -25% 125 $1,929,431 IMI Infinitymining 0.029 -24% 531,471 $5,158,277 88E 88 Energy Ltd 0.002 -20% 2,803,259 $72,334,530 BYH Bryah Resources Ltd 0.004 -20% 82,000 $2,516,434 RMX Red Mount Min Ltd 0.008 -20% 80,992 $3,873,578 TSL Titanium Sands Ltd 0.004 -20% 16,425 $11,058,736 STM Sunstone Metals Ltd 0.0065 -19% 22,512,193 $34,607,229 BCM Brazilian Critical 0.009 -18% 7,299,203 $9,138,134 IR1 Irismetals 0.3 -18% 606,239 $50,775,143 HTG Harvest Tech Grp Ltd 0.014 -18% 1,250,304 $13,884,625 CUL Cullen Resources 0.005 -17% 324,813 $4,160,411 CYQ Cycliq Group Ltd 0.005 -17% 30,000 $2,673,100 CZN Corazon Ltd 0.005 -17% 1,600,000 $4,007,434 H2G Greenhy2 Limited 0.005 -17% 829,800 $3,589,105 IBG Ironbark Zinc Ltd 0.0025 -17% 24,000 $5,500,943 PGY Pilot Energy Ltd 0.017 -15% 5,310,544 $28,557,766 CMD Cassius Mining Ltd 0.006 -14% 2,029,032 $3,794,031 LMS Litchfield Minerals 0.12 -14% 676,204 $3,858,750 NPM Newpeak Metals 0.012 -14% 10,000 $4,275,671 RGT Argent Biopharma Ltd 0.405 -14% 61,136 $23,220,633 SBR Sabre Resources 0.013 -13% 350,328 $5,894,429
Infinity Mining (ASX:IMI) has completed a private placement of 106 million shares priced at 1.9c each, a ~31% discount to the 30-day volume weighted average price, to raise $2m. Proceeds will be allocated to advancing gold and copper exploration projects from the GMH, EVGE, and Cangai project acquisitions, as well as existing projects.
Likewise, Sunstone Metals (ASX:STM) raised $4m after completing an oversubscribed share purchase plan priced at 0.5c each. Directors had decided to accept oversubscriptions to the full amount subscribed so that all shareholders who subscribed can participate to the full extent of the application submitted.
Zeotech (ASX:ZEO) has raised $1.82m by way of a heavily supported placement to non-related party investors, deemed ‘sophisticated investors’, at an issue price of $0.03c.
Funds from the initiative ensures Zeotech is well funded to execute its near-term strategic initiatives throughout 2024 and beyond.
Zeotech is focused on becoming Australia’s first large-scale producer of high reactivity metakaolin for the low-carbon concrete and cement markets.
Proceeds will be spent towards advancing feasibility and front-end engineering design (FEED) studies associated with the Toondoon kaolin project, helping to accelerate Toondoon ML mining plan works, conducting a Metakaolin Life Cycle Analysis (LCA), and other project activities.
Vertex Minerals (ASX:VTX) has appointed Chris Hamilton to the role of general manager operations for the Hill End Reward gold mine in NSW, spearheading the transition from development to mining operations.
Hamilton has more than 24 years of underground mine operational and technical experience including key roles in NSW goldmines and brings significant underground mining and management experience through CSA, Peak, Hera, and Tritton mines.
“We’re pleased to welcome Chris to the Vertex team, his extensive underground hard rock mining, operations and leadership experience can only bode well for the success of the high-grade Reward gold mine,” VTX executive chairman Roger Jackson said.
Reward is considered one of Australia’s highest grade gold deposits with 419,000t grading 16.72g/t gold – or 225,200oz of contained gold – with a higher confidence indicated resource of 141,000t at 15.54g/t, or 70,500oz of contained gold.
D3 Energy (ASX:D3E) has wrapped up drilling and completed the RBD12 well in Free State, South Africa, which hit a total depth of 594m.
The well was drilled to assess the reservoir’s long-term deliverability and to collect additional data on helium and methane concentrations.
D3E says at the completion of drilling, gas was flowing to surface.
The wellhead has now been installed and production testing will begin in the coming weeks after the testing of RBD01 and once RBD12 has stabilised following drilling operations.
At Stockhead we tell it like it is. While D3 Energy, James Bay Minerals, Vertex Minerals and Zeotech are Stockhead advertisers at the time of writing, they did not sponsor this article.