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ASX Small Caps Lunch Wrap: Things are looking brighter today… okay, maybe not for The Star
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- ASX ticks up by 0.43% in morning trade after positive GDP data in the US of A
- The Star isn’t having the best time of it of late, though, and that run of form continues
- Energy and Tech are leading the local bourse sectors so far today
Good arvo to you. And it is actually looking pretty decent so far today. Shhh… don’t jinx it.
The ASX started Friday on a positive note as investors digested a flurry of company earnings reports on the last day of the earnings season.
The local market was up 0.43% at about 12.50pm, tracking a firm lead from Wall Street where the Dow Jones rose by 0.6%.
Despite a slight drop in the Nasdaq, about 75% of S&P 500’s stocks posted gains, supported by positive GDP data which showed the US economy growing at an annualised rate of 3% in Q2.
This was an upgrade from the previous month’s 2.8% and significantly higher than the 1.4% growth in Q1.
“There was nothing here to make the Fed rethink its plan to cut rates next month,” said Chris Larkin at E*Trade.
TO MARKETS
On the ASX today, Industrials, Energy and Tech are leading the ASX today, while Discretionary is lagging well behind.
The visual from Market Index always tells it better. Here you go. (And thanks, Market Index…)
Shares in Star Casino operator, the Star Entertainment Group (ASX:SGR), are still being halted after the final report from the 2024 Independent Inquiry into the company was released.
The NSW casino regulator’s report, authored by Adam Bell SC, revealed that Star Entertainment’s executives, including former CEO Robbie Cooke, “failed to provide the necessary leadership and oversight.”
The report highlighted that Star had breached compliance rules four times. Despite this, it expressed optimism about the company’s future under new leadership, including CEO Steve McCann and COO Jeannie Mok.
Star had earlier announced plans to write down $1.4 billion of its casino assets.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for August 29 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MCM | Mc Mining Ltd | 0.195 | 56% | 2,809,841 | $51,751,669 |
| CMD | Cassius Mining Ltd | 0.007 | 40% | 4,801,910 | $2,710,022 |
| MCT | Metalicity Limited | 0.002 | 33% | 1,200,000 | $7,044,099 |
| VPR | Voltgroupltd | 0.002 | 33% | 7,152,945 | $16,074,312 |
| NKL | Nickelxltd | 0.025 | 25% | 7,417,200 | $2,045,379 |
| 88E | 88 Energy Ltd | 0.0025 | 25% | 14,946,945 | $57,867,624 |
| AYT | Austin Metals Ltd | 0.005 | 25% | 200,237 | $5,296,765 |
| EXL | Elixinol Wellness | 0.005 | 25% | 5,090,463 | $5,284,729 |
| LML | Lincoln Minerals | 0.005 | 25% | 1,215,410 | $8,225,038 |
| AFL | Af Legal Group Ltd | 0.16 | 23% | 117,878 | $11,868,897 |
| MKR | Manuka Resources. | 0.028 | 22% | 316,404 | $17,934,656 |
| ATP | Atlas Pearls Ltd | 0.1325 | 20% | 4,168,691 | $48,044,328 |
| HCT | Holista CollTech Ltd | 0.024 | 20% | 276,909 | $5,576,001 |
| NIM | Nimyresourceslimited | 0.078 | 20% | 710,830 | $10,826,635 |
| MYE | Metarock Group Ltd | 0.215 | 19% | 869,019 | $55,174,675 |
| RHT | Resonance Health | 0.062 | 19% | 681,979 | $23,238,432 |
| RLF | Rlfagtechltd | 0.056 | 19% | 98,927 | $10,978,085 |
| CHM | Chimeric Therapeutic | 0.019 | 19% | 1,157,977 | $14,188,320 |
| DOW | Downer EDI Limited | 5.655 | 18% | 2,173,341 | $3,210,122,186 |
| ID8 | Identitii Limited | 0.013 | 18% | 431,285 | $6,615,758 |
| DEL | Delorean Corporation | 0.1 | 18% | 1,575,859 | $18,336,278 |
| AGR | Aguia Res Ltd | 0.035 | 17% | 3,693,822 | $36,461,282 |
| DUB | Dubber Corp Ltd | 0.035 | 17% | 1,022,292 | $27,689,379 |
| PHO | Phosco Ltd | 0.035 | 17% | 120,000 | $8,392,445 |
| S66 | Star Combo | 0.14 | 17% | 7,178 | $16,209,958 |
Cassius Mining (ASX:CMD) has been punching above its weight today. The reason? AustChina has completed its due diligence drilling program at CMD’s Chenene Lithium Project in Tanzania.
Meanwhile, Formerly Coal of Africa Limited, MC Mining (ASX:MCM), is a coal exploration, development and mining company operating in South Africa.
Yesterday, MCM exited a trading halt after securing a US$90m deal for Chinese coal miner Kinetic Development Group Limited to take a 51% stake via a two tranche subscription agreement, which will back the development of its Makhado steelmaking coal project. That compares to an ASX market cap of just $72m currently, and that’s up ~200% in just two trading days.
ASX SMALL CAP LOSERS
Here are the most-worst performing ASX small cap stocks for August 29 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| Mosaic Brands Ltd | 0.029 | -37% | 1,853,546 | $8,211,296 | $8,211,296 |
| Zimi Ltd | 0.009 | -31% | 631,251 | $1,646,641 | $1,646,641 |
| Lodestar Minerals | 0.0015 | -25% | 7,002,000 | $5,201,560 | $5,201,560 |
| Blaze Minerals Ltd | 0.004 | -20% | 952,999 | $3,142,791 | $3,142,791 |
| Grand Gulf Energy | 0.004 | -20% | 630,005 | $10,476,235 | $10,476,235 |
| Ironbark Zinc Ltd | 0.002 | -20% | 183,333 | $4,584,120 | $4,584,120 |
| Lanthanein Resources | 0.002 | -20% | 102,454 | $6,109,090 | $6,109,090 |
| Neurizer Ltd | 0.004 | -20% | 1,101,796 | $10,905,597 | $10,905,597 |
| Tyranna Res Ltd | 0.004 | -20% | 50,000 | $16,439,627 | $16,439,627 |
| Winchester Energy | 0.002 | -20% | 1,640,000 | $3,407,547 | $3,407,547 |
| High Peak Royalties | 0.06 | -19% | 25,015 | $15,396,419 | $15,396,419 |
| Panthermetalsltd | 0.025 | -17% | 26,936 | $2,614,985 | $2,614,985 |
| Austchina Holdings | 0.0025 | -17% | 8,175,966 | $6,301,151 | $6,301,151 |
| Blue Star Helium Ltd | 0.005 | -17% | 559,096 | $11,669,312 | $11,669,312 |
| Critical Resources | 0.01 | -17% | 2,753,135 | $21,364,203 | $21,364,203 |
| Corazon Ltd | 0.005 | -17% | 2,866,904 | $4,007,434 | $4,007,434 |
| Dart Mining NL | 0.018 | -14% | 10,000 | $5,427,090 | $5,427,090 |
| Battery Age Minerals | 0.12 | -14% | 131,577 | $13,023,380 | $13,023,380 |
| Streamplay Studio | 0.006 | -14% | 29,890 | $8,054,366 | $8,054,366 |
| Cosmosexploration | 0.026 | -13% | 86,666 | $2,313,410 | $2,313,410 |
| Swift Networks Group | 0.013 | -13% | 491,210 | $9,735,215 | $9,735,215 |
| Jupiter Mines. | 0.1825 | -13% | 8,069,230 | $411,706,117 | $411,706,117 |
| Gibb River Diamonds | 0.041 | -13% | 60,000 | $9,940,944 | $9,940,944 |
| GBM Rsources Ltd | 0.007 | -13% | 541,414 | $9,253,511 | $9,253,511 |
| Gold Mountain Ltd | 0.0035 | -13% | 197,357 | $15,629,893 | $15,629,893 |
IN CASE YOU MISSED IT – AM EDITION
Scorpion Minerals (ASX:SCN) has continued its focus on advancing several gold targets within its Pharos project in WA’s Murchison region with a strategic review involving analysing historic data to refine drilling targets.
High-grade gold potential has been confirmed by historic reverse circulation (RC) drilling that returned 12m at 7.40 g/t gold from 44m, including 2m at 42.4 g/t gold and 16m at 3.09 g/t gold from surface, including 2m at 16.8 g/t gold at the Lantern prospect.
SCN’s CEO Michael Fotios says the company is working quickly to complete this data review ahead of a planned drilling program later this year to tap into Pharos gold potential.
Raiden Resources (ASX:RDN) has completed a heritage survey covering new gold targets at the Arrow project, 35km on strike from De Grey’s (ASX:DEG) Hemi gold deposit.
The company is now preparing to begin aircore drilling as soon possible, once the final heritage survey report is finalised and a program of work (PoW) has been issued.
RDN managing director Dusko Ljubojevic says the company is hopeful the survey will indicate the program may proceed as planned, which sets Raiden up for a third drilling campaign across its projects this year.
At Stockhead we tell it like it is. While Scorpion Minerals and Raiden Resources are Stockhead advertisers, they did not sponsor this article.
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