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Local stocks stumbled out the gates on Wednesday morning and haven’t decided which way to go quite yet, after some similar movements overnight on a mixed Wall Street.
At a few minutes before midday in Sydney, The S&P/ASX200 was down just four points to 7,967.00.
In some senses, the benchmark milestone of 8,000 could be a few buys away. In another sense we may never see the like again.
I don’t want to add rocks to any boats but Wednesday looks like Friday, Monday and Tuesday when it comes to the blighted resources stocks. Energy names are worst, but the Materials sector is the drama point.
Most of the majors are in retreat.
All the iron ore majors are down.
Iluka Resources (ASX:ILU) is the worst of the top 200 and has lost more than 6.1%.
Mineral Resources (ASX:MIN) is about 4% weaker.
The weakness in miners is ‘cos there’s weakness in metals. Really weak lately is copper. Weak also: lithium and iron ore.
Easier to point the finger at the no-policy big China policy meet last week.
Singapore iron ore futures hit a near four-month low of $US99.85 overnight, they’re slightly better but have lost circa 4% this week.
And it is barely Wednesday lunchtime, BTW.
Also struggling is Telix Pharmaceuticals (ASX:TLX) down about 5%, following its $650m convertible bond issue with a conversion premium 30-35 per cetn above the reference share price.
Here’s a heat map.
I love a good heat map. This is not a good heat map.
In small cap action, Argenica Therapeutics (ASX:AGN reports its Phase 2 stroke clinical trial is progressing well. Eight out of the 10 participating hospitals have been activated, with the remaining two expected to join later this month. By August, all hospitals will be fully activated.
Still tough times for lithium lovers. Argosy Minerals Limited (ASX: AGY) is among them. The miner says it will focus its efforts on enhancing the Rincon Lithium Project on the back of the current lithium market conditions. AGY will aim to complete engineering works for a 10,000 tons per annum (tpa) capacity to advance the project towards construction readiness and reduce risks.
The company will “maintain financial caution” and preserve capital as it progresses to the next phase of development.
Melodiol Global Health (ASX:ME1) has dropped some strong Q3 sales data at its Canadian subsidiary, Mernova, with $1.5 million in confirmed orders so far.
The company also reported $2.0 million in orders for Q2 2024, marking significant increases from previous quarters. Melodiol wants to sell Mernova’s facility for $12 million, aiming to clear debts and strengthen finances for future growth.
Magmatic Resources (ASX:MAG) says it’s expanded its exploration efforts at Lady Ilse, revealing promising findings from a recent geochemistry program.
“Results from 64 holes north of the Lady Ilse Prospect indicate significant gold and copper mineralization, with highlights such as 6 meters at 0.80 grams per ton of gold and 0.15% copper from a depth of 12 meters,” MAG says.
These findings suggests a Boda-style porphyry system. Magmatic’s technical team is now analysing.
The Australian dollar has scrambled back to $0.66, a five week nadir, dragged down by weaker commodity prices.
We’re a net-exporter of energy, metals and such. So the dollarbuck is net-sensitive to crap commodity prices.
Stateside was funny overnight. Wall Street indices basically vibrated but under the surface larger moves in individual stocks were afoot as earnings hit top gear – Tesla and Alphabet both released second quarter earnings after the close.
The S&P 500 lost down 0.15%. The Dow was marginally better, short 57 points, or 0.14%.
The Nasdaq Composite Index was flat.
In US small cap land, the Russell 2000 is still schooling them all – another best on field performance rising 1%.
On the corporate front, earnings were mixed.
General Motors beat estimates by 20%, the stock fell 6.4%. UPS missed guidance shares dropped 11%.
Spotify dropped better-than-expected earnings and rallied 12%. GE Aerospace was up 5.6%.
We’re getting into the serious part of US earnings. So far about 25% of companies have reported, 80% have beaten expectations, as per LSE.
Tesla released an EPS of US$0.52 which was 8c short of expectations. They also reported a better-than-expected number of deliveries in the second quarter, but still down from the year before. Tesla shares were trading down 2% last I checked.
Alphabet lifted revenue 14% clearing US$1bn in operating profit, in line with market consensus. No moves in GOOG share price.
Finally, US home prices have moved to a record high in June, the prices are higher on the back of lower inventories.
European shares were mixed on Tuesday.
The Euro Stoxx 600 was slightly higher, up 0.10%. In Frankfurt the DAX rallied 0.8%.
The British and the French markets lost ground. The CAC about 0.3% and the FTSE about 0.4%.
Earnings were also the theme in Europe. Porsche lowered its full-year earnings forecast and fell over 5%.
Glencore was also lower on the day, down 2.2%.
Today (and tonight) the global PMIs (Purchasing Manger Indexes) drop.
At midday AEST thusly were US Futures:
Here are the best performing ASX small cap stocks for 23 July [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap HXL Hexima 0.019 58% 21,807,650 $2,004,476 FIN FIN Resources Ltd 0.009 50% 2,290,914 $3,895,612 AOA Ausmon Resorces 0.003 50% 51,667 $2,117,999 LPD Lepidico Ltd 0.003 50% 1,962,000 $17,178,250 ODE Odessa Minerals Ltd 0.004 40% 2,113,330 $2,608,206 IBG Ironbark Zinc Ltd 0.004 33% 364,284 $5,077,718 PGD Peregrine Gold 0.190 31% 32,715 $9,842,371 ALC Alcidion Group Ltd 0.072 30% 11,540,485 $73,836,027 AEV Avenira Limited 0.009 29% 12,677,124 $16,443,238 FTL Firetail Resources 0.077 28% 476,716 $12,138,829 88E 88 Energy Ltd 0.003 25% 8,831,114 $57,785,344 ESR Estrella Res Ltd 0.005 25% 686,889 $7,037,487 PEK Peak Rare Earths Ltd 0.215 23% 698,328 $46,625,365 BNL Blue Star Helium Ltd 0.006 20% 796,082 $9,724,426 GLL Galilee Energy Ltd 0.024 20% 618,566 $6,794,893 WGN Wagners Hld Company 0.870 19% 304,381 $136,961,625 FBR FBR Ltd 0.047 18% 7,513,448 $178,477,999 CLU Cluey Ltd 0.035 17% 225,000 $6,048,407 GMN Gold Mountain Ltd 0.004 17% 127,362 $9,533,230 1CG One Click Group Ltd 0.015 15% 1,693,778 $9,141,325 DTM Dart Mining NL 0.023 15% 2,296 $5,168,657 ALY Alchemy Resource Ltd 0.008 14% 1,484,021 $8,246,534 EXL Elixinol Wellness 0.004 14% 55,907 $4,624,138 GRL Godolphin Resources 0.016 14% 242,918 $2,994,477 MEM Memphasys Ltd 0.008 14% 2,852,283 $9,679,237
Out front this morning is wee tech stock Hexima (ASX:HXL), which says it’s signed a binding but conditional deal to acquire 100% of RealThing Entertainment Pty Ltd.
HXL is up about 70% and says it’s going to raise capital to fund the agreement to the tune of $4 million. There’s a webinar on now (but it will be recorded and uploaded to www.hexima.com.au).
Meanwhile, RealThing sounds pretty confusing/exciting!
In the words of HXL:
RealThing is commercialising its Autonomous Intelligent Software Agent Platform (AiSAP) based on the Belief, Desire, Intention (BDI) model of human practical reasoning.
RealThing is building a new paradigm in user device interaction. Instead of asking questions, the user asks for an outcome communicating in natural language. Intelligent agents deliver that outcome in a changing and dynamic environment – it’s a personal assistant with human intelligence.
RealThing’s Autonomous Intelligent Agents take advantage of advancements in generative AI (such as chatGPT), combined with the logical reasoning capabilities of BDI agents that are connected to the real world to drive real actions.
– Hexima, ASX release
Meanwhile, Galilee Energy (ASX:GLL) is gaining handsomely on a June quarterly update. Maybe you guys will see something here:
If rising shares tell a story then Alcidion (ASX:ALC) is fairly pleased to have been selected as the preferred EPR supplier by North Cumbria Integrated Care NHS Foundation Trust (NCIC) for its new Electronic Patient Record (EPR) system.
North Cumbria as many of you don’t know is located in the north of the UK and forms part of the North East and North Cumbria (NENC) Integrated Care System (ICS).
“They provide hospital and community health care for approximately half a million people across two acute care hospitals, eight community-based hospitals, eight Integrated Care Communities (ICC) and a number of support staff locations over a large geographical footprint, working collaboratively with primary care networks, including 39 General Practices and an out of hours GP service.”
So that’s a lot of patient records which need electronication.
Here are the most-worst performing ASX small cap stocks for 24 July [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap AGY Argosy Minerals Ltd 0.051 -37% 41,878,399 $117,929,596 NMR Native Mineral Res 0.020 -29% 296,677 $5,875,814 SRJ SRJ Technologies 0.070 -27% 392,043 $15,292,266 EMT Emetals Limited 0.004 -20% 664,681 $4,250,000 FTZ Fertoz Ltd 0.030 -19% 5,902 $9,259,208 PLC Premier1 Lithium Ltd 0.013 -19% 268,165 $2,793,186 BCT Bluechiip Limited 0.005 -17% 288,340 $7,092,237 EVR Ev Resources Ltd 0.005 -17% 1,098,747 $8,227,629 GCM Green Critical Min 0.003 -17% 265,836 $4,159,755 MCT Metalicity Limited 0.003 -17% 277,877 $13,457,558 PRX Prodigy Gold NL 0.003 -17% 4,246,744 $6,353,323 FGL Frugl Group Limited 0.042 -16% 101,359 $5,245,431 GSN Great Southern 0.017 -15% 25,000 $16,911,674 PLN Pioneer Lithium 0.200 -15% 75,990 $6,721,000 FHS Freehill Mining Ltd. 0.006 -14% 755,527 $20,998,911 NAE New Age Exploration 0.003 -14% 162,500 $6,278,646 VAR Variscan Mines Ltd 0.006 -14% 1,200,000 $2,996,003 VML Vital Metals Limited 0.003 -14% 12,582,127 $20,632,734 GLH Global Health Ltd 0.125 -14% 136,264 $8,417,183 TOY Toys R Us 0.091 -13% 20,451 $12,147,526 KM1 Kalimetalslimited 0.165 -13% 253,074 $14,597,249 AAU Antilles Gold Ltd 0.004 -13% 1,100,013 $5,845,711 EPM Eclipse Metals 0.007 -13% 2,751,428 $18,006,844 QHL Quickstep Holdings 0.315 -13% 202,449 $25,821,437 GIB Gibb River Diamonds 0.036 -12% 117,721 $8,671,887
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