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ASX Small Caps Lunch Wrap: Who else is dealing with an image problem today?
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Image is everything. That’s something we’ve learned from social media, even though social media itself has a bit of an image problem.
The business world is full of examples where, following a PR disaster, the rebranding experts are called in, focus groups are convened, a company gets a new logo and a bill for several million dollars.
In the news today, though, are a couple of entities from the world of nature, which are struggling with names that aren’t exactly palatable.
In the wake of Covid-19 – a virus with a suitable science-fiction sounding name – is the burgeoning issue of the next – *ahem* – viral sensation to sweep the globe: Monkeypox.
According to authorities in New York, where Monkeypox infections are on the cusp of spiralling into “out of control” territory, the virus needs a new name because Monkeypox is kinda racist.
New York officials have asked the World Health Organisation to undertake a corporate rebranding, so that anyone who does catch it won’t have “racist virus name” to deal with, on top of the running sores and other gross things that Monkeypox brings with it.
We reckon there’s a good chance that New York’s going to be listened to, so stand by for the ultra-slick marketing campaign for this year’s must-catch virus, “MXPV”.
It’s a similar quandary facing a certain stinging insect that’s been slowly invading North America over the past few years.
The frighteningly aggressive airborne stinging bastard (the name we suggested, but which was disappointingly knocked back) has two monikers deemed inappropriate.
The Entomological Society of America and the Entomological Society of Canada have adopted a new name for the beast – now known as the Northern Giant Hornet – because “Murder Hornet” was deemed distasteful and its actual former name, Asian giant hornet, was also on the wrong side of racist.
We eagerly await a formal complaint from either Hafþór Júlíus Björnsson (the comically large chappy from Game of Thrones) or Manchester City’s latest signing, Erling Haaland (195cm of high-speed footballing genius) – both of whom could likely win a trademark lawsuit, depending on who the hornets could get to represent them.
TO MARKETS
Australian markets opened higher and stayed there this morning, on track to head to the pub for a schnitty and chips with a 0.6% climb in its pocket.
Across the sectors, and rising commodity prices, positive quarterlies and a few major miner discoveries have put some pep in the step of Materials (+1.42%), with only Utilities (-0.71%) providing any serious drag against the positive mood of the market.
Big Money winners this morning include Novonix (ASX:NVX), which has piled on more than 10% this morning off the back of a friendly quarterly released yesterday.
And PointsBet (ASX:PBH) has jumped better than 12% today on no particular news, but strong rumours of a hot tip in the second at Bathurst on Saturday persist, despite the track’s new Soft 7 rating after all the rain we’ve had.
Not faring so well in the Big Leagues was toll road specialist Atlas Arteria (ASX:ALX), after talks of a 15% buy-in from the IFM Global Infrastructure Fund collapsed, sending ALX shares down more than 6.5%.
We’ll get into the small caps once we’ve looked overseas.
NOT THE ASX
US markets reacted to news of the much-vaunted 75 basis point interest rate rise by positively jumping for joy, with the S&P 500 up by 2.6% and the tech-heavy Nasdaq up 4%.
As Our Guy Eddy reported, Fed Chair Jay Powell reiterated his commitment to fight inflation, but believes the US economy is not in a recession.
“I don’t think the US is currently in recession. There are too many areas of the economy that are performing too well.”
Powell said he would not rule out a 75-basis point rate increase for the next meeting, but did say that it will likely be appropriate to slow rate increases at some point.
Asian markets joined the party, albeit in a much more muted fashion. Japan’s Nikkei is up 0.24%, Hong Kong has climbed 0.29% and Shanghai is heading for 0.8% as we decide what we’re having on our sandwiches today.
Commodities are also looking a bit fabulous today, with the exception of Natural Gas, which is unchanged from this time yesterday.
Oil is 1.60% higher, gold is 0.8% shinier, silver is up a trophy-winning 2.58% and copper is up an arresting 1.59%.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 28 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Company Price % Market Cap LBY Laybuy Group Holding 0.125 62% $19,621,078 MCM Mc Mining Ltd 0.21 50% $27,671,682 EVE EVE Health Group Ltd 0.0015 50% $5,050,483 TGM Theta Gold Mines Ltd 0.093 48% $34,664,322 KGN Kogan.Com Ltd 4.53 45% $334,683,397 ATU Atrum Coal Ltd 0.007 40% $3,456,842 OPY Openpay Group 0.45 34% $53,023,579 GTG Genetic Technologies 0.004 33% $27,701,895 VOR Vortiv Ltd 0.022 29% $8,587,866 ADS Adslot Ltd. 0.014 27% $24,249,265 APS Allup Silica Ltd 0.12 25% $3,557,002 XST Xstate Resources 0.0025 25% $6,430,363 HXL Hexima 0.014 22% $1,836,996 ZMI Zinc of Ireland NL 0.04 21% $6,931,461 IPD Impedimed Limited 0.065 20% $96,119,155 ARD Argent Minerals 0.018 20% $13,240,954 DCC Digitalx Limited 0.042 20% $25,985,541 FBR FBR Ltd 0.042 20% $97,261,616 DXN DXN Limited 0.006 20% $7,356,574 JTL Jayex Technology Ltd 0.006 20% $1,246,143 PIL Peppermint Inv Ltd 0.012 20% $20,378,568 SZL Sezzle Inc. 0.84 19% $141,589,091 RBL Redbubble Limited 1.125 19% $260,744,611 TYR Tyro Payments 0.845 19% $367,680,722 DC2 Dctwo 0.065 18% $2,904,132
In small caps, and Laybuy (ASX:LBY) has gone properly berserk this morning, up 62% this morning and climbing fast enough to trip the ASX radar gun.
LBY has responded to the price query with a cheery “All good – nothing to see here”, but has flagged that there will be a potentially market-sensitive announcement between now and 31 July.
Meanwhile, MC Mining (ASX:MCM) has shot up 50% on no immediately visible news, and Kogan (ASX:KGN) has been boosted by a positive July Business Update, and rumours that one of its flat-screen TVs has been successfully delivered without a dead pixel right in the middle of the screen.
Leading the losses today are real estate firm Acumentis Group (ASX:ACU), down 21.8% on no news, and Godolphin Resources (ASX:GRL), down 20.6% after announcing the completion of its strategic placement, which raised $1.6m to keep its highly prospective Narraburra Rare Earth Project going.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 28 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Company Price % Market Cap ANL Amani Gold Ltd 0.001 -50% $47,386,882 TSC Twenty Seven Co. Ltd 0.002 -33% $7,982,442 CLE Cyclone Metals 0.003 -25% $24,416,948 JTL Jayex Technology Ltd 0.004 -20% $1,246,143 MRI Myrewardsinternation 0.053 -17% $8,802,642 BEZ Besra Gold 0.034 -17% $7,045,848 AL8 Alderan Resource Ltd 0.01 -17% $5,106,793 NET Netlinkz Limited 0.032 -16% $124,104,569 RFR Rafaella Resources 0.0255 -15% $7,043,638 BGD Barton Gold Holdings 0.17 -15% $17,191,845 IRX Inhalerx Limited 0.066 -14% $12,971,956 ATU Atrum Coal Ltd 0.006 -14% $4,839,578 KFE Kogi Iron Ltd 0.003 -14% $5,661,522 NTD National Tyre&Wheel 0.9 -14% $138,532,802 LYK Lykos Metals 0.165 -13% $11,685,000 IDA Indiana Resources 0.047 -13% $25,909,460 ARO Astro Resources NL 0.0035 -13% $18,820,965 MOB Mobilicom Ltd 0.035 -13% $12,877,469 APC Aust Potash Ltd 0.042 -13% $38,802,375 HIO Hawsons Iron Ltd 0.36 -11% $300,126,445 WIA WIA Gold Limited 0.072 -11% $37,447,747 KAM K2 Asset Mgmt Hldgs 0.049 -11% $13,259,686 MMG Monger Gold Ltd 0.205 -11% $9,209,200 ODA Orcoda Limited 0.08 -10% $14,068,563 OKR Okapi Resources 0.18 -10% $27,187,770
