• The ASX 200 loses 1.2%, XEC sheds 0.9%
  • Weak leads, sour sentiment hobble Asia-Pac markets
  • BPH adds 200% on word ex-PM shot down its prospects

 

The S&P/ASX Emerging Companies (XEC) index has lost 0.9% on Tuesday, the benchmark ASX 200 is down 1.2%.

In fact almost all regional markets have had their wings roughly clipped  at 4pm in Sydney, when Wall Street finished its worst day since June amid a gaggle of existential fears which appear to constellate around mounting rate hike concerns and a general sense that there’s slim and there’s pickings and no one has any money to apply to either.

Fans of Kogan.com certainly won’t be thrilled by Tuesday – the online marketplace swinging to its first full-year loss since listing in 2016 and inflating it’s value, ambition and efficiency since.

From $8.62 on January 4th, the house that Ruslan built – at a closing share price of $3.50 today – is in a technical pickle with much blame to go around, although with a loss of well over $35.5 million it seems the generous share option payouts to Ruslan and friends have not helped the optics.

Elsewhere, Aussie super savings have fallen to $3.3 trillion, wiping out a full year’s growth, following a $140 billion loss in the June quarter. This is a story for all the non-journos out there who have ‘super’.

Unfortunately it turns out most Aussie super funds went back into the markets and hard before Christmas ’21, champing at the bit to get more of the same stocks allocations which had boosted the coffers over the previous 12 months, only to find a market crash, an inflation crisis and an old school war in Europe waiting round the corner in ’22.

Following Wall Street’s sentiment crisis overnight, Hong Kong’s Hang Seng index was down 0.4% as shares in Tencent lost circa 0.5% after the tech giant bought back 1.1mn shares worth about US$45mn in a move perhaps meant to shore up confidence as the $400 billion monolith comes to terms with its first-ever q-on-q revenue decline last week.

The Shanghai Composite was slightly lower and the Shenzhen index fell 0.2%.

In Japan’s the Nikkei and Topix have lost 1.1%.

Oh, and the local Manufacturing Purchasing Managers’ (PMI) Index contracted. First time in ages.

 

ASX SMALL CAP LEADERS

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BPH Energy (ASX:BPH) is up some today.

If you’ve missed this tidbit, BPH says it is reviewing what appear to be a swag of legal options, following reports wonderfully former Prime Minister Scott Morrison may have misused a little of his apparently endless powers to block a BPH exploration permit.

Morrison had secretly appointed himself minister for home affairs and treasury during the COVID-19 pandemic, in addition to the health, finance and resources portfolios previously revealed, according to wonderfully placed new Prime Minister Anthony Albanese.

BPH Energy Ltd wishes to advise that in light of the recent media coverage regarding former Prime Minister Scott Morrison’s use of ministerial powers to block the PEP-11 gas exploration licence, the Company is currently undertaking a full review of its options, including potential for legal channels, as part of its strategy to protect shareholder value.

I’m a bit excited by all this. So are other people. It seems BPH is up about 200% today.

Yesterday’s hero, Australian Pacific Coal (ASX:AQC), has become today’s legend.

At lunchtime yesterday, AQC was approaching that at $0.27, but this morning as Gregor delicately puts it – the “Let’s get some of that sweet, sweet takeover money” bus completely missed it’s $0.30 stop, rocketing along with its foot to the floor and its chin on the horn.

The stock hit $0.40 and showing no signs of slowing down, much to the relief of Keanu Reeves and Sandra Bullock.

Magmatic Resources (ASX:MAG) has jumped off the back of super copper intersections with visible copper sulphide mineralisation at its Corvette Prospect in NSW.

Visible copper = circa 45% share price gain.

Also, another proper copper prospect, American West Metals (ASX:AW1) is enjoying a share price kick after finding new copper at Storm.

Reuben points out that AW1 listed back in December 2021 with three North American projects to its name – its flagship West Desert zinc-copper-indium (and silver) Project in Utah, the Storm and Seal Projects in Canada and the Copper Warrior Project, also in Utah, brah.

 

ASX SMALL CAP LAGGARDS

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In need of a Tuesday doctor is Doctor Care Anywhere (ASX:DOC), which released updated guidance this morning but all one could see was the  a £7 million revenue shortfall.

It’s obviously not good news, and it was delivered shortly before the announcement that Dr Bayju Thakar has stepped down as Chief Executive Officer and from the Board of Doctor Care Anywhere with immediate effect.

Spare me your medical mumbo-jumbo!

 

The market read the doctor’s orders suggesting that we all take a Bex and have a good lie down, but ignored it and dumped the company stock, sending its price to a 20.4% thud on the emergency room floor.

The Buy Now Pay Laters have reminded traders that they can still fall on cue.

Star-for-a-day EML Payments has retraced all of yesterday’s gains falling by 10% to $1.01. Sezzle fell 4.8%  and is joined at the hip in this by Zip, which fell 4.6%.

 

WHAT YOU MAY’VE MISSED BECAUSE IT’S TUESDAY AND I NEVER COULD GET THE HANG OF TUESDAYS

First cab off the rank this arvo is Oakridge International (ASX:OAK), which has reported that revenue from this current year has decreased by $1,498,709 or about 68% as compared to the prior year and this decrease is mainly attributable to the recognition of R&D tax concession of $881,270 in the prior year as opposed to $131,501 in the current year.

The results for the year attributable to shareholders decreased from a profit of $603,219 in the prior year to a loss of $531,030 in the current year.

There’s not much to add to that, except the usual platitudes… we’re sorry for your loss, we made you a lasagna, we’ll need that dish back as soon as you’re done with it.

On a more positive note, Biotron (ASX:BIT) says that its Phase 2 HIV-1 clinical trial of its lead antiviral drug, BIT225, is fully recruited, with a total of 27 individuals, randomly assigned on a 2:1 ratio to receive BIT225 (n=18) or placebo (n=9), have been enrolled in the study.

The company is hoping to build on the encouraging test results it has received so far, which indicated that treatment for 12 weeks with BIT225 in newly diagnosed HIV-infected people starting ART significantly improved key markers of immune dysfunction, which in turn indicated a boosting of the immune system against HIV-1.

TRADING HALTS

After the veritable landslide of trading halts over the past two weeks, today… there is one. Look at it. All alone there, shivering in the cold. Poor thing. Let’s see what it could be about..

Heartland Group Holdings (ASX:HGH) – It’s a Capital Raise… who woulda thunk it? Heartland is proposing to raise NZ$200 million of new capital by way of an NZ$130 million placement to be followed by an NZ$70 million share purchase plan (SPP). Full details are coming out tomorrow, so you’ll just have to wait to find out how this one ends.

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