Closing Bell: A junior ASX copper explorer surges (on no news) as commodities stay hot

The ASX microcaps Emerging Companies index closed 0.01% higher on Friday
Copper explorer Stelar Metals (ASX:SLB) led the market with a 57% gain
US stock futures are trading flat ahead of the Friday open on Wall St

After a pretty strong week, ASX microcaps closed things out with a flat day of trade on Friday, with no major catalysts during the session.

After a rocky month, markets look ready to settle in for the long haul on two of the primary global investment narrative; the ongoing Russia-Ukraine invasion, and rising interest rates.

Commodity prices are still sky-high, and investors once again cast a keen eye on ASX junior explorers leading the market this morning.

Get Reuben Adams’ daily resources update here.

ASX gold stocks also had a good day on Friday.

After consolidating above US$1,900/oz, the precious metal is trading above US$1,960/oz in afternoon Asian trade — is another push towards US$2,000/oz on the cards?

Those gold gains accompanied a broad round of weakness in the US dollar, which has seen the AUD push back above US75c for the first time since October last year.

Looking ahead, US stock futures are trading flat ahead of the Wall Street open.

That followed another strong session overnight, as the Nasdaq rose by +2% led by some big gains among US semiconductor stocks.

TODAY’S BIGGEST SMALL CAP WINNERS

(Stocks highlighted in yellow rose after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

Code	Description	Price	%	Volume
SLB	Stelar Metals	0.275	57.1%	4,431,840
MAN	Mandrake Resources	0.065	38.3%	66,157,414
IMR	Imricor Med Sys	0.69	35.3%	176,693
ANL	Amani Gold Ltd	0.0025	25.0%	701,340,911
GTG	Genetic Technologies	0.005	25.0%	1,343,460
CGB	Cann Global Limited	0.033	22.2%	4,198,147
EX1	Exopharm Limited	0.3	20.0%	415,801
IVT	Inventis Limited	0.12	20.0%	45,000
MOQ	MOQ Limited	0.06	20.0%	750,000
FAL	Falconmetalsltd	0.46	19.5%	1,806,889
MBX	My FoodieBox	0.19	18.8%	70,000
GFN	Gefen Int	0.3	17.6%	465,728
SLM	Solismineralsltd	0.205	17.1%	370,213
ATU	Atrum Coal Ltd	0.014	16.7%	1,131,456
XST	Xstate Resources	0.0035	16.7%	5,472,235
XTC	Xantippe Res Ltd	0.008	14.3%	388,874,562
MIL	Millennium Grp Ltd	0.48	14.3%	48,000
DAL	Dalaroometalsltd	0.16	14.3%	80,549
M24	Mamba Exploration	0.16	14.3%	212,062
LV1	Live Verdure Ltd	0.34	13.3%	73,704
BIR	BIR Financial Ltd	0.034	13.3%	380,000
BTN	Butn Limited	0.3	13.2%	109,550
DEV	Devex Resources Ltd	0.475	13.1%	792,549
SFG	Seafarms Group Ltd	0.026	13.0%	9,183,842
NZM	Nzme Limited	1.525	12.5%	243,962

Among stocks with news, Mandrake Resources (ASX:MAN) held its gains after flagging a “transformational” deal to buy the high grade ‘Delphin’ copper project in Chile.

The project is in a prolific copper-producing region which is home to monstrous mines like Escondida, a joint venture between Australia’s two largest mining companies. Mandrake intends to undertake an active exploration program commencing early Q2.

Also rising on M&A news was diversified manufacturing company Inventis (ASX:IVT), which announced the acquistion of Electronic Circuit Designs.

The share sale agreement values ECD at 3 x normalised EBITDA based on its 2021 accounts, amounting to approximately $2.2m plus net excess working capital.

Elsewhere, newly listed copper-zinc play Stelar Metals (ASX:SLB), which operates a number of projects in copper-rich areas of South Australia, surged by more than 50% on no news.

Another strong mover was cannabis stock Cann Global (ASX:CGB), which jumped by ~30% on no news to 3.5c — although the stock once hit a high above $2 in the ASX’s first cannabis boom back in 2017.

TODAY’S BIGGEST SMALL CAP LOSERS

(Stocks highlighted in yellow fell after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

Code	Company	Price	%	Volume
TGH	Terragen	0.11	-21.4%	106,196
GMN	Gold Mountain Ltd	0.009	-18.2%	4,206,786
OXX	Octanex Ltd	0.019	-17.4%	1,000
BRX	Belararoxlimited	1.2	-17.2%	1,399,392
ROO	Roots Sustainable	0.005	-16.7%	1,039,121
VPR	Volt Power Group	0.0025	-16.7%	579,573
FNX	Finexia Financialgrp	0.06	-14.3%	9,576
NZS	New Zealand Coastal	0.006	-14.3%	118,609
JCS	Jcurve Solutions	0.059	-13.2%	100,000
ABE	Ausbondexchange	0.4	-13.0%	61,891
AWV	Anova Metals Ltd	0.014	-12.5%	1,326,000
ARR	American Rare Earths	0.46	-12.4%	8,692,027
MAG	Magmatic Resrce Ltd	0.085	-12.4%	2,407,012
BCA	Black Canyon Limited	0.3	-11.8%	305,158
KNI	Kunikolimited	1.24	-11.4%	705,572
ROC	Rocketboots	0.12	-11.1%	165,402
VMY	Vimy Resources Ltd	0.24	-11.1%	7,599,671
CLE	Cyclone Metals	0.004	-11.1%	2,322,370
PWN	Parkway Corp Ltd	0.008	-11.1%	467,186
VIP	VIP Gloves	0.016	-11.1%	973,771
TLX	Telix Pharmaceutical	4.24	-10.5%	5,676,325
ICN	Icon Energy Limited	0.017	-10.5%	6,407,647
IEC	Intra Energy Corp	0.017	-10.5%	1,857,003
SHH	Shree Minerals Ltd	0.017	-10.5%	6,006,584
AJL	AJ Lucas Group	0.06	-10.4%	1,814,319

ANNOUNCEMENTS YOU MAY HAVE MISSED

Westgold (ASX:WGX) has announced a board shakeup with Peter Cook retiring as non-executive chairman. Cook was founder of the group of companies from which Westgold was formed in 2004.

Cook will be replaced by Cheryl Edwardes AM as independent non-executive chair. Edwardes was a former Western Australian government minister and serves and is on the board of several mining companies. West Gold has also appointed experienced mining executive Julius Matthys as a non-executive chair.

Fertility company Virtus Health (AX:VRT) has received written confirmation from the Foreign Investments Review Board that it has no objections to a $706 million takeover offer from UK private equity firm CapVest for $706 million.

CapVest had been in a battle with Aussie private equity firm BGH Capital for Virtus. Under the deal, CapVest will acquire 100% of Virtus shares by a scheme of arrangement.

Bryah Resources (ASX:BYH) has committed funding to retain 49% of the manganese joint venture with OM Holdings. Drilling of the Brumby Creek in WA maganese targets has now started. Gradient Array Induced Polarisation surveys will start in April in the Horseshoe Mine Prospect Area.

“The announcement of manganese mineral resources underpins mining licence applications in the Brumby Creek and Black Hill locations, complementing the existing granted mining lease at Horseshoe Sout,” Bryah CEO Ashley Jones said.