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Closing Bell: Afterpay-backed Touch Ventures makes a strong debut while the ASX floats in a sea of red
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Local stocks closed in the red on Wednesday (as expected), after US stocks posted their biggest fall since June overnight.
The ASX 200 threatened to tank early but gained back some ground in afternoon trade to finish 1.08% lower.
By sector, there wasn’t much to smile about as proverbially, local stocks bobbled in the narrow strip of water which separates the Arabian peninsula from Africa — the Red Sea.
Even the ASX 200 Energy index cooled off after a barnstorming 15% gain over the past week, with a 1.81% slide.
ASX tech stocks led the laggards, after a sharp 2.83% contraction on the US Nasdaq index in the wake of a punchy move higher in US bond yields.
By close of trade, the big end of town was outperformed by the microcap Emerging Companies index, which only fell by 0.54%.
TODAY’S BIGGEST WINNERS
Stocks highlighted in yellow rose after making announcements during the trading day.
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| OVT | Ovato Limited | 0.003 | 50.0% | 539,130 | $24,425,625 |
| ANL | Amani Gold Ltd | 0.002 | 33.3% | 49,295,557 | $21,307,795 |
| TVL | Touch Ventures | 0.505 | 26.3% | 35,749,033 | $285,347,947 |
| SBR | Sabre Resources | 0.005 | 25.0% | 4,392,369 | $6,732,255 |
| KNI | Kuniko Ltd | 2.12 | 23.3% | 1,993,937 | $71,331,950 |
| WC8 | Wildcat Resources | 0.03 | 20.0% | 21,283,075 | $12,937,500 |
| HCD | Hydrocarbon Dynamic | 0.019 | 18.8% | 1,150,828 | $7,044,642 |
| SIQ | Smartgrp Corporation | 9.28 | 18.1% | 3,314,309 | $1,049,639,955 |
| LMG | Latrobe Magnesium | 0.027 | 17.4% | 6,296,233 | $30,218,257 |
| POL | Polymetals Resources | 0.14 | 16.7% | 25,000 | $4,658,791 |
| CAV | Carnavale Resources | 0.007 | 16.7% | 358,660 | $14,581,382 |
| MRD | Mount Ridley Mines | 0.007 | 16.7% | 4,793,514 | $30,090,741 |
| HAW | Hawthorn Resources | 0.058 | 16.0% | 1,108,164 | $16,675,781 |
| CCZ | Castillo Copper Ltd | 0.037 | 15.6% | 39,833,787 | $41,536,095 |
| PRM | Prominence Energy | 0.015 | 15.4% | 11,366,744 | $12,305,565 |
| KCN | Kingsgate Consolid. | 1.675 | 14.3% | 3,930,993 | $324,234,464 |
| HNG | HGL Limited | 0.285 | 14.0% | 1,824 | $44,726,947 |
| TBN | Tamboran | 0.34 | 13.3% | 876,150 | $126,699,877 |
| ALB | Albion Resources | 0.255 | 13.3% | 312,237 | $6,962,979 |
| DEV | Devex Resources Ltd | 0.355 | 12.7% | 1,650,801 | $96,967,700 |
| EEG | Empire Energy Ltd | 0.37 | 12.1% | 863,557 | $197,826,533 |
| CMD | Cassius Mining Ltd | 0.019 | 11.8% | 500,000 | $5,194,855 |
| CXX | Cradle Resources Ltd | 0.038 | 11.8% | 33,328 | $6,373,783 |
| PKO | Peako Limited | 0.029 | 11.5% | 920,523 | $8,019,807 |
| AM7 | Arcadia Minerals | 0.195 | 11.4% | 89,020 | $5,985,000 |
Two of the strongest narratives in post-COVID markets — Afterpay (ASX:APT), and red-hot IPO markets — joined forces this morning as tech investment firm Touch Ventures (ASX:TVL) made an auspicious debut on the ASX.
The group counts Afterpay (which holds a 24.3% stake) as a key backer, along with high-profile investors Alex Waislitz and Duncan Saville.
TVL holds a diversified portfolio of tech investments and raised $100 million at 40 cents a share. It initially rose by more than 40% before closing around 30% higher.
From $285m IPOS (TVL’s market cap) to $6.7m resources minnows, junior explorer Sabre Resources (ASX:SBR) ticked higher following the release of its full-year statutory accounts today for FY21.
And Norwegian base metals exploration play Kuniko (ASX:KNI) also rose strongly after releasing a company presentation in morning trade.
Late last month, the Vulcan Energy (ASX:VUL) spinout raised IPO capital at 20c and promptly turned into a memestonk, surging above $3.
Today’s gains saw it climb back above $2, a handy 10x return on the listing price inside the space of a month.
Also rising strongly today was Australia’s secondary trading exchange, the NSX (ASX:NSX), after announcing it had signed a Memorandum of Understanding with Ajlan & Bros Holding Group Company, for “the purpose of establishing a Second Exchange in Saudia Arabia to be known as the KSA Metals and Mining Exchange (non-binding agreement)”.
TODAY’S BIGGEST LOSERS
Stocks highlighted in yellow rose after making announcements during the trading day.
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| EN1 | Engage:Bdr Limited | 0.003 | -25.0% | 3,000,000 | $10,211,810 |
| MLS | Metals Australia | 0.002 | -20.0% | 52,204,801 | $10,567,970 |
| AIV | Activex Limited | 0.13 | -18.8% | 12,760 | $28,341,228 |
| DLC | Delecta Limited | 0.01 | -16.7% | 76,776,086 | $13,776,404 |
| RBR | RBR Group Ltd | 0.005 | -16.7% | 2,555,000 | $7,691,881 |
| MRL | Mayur Resources Ltd | 0.215 | -15.7% | 3,000 | $56,614,025 |
| AUH | Austchina Holdings | 0.006 | -14.3% | 232,777 | $12,582,671 |
| AJQ | Armour Energy Ltd | 0.025 | -13.8% | 15,347,394 | $47,486,382 |
| FEL | Fe Limited | 0.045 | -13.5% | 16,476,473 | $39,577,843 |
| PTR | Petratherm Ltd | 0.052 | -13.3% | 200,943 | $11,935,068 |
| AWN | AWN Holdings Limited | 0.74 | -12.9% | 60,507 | $33,660,170 |
| RNX | Renegade Exploration | 0.007 | -12.5% | 180,000 | $7,037,013 |
| AJL | AJ Lucas Group | 0.036 | -12.2% | 1,386,300 | $49,047,752 |
| NAE | New Age Exploration | 0.011 | -12.0% | 5,636,731 | $17,948,736 |
| PPY | Papyrus Australia | 0.047 | -11.3% | 2,264,372 | $22,668,665 |
| NAG | Nagambie Resources | 0.071 | -11.3% | 130,500 | $39,994,588 |
| AUQ | Alara Resources Ltd | 0.016 | -11.1% | 258,355 | $12,697,726 |
| OEX | Oilex Ltd | 0.004 | -11.1% | 415,285 | $25,597,937 |
| UUL | Ultima Utd Ltd | 0.75 | -10.7% | 82,500 | $61,578,320 |
| CUL | Cullen Resources | 0.017 | -10.5% | 5,013,962 | $7,104,435 |
| CNJ | Conico Ltd | 0.043 | -10.4% | 5,060,359 | $48,010,314 |
| SER | Strategic Energy | 0.043 | -10.4% | 2,040,960 | $11,532,710 |
| RLC | Reedy Lagoon Corp. | 0.026 | -10.3% | 6,869,565 | $15,660,759 |
ANNOUNCEMENTS YOU MAY’VE MISSED
Portable X-ray maker Micro-X (ASX:MX1) executed two contracts to advance its endeavours to roll its products out in in US airports. It signed two contracts with the Department of Homeland Security to design a Self-Screening Portal, worth US$2.5 million, and a baggage X-ray development contract worth US$1.5 million.
The NSX (ASX:NSX) signed an MOU with Saudi Arabian conglomerate Abilitii to set up a financial products exchange, initially focused on commodities trading, in Saudi Arabia. The company says if such a deal was to eventuate it would provide its experience in technology, admissions, compliance and operations while Abilitii would provide the capital as well as management and its government and market contacts.
Lithium Power International (ASX:LPI) updated its Measured and Indicated resource for its Maricunga lithium brine project in Chile. It estimates 1.9 million tonnes of lithium carbonate equivalent, up by approximately 90% from its Definitive Feasibility Study released in 2019.
Elanor Funds (ASX:ENN) shareholders almost unanimously passed a vote to establish a $346 million hotel fund. Elanor says the transaction will release $25 million of capital to Elanor and generate a net gain of $10.5 million.
Property stock Ultima United (ASX:UUL), which has grown from 2 cents to 75 cents in nearly 2 years, told shareholders it received letters of intent for purchases of two of the three lots it owns in a Japanese ski resort development known as TELLUS. The pair will sell for $9.97 million and $9.47 million.
TRADING HALTS
Thursday
Eastern Iron (ASX:EFE) – updated mining study
Friday
Aeeris (ASX:AER) – capital raising
Predictive Discovery (ASX:PDI) – Maiden Resource Estimate
Mount Gibson Iron (ASX:MGX) – update on mining operation
Brightstar Resources (ASX:BTR) – capital raising
Field Solutions (ASX:FSG) – capital raising
