- The ASX200 is riding Wall Street’s coattails today up 044%
- Nine out of eleven sectors were higher, with real estate leading the charge
- Technology was a close second with the help of a unicorn takeover bid
Wall Street rallied on Friday and the ASX was up 0.44%, riding on those bullish tailwinds.
Optimism is back, especially in the tech sector which was one of the pack leaders today up 1.13% and also helped along by a boost from aerial imagery player Nearmap (ASX:NEA) which got a whopping $1billy takeover boost from Thoma Bravo – but more on that later.
Nine out of eleven sectors were higher but real estate got gold on the podium, up 1.71%. Communications was second up 1.13%, while the materials sector wasn’t far behind, up 0.82% with the aid of lithium stocks.
Pilbara Minerals (ASX:PLS), Allkem (ASX:AKE) and MinRes (ASX:MIN) were heavily in the green and Core Lithium (ASX:CXO) was up more than 10%.
Global oil prices fell by near 2% on Friday on expectations that supply disruptions in the US Gulf of Mexico would only be temporary – and the energy sector felt the weight today, down 0.79%.
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 | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| JAV | Javelin Minerals Ltd | 0.0015 | 50% | 2,858,050 | $9,354,153 |
| RAS | Ragusa Minerals Ltd | 0.205 | 46% | 20,682,005 | $17,603,062 |
| SYN | Synergia Energy Ltd | 0.004 | 33% | 440,002 | $25,253,372 |
| T3D | 333D Limited | 0.002 | 33% | 255,000 | $4,566,445 |
| RDG | Res Dev Group Ltd | 0.065 | 27% | 1,357,375 | $147,140,930 |
| NEA | Nearmap Ltd | 1.895 | 25% | 15,425,911 | $755,082,694 |
| AHN | Athena Resources | 0.016 | 23% | 6,903,869 | $10,568,578 |
| GED | Golden Deeps | 0.016 | 23% | 19,239,062 | $15,017,947 |
| BUX | Buxton Resources Ltd | 0.11 | 22% | 346,608 | $13,124,618 |
| AQC | Auspaccoal Ltd | 0.12 | 21% | 42,936 | $4,997,996 |
| AM7 | Arcadia Minerals | 0.18 | 20% | 238,145 | $7,004,684 |
| ARE | Argonaut Resources | 0.003 | 20% | 1,252,986 | $9,015,512 |
| BAT | Battery Minerals Ltd | 0.006 | 20% | 470,767 | $14,626,212 |
| OAU | Ora Gold Limited | 0.012 | 20% | 516,255 | $9,842,313 |
| ODM | Odin Metals Limited | 0.024 | 20% | 4,181,625 | $9,326,887 |
| WHK | Whitehawk Limited | 0.082 | 19% | 704,892 | $15,713,008 |
| LCY | Legacy Iron Ore | 0.023 | 18% | 2,213,927 | $124,933,111 |
| BCK | Brockman Mining Ltd | 0.033 | 18% | 25,000 | $259,846,500 |
| TPD | Talon Energy Ltd | 0.165 | 18% | 5,611,749 | $60,991,371 |
| MEG | Megado Minerals Ltd | 0.1 | 18% | 487,351 | $9,269,148 |
| CNJ | Conico Ltd | 0.041 | 17% | 35,203,214 | $47,550,071 |
| AYT | Austin Metals Ltd | 0.0105 | 17% | 62,800 | $9,142,872 |
| MCE | Matrix C & E Ltd | 0.21 | 17% | 965,543 | $26,292,857 |
| AXP | AXP Energy Ltd | 0.007 | 17% | 22,859,258 | $34,873,084 |
| BUY | Bounty Oil & Gas NL | 0.007 | 17% | 6,309,673 | $8,223,006 |
Javelin Minerals (ASX:JAV) shot up 50% after updating its resource estimate at Coogee to 1.42Mt at 1.076g/t for 49,000oz — a 1400% increase in tonnage and a 350% increase in overall contained metal from the previous estimate.
“Javelin has now successfully identified new Coogee mineralisation which transitions from just gold to copper‐gold in the north within a broader copper‐gold system now having a strike length of over 1 km,” executive director Mathew Blake said.
“We have confidence that additional copper‐gold resources can be defined.”
And Nearmap (ASX:NEA) got a massive takeover bid by Thoma Bravo, a software investment firm, at $2.10 cash per share.
The company said the proposal implies a fully diluted equity valuation of approximately $1.05 billion for Nearmap, oh and and represents an 83% premium to the closing price of $1.15 on Tuesday 5 July 2022.
The board has determined the proposal to be credible and sufficient to initially grant non-exclusive due diligence access to Thoma Bravo.
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 | Market Cap |
|---|---|---|---|---|---|
| IGN | Ignite Ltd | 0.071 | -41% | 2,809 | $10,749,861 |
| PAR | Paradigm Bio. | 1.44 | -27% | 2,032,885 | $452,585,076 |
| CLE | Cyclone Metals | 0.003 | -25% | 10,950,313 | $24,466,948 |
| IPB | IPB Petroleum Ltd | 0.0095 | -21% | 2,973,595 | $4,442,258 |
| KFE | Kogi Iron Ltd | 0.004 | -20% | 87,137 | $8,087,889 |
| VPR | Volt Power Group | 0.002 | -20% | 34,924,559 | $23,361,334 |
| XST | Xstate Resources | 0.002 | -20% | 1,914,279 | $8,037,954 |
| EMS | Eastern Metals | 0.14 | -15% | 85,955 | $6,378,281 |
| AJQ | Armour Energy Ltd | 0.006 | -14% | 2,434,931 | $15,809,156 |
| CTO | Citigold Corp Ltd | 0.006 | -14% | 207,667 | $19,835,614 |
| CLZ | Classic Min Ltd | 0.028 | -13% | 3,917,270 | $6,618,521 |
| EDE | Eden Inv Ltd | 0.007 | -13% | 1,641,461 | $19,934,824 |
| AIV | Activex Limited | 0.035 | -13% | 31,800 | $8,648,103 |
| PSC | Prospect Res Ltd | 0.105 | -13% | 6,909,414 | $55,471,135 |
| WMG | Western Mines | 0.14 | -13% | 1,313,669 | $5,861,200 |
| BKG | Booktopia Group | 0.29 | -12% | 268,215 | $45,328,569 |
| LDX | Lumos Diagnostics | 0.066 | -12% | 922,267 | $15,742,983 |
| EXL | Elixinol Wellness | 0.037 | -12% | 749,048 | $13,283,154 |
| SHN | Sunshine Gold Ltd | 0.03 | -12% | 1,951,905 | $15,905,973 |
| AHK | Ark Mines Limited | 0.275 | -11% | 12,609 | $10,698,132 |
| PEN | Peninsula Energy Ltd | 0.1775 | -11% | 8,936,224 | $199,459,238 |
| GTG | Genetic Technologies | 0.004 | -11% | 598,210 | $41,552,843 |
| RFR | Rafaella Resources | 0.025 | -11% | 288,881 | $7,863,068 |
| BPT | Beach Energy Limited | 1.66 | -10% | 35,439,085 | $4,220,467,264 |
| 14D | 1414 Degrees Limited | 0.092 | -10% | 69,870 | $20,703,509 |
ANNOUNCEMENTS YOU MAY’VE MISSED
MGC Pharmaceuticals (ASX:MXC) has announced that its cleared a hurdle with its Epilepsy treatment, CannEpil, following a randomised, double blind, placebo controlled study investigating the effect of a 1mL dose of 20:1 cannabidiol (CBD) to delta 9-tetrahydrocannabinol (THC) on driving performance, sedation and mood.
The good news is that, after (we assume) getting a few volunteers together, and having a few of them take the medicine and then having everyone spend some time playing Gran Turismo on the PlayStation, the results are that it’s been declared safe for post-treatment driving activities. Neato.
Meanwhile, TMK Energy (ASX:TMK) has some cleaning up to do, following a paperwork kerfuffle in the lead up to the 14 February 2022 acquisition of Telmen Energy and the associated capital raise.
TMK says there was an inadvertent error to lodge a cleansing notice prior to the events of 14 February, which have since had an impact on the subsequent issue of shares related to conversion of Performance Shares on 09 June and Performance Rights on 13 July, 2022.
The company is making an application to the Supreme Court of Western Australia, seeking orders on how to proceed, and until those orders are obtained, TMK remains in a trading halt.
TRADING HALTS
Tennant Minerals (ASX:TMS) – Drilling results incoming
Antisense Therapeutics (ASX:ANP) – Announcement of outcomes of a Long COVID-19 strategic collaboration is on the way.
TMK Energy (ASX:TMK) – Legal issues, which we’ve covered above, if you missed the “Things You May’ve Missed” section.
Genex Power (ASX:GNX) – Genex has asked for some time to prep requested info about a takeover offer from Skip Essential Infrastructure Fund.
Vortiv (ASX:VOR) – Vortiv has some information for investors about its expanding operations in India on the way.
Lode Resources (ASX:LDR) – Capital Raise.
Firebird Metals (ASX:FRB) – Capital Raise II, The Raisening.
BPH Energy (ASX:BPH) – Capital Raise III, The Capital Strikes Back.
Future Metals (ASX:FME) – Capital Raise IV, A Stan Original.
DW8 Limited (ASX:DW8) – Capital Raise V, Exclusive to YouTube.