• S&P/ASX 200 closes up 0.5%, Emerging Companies index up 1.50%
  • Fair Work Commission delivers bigger than expected 5.75% lift in award wage
  • Cyclone Metals defines a series of gold anomalies at its Macraes South project

 

Aussie markets are ending a topsy turvy week on a high, with the S&P ASX 200 index closing up 0.5%. The S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies –  fared even better closing 1.5% higher.

But still only five of the 11 sectors were in the green today.  Leading the winners was the materials sector, up 2.51% followed by energy rising 1.40% and utilities adding 0.69%.

Leading the laggards was consumer staples falling 1.29%, followed by healthcare dropping 0.63 and communication services down 0.56%.

Overnight, Wall Street rose across the board, with the S&P 500 finishing higher by 1% and tech heavy Nasdaq by 1.3% as the debt ceiling bill passed the House of Representatives on a 314-117 vote.

An approval by the Senate is expected soon despite a revolt amongst a handful of Republicans, ensuring the world’s largest economy actually has enough money in the kitty to pay its bills.

The artificial intelligence (AI) frenzy that has been gripping markets did get a case of the hiccups as C3.ai fell 13% on weaker-than-expected full-year revenue guidance.

And speculation continues on what RBA Governor Philip Lowe and his mates will do at their May meeting next Tuesday after the Fair Work Commission delivered a bigger than expected 5.75% lift in the award wage.

Combined with a shock inflation report released this way cash rate futures are betting on a 42% chance of a 25bp hike by the RBA in June bringing the cast rate to 4.10% up from 3.85%.

Australia’s headline inflation came in at 6.8% for April, up from 6.3% the month before and above what experts had generally forecast.

Hong Kong’s Hang Seng was up 3.89% driven by a rally in tech firms, while in mainland China the Shanghai Composite was up 0.80%.

Japanese markets were also up today.  The Topix was rose 1.40%, while the Nikkei 225 was up 1.08%.

 

TODAY’S ASX SMALL CAP LEADERS

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Topping the winners list today was minnow Cyclone Metals (ASX:CLE)  after announcing a soil sampling program at its Macraes South project in New Zealand’s Otago province has generated highly prospective drill targets over multiple lodes.

The program has returned strong coherent and continuous geochemical responses over gold lode zones at Macraes South, with anomalous responses up to 350m wide.

CLE said potentially around five mineralised lodes have been identified for testing at the Swamy Hill prospect and an application for an extension of term has been lodged for another drilling program to test the defined anomalies if an access agreement is signed with the landowners.

Also on the winners list is Grand Gulf Energy’s (ASX:GGE) after an independent review confirmed significant helium flow potential at Jesse-1A well, part of the 10.6bcf Red Helium project in Utah.

“The Company is highly encouraged by the modelling results indicating reservoir with the potential for significant helium flow in the Jesse-1A well and surrounding area,” MD Dane Lance said in an announcement.

“The Company now has a range of opportunities across the Red Helium project, and we look forward to being back in the field to confirm the modelling results with a successful flow test.”

 

TODAY’S ASX SMALL CAP LOSERS

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LAST ORDERS

In the tech space, global drones-as-a-service provider Delta Drone (ASX:DLT) said it has secured Basic Aviation Risk Standard (BARS) Registration, in its Rocketmine Australia and Rocketmine South Africa operations.

BARS is an internationally recognised safety audit program run by the Flight Safety Foundation, covering all flight and operational aspects of an aviation company – including flight operations, maintenance handling, personnel, aircraft and quality and safety systems.

DLT has received the green’status for the comprehensive registration stream, which includes beyond visual line of sight (BVLOS) drone data capture activities for the company.

Customers visiting nine new WHSmith Toys R Us shop-in-shop stores across the UK will be welcomed by a life-size Geoffrey the Giraffe with dedicated sections by age, interest, and category, with interactive experiences and demonstration tables.

Toys R Us ANZ (ASX:TOY) today announced locations of nine WHSmith high street stores which will be unveiling new Toys R Us shop-in-shops from this month.

TOY said the new retail partnership follows last year’s launch of Toys R Us UK’s digital flagship ecommerce website www.toysrus.co.uk with the WHSmith high street stores located in Oxford, Cheltenham, Cwmbran, Reading, Solihull,  Poole, Canterbury and Chelmsford.

 

TRADING HALTS

Invictus Energy (ASX:IVZ) – Capital raise

Bowen Coking Coal (ASX:BCB) – Capital raise

Manhattan Corp (ASX:MHC) – Field exploration result at the Chebogue lithium project

Kalium Lakes (ASX:KLL) – Update on the company’s operations

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