Closing Bell: ASX drifts sideways, hot lithium stock Pan Asia keeps on booming

Local stocks struggled for traction in Wednesday trade, as the major indexes drifted sideways following a weak lead out of the US.

Banks and energy stocks were up, offsetting falls in resources and consumer staples.

There were few major catalysts in the Asian session, as markets await US jobs data which is now viewed by some analysts as a key factoring influencing the pace at which the US Federal Reserve may tighten monetary policy.

Payrolls data from ADP will come out later tonight (AEST), which may give some clues ahead of all-important US employment figures this Friday.

TODAY’S BIGGEST WINNERS

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Another day on the ASX, another day when junior lithium plays with carbon-neutral ambitions rocket into orbit on no news.

Pan Asia Metals (ASX:PAM) continued that trend today, as investors continued to pile into the company which has plans to develop its ‘Kata Thong’ geothermal lithium project in Thailand by pumping deep geothermal brines to the surface.

Another big winner was property development company Ultima Ltd (ASX:UUL), which ripped higher by almost 50% following the release of its annual report this morning before going into a trading halt in afternoon trade, pending a further announcement.

In tech, IoT company Buddy Technologies (ASX:BUD) held its morning gains after executing on an entitlement offer in connection with a restructuring of its debt facility.

And pot stock Althea (ASX:AGH) joined the winner’s list after its subsidiary Peak Processing Solutions signed a binding US$3.42m product development agreement with a subsidiary of The Boston Beer Company to launch “a new range of nonalcoholic cannabis-infused beverages in Canada”.

TODAY’S BIGGEST LOSERS

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Palla Pharma Ltd (ASX:PAL), which manufactures opiates from poppy straw, fell sharply after announcing that it’s hopeful of receiving an extension for the lodgement date of its audited half-year accounts in accordance with ASX listing rules.

And fintech investment platform Raiz Invest (ASX:RZI) also dipped, after interests associated with CEO George Lucas which have a combined holding of more than 5% of Raiz shares filed a s249D notice to convene a meeting of shareholders to vote on the removal of three directors.

ANNOUNCEMENTS YOU MAY HAVE MISSED

Regional Express (ASX:REX) extended its services suspensions and stand downs until aft least October 10. The company said it remained optimistic demand would be strong post lockwowns and was committed to bring ready to respond when flying resumes.

Memphasys (ASX:MEM) reached an agreement with Hydrix (ASX:HYD) over an engineering flaw with its sperm sorter Felix device. Hydrix has aged to pay $500,000 in re-imbursements of costs as well as 1 million of its own shares.

Kip McGrath (ASX:KME) announced it was buying a 70% in US tutoring business Tutorfly. It will pay US$500,000 and says the move will provide a launch pad to open centres in the USA.

iSignthis (ASX:ISX) just might have found its way to trade again. The company announced plans to demerge its European subsidiary (ISX Financial EU) and list it on a European exchange.

Lung imaging tech company 4D Medical (ASX:4DX), revealed its imaging platform had been in initial testing with Australia’s largest medical imaging network I-MED Radiology. I-MED has now agreed to expand its use to the remainder of this year.

TRADING HALTS

Thursday

Dragontail Systems (ASX:DTS) – acquisition update
88 Energy (ASX:88E) – capital raising
Conico (ASX:CNJ) – drill program