Closing Bell: ASX ekes out tiny win

S&P/ASX 200 closes flat up just 0.07%, while the emerging companies index falls 0.48%
Cellnet Group up 44% after a takeover bid by German private company Wentronic Holding GmbH
Podium Minerals completes $2 million cap raise to advance Parks Reef Platinum Group Metals project

The S&P ASX 200 index has closed flat on Friday after four day of losses. The S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies – closing down 0.48%.

Gains in healthcare and tech stocks were offset by losses in the energy and mining sector.

Overnight, US indices were mixed following a renewed banking crisis and a rise in US jobless figures to 264,000 for May, the highest since 2021.

The S&P 500 closed down 0.17%, the Dow by 0.66%, while the tech heavy Nasdaq rose by 0.31%.

Gold miners were also hit hard on the ASX today as the price of bullion dropped. At the time of writing gold had fallen 0.26% to US$2011.26/ounce.

On Twitter there was a bit of despondence around from ASX investors today.

Will be tax loss for me 💯… but looking ahead to next FY. It’s been a tough ride for past 2 years

— Nick ASX (@reddevilskh) May 12, 2023

But @agroasx seemed to be rejoicing in lithium prices rebound.

Lithium price continues to rise #asx #ausbiz pic.twitter.com/QdXcShLWNt

— AGRO ⚡️🔋 (@agroasx) May 12, 2023

Also on Twitter, Elon Musk is making a guessing game out of just who will be new CEO of the social media platform and its newly named parent company X Corp.

The Space X and Tesla CEO, who bought Twitter for US$44 billion last year, said he’d hired a new CEO. Speculation is now rife as to the identity of the mystery woman.

Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!

My role will transition to being exec chair & CTO, overseeing product, software & sysops.

— Elon Musk (@elonmusk) May 11, 2023

TODAY’S ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Code	Company	Price	%	Volume	Market Cap
GGX	Gas2Grid Limited	0.002	100%	3,258,972	$4,077,102
MEB	Medibio Limited	0.002	100%	260,000	$4,150,594
CCE	Carnegie Cln Energy	0.0015	50%	15,162	$15,642,574
VPR	Volt Power Group	0.0015	50%	530,062	$10,716,208
CLT	Cellnet Group	0.026	44%	4,473,117	$4,384,703
LYN	Lycaon Resources	0.195	44%	829,774	$4,444,031
RLG	Roolife Group Ltd	0.01	43%	1,782,353	$5,036,907
SIT	Site Group Int Ltd	0.004	33%	363,100	$6,103,736
CMO	Cosmo Metals	0.13	30%	89,408	$2,551,000
NCL	Netccentric Ltd	0.058	29%	128,669	$12,735,525
1TT	Thrive Tribe Tech	0.028	27%	3,845,591	$5,059,007
BMO	Bastion Minerals	0.034	26%	4,028,144	$4,304,113
BEL	Bentley Capital Ltd	0.05	25%	184,421	$3,045,117
1MC	Morella Corporation	0.01	25%	7,221,192	$48,788,644
ENR	Encounter Resources	0.26	24%	8,998,554	$74,660,414
FFF	Forbidden Foods	0.027	23%	212,299	$2,925,572
LRS	Latin Resources Ltd	0.17	21%	33,410,665	$355,715,022
LBT	LBT Innovations	0.04	21%	478,304	$11,240,935
BCK	Brockman Mining Ltd	0.035	21%	4,008	$269,126,732
CYQ	Cycliq Group Ltd	0.006	20%	607,500	$1,737,583
GTG	Genetic Technologies	0.003	20%	925,000	$28,854,145
IDA	Indiana Resources	0.049	20%	501,938	$20,754,398
SRK	Strike Resources	0.069	17%	432,878	$16,741,250
KIN	KIN Min NL	0.042	17%	948,917	$42,413,420
TG6	Tgmetalslimited	0.105	17%	202,338	$3,627,139

Cellnet Group (ASX:CLT) is on the winner’s list today after announcing a takeover bid by German private company Wentronic Holding GmbH.

The distributor of lifestyle technology products has entered a Scheme of Implementation Deed (SID) with Wentronic, which will see shareholders receive 2.7 cents/share in cash, valuing the company at ~$6.6 million, and representing a premium of 50% on the company’s closing share price on May 10.

Also finishing the week on a high is Cosmo Metals (ASX:CMO) which announced it believes its Minjina prospect “could be the beginning of a meaningful polymetallic mineral discovery” after drilling into decent silver grades up to 123g/t.

Drilling highlights like 11m @ 1.03% Zn, 0.22% Pb, 0.15% Cu, 33.50g/t Ag from 212m were unexpected, in a good way.

Stockhead’s Reuben Adam’s has more on the discovery in his Resources Top 5.

TODAY’S ASX SMALL CAP LAGGARDS

Here are the least best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Code	Company	Price	%	Volume	Market Cap
AO1	Assetowl Limited	0.001	-50%	166,675	$3,894,260
CLE	Cyclone Metals	0.0015	-25%	10,518,815	$18,178,496
ICN	Icon Energy Limited	0.006	-25%	2,425,113	$6,144,109
KEY	KEY Petroleum	0.0015	-25%	990,000	$3,935,856
LNU	Linius Tech Limited	0.003	-25%	15,791,240	$14,356,099
HMG	Hamelin Gold	0.115	-23%	97,883	$16,500,000
JNO	Juno	0.06	-20%	188,531	$10,174,350
AXP	AXP Energy Ltd	0.002	-20%	1,200,072	$14,561,702
CAV	Carnavale Resources	0.002	-20%	544,875	$6,833,879
ERA	Energy Resources	0.033	-18%	4,558,207	$147,655,328
ADS	Adslot Ltd.	0.005	-17%	448,467	$13,226,090
HLX	Helix Resources	0.005	-17%	92,964	$13,938,875
SIO	Simonds Grp Ltd	0.105	-16%	117,000	$44,988,306
MHK	Metalhawk.	0.11	-15%	72,432	$8,701,601
CUF	Cufe Ltd	0.011	-15%	1,864,311	$12,559,461
CXU	Cauldron Energy Ltd	0.006	-14%	5,453,763	$6,520,981
ENT	Enterprise Metals	0.006	-14%	699,735	$4,935,565
LLO	Lion One Metals Ltd	1	-14%	55,678	$14,120,918
TSI	Top Shelf	0.355	-13%	12,779	$34,509,509
MRI	My Rewards International	0.02	-13%	125,000	$4,942,048
CPT	Cipherpoint Limited	0.007	-13%	1,878,944	$9,273,934
ROG	Red Sky Energy.	0.0035	-13%	2,060,757	$21,208,909
BUR	Burleyminerals	0.245	-13%	87,354	$17,196,019
NIS	Nickelsearch	0.064	-12%	230,856	$4,416,896
OLY	Olympio Metals Ltd	0.15	-12%	513,929	$6,663,408

LAST ORDERS

Podium Minerals (ASX:POD) has announced the completion of its $2 million share purchase plan and placement to advance the company’s 100% owned Parks Reef Platinum Group Metals (PGM) project.

POD received $1.66 million under the SPP with investors contributing an additional $340k in funds in the placement to raise a total of $2 million.

“Raising $2.0 million in a challenging market illustrates the endorsement of our strategy, the global significance of the Parks Reef Project and the outlook for the company,” POD managing director and CEO Sam Rodda said.

Continuing with capital raises and Magnetic Resources (ASX:MAU) has announced it has received placement funds, has more than $5.5 million in cash reserves and has started drilling at the Lady Julie North 4 (LJN4) gold project with three drill rigs now on site including two diamond rigs and one RC rig.

MAU said the RC and diamond drilling programs are designed to increase and upgrade the existing resource at the project and to follow up on promising thicker intersections including 96m at 1.3g/t from 54m in MLJRC669 at LJN4 that could deliver further growth.

The programs will also include additional drilling to the south of LJN4 looking for satellite deposits.

Tlou Energy (AS:TOU) has launched a partially underwritten non-renounceable entitlement offer to raise up to $10.65 million.

TOU will issue 304,156,361 new offer shares at 3.5 cents/share to raise ~$10.65 million. Eligible Shareholders may subscribe for four fully paid ordinary shares for each 11 held at 7 pm (AEST) on May 18, 2023.

The entitlement offer is partially underwritten for $5 million by ILC Investments Pty Ltd.

The company is developing the Lesedi Power Project in Botswana’s central district, about 100km away from the existing electricity grid.

TOU said funds raised and existing capital will go towards development of its power projects along with general working capital requirements.

Aussie truck and trailer parts supplier MaxiPARTS Limited (ASX:MXI) has announced the retirement of chair Robert Wylie, effective immediately.

MXI said in line with the board’s succession planning, deputy chair and chair of the audit and risk management committee Mary Verschuer, has been appointed as the new chair.

Wylie advised at the MXI Annual General Meeting in November 2022 of his intention not to stand for re-election as a director at this year’s AGM.

MXI CEO and managing director Peter Loimaranta said Wylie leaves MaxiPARTS in a strong position.

“He provided strong leadership through the disposal of the Trailer Solutions business in 2021, which was not an easy decision but was the right decision for both businesses and for shareholders,” he said.

“It has allowed MaxiPARTS to focus on being a dedicated distribution business, now delivering consistent earnings and dividend growth, with significant further opportunity to add scale.”