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Closing Bell: ASX finishes in the green, Real Estate leads the charge
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- The ASX 200 finishes up 1.56%
- The ASX XEC rises 1.52%
- All 11 sectors were higher lead by Real Estate
The ASX 200 managed a decent 1.56% lift today, and the ASX XEC was also in the green, up 1.52%.
All of 11 sectors were higher, led by Real Estate, which rallied by 3.23%.
The property market could be looking especially sweet on the West Coast, with REIWA’s quarterly market update this week flaging house prices and rents will grow further in 2023 on the West Coast.
“Perth’s annual median house price has increased 1.5 per cent to $552,000 since the end of 2022,” REIWA CEO Cath Hart said.
“Resilience has been the theme for 2023 so far, with house prices continuing to grow in the face of 12 interest rate rises.
“Demand for homes is strong and is supported by population growth. This is expected to continue, with WA recording a 2.3 per cent increase in its population over the year to December 2022 and forecast to grow another 1.8 per cent in 2023-24.”
Notable small caps stocks in the sector today included RAM Essential Services Property Fund (ASX:REP) up 2.99%, ad Cedar Woods Properties (ASX:CWP) up 2.44%.
NOT THE ASX
US June inflation data came in cooler than Wall Street expected, with the latest CPI data showing consumer prices rose 3% in June from a year earlier, the slowest pace in more than two years.
Core CPI, which excludes volatile food and energy costs, rose 0.2% from May.
Economists had expected a 0.3% increase.
Inflation data is a key factor in the Federal Reserve’s decision making this month and beyond.
Markets have rallied this year in part based on the view that the Fed will successfully rein in inflation without causing a severe recession, and Wednesday’s inflation reading bolstered that view.
“The current figures make a strong case against additional rate hikes,” said Jon Maier, chief investment officer at Global X.
“The Fed, which had potentially planned two more hikes this year, might reassess its strategy.”
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 |
|---|---|---|---|---|---|
| ME1 | Melodiol Glb Health | 0.01 | 54% | 121,072,620 | $17,475,599 |
| RBR | RBR Group Ltd | 0.003 | 50% | 2,560,995 | $3,236,809 |
| AAP | Australian Agri Ltd | 0.017 | 42% | 340,239 | $3,661,194 |
| AMD | Arrow Minerals | 0.004 | 33% | 19,645,801 | $9,071,295 |
| CLE | Cyclone Metals | 0.002 | 33% | 499,999 | $15,396,757 |
| BEZ | Besragoldinc | 0.285 | 30% | 5,540,072 | $77,849,615 |
| AOA | Ausmon Resorces | 0.0045 | 29% | 6,534,481 | $3,392,513 |
| TSN | The Sust Nutri Grp | 0.009 | 29% | 4,200 | $985,340 |
| MHK | Metalhawk. | 0.14 | 27% | 410,378 | $7,487,681 |
| CCZ | Castillo Copper Ltd | 0.01 | 25% | 3,139,394 | $10,396,043 |
| CZN | Corazon Ltd | 0.02 | 25% | 16,615,559 | $9,765,289 |
| ERL | Empire Resources | 0.005 | 25% | 155,474 | $4,451,740 |
| LSR | Lodestar Minerals | 0.005 | 25% | 3,976,009 | $7,373,589 |
| MRQ | Mrg Metals Limited | 0.0025 | 25% | 743,333 | $3,971,837 |
| KIN | KIN Min NL | 0.04 | 21% | 626,579 | $38,878,968 |
| SUH | Southern Hem Min | 0.023 | 21% | 613,166 | $8,975,696 |
| 1ST | 1St Group Ltd | 0.006 | 20% | 42,237 | $7,084,956 |
| PNX | PNX Metals Limited | 0.003 | 20% | 1,271,011 | $13,451,562 |
| OZM | Ozaurum Resources | 0.05 | 19% | 100,000 | $5,334,000 |
| PPG | Pro-Pac Packaging | 0.255 | 19% | 15,633 | $39,062,858 |
| ACB | A-Cap Energy Ltd | 0.051 | 19% | 4,085,804 | $52,994,709 |
| ARD | Argent Minerals | 0.014 | 17% | 845,129 | $14,147,775 |
| CAV | Carnavale Resources | 0.007 | 17% | 78,128,833 | $16,401,310 |
| EDE | Eden Inv Ltd | 0.0035 | 17% | 1,158,659 | $8,990,833 |
| LNU | Linius Tech Limited | 0.0035 | 17% | 270,000 | $11,366,372 |
The small cap leader today was Melodiol Global Health (ASX:ME1) which reported preliminary net sales of $4.74 million for the June quarter, up 105% from the previous quarter and 202% higher than the prior year comparative period, across its two subsidiaries.
The increase in net sales takes unaudited sales for the first half of CY23 to $7.05 million, which marks a 64% uplift on H1 CY22.
Group revenues in Q2 were boosted by the strong contribution from its subsidiary Health House International (HHI), a medicinal cannabis distributor which ME1 acquired in May.
Arrow Minerals (ASX:AMD) has uncovered two high grade (+58% fe) iron ore targets from rock chip sampling at Kalako, part of the flagship Simandou North project in Guinea.
Scout drilling is continuing, with five holes completed at the Dalabatini target zone and 8 holes completed at the Kowouleni target zone to date.
And Castillo Copper (ASX:CCZ) says the preliminary pit optimisation study for the Big One Deposit, part of the NWQ Copper Project, delivered a $28m Net Present Value (NPV).
Key findings indicate an initially optimised pit shell could potentially deliver up to 6,266t copper (head grade: 1.42% Cu), 4,362oz silver (head grade: 0.31 g/t Ag) and 1,469t cobalt (head grade: 0.33% Co).
The company says the study provides “significant confidence a standalone mining operation can potentially be developed.”
ASX SMALL CAP LAGGARDS
Here are the worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| EMC | Everest Metals Corp | 0.235 | -31% | 6,359,435 | $44,007,257 |
| TIG | Tigers Realm Coal | 0.005 | -29% | 439,161 | $91,466,917 |
| KEY | KEY Petroleum | 0.0015 | -25% | 1,350,001 | $3,935,856 |
| OAR | OAR Resources Ltd | 0.003 | -25% | 100,000 | $10,284,152 |
| AT1 | Atomo Diagnostics | 0.039 | -25% | 5,279,075 | $29,686,332 |
| MOB | Mobilicom Ltd | 0.0125 | -22% | 23,870,399 | $21,226,827 |
| NIS | Nickelsearch | 0.063 | -21% | 5,449,458 | $7,620,829 |
| IAM | Income Asset | 0.1 | -20% | 211,911 | $35,002,603 |
| CCO | The Calmer Co Int | 0.002 | -20% | 1,501,768 | $1,410,194 |
| RGS | Regeneus Ltd | 0.009 | -18% | 1,551,054 | $3,370,806 |
| IBX | Imagion Biosys Ltd | 0.024 | -17% | 12,699,736 | $33,862,308 |
| IRX | Inhalerx Limited | 0.035 | -17% | 74,723 | $7,970,212 |
| AJX | Alexium Int Group | 0.015 | -17% | 214,567 | $11,725,016 |
| PIM | Pinnacleminerals | 0.1 | -17% | 864,771 | $3,069,000 |
| MXC | Mgc Pharmaceuticals | 0.005 | -17% | 1,322,355 | $20,104,158 |
| CHW | Chilwaminerals | 0.165 | -15% | 50,000 | $8,945,625 |
| NUH | Nuheara Limited | 0.165 | -15% | 551,163 | $38,428,627 |
| OPN | Oppenneg | 0.006 | -14% | 785,937 | $1,697,710 |
| ATV | Activeportgroupltd | 0.1 | -13% | 99,999 | $20,304,104 |
| BKG | Booktopia Group | 0.135 | -13% | 9,386 | $23,419,760 |
| CUF | Cufe Ltd | 0.014 | -13% | 1,092,423 | $15,457,798 |
| IVX | Invion Ltd | 0.007 | -13% | 20,000 | $51,373,058 |
| KNM | Kneomedia Limited | 0.0035 | -13% | 4,578,725 | $6,019,141 |
| MTB | Mount Burgess Mining | 0.0035 | -13% | 9,591,470 | $3,532,684 |
| ADD | Adavale Resource Ltd | 0.021 | -13% | 2,464,601 | $12,558,254 |
TRADING HALTS
Cirrus Networks (ASX:CNW) – pending clarification on today’s announcement titled ‘Cirrus NVIDIA Collaboration’.
Southern Hemisphere Mining (ASX:SUH) – capital raising.
Altech Batteries (ASX:ATC) – capital raising.
Magnis Energy Technologies (ASX:MNS) – to finalise documentation and the disclosure in relation to a proposed material fund raising.
Toys ‘R’ US (ASX:TOY) – entitlement offer.
At Stockhead we tell it like it is. While Melodiol Global Health is a Stockhead advertiser, it did not sponsor this article.
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