- The ASX 200 was up 0.30%, ASX XEC slips 0.29%
- 10 out of 11 sectors were higher lead by Information Technology
- Base metals prices take the heat from US dollar boost
The ASX 200 was up 0.30% today and the ASX XEC was down 0.29%.
A total of 10 out of 11 sectors were higher, led by Information Technology which rallied by 2.39%.
NOT THE ASX
Chinese stocks closed mixed yesterday. Investors weighed concerns over aggressive interest rate policy against hopes that China’s reopening-driven recovery will support the global economy.
In Europe, stocks closed broadly higher as investors assessed corporate earnings.
US stocks rebounded from early losses Thursday afternoon, snapping a days-long selloff driven by concerns about the trajectory of interest rates.
The release on Wednesday of minutes from the Fed’s most recent meeting did little to offer investors clarity.
While the minutes showed that central bankers unanimously backed lifting rates by a quarter-percentage point at their last meeting, they also showed that a few officials favored or would have also agreed to a larger half-point increase.
The uncertainty has weighed on an earnings season that has left many investors “pleasantly surprised,” at Oppenheimer & Co global head of trading and cash equities distribution Doron Barness said.
“I think people are still going to stand down,” she said. “They’re not investing until they get more clarity because they don’t want to buy stocks and be wrong from the get-go if the economy is going to have a hard landing.”
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 |
|---|---|---|---|---|---|
| AQX | Alice Queen Ltd | 0.0015 | 50% | 1,029,179 | $2,530,288 |
| CAV | Carnavale Resources | 0.003 | 50% | 2,716,947 | $5,467,103 |
| GLV | Global Oil & Gas | 0.0015 | 50% | 176,636 | $3,428,807 |
| TD1 | Tali Digital Limited | 0.003 | 50% | 17,084,219 | $5,550,311 |
| RBR | RBR Group Ltd | 0.004 | 33% | 2,706,993 | $4,220,214 |
| CT1 | Constellation Tech | 0.005 | 25% | 8,762,900 | $5,884,801 |
| MTL | Mantle Minerals Ltd | 0.0025 | 25% | 4,309,587 | $10,691,210 |
| ROG | Red Sky Energy. | 0.005 | 25% | 1,384,474 | $21,208,909 |
| AVH | Avita Medical | 3.17 | 21% | 1,487,702 | $192,050,714 |
| ELE | Elmore Ltd | 0.018 | 20% | 687,234 | $20,990,757 |
| ATU | Atrum Coal Ltd | 0.006 | 20% | 2,008,631 | $6,958,496 |
| BEX | Bikeexchange Ltd | 0.012 | 20% | 1,523,272 | $9,318,432 |
| MCT | Metalicity Limited | 0.003 | 20% | 3,698,457 | $8,730,098 |
| AAU | Antilles Gold Ltd | 0.037 | 19% | 759,411 | $15,106,630 |
| EQN | Equinoxresources | 0.2 | 18% | 519,776 | $7,650,000 |
| MCM | Mc Mining Ltd | 0.21 | 17% | 272,441 | $71,582,686 |
| GES | Genesis Resources | 0.007 | 17% | 86,666 | $4,697,048 |
| PIL | Peppermint Inv Ltd | 0.007 | 17% | 3,389,674 | $12,227,141 |
| HLI | Helia Group Limited | 3.26 | 16% | 3,162,175 | $972,850,544 |
| EPY | Earlypay Ltd | 0.215 | 16% | 2,150,195 | $53,636,808 |
| DUN | Dundasminerals | 0.145 | 16% | 13,694 | $5,930,531 |
| AQS | Aquis Ent Ltd | 0.185 | 16% | 55,849 | $5,715,068 |
| NGS | NGS Ltd | 0.03 | 15% | 901,000 | $3,855,994 |
| MVP | Medical Developments | 1.575 | 15% | 287,373 | $118,238,090 |
| IFM | Infomedia Ltd | 1.3525 | 15% | 3,030,199 | $443,428,660 |
The small cap leader today was Tali Digital (ASX:TD1) which announced the successful certification and approval of its new product for ADHD (Attention Deficit Hyperactivity Disorder) and ASD (Autism Spectrum Disorder) as a class I Medical Device by the Australian Therapeutic Goods Administration (TGA).
The ReadyAttentionGo! product is intended to be used as a cognitive trainer available on a tablet to develop the cognitive function of attention in children between the ages of 3‐10, by playing digitised and gamified tasks (under the direction of a healthcare professional).
Constellation Technologies (ASX:CT1) says group revenue increased 93.36% in 1H over the prior period to $699,261 (2021: $361,634).
The company makes the Callisto device which is a small, discreet monitoring box that can monitor temperature (to -80c) humidity, and detect gases.
It’s used in fridges, cool-rooms, container boxes or cellars in hospitals, commercial kitchens, pharmacies, hospitality companies and universities and research labs.
Regenerative medical company Avita Medical (ASX:AVH) made 1H revenue of $34.1 million – a 36% increase on the same period in 2021.
“We expect FDA approvals in June 2023 for our soft tissue repair and vitiligo indications, which we believe will be transformative for our company,” CEO Jim Corbett said.
“Soft tissue repair utilises the same inpatient reimbursement and outpatient codes as burns, thus inpatient and outpatient reimbursement will be effective immediately upon FDA approval, affording us the unique opportunity to prepare for a full commercial launch on July 1, 2023.
“In anticipation, we expect to more than double our existing field sales organisation, which will cover both burn and soft tissue accounts.
“This strategic expansion sets us on a path of revenue growth for the next three to five years.”
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 |
|---|---|---|---|---|---|
| MEB | Medibio Limited | 0.001 | -33% | 3,873,367 | $6,225,891 |
| WBE | Whitebark Energy | 0.001 | -33% | 704,678 | $9,697,329 |
| MAU | Magnetic Resources | 0.505 | -28% | 10,415 | $160,658,667 |
| CGS | Cogstate Ltd | 1.205 | -26% | 4,636,863 | $281,872,497 |
| M24 | Mamba Exploration | 0.13 | -26% | 1,040,940 | $10,672,084 |
| CCE | Carnegie Cln Energy | 0.0015 | -25% | 1,836,486 | $31,285,147 |
| TGH | Terragen | 0.045 | -24% | 19,875 | $11,447,135 |
| TMZ | Thomson Res Ltd | 0.005 | -23% | 10,005,408 | $5,654,682 |
| FCL | Fineos Corp Hold PLC | 1.5225 | -23% | 937,332 | $631,199,180 |
| AGR | Aguia Res Ltd | 0.046 | -21% | 285,383 | $23,255,624 |
| CHK | Cohiba Min Ltd | 0.004 | -20% | 600,000 | $8,866,221 |
| NOR | Norwood Systems Ltd. | 0.025 | -19% | 10,590,930 | $12,009,400 |
| OBL | Omni Bridgeway Ltd | 2.99 | -18% | 5,178,437 | $1,012,978,634 |
| YOW | Yowie Group | 0.039 | -17% | 22,501 | $10,272,691 |
| PVS | Pivotal Systems | 0.036 | -16% | 412,760 | $6,858,661 |
| CLT | Cellnet Group | 0.021 | -16% | 1,438,741 | $6,089,866 |
| 8VI | 8Vi Holdings Limited | 0.8 | -16% | 3,000 | $40,262,351 |
| ASR | Asra Minerals Ltd | 0.011 | -15% | 13,550,364 | $19,072,543 |
| ADD | Adavale Resource Ltd | 0.018 | -14% | 39,967 | $10,910,048 |
| 8IH | 8I Holdings Ltd | 0.03 | -14% | 58,999 | $12,507,460 |
| AJQ | Armour Energy Ltd | 0.006 | -14% | 4,670,502 | $16,323,987 |
| MRQ | Mrg Metals Limited | 0.003 | -14% | 565,430 | $6,950,715 |
| TMX | Terrain Minerals | 0.006 | -14% | 400,000 | $7,582,395 |
| LCL | Los Cerros Limited | 0.031 | -14% | 3,079,771 | $25,940,144 |
| WGR | Westerngoldresources | 0.051 | -14% | 4,797 | $4,249,275 |
LAST ORDERS
The Morningstar Australasia overall fund manager of the year award for 2023 has been run and won, with Lazard Asset Management taking out the top gong ahead of a finalist line-up fair bristling with talent.
“Our 2023 winners have proven themselves to be excellent stewards of investors’ capital,” said Annika Bradley, Morningstar Australasia’s Director, Manager Research Ratings.
“Australian investors are well served by a solid lineup of quality managers, but Lazard Asset Management wins our Overall Fund Manager of the Year award for a strong performance across their stable of funds and a preparedness to consistently put investors first.”
And last one for today: Mayfield Group Holdings (ASX:MYG) has celebrated another milestone, with the board unveiling its first round of divvies since the company re-listed in November 2020.
The Mayfield board has declared a fully franked interim dividend of $0.0071 per share, which totals a dividend payment of $643,160 to shareholders.
(That’s all of them combined. Not each. Just so we’re clear).
TRADING HALTS
Metals Australia (ASX:MLS) – Announcement about graphite purification test work on its Lac Rainy Graphite Project in Canada.
Haranga Resources (ASX:HAR) – Drill results from the Saraya uranium project
MLG Oz (ASX:MLG) – Company set to dispose of its “two high capacity crushing plants”, so if you’ve ever wanted to win “Largest Pumpkin” and squash several people at your local agricultural show, here’s your chance.
Bravura Solutions (ASX:BVS) – Announcement in relation to its business performance and guidance.
Mt Monger Resources (ASX:MTM) – Capital raising.
Top Shelf International Holdings (ASX:TSI) – Capital raising.
Sheffield Resources (ASX:SFX) – Material investment and equity raising.
Kaddy (ASX:KDY) – Capital raising.
Ten Sixty Four (ASX:X64) – Operational update on the Co-O gold mine.
Dateline Resources (ASX:DTR) – Capital raising.