• The ASX 200 up 0.34% but the ASX XEC declined 0.13%
  • 8 out of 11 sectors were higher, with Consumer Discretionary leading the way
  • Clean Seas Seafood saw revenue of A$34.2m in H1 FY23, selling 1,526 tonnes of kingfish

 

The ASX 200 rose 0.34% today, the XEC small cap index saw a 0.13% drop and 8 out of 11 sectors were higher, led by Consumer Staples which rallied by 1.23%.

Looking at news in the sector, Clean Seas Seafood (ASX:CSS) just released its quarterly, flagging sales revenue of A$34.2 million in H1 FY23.

“Strong demand and awareness for the company’s Yellowtail Kingfish continued, despite the emergence of more challenging economic conditions and greater competition particularly in Europe and North America,” the company says says.

That’s an increase on sales revenue from H1 FY22 (A$31.2 million), despite H1 FY22 benefiting from frozen inventory clearance activities. 

Clean Seas sold a whopping 1,526t of Kingfish at an average of A$22.43/kg which resulted in an 11% increase in farmgate revenue to A$26.9 million in H1 FY23 versus A$24.3 million in H1 FY22.

 

NOT THE ASX

US stocks rose on Thursday as a fresh ream of economic data showed that US economic growth slowed less than expected in the fourth quarter of 2022 – boosting hopes that the Fed can manage a so-called soft landing, in which it reduces inflation by slowing growth without causing a recession.

Next week, the central bank is expected to continue moderating its rate increases to a quarter-percentage point, down from a half-percentage point at the previous meeting, after a key metric showed inflation slowed for the sixth straight month in December. 

The Fed’s preferred inflation gauge is set to be released on Friday.

“Everything is pointing to inflation having reached that tipping point and starting to turn over. That necessitates at least a pause in some monetary tightening,” State Street Global Advisors head of investment strategy and research for Europe, the Middle East, and Africa Altaf Kassam said.

In jobless claims, the number of people seeking ongoing unemployment benefits ticked up to 1.675 million, an increase of 20,000. 

Continuing claims are up from last spring’s lows, suggesting it is taking longer for some to find a new job. A wave of major layoff announcements in recent weeks could also push claims higher later this year.

 

ASX SMALL CAP LEADERS

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Dreadnought (ASX:DRE) has extended the current strike of the Yin Rare Earth Element (REE) Ironstone Complex by 30% to ~43kms at its Mangaroon project, in WA.

“With over 43kms of mineralised ironstones, a multi-metal, regional source at C3 and six more potential source carbonatites, we are extremely excited about what the drill rigs will deliver for us in 2023,” MD Dean Tuck said.

Drilling of the Yin Ironstone Complex and the C1-7 carbonatites will commence in February/March 2023. 

 

ASX SMALL CAP LAGGARDS

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TRADING HALTS

Sovereign Metals (ASX:SVM) – response to an ASX price query

Security Matters (ASX:SMX) – pending an announcement by the Company due to the Federal Court presently considering making orders in relation to the business combination with Lionheart III, including as to timing and further disclosure in relation to the schemes. 

Adveritas (ASX:AV1) – capital raising

My Foodie Box (ASX:MBX) – capital raising

PNX Metals (ASX:PNX) – capital raising

Kleos Space (ASX:KSS) – capital raising

 

 

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