• The ASX 200 was up 0.23% while the ASX XEC managed a 0.092% gain
  • 8 out of 11 sectors were higher with Materials leading the way 
  • The Real Estate sector was the weakest, down 0.77%

 

The ASX 200 was up 0.23% today while the ASX XEC squeezed into the green, up 0.092%. 

A total of 8 out of 11 sectors were higher, led by Materials which rallied by 1.25%.

Notable small caps in the sector included Dreadnought Resources (ASX:DRE) up 6.56%, Develop (ASX:DVP) up 5.08%, and Westgold Resources (ASX:WGX) up 5%. 

Real Estate was the weakest sector, losing 0.77%.

 

 

NOT THE ASX

Chinese shares closed lower yesterday as reopening optimism faded and investors re-evaluated the country’s recovery.

European stocks closed broadly flat after mixed trading in Asia, and US technology stocks slid, dented by rising bond yields, as an ebbing of the recent turmoil in the banking sector shifted investors’ attention back to the threat of further interest rate increases by the Federal Reserve.

“People are waiting to see if there’s going to be another leg to this banking story, and there’s an aspect to it that no news is good news,” Citi chief US economist Andrew Hollenhorst said.

“But if the financial stability concerns abate a bit, the attention shifts back to inflation.”

 

ASX SMALL CAP LEADERS

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The small cap leader today was Mamba Exploration (ASX:M24) who announced wide zones of clay rare earths in 20 of 22 drill holes at its ‘Hyden’ project in the WA Wheatbelt.

Highlights include 54m at 758ppm from surface to end of hole. Each interval contained high grade zones (+1000ppm), with a peak of 3607ppm.

Clay REE orebodies often grade between 700ppm – 1500ppm.

“While we are surprised by the width and consistency of the mineralisation, it is also surprising that the mineralisation is so shallow, with little or no surficial cover over the clay mineralisation,” MD Mike Dunbar said.

“It is also very encouraging that the mineralisation can be traced over the entire extent of the drilling, some 500m x 500m and remains open in all directions.”

Fourteen of the holes also end in mineralisation, suggesting “that there is potential for not only clay hosted mineralisation, but also bedrock mineralisation in the area”, Dunbar said.

Additional drilling of another anomaly, 2.5km from the clay target, is now underway.

Then there’s Spanish play Infinity Lithium (ASX:INF) who received a key exploration permit (PESE) over the flagship ‘San Jose’ project.

“The granting of the Exploration Permit is a major milestone for the project, providing clarity on the permitting and administrative process for a fully integrated lithium project in the heart of Cáceres,” INF subsidiary Extremadura New Energies boss Ramón Jiménez says.

San José is expected to produce 19,500 tonnes per annum lithium hydroxide over 30 years, according to a recent underground scoping study – and would cost ~$US532m to build.

 

ASX SMALL CAP LAGGARDS

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TRADING HALTS

Renegade Exploration (ASX:RNX) – pending the release of information in relation to exploration results from the Mongoose Project following a response to an ASX price and volume query. 

Healthco Healthcare and Wellnes REIT (ASX:HCW) – finalising terms of a material transaction.

Home Consortium (ASX:HMC) – finalising terms of a material transaction.

Sparc Technologies (ASX:SPN) – pending an announcement around reaching commercial production phase for graphene, ecosparc, and executive management changes.

 

 

 

 

 

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