Closing Bell: ASX up 0.42% with Energy stocks leading the pack

The ASX 200 was up 0.42% and ASX XEC slips 1.58%
8 out of 11 sectors were higher led by Energy
The Real Estate sector was leading the laggards

The ASX 200 was up 0.42% today and the ASX XEC was up 1.58%.

A total of 8 out of 11 sectors were higher, led by Energy which rallied by 2.30%.

Notable small caps stocks in the sector included Norwest Energy (ASX:NWE) up a tidy 10.71%, followed closely by Energy Resources of Australia (ASX:ERA) up 10%, and Helios Energy (ASX:HE8) up 6.98%.

Leading the laggards was the Real Estate sector, down 1.52%.

NOT THE ASX

US stocks climbed yesterday, reversing their morning declines, on reports that the nation’s biggest banks are discussing a joint rescue of First Republic Bank.

The banking system worries have spread to Europe, with Credit Suisse at the centre of a bank stock selloff.

Credit Suisse said it would borrow up to $53.7 billion from the Swiss central bank to pre-emptively strengthen its liquidity position.

“This reiterates that both in the US and in Europe, regulators are going to be pretty quick to step in, first with SVB and now with Credit Suisse,” Legal & General Investment Management head of multi-asset funds John Roe said.

“It’s a reminder that when things start to go wrong, central banks are all over it trying to stop it from getting out of control.”

Jerry Braakman, president and chief investment officer of First American Trust, said he expects bigger banks to emerge as one of the beneficiaries from this crisis.

Depositors are already moving money out of regional banks to national banks, which can help shore up liquidity for the latter.

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

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Code	Company	Price	%	Volume	Market Cap
MTH	Mithril Resources	0.002	100%	29,892,083	$3,263,090
ROO	Roots Sustainable	0.0015	50%	79,637	$1,039,220
PYR	Payright Limited	0.027	47%	18,779	$3,839,324
XSTDA	Xstate Resources	0.012	33%	265,668	$2,893,663
MCT	Metalicity Limited	0.0025	25%	1,060,000	$7,009,079
EMN	Euromanganese	0.27	23%	484,394	$55,464,729
CLG	Close Loop	0.4	21%	434,264	$110,698,988
4DS	4Ds Memory Limited	0.052	21%	36,541,773	$63,629,914
IHR	intelliHR Limited	0.205	21%	15,154,025	$57,798,490
ADR	Adherium Ltd	0.003	20%	106,543	$12,491,096
DLT	Delta Drone Intl Ltd	0.012	20%	7,838,793	$5,116,049
MRQ	Mrg Metals Limited	0.003	20%	3,173,853	$4,964,797
RBR	RBR Group Ltd	0.003	20%	400,000	$3,996,012
KCN	Kingsgate Consolid.	1.8	19%	1,176,639	$334,193,884
OLI	Oliver'S Real Food	0.027	17%	565,495	$10,136,834
RB6	Rubixresources	0.17	17%	94,089	$4,067,250
NGY	Nuenergy Gas Ltd	0.042	17%	107,200	$53,314,398
PNT	Panthermetalsltd	0.14	17%	158,960	$3,690,000
AD1	AD1 Holdings Limited	0.007	17%	769,829	$4,204,388
ADY	Admiralty Resources.	0.007	17%	49,164	$7,821,475
ACB	A-Cap Energy Ltd	0.0685	16%	539,473	$72,713,670
SIX	Sprintex Ltd	0.045	15%	23,765	$9,919,819
FDR	Finder	0.098	15%	9,286	$6,375,000
ADS	Adslot Ltd.	0.008	14%	562,766	$15,430,439
GLA	Gladiator Resources	0.016	14%	1,556,694	$7,646,379

The small cap leader today was non-bank lender Payright (ASX:PYR). It says its institutional entitlement offer closed on Thursday, 16 March 2023, and will (subject to settlement) raise gross proceeds of approximately $5.29 million.

The company noted that the proceeds will be used to fund investment in new and existing loan assets, pay existing liabilities and costs of completion of ongoing projects, and fund general working capital and the costs associated with the entitlement offer.

Recycling stock Close Loop (ASX:CLG) will acquire American refurbished electronics business, ISP Tek Services, for up to US$66m.

“ISP Tek Services is a Tier 1 full consumer electronics life-cycle management business with a keen focus to provide US-based remanufacturing capabilities for market-leading OEMs, which provides the Group with significant opportunities to expand in further regions around the world,” CEO Joe Foster said.

ISP Tek Services recorded revenue for the 12 months to October 2022 of US$49m with net profit after tax of US$13.7m.

IntelliHR (ASX:IHR) has received an updated proposal from The Access Group (TAG) for an all-cash acquisition of 100% of the issued shares of the company by way of a scheme of arrangement at $0.20 per share.

The offer is subject to the final internal approval processes of TAG, which are expected to be received on Monday, March 20, 2023.

And Kingsgate (ASX:KCN) has opened its Chatree hold mine in Thailand – which the Thai government ordered to close in 2016.

KCN challenged the closure of operations, and finally won.

The 3.4Moz mine will now produce ~110,00ozpa once fully ramped up over an initial 8-10 year life, at an all in sustaining cost of ~US$1,193/oz.

Ore will be initially sourced from low-grade stockpiles before mining operations recommence in September 2023, the company says.

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
OSL	Oncosil Medical	0.015	-52%	52,991,135	$30,821,510
MEB	Medibio Limited	0.001	-33%	50,000	$6,225,891
TD1	Tali Digital Limited	0.002	-33%	250,000	$8,325,467
WBE	Whitebark Energy	0.001	-33%	3,503,799	$9,697,329
RMX	Red Mount Min Ltd	0.003	-25%	451,667	$9,087,404
VPR	Volt Power Group	0.0015	-25%	6,933,530	$21,432,416
KLI	Killiresources	0.075	-25%	127,681	$3,357,500
TNY	Tinybeans Group Ltd	0.22	-24%	163,184	$17,801,782
ENX	Enegex Limited	0.019	-24%	2,864,904	$4,222,900
FIN	FIN Resources Ltd	0.011	-21%	150,000	$7,895,717
AUK	Aumake Limited	0.004	-20%	6	$4,372,235
KAL	Kalgoorliegoldmining	0.05	-19%	41,303	$4,800,945
RCL	Readcloud	0.057	-19%	243,191	$8,528,610
PVL	Powerhouse Ven Ltd	0.054	-17%	306,260	$7,848,306
EDE	Eden Inv Ltd	0.005	-17%	1,055,493	$17,588,666
OAU	Ora Gold Limited	0.0025	-17%	13,134,399	$11,810,775
RTG	RTG Mining Inc.	0.042	-16%	2,550	$39,814,565
PVW	PVW Res Ltd	0.075	-15%	79,473	$8,664,797
MKR	Manuka Resources.	0.055	-14%	1,091,802	$32,179,298
CDT	Castle Minerals	0.019	-14%	15,529,833	$24,738,846
MXO	Motio Ltd	0.032	-14%	1,588	$9,673,082
RDG	Res Dev Group Ltd	0.052	-13%	836,266	$173,106,976
MRZ	Mont Royal Resources	0.165	-13%	6,108	$13,011,707
M24	Mamba Exploration	0.096	-13%	320,905	$6,708,167
CXU	Cauldron Energy Ltd	0.007	-13%	831,591	$7,452,544