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Closing Bell: Aussie coal stocks on power trip as EU crisis moves to Gazprom-1
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- ASX 200 eeks out 0.3%
- Small caps index barely finds 0.2%
- Economists forecast RBA to go a 50bps rate rise tomorrow
The local market is not covering itself in glory on Monday, September 5.
The S&P/ASX 200 has risen on the strength of Aussie coal stocks while the S&P/ASX Emerging Companies (XEC) index is barely above water 0.1%.
Whitehaven Coal has marked a new record high of $8.59 on Monday, with coal prices spiking on the pointy end of Europe’s energy crisis as Gazprom switches off the Nord Stream gas pipeline for a little tweaking, a little inspecting and maybe even a little just watching.
Whitehaven’s doing alright, as a result. Its shares have doubled in value so far this year, while across the broader market tech stocks led losses locally.
EU stock futures are also pointing to a long day across the continent after the Russian-state aligned Gazprom squeezed the crisis into high-gear. Not helping either: China extended COVID-19 lockdowns.
The US stock market will be closed tonight Sydney time for Labor Day, recognised in the states on the first Monday of September for some 130 years.
With no more earnings reports to guide traders, the US macro calendar will carry even more weight. Aside from the run on central banks beginning here on Tuesday Sydney time, there’s the monthly ISM services data read on Tuesday, international trade data for July and the Fed’s Beige book Wednesday.
On the local bourse, the materials sector gained over 2% while energy jumped over 4%.
In the funny way to pay tech space, Sezzle (ASX:SZL) fell 7% after revelations it’ll get dumped from the All-Technology index next month. Zip Co (ASX:ZIP), which knows a thing or two about dumping SZL, is staying put; Afterpay-eater Block (ASX:SQ2) fell 2.6% while Tyro Payments (ASX:TYR) fell 2.55%.
Finally, that was a quick flight for Humm Group (ASX:HUM) which late last year announced with much fanfare a decade-long strategic partnership with Air New Zealand’s loyalty program Airpoints.
it didn’t last nine months.
The companies announced today they’ve ended partnership discussions after a prolonged period of negotiation resulted in the two parties being unable to reach commercial terms.
Bit awkward, Emma says with her usual understated grace…. A portfolio of financial services products was meant to be launched – with the first one due this year, but that’s all looking… terminal.
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 |
|---|---|---|---|---|---|
| CCE | Carnegie Cln Energy | 0.003 | 50% | 1,400,662 | $30,205,147 |
| T3D | 333D Limited | 0.0015 | 50% | 540,000 | $3,054,297 |
| FMS | Flinders Mines Ltd | 0.75 | 42% | 85,117 | $89,489,746 |
| AJL | AJ Lucas Group | 0.135 | 38% | 7,076,434 | $117,236,090 |
| FRS | Forrestania Resources | 0.195 | 30% | 193,174 | $5,004,196 |
| 1ST | 1St Group Ltd | 0.009 | 29% | 197,720 | $9,017,217 |
| CXU | Cauldron Energy Ltd | 0.0125 | 25% | 4,561,509 | $5,354,113 |
| VAL | Valor Resources Ltd | 0.01 | 25% | 53,095,476 | $29,268,278 |
| CMD | Cassius Mining Ltd | 0.038 | 23% | 4,390,373 | $12,515,968 |
| SPD | Southern Palladium | 1.15 | 21% | 203,858 | $40,924,411 |
| AUK | Aumake Limited | 0.006 | 20% | 175,007 | $3,857,235 |
| MRD | Mount Ridley Mines | 0.006 | 20% | 13,545,990 | $29,372,642 |
| CAU | Cronos Australia | 0.55 | 20% | 910,915 | $255,010,523 |
| BLG | Bluglass Limited | 0.038 | 19% | 5,945,249 | $40,824,090 |
| RTR | Rumble Res Limited | 0.32 | 19% | 1,284,769 | $168,043,882 |
| LCT | Living Cell Tech. | 0.013 | 18% | 2,930,183 | $14,139,001 |
| RCL | Readcloud | 0.2 | 18% | 787,500 | $20,360,037 |
| FLN | Freelancer Ltd | 0.305 | 17% | 229,429 | $117,317,748 |
| ARU | Arafura Resource Ltd | 0.34 | 17% | 12,846,483 | $500,125,754 |
| HAR | Haranga Resources | 0.205 | 17% | 541,900 | $7,317,454 |
| RNX | Renegade Exploration | 0.007 | 17% | 685,714 | $5,337,760 |
| EPX | Ept Global Limited | 0.064 | 16% | 126,249 | $10,003,499 |
| POL | Polymetals Resources | 0.18 | 16% | 297,645 | $6,383,317 |
| DC2 | Dctwo | 0.052 | 16% | 23,392 | $2,381,733 |
| HAL | Halo Technologies | 0.335 | 16% | 77,875 | $37,556,632 |
Flinders Mines (ASX:FMS) gained 32% this morning on news that BBIG Group has pulled the plug on its farm-in agreement with FMS, which Flinders says is an opportunity for it to pursue “a more flexible and staged development of its Pilbara Iron Ore Project (PIOP) as sole owner”.
As Gregor Stronach gently pointed out this morning, it looks like someone finally got around to reading AJ Lucas Group’s (ASX:AJL) results announcement from last week, as its price fired up 38% this morning, and Cronos Australia (ASX:CAU) looks to be taking full advantage of market interest in cannabis products, up 20.65% so far today for a 60.8% gain for the week.
Also up into double digits is TechGen Metals (ASX:TG1)has inked a binding farm-in term sheet with Rio Tinto (ASX:RIO) over its Harbutt Range Project in WA’s’s Paterson Province.
The Paterson is host to several world-class operating mines such as the Nifty Copper Mine, the Telfer Gold-Copper Mine and more recent new discoveries including the Winu Copper-Gold deposit and Havieron Gold-Copper deposit.
Under the farm-in and joint venture, RIO may earn an 80% joint venture interest in the project by sole funding A$3m of exploration within five years.
ASX SMALL CAP LAGGARDS
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 |
|---|---|---|---|---|---|
| AMS | Atomos | 0.185 | -26% | 11,888,199 | $55,587,896.25 |
| MME | Moneyme Limited | 0.515 | -25% | 3,343,561 | $164,114,585.94 |
| CGO | CPT Global Limited | 0.365 | -24% | 203,218 | $19,971,428.64 |
| AE1 | Aerison | 0.15 | -23% | 116,764 | $59,657,810.16 |
| FEX | Fenix Resources Ltd | 0.28 | -22% | 4,439,634 | $196,637,011.20 |
| MBX | Myfoodieboxlimited | 0.073 | -22% | 66,008 | $3,115,499.54 |
| SPN | Sparc Tech Ltd | 0.7 | -20% | 150,121 | $59,381,430.24 |
| OAR | OAR Resources Ltd | 0.004 | -20% | 7,135,636 | $10,855,189.49 |
| ROO | Roots Sustainable | 0.004 | -20% | 30,000 | $3,748,163.44 |
| HVM | Happy Valley | 0.039 | -19% | 92,000 | $10,201,418.21 |
| RD1 | Registry Direct | 0.014 | -18% | 1,809,865 | $7,106,754.89 |
| HIL | Hills Ltd | 0.066 | -18% | 2,208,518 | $18,558,842.08 |
| WFL | Wellfully Limited | 0.027 | -17% | 791,644 | $9,057,659.98 |
| AYM | Australia United Min | 0.005 | -17% | 322,000 | $11,055,464.91 |
| BDG | Black Dragon Gold | 0.04 | -17% | 199,634 | $9,632,162.64 |
| AL3 | Aml3D | 0.105 | -16% | 290,326 | $23,507,928.00 |
| SPT | Splitit | 0.16 | -16% | 4,716,771 | $89,569,226.39 |
| ICN | Icon Energy Limited | 0.016 | -16% | 1,100,000 | $14,340,629.81 |
| PBH | Pointsbet Holdings | 2.445 | -16% | 4,776,409 | $886,343,405.30 |
| DGL | DGL Group Limited | 1.5575 | -15% | 7,759,311 | $513,812,404.48 |
| BPP | Babylon Pump & Power | 0.006 | -14% | 6,342,283 | $17,204,399.40 |
| BRK | Brookside Energy Ltd | 0.012 | -14% | 12,261,782 | $70,171,820.59 |
| RNX | Renegade Exploration | 0.006 | -14% | 220,000 | $6,227,386.47 |
| SPX | Spenda Limited | 0.012 | -14% | 4,332,090 | $44,768,287.75 |
| YPB | YPB Group Ltd | 0.006 | -14% | 2,604,835 | $2,845,823.07 |
YOU MAY’VE MISSED THESE ONES TODAY
In wealth-news, long-term retail wealth management platform Pearler has announced that it’s appointed three new senior execs to its team, with Zway Yee coming in as Chief Marketing Officer, Delzad Dubash as Commercial Director, and Charlotte Gray as Principal Product Manager.
Prior to Pearler, Yee was the Vice President of Marketing at Sendle, Australia’s first 100% carbon neutral delivery service designed for small businesses, while Dubash brings more than 8 years’experience working across key commercial roles at money-saving website Mozo.
Gray comes to Pearler after holding senior product roles at Xero and Redbubble, also bringing a unique skill-set to the wealth space from her over 8 years of work in animation and gaming production.
Meanwhile, there’s another management update, this time at Cannon Resources (ASX:CNR), after Chief Executive Officer, Mr Steve Lynn, “left the Company to focus on other business interests”.
“Steve was the Company’s inaugural Chief Executive Officer and was key to the successful listing of the Company in August 2021 and has grown the Fisher East Resources to a significant scale and size,” Cannon’s Non-Executive Chairman Alex Passmore said.
“On behalf of the Board I would like to thank Steve for his outstanding contributions and wish him well for his future endeavours.” – a ringing endorsement indeed.
The hunt is on for a replacement CEO. However, rumours that the role would be filled by the first person to agree to being shot out of a cannon into Bass Strait have turned out to be categorically false.
Lastly, we were all set to report on what looked like something super-juicy – but it turns out that an ASX release called “Entitlement Issue” isn’t the ASX version of a scorching, invective-laden diss track, which is very disappointing.
And before you ask, yes… it was a slow news day.
TRADING HALTS
Hastings Technology Metals (ASX:HAS) – HAS is raising capital because the Normans are coming, and suits of armour are a bit pricey. We’ll have more news as soon as the tapestry’s finished.
Magnetic Resources (ASX:MAU) – Magnetic’s raising capital to make themselves more… attractive. Badum-tish! Tip your waitress, eat the veal, etc.
Scout Security (ASX:SCT) – SCT’s holding a capital raise to keep us all safe from marauding Boy Scouts.
Regal Partners (ASX:RPL) – Regal’s got news of a non-underwritten 1 for 5 pro rata accelerated non-renounceable entitlement offer.
Triton Minerals (ASX:TON) – It’s a capital raise, to allow TON to continue to be a true Triton of Industry. At least I think that’s what the guy said.
Rafaella Resources (ASX:RFR) – Rafaella has an announcement to the market relating to a significant new asset acquisition. I reckon it’s a speedboat. Those things are cool.
