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Closing Bell: Even the Aussie dollar appreciates a good lead as dynamic surge makes local IT the it sector for a day
News
share
- ASX200 closes 0.9pc higher
- Property stocks and IT sector enjoy huge day
- Small caps led by DCL
The Australian sharemarket has lifted strongly on Day Two of Trading in November, the Best Month for Trading Ever.
Local investors got stuck right in from the open on Thursday after a confidence-gushing rally on Wall Street followed the staid decision of the US Federal Reserve to just leave interest rates be for just a second consecutive meeting.
As a parent I know that sometimes doing nothing is also sometimes doing something. And that’s exactly the some kind of scientific thinking which instantly sent traders off to place their bets that doing nothing is now the entirety of The US Fed’s plans for the rest of the year.
Even the forlorn AUD hit its highest levels in three weeks against a general US dollar pullback.
At 4.15pm in Sydney on Thursday November 2, the benchmark S&P/ASX 200 index closed up 61 points or +0. 90% higher to 6899 points.
Outside of Utilities, which had another out-of-sync shocker with the rest of the market, all sectors bar Energy took good advantage of the upbeat mood in Sydney, digesting in good humour new data describing the near 20-year low for new housing finance in Australia.
Whatevs, they said. What. Evs.
On Thursday the winner of the ASX Billy Joel stock (for best uptown performance) was lithium producer Sayona Mining (ASX:SYA), which cracked into multiple high-grade lithium intercepts from new drilling at its North American Lithium (NAL) project in, you-know-where, Quebec.
ASX SECTORS ON THURSDAY
The Tech sector jumped over 3% following a decent session for the tech-heavy Nasdaq Composite overnight, where the so-called magnificent seven all closed higher for the first time in ages.
Among the sector’s bigger names, Wisetech climbed over 4%, Altium 3.5%. The accounting software maker Xerohas surged 5%, while TechnologyOne gained about 3%.
But hey, here’s the best of Thursday in Aussie IT.
A fascinating bunch to be certain.
ASX TECH SECTOR: BEST ON GROUND
Also enjoying a rare day in the sunshine was the S&P/ASX Small Ordinaries (XSO) index, which jumped circa 1.6% for its best intraday performance in almost four months.
S&P/ASX Small Ordinaries (XSO)
RIPPED FROM THE HEADLINES
Wall Street
US stock futures are higher on Thursday ahead of the New York open.
All three major US indices climbed strongly in the wake of the US Federal Reserve rates policy decision overnight.
In regular US trade, nine out of the 11 S&P sectors finished higher, led by the IT Sector, which climbed more than +2% as tech, comms services and discretionary consumer stocks led gains.
The big seven tech names all advanced overnight. Here’s where most of them went:
Meta Platforms (+3.5%), Tesla (+2.5%), Microsoft (+2.4%), Amazon (+3%) Nvidia (+4%) and AMD (+9.7%) had a lovely day out, while in after hours trade, DoorDash jumped 8% on an earnings beat.
Aussie, Aussie, Aussie
Yes, even the Australian dollar appreciated past $0.64, hitting its highest levels in three weeks amid a general greenback weakness, as the US Federal Reserve held interest rates steady for the second time. Bets that US interest rates already peaked amid growing recession fears also boosted equity markets and other risk assets.
TODAY’S 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 |
|---|---|---|---|---|---|
| WYX | Western Yilgarn NL | 0.12 | 50% | 459,638 | $3,972,600 |
| MTH | Mithril Resources | 0.0015 | 50% | 1,238,595 | $3,368,804 |
| RBR | RBR Group Ltd | 0.003 | 50% | 8,061,599 | $3,236,809 |
| VPR | Volt Power Group | 0.0015 | 50% | 75,870 | $10,716,208 |
| ZNC | Zenith Minerals Ltd | 0.12 | 46% | 662,355 | $28,895,232 |
| DCL | Domacom Limited | 0.02 | 43% | 561,796 | $6,097,025 |
| ME1 | Melodiol Glb Health | 0.004 | 33% | 16,174,458 | $11,487,311 |
| NOX | Noxopharm Limited | 0.13 | 30% | 1,994,119 | $29,223,795 |
| ALV | Alvomin | 0.23 | 28% | 918,203 | $16,763,457 |
| EXT | Excite Technology | 0.0075 | 25% | 1,876,329 | $7,255,450 |
| CHK | Cohiba Min Ltd | 0.0025 | 25% | 256,666 | $4,426,488 |
| EDE | Eden Inv Ltd | 0.0025 | 25% | 261,192 | $6,727,274 |
| FAU | First Au Ltd | 0.0025 | 25% | 1,033,333 | $2,903,987 |
| IS3 | I Synergy Group Ltd | 0.01 | 25% | 1,050,362 | $2,312,643 |
| HOR | Horseshoe Metals Ltd | 0.011 | 22% | 2,109,599 | $5,791,308 |
| QUE | Queste Communication | 0.029 | 21% | 19,879 | $649,736 |
| AU1 | The Agency Group Aus | 0.036 | 20% | 685,212 | $12,857,298 |
| K2F | K2Fly Ltd | 0.084 | 20% | 245,340 | $12,272,036 |
| IVX | Invion Ltd | 0.006 | 20% | 465,876 | $32,108,161 |
| NRX | Noronex Limited | 0.012 | 20% | 693,903 | $3,783,018 |
| RIE | Riedel Resources Ltd | 0.006 | 20% | 689,000 | $10,297,035 |
| FME | Future Metals NL | 0.037 | 19% | 20,123 | $12,809,325 |
| AW1 | Americanwestmetals | 0.125 | 19% | 1,582,818 | $38,933,793 |
| CGR | Cgnresourceslimited | 0.25 | 19% | 3,145,816 | $19,063,420 |
| LU7 | Lithium Universe Ltd | 0.044 | 19% | 5,732,032 | $14,375,310 |
Ending the session at No.1 is the unlikely Zenith Minerals (ASX:ZNC), which has been climbing all day.
It can’t just be because non-executive director Andrew Bruton and executive chair David Ledger ‘sent a notification’ to say they were out and off to do something else.
The former ‘due to other commitments’, the latter ‘to pursue other interests’.
The market has taken this news extremely well. Up 22%.
The stock price of investments platform DomaCom (ASX:DCL) has soared on Thursday on the back of a non-binding Memorandum of Understanding with Super Fierce – “Australia’s premier superannuation advice technology platform”.
The big sell of the alliance would seem to be that the DomaCom platform will introduce residential property investments for Aussie super members via Super Fierce’s technology.
A very excited DCL says the Super Fierce MoU is ‘a significant milestone’ in the investment platform’s mission ‘to provide accessible and diversified investment solutions for all Australians’.
DCL told the ASX that the tie up is ‘set to redefine investment opportunities in the residential property sector for superannuation members’.
“Our partnership with Super Fierce is a significant milestone in our mission to provide accessible and diversified investment solutions for all Australians.”
Their words. Big words, too. And here’s also the words of John Hewson, DCL’s non-exec chair:
“Superannuation and residential property are the two largest financial assets owned by Australians. However, access to residential property as a component of a balanced superannuation investment is currently limited to the wealthiest 5% of Australians.
“DomaCom is set to change this.”
MoU Highlights:
1. Strategic Partnership: DomaCom is joining forces with Super Fierce, the exclusive superannuation advice technology platform in Australia, to create a strategic partnership.
2. Residential Property Investments: Pending a thorough due diligence process, the DomaCom platform will introduce residential property investments for superannuation members using Super Fierce’s technology.
3. Expanding Market Reach: This partnership is expected to unlock new avenues to market, enabling the development of innovative financial products that merge property investments with superannuation.
4. Strategic Benefits: DomaCom is poised to achieve the following advantages through this collaboration:
• Expand its investment product offerings
• Provide more cost-effective, fully digitised personal financial advice
• Leverage the robust capabilities of its platform, including the secondary market trading
• Introduce an appealing product tailored for first-time homebuyers
Alvo Minerals (ASX:ALV) says it has just got confirmation of ionic clay adsorption hosted mineralisation at both its Boa Vista and Sao Bento projects in Brazil, after initial metallurgical testwork from auger drill samples at the Bluebush Ionic Clay Rare Earth Project.
The heroes of the dish – initial metallurgical testwork on auger samples shows excellent extractions of rare earth elements (REE) using industry standard ammonium sulphate solution (AMSUL), as well as high-value magnet rare earths (MRE) recovery rates using weakly acidic (pH 4) AMSUL at ambient temperatures achieved the following extractions (after 30 minutes):
- Neodymium (Nd): up to 89% averaging 60%.
- Praseodymium (Pr): up to 86%, averaging 57%.
- Dysprosium (Dy): up to 53%, averaging 37%.
- Terbium (Tb): up to 69%, averaging 48%.
- Total MRE (Nd,Pr,Dy +Tb): up to 83%, averaging 56%.
Bluebush is located on the northern half of the Serra Dourada granite, the same host rock of the Serra Verde Ionic Clay REE deposit believed to be the only ionic clay project currently being commissioned outside of China.
Meanwhile, Noxopharm (ASX:NOX)just continues to surge after announcing in early October that the US FDA has has granted Orphan Drug Designation (ODD) status to Noxopharm’s CRO-67 preclinical drug candidate, for the treatment of pancreatic cancer.
The stock is up another 25% at lunchtime.
CRO-67’s designation as an orphan drug supports the company’s development plan for the asset, and its future commercial value, as Noxopharm continues to build the data package that will be required for regulatory progression.
So far this year only two other Australian companies have received an ODD from the FDA, from a total of 260 issued.
Noxopharm followed that piece of good news with another announcement where it said that new data shows that SOF-VAC, its proprietary asset, significantly reduces mRNA-driven inflammation in animal testing.
In the animal study, inflammation was reduced by around 50% when comparing the inflammation induced by mRNA alone, versus mRNA plus SOF-VAC.
TODAY’S 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 |
|---|---|---|---|---|---|
| MGT | Magnetite Mines | 0.008 | -76% | 137,359 | $690,885 |
| CLE | Cyclone Metals | 0.001 | -33% | 2,981,860 | $15,396,757 |
| EMU | EMU NL | 0.001 | -33% | 220,000 | $2,501,282 |
| MXCDA | Mgc Pharmaceuticals | 0.49 | -30% | 24,477 | $3,121,718 |
| CCE | Carnegie Cln Energy | 0.0015 | -25% | 11,883 | $31,285,147 |
| HTG | Harvest Tech Grp Ltd | 0.021 | -25% | 3,495,664 | $19,780,973 |
| SEG | Sports Ent Grp Ltd | 0.18 | -22% | 2,105 | $60,055,766 |
| BNR | Bulletin Res Ltd | 0.1425 | -21% | 6,301,393 | $52,846,398 |
| 8IH | 8I Holdings Ltd | 0.016 | -20% | 162,032 | $7,147,120 |
| GTG | Genetic Technologies | 0.002 | -20% | 150,000 | $28,854,145 |
| SHO | Sportshero Ltd | 0.016 | -20% | 815,903 | $11,500,022 |
| SIS | Simble Solutions | 0.004 | -20% | 802,000 | $3,014,754 |
| XST | Xstate Resources | 0.013 | -19% | 801,900 | $5,144,306 |
| BRU | Buru Energy | 0.13 | -19% | 766,389 | $95,366,894 |
| GMN | Gold Mountain Ltd | 0.005 | -17% | 2,254,292 | $13,614,472 |
| MEM | Memphasys Ltd | 0.01 | -17% | 4 | $11,514,245 |
| MRQ | Mrg Metals Limited | 0.0025 | -17% | 1,500,000 | $6,617,756 |
| NHE | Nobleheliumlimited | 0.18 | -16% | 14,335,612 | $55,551,582 |
| SSR | SSR Mining Inc. | 18.3 | -15% | 474,181 | $478,216,415 |
| VR1 | Vection Technologies | 0.028 | -15% | 4,362,119 | $37,177,436 |
| BEX | Bikeexchange Ltd | 0.006 | -14% | 300,000 | $10,028,408 |
| BFC | Beston Global Ltd | 0.006 | -14% | 100,000 | $13,979,328 |
| KGL | KGL Resources Ltd | 0.12 | -14% | 177,855 | $79,420,861 |
| SGC | Sacgasco Ltd | 0.006 | -14% | 3,532,183 | $5,415,079 |
| SKN | Skin Elements Ltd | 0.006 | -14% | 569,769 | $3,986,403 |
TRADING HALTS
Bowen Coking Coal (ASX:BCB) – Pending an announcement by the Company concerning a capital raising
Lithium Plus Minerals (ASX:LPM) – To assist the Company in managing its continuous disclosure obligations as the company expects to make an announcement to the market regarding a Share placement
Copper Search (ASX:CUS) – Capital raising and pending an announcement
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