• Aussie bourse has worst day since November 3 with S&P ASX 200 down 2.28%
  • Even darling lithium stocks are down on declining prices in China
  • Magnum Mining & Exploration soars 60% on positive metallurgical test work

So it’s Friday and the powers that be have roped me into writing Closing Bell on what has been the worst day on the Aussie bourse since November 3 with the S&P ASX 200 breaking February’s low of 7193.4. It’s a depressing way to end the week.

My colleague Eddy has the dismal performance covered in Large Caps as the ASX followed Wall Street’s terribly misguided lead as weak US jobs data sparking recession fears last night.

Initial jobless claims in the US rose from 190,000 to 211,000 for the week, while the Challenger job cut report showed 77,770 jobs were lost in February.

Over here at Closing Bell we can take perhaps some reassurance that the S&P ASX emerging companies index (ASX:XEC) is faring better than the big end of town.

By close of trade just after 4pm AEDT the XEC was down 1.41% for the day. It was a sea of red across the sectors today except for an isolated green island of utilities, which was up 0.61%.

Leading the laggards was energy, down 3.36%, followed by materials, falling 3.13% and financials, dropping 2.78% and following the lead of US where bank stocks fell the most overnight.

And even star lithium stocks were mostly down today due to declining prices in China. Lithium prices have slipped for the assessment period between February 22 and March 8 with Benchmark Minerals Intelligence noting that its Lithium Price Index had dived 6.2%, with lithium carbonate prices down 6.6% to US$58,721/t and spodumene concentrate falling 10.8% to US$5,350/t.

Twitter was alive with #ASX banter today — some too profane for me to feel comfortable re-publishing.

But we’ve raked through the litter to find at least one with a bit of optimism.

How zen.




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
MGU Magnum Mining & Exp 0.024 60% 24515616 10573177
MEB Medibio Limited 0.0015 50% 1406544 4150593.79
XST Xstate Resources 0.0015 50% 2585000 3215181.65
MBK Metal Bank Ltd 0.029 38% 490073 5806195.92
WOO Wooboard Tech Ltd 0.011 38% 3419332 1839638.82
SMN Structural Monitor 0.46 30% 522590 47633767.2
BAT Battery Minerals Ltd 0.0045 29% 5298476 10273348.2
EMU EMU NL 0.0025 25% 8234000 2471808.42
IEC Intra Energy Corp 0.005 25% 2200288 2823126.34
RMX Red Mount Min Ltd 0.005 25% 50000 9087404.15
BOT Botanix Pharma Ltd 0.1 22% 12285786 97373447.6
PKD Parkd Ltd 0.023 21% 334269 1934548.33
GWR GWR Group Ltd 0.076 21% 781775 20236649.3
1CG One Click Group Ltd 0.012 20% 1086947 6140708.99
NES Nelson Resources 0.006 20% 165008 2942971.64
COD Coda Minerals Ltd 0.305 20% 320187 36158426.8
PPY Papyrus Australia 0.037 19% 91125 14727538.2
SW1 Swift Networks Group 0.013 18% 10000 6520763.45
ADY Admiralty Resources. 0.007 17% 799243 7821474.92
CAV Carnavale Resources 0.0035 17% 25000 8200655.18
CTN Catalina Resources 0.007 17% 2651253 7430921.35
VAR Variscan Mines Ltd 0.022 16% 430000 5067908.46
ATP Atlas Pearls Ltd 0.03 15% 505438 11124665.7
IMB Intelligent Monitor 0.12 14% 12090 13723531
ABE Ausbondexchange 0.3075 14% 2037 10463337.8
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Leading the winners and up 60% on a day when the market needed a good news story is Magnum Mining & Exploration (ASX:MGU) which has announced positive results from metallurgical test work on ore from its Buena Vista Green Pig Iron Project in Nevada, USA.

MGU said that the testing confirms a +68% Fe product can be produced, and that due to the nature of the ore the previously-designed production plant will only require minimal changes to be operational.

Additionally, ore hardness testing has indicated that production at the plant can be achieved with a much lower power requirement than the company’s peers.

Some further good news came from GWR Group (ASX:GWR), which climbed 21% today after receiving two hefty cheques in the mail totalling $1,512,000.

The cheques are for just two months’ worth of a minimum ~$52 million worth of royalties GWR is set to receive from Gold Valley Iron Ore over the next 10 years.

GWR should receive $756,000 a month until the earlier of such time as Gold Valley has shipped or otherwise sold 3,000,000 tonnes of iron ore from the C4 deposit on or after January 3, 2023, or a total of 36 such monthly payments have been made.



Here are the least best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:

Code Company Price % Volume Market Cap
TTA TTA Holdings Ltd 0.017 -26% 50000 3160738.43
ARE Argonaut Resources 0.0015 -25% 3803000 12723742.6
CCE Carnegie Cln Energy 0.0015 -25% 1056810 31285147.4
A11 Atlantic Lithium 0.505 -22% 3288567 393732079
PYR Payright Limited 0.028 -20% 75000 7331751.91
GMN Gold Mountain Ltd 0.004 -20% 330154 9849663.07
BNO Bionomics Limited 0.035 -19% 2717594 63155623.2
ASQ Australian Silica 0.043 -17% 253534 14646339.6
DES Desoto Resources 0.125 -17% 343000 8250225
MHC Manhattan Corp Ltd 0.005 -17% 10416000 10527968.5
NCR Nucoal Resources Ltd 0.005 -17% 440880 4611674.12
BMM Balkanminingandmin 0.305 -16% 140826 16341785.1
SPX Spenda Limited 0.011 -15% 3709536 42464029.9
EMS Eastern Metals 0.061 -15% 196948 2812637.74
5GG Pentanet 0.14 -15% 1050045 48808767.6
FIJ Fiji Kava Limited 0.006 -14% 1820523 2551355.23
OXX Octanex Ltd 0.006 -14% 70000 1812843.8
EIQ Echoiq Ltd 0.125 -14% 28625 66162322
CPM Coopermetalslimited 0.225 -13% 46183 10684700.3
ADC Acdc Metals Ltd 0.13 -13% 75036 7012125
DXN DXN Limited 0.0035 -13% 285000 6885259.34
RLC Reedy Lagoon Corp. 0.007 -13% 1273692 4533756.81
TAS Tasman Resources Ltd 0.007 -13% 2265956 5369555.4
LRV Larvottoresources 0.15 -12% 583816 11433302.7
KRM Kingsrose Mining Ltd 0.06 -12% 1184977 51171803.3
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PSC Insurance Group (ASX:PSI) has announced that it has finalised the acquisition of Ensurance UK, which was a wholly owned subsidiary of ASX-listed Ensurance (ASX:ENA) until PSI came along and gobbled it all up.

The acquisition saw PSI cough up $8.2 million, 75% in cash and 25% in PSI shares, which will be held in escrow for a period of 12 months.

While that was getting done, PSI also entered into binding transaction documents for purchase of 100% of London-based insurance brokers Turner Rawlinson & Company.

That deal, which is still subject to regulatory approval with the Financial Conduct Authority but will most likely get rubber stamped, will cost PSI £4,500,000 (around 8.2 million of our puny Wombat Dollars) deliverable in three stages.

That will see PSI fork over 70% of the purchase price (£3.15 million) upon completion in the form of £2.7 million in cash and £0.45 million worth of fully paid ordinary PSI shares, with two further payments due 12 and 24 months later.

Those two final cash payments (worth 15% each) are pencilled in at £675,000, with a variable tied into the contract that will see the value of each payment either rise or fall with the adjustment based on the difference between revenue of that year vs the revenue of the prior year.

Meanwhile, Aldoro Resources (ASX:ARN) is crowing about the fact that it has finished drilling “the best drillholes to date at Narndee”, which – now that I read it – sounds a lot dirtier than I think it’s meant to be.

I think it means they’re the best drillholes that the company’s ever had at the site, because they’ve delivered “thick sections of disseminated sulphides with which are undergoing submission for expedited analytical testing”.

This latest round of 3 drillholes brings the total to 7 diamond holes for 2,949m for the current phase of exploration, and the company says that a total of 264m of visually prospective core over 3 holes is currently undergoing analysis at Intertek Genalysis.



Miramar Resources (ASX:M2R) – Capital Raising.

Jade Gas (ASX:JGH) – Capital Raising.

C29 Metals (ASX:C29) – Exploration results from Pocitos 7, which sounds like a distant planet, but sadly isn’t.

FBR (ASX:FBR) – Capital Raising.

Polymetals Resources (ASX:POL) – Time required to respond to an ASX speeding ticket, plus there’s a material acquisition in the works.

Incannex Healthcare (ASX:IHL) – Material update regarding the company’s psychedelic program. I hope they’re going with velvet… so lovely and tactile and I think I might have misunderstood what “material update” means.