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Closing Bell: Local markets have made just a terrific recovery as iron ore bounces back
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- Local markets recover early losses to close slightly ahead
- Material and Financial gains offset IT and Property losses
- Small Caps led by ADX Energy
Aussie share markets have recovered from early losses to close Monday, ever so slightly into the green.
The S&P/ASX200 closed higher on Monday, March 18, up 5.5 points or 0.07% to 7,675.80.
In Singapore, the iron ore futures which collapsed into hit a 7-month low of $US98 a tonne on Friday, have made something of an unexpected recovery on Monday, with the key steel making ingredient pushing back above the century mark to $US103.00.
Local investors hit pause for most of Monday to watch, listen and learn about monetary policy and any looming directions on the timing of interest rate cuts.
This week is a feast of central banking, with cash rate decisions ahead from major central banks like the US Fed, the BoJ, the BoE and the RBA, which makes a call on Aussie rates tomorrow at 2.15pm.
Meantime, this afternoon we’ve had a fair bit of data roll out of China.
Firstly – and it’s not a reading worth worrying too much about – but China’s official jobless number came in at 5.3% over January and February, compared with 5.1% in December. That’s urban unemployed. While that seems like an incredibly low number, it is in fact the highest since last July.
We also discovered China’s monthly industrial production and fixed assets investment data beat estimates, rising 7% year-on-year which handsomely beat the 5.2% expectation of economists polled by Reuters.
Elsewhere, fixed assets investment rose to 4.2% vs 3.2% expected.
Retail sales were soft, at 5.5% vs 5.6%expected.
Property investment has continued to decline sharply – down 9% vs 8% forecast.
Of the 11 ASX sectors by the close on Monday it was a pretty even six/five split, green vs red.
ASX Sectors at 4.15pm on Monday
These local stocks went ex-divvy today:
Ariadne Australia (ASX:ARA) is paying 0.25 cents fully franked
CAR Group Limited (ASX:CAR) is paying 34.5 cents 50 per cent franked
Duratec (ASX:DUR) is paying 1.5 cents fully franked
Kaizen Global Inv (ASX:KGI) is paying 5 cents fully franked
We’re watching oil…
Last week, oil prices jumped nearly 4% as the International Energy Agency (IEA) got all bullish over demand.
Today in Sydney, WTI crude futures also moved higher with more than enough geopolitical risk to go round for all.
In the Middle East, under-fire Israeli Prime Minister Benjamin Netanyahu says plans are afoot to send the army into Gaza’s Rafah enclave, while Russian oil refineries look like staying within reach of drone strikes from Kiev.
US stock futures rose on Monday in Sydney:
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| ADX | ADX Energy Ltd | 0.23 | 100% | $27,510,692 | $49,315,806 |
| PUA | Peak Minerals Ltd | 0.003 | 50% | $5,250,000 | $2,082,753 |
| MMM | Marley Spoon Se | 0.087 | 34% | $688,828 | $7,652,086 |
| 1AG | Alterra Limited | 0.004 | 33% | $247,547 | $2,612,072 |
| HXG | Hexagon Energy | 0.022 | 29% | $4,460,560 | $8,719,570 |
| CLU | Cluey Ltd | 0.09 | 29% | $64,888 | $14,112,950 |
| DVL | Dorsavi Ltd | 0.019 | 27% | $82,315,676 | $8,949,924 |
| NFL | Norfolkmetalslimited | 0.145 | 26% | $461,508 | $4,078,968 |
| 1CG | One Click Group Ltd | 0.01 | 25% | $127,666 | $5,505,431 |
| ESR | Estrella Res Ltd | 0.005 | 25% | $156,627 | $7,037,487 |
| HLX | Helix Resources | 0.005 | 25% | $6,617,602 | $9,292,583 |
| OSX | Osteopore Limited | 0.066 | 23% | $75,263 | $554,031 |
| E25 | Element 25 Ltd | 0.265 | 20% | $544,756 | $47,856,674 |
| FLN | Freelancer Ltd | 0.21 | 20% | $214,763 | $78,910,104 |
| IVX | Invion Ltd | 0.006 | 20% | $130,000 | $32,122,661 |
| LPD | Lepidico Ltd | 0.006 | 20% | $2,647,524 | $38,191,540 |
| SIS | Simble Solutions | 0.006 | 20% | $319,166 | $3,495,195 |
| POL | Polymetals Resources | 0.275 | 20% | $72,183 | $36,252,096 |
| TG1 | Techgen Metals Ltd | 0.034 | 17% | $238,623 | $3,686,844 |
| AML | Aeon Metals Ltd. | 0.007 | 17% | $449,953 | $6,578,404 |
| AYT | Austin Metals Ltd | 0.007 | 17% | $922 | $7,711,148 |
| EPM | Eclipse Metals | 0.007 | 17% | $1,151,479 | $12,450,325 |
| TMG | Trigg Minerals Ltd | 0.007 | 17% | $100,000 | $2,511,296 |
| BKT | Black Rock Mining | 0.079 | 16% | $6,304,030 | $74,628,124 |
| TG6 | Tgmetalslimited | 0.22 | 16% | $304,115 | $10,276,372 |
Twice as good as it was this morning is the share price of ADX Energy (ASX:ADX), who’s dream of making a transformational gas find in Upper Austria has received a massive boost after the Welchau-1 exploration well intersected 115m of condensate rich gas shows in the primary target formation.
“The well has intersected 115 metres of condensate rich gas shows in the primary target formation at a depth close to the pre drill prognosis,” says ADX executive chairman Ian Tchacos.
Results include:
– 115 metres of liquids rich gas shows intersected in the primary target formation “Steinalm Formation” at depth between 1452 metres and 1567 metres. The deepest gas shows were encountered in the well at a depth of 1645 metres MD.
– The Steinalm Formation intersection in the well is in line with the pre-drill prognosis providing confidence in the structural model for Welchau.
– The Steinalm Formation intersected in Welchau is the same zone that flowed condensate rich gas in the nearby Molln-1 well at a rate of 4 MMSCFPD in 1989.
– Compositional analysis from gas shows at Welchau indicates very similar condensate rich gas to the gas tested at the Molln-1 well.
– The well has encountered 380 metres of effective seal “The Lunz Formation” above the main target.
Seal quality and thickness was a key risk that has been mitigated based on the results of Welchau-1, says Mr Tchacos.
Dropping half year numbers today is Hexagon Energy Materials- (ASX:HXG) who let slip that “Confidential commercial discussions have progressed with potential gas suppliers, CCS service providers, infrastructure owners, utility providers and ammonia customers”.
The company says it has received confidential indicative pricing from third parties.
These have “reduced uncertainty and have tended to come in under PFS Base Case assumptions, providing opportunities to improve project economics.”
An economic update will be provided by the company ahead of FEED-entry once the ongoing confidential commercial discussions are completed.
Local AI aspirant Dorsavi (ASX:DVL) – a developer of FDA approved wearable sensors and “leader in human movement analytics,” is says it’s successfully integrated real-time facial tracking into its suite of AI-powered video tracking stuff – available in its ViMove+ platform.
DVL says it has been developing “non-intrusive, AI-powered, high-precision movement tracking capabilities within its ViMove+ platform leveraging video capture.”
“The ViMove+ platform directly complements dorsaVi’s core sensor technology currently used by leading groups including Medtronic2 and QBE Insurance Group3 . Without requiring physical sensors, ViMove+ video AI offers several advantages including the ability to capture and analyse more natural movements as well as improving scalability, margins and delivery costs for the Company.”
It seems, according to DVL, that “real-time facial tracking was an essential feature for de-identifying individuals during video capture through facial blurring.”
The upgrade now allows dorsaVi to provide industry-leading contactless movement analysis, while also complying with stringent ISO27001 and privacy requirements, crucial technical hurdles required before working with enterprise-scale clients.
A beta version of the video capture module is being evaluated by 15 US customers before a commercial release occurring in Q4 FY24, DVL is also set to launch an upper limb module in Q1 FY25 and is in the advanced stages of developing a swing-based module, designed to analyse complex movements in sports including golf, tennis and baseball.
ASX SMALL CAP LAGGARDS
Today’s worst performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| JAV | Javelin Minerals Ltd | 0.001 | -50% | $207,851 | $4,352,462 |
| AOA | Ausmon Resorces | 0.002 | -33% | $459,968 | $3,176,998 |
| BP8 | Bph Global Ltd | 0.001 | -33% | $501,934 | $2,931,174 |
| WNR | Wingara Ag Ltd | 0.011 | -27% | $133,577 | $2,633,138 |
| OZM | Ozaurum Resources | 0.054 | -26% | $1,822,050 | $11,588,750 |
| AUK | Aumake Limited | 0.003 | -25% | $1,788,788 | $7,657,627 |
| AVE | Avecho Biotech Ltd | 0.003 | -25% | $12,190,613 | $12,677,188 |
| PIQ | Proteomics Int Lab | 0.945 | -24% | $1,218,267 | $163,615,770 |
| NVO | Novo Resources Corp | 0.13 | -24% | $461,133 | $14,918,270 |
| AEE | Aura Energy | 0.17 | -23% | $14,951,910 | $130,346,627 |
| SNX | Sierra Nevada Gold | 0.062 | -23% | $11,957 | $4,831,663 |
| CAV | Carnavale Resources | 0.004 | -20% | $4,701,917 | $17,117,759 |
| NVQ | Noviqtech Limited | 0.004 | -20% | $3,428,593 | $7,422,226 |
| PRX | Prodigy Gold NL | 0.004 | -20% | $923,740 | $8,755,539 |
| TMK | TMK Energy Limited | 0.004 | -20% | $9,646,608 | $30,612,897 |
| VAL | Valor Resources Ltd | 0.002 | -20% | $38,810 | $11,472,533 |
| FLX | Felix Group | 0.145 | -19% | $19,175 | $36,809,948 |
| BCK | Brockman Mining Ltd | 0.024 | -17% | $2,010 | $269,126,732 |
| BIM | Bindimetalslimited | 0.1 | -17% | $184,059 | $3,471,300 |
| INP | Incentiapay Ltd | 0.005 | -17% | $190,147 | $7,463,580 |
| NRX | Noronex Limited | 0.01 | -17% | $2,442,199 | $4,539,621 |
| PKO | Peako Limited | 0.005 | -17% | $1,891,649 | $3,162,508 |
| SPQ | Superior Resources | 0.01 | -17% | $1,880,306 | $24,014,645 |
| YAR | Yari Minerals Ltd | 0.005 | -17% | $374,646 | $2,894,147 |
| MAG | Magmatic Resrce Ltd | 0.066 | -16% | $1,015,481 | $30,149,477 |
ICYMI – PM Edition
Fintech lender MoneyMe (ASX:MME) has gained a greater slice of Australia’s automotive financing sector after securing a deal with its debt funders to extend and double its Autopay warehouse facility from $375 million to $750 million.
Sprintex (ASX:SIX) has inked $350,000 in purchase orders and engineering fees for its clean energy air compressors and associated technology programs, while its G Series high-speed industrial blowers are also gaining in popularity.
New World Resources (ASX:NWC) has reinforced confidence in the resource model for its Antler copper deposit in Arizona after hydrogeological holes returned some very thick, high-grade intersections.
Uranium developer Aura Energy (ASX:AEE) has raised $16.2 million through a placement and is offering eligible shareholders the chance to participate in a share purchase plan for a further $2 million, to advance its 58.9Mlb Tiris project in Mauritania towards development and support further work at Haggan in Sweden.
Graphite explorer iTech Minerals (ASX:ITM) has encountered thick, continuous graphite mineralisation over a 1.7km strike length, with grades of up to 10% total graphite carbon, at the Lacroma Central prospect on South Australia’s Eyre Peninsula.
Elsewhere in the Festival State, Taiton Resources (ASX:T88) has expanded its initial exploration focus at the Highway project with a ultra-fine (UF) soil sampling program across three new prospects.
Belararox (ASX:BRX) has identified characteristics of a high sulphidation setting or the potential upper levels of a porphyry system through early-stage field activities at its Toro-Malambo-Tambo (TMT) South project in Argentina.
And Recharge Metals (ASX:REC) has finalised the acquisition of the Newnham uranium project in Canada’s Athabasca Basin, along with a $1.44 million share placement to accelerate its initial exploration activities at the newest addition to its North American portfolio.
At Stockhead, we tell it like it is. While ADX Energy, Aura Energy, Belararox, iTech Minerals, MoneyMe, New World Resources, Recharge Metals, Sprintex and Taiton Resources are Stockhead advertisers, they did not sponsor this article.
