• Small cap index up 3%
  • ASX 200 is up 1%
  • Wall Street jumps as The Fed asks how high

The ASX 200 is up 1% and the Emerging Companies (XEC) index is about 3% higher and the wee buy now pay later’s are the heroes of the dish.

But first…

 

Overnight in America…

On Wall Street, the tech-phat Nasdaq Composite found 4.1% after better than expected results from  Microsoft and Google’s single-parent Alphabet. The S&P 500 also spiked over 2.5%.

The US Federal Reserve lifted the target federal funds rate by another 75 basis points following its two-day meet which came to a conclusion early this morning our time – and after I’d been telling everyone it would be Wednesday morning our time.

The Fed, in their ongoing smackdown with unrelenting US inflation, has suggested market participants brace for more increases are “until inflation shows clear signs of a pullback.”

Among other signposts, Meta shares are down 50% year-to-date and The House of the ‘Book reported year-on-year revenue growth was negative for the first time ever, leaving Josh Gilbert at eToro roundly unimpressed.

“At a time when its main revenue stream, advertising, is under pressure, Mark Zuckerberg also has to face mounting losses from its metaverse push, Reality Labs.”

The venture lost another USD$2.8 billion in the quarter, as total operating expenses for Meta grew by 35% year-over-year.

“After Meta’s defeat in launching its own currency, it is tough to fathom its metaverse play coming to fruition with increasing competition in the space and having to face bigger challenges in the short-term, namely user retention.

“With many users moving to platforms like TikTok, investors will be questioning if its social media platforms have hit peak growth and the company needs to speed up its transformation.”

 

Why now, not later?

I don’t know.

But we sure sound like I’m on top of it here, in this piece of fine art from this morning.

What we do know is that the buy now, pay later juniors – if not the whole cabal – are singing siren songs of seduction with former best buds, Sezzle and Zip leading the latest wave of enthusiasm.

Looks like the Thursday pay now play belongs to Laybuy (ASX:LBY) which is up around 88%.

Sezzle, was up 17% at around lunchtime, roaring out of the ASX-enforced pit stop after literally doubling in size after lunch on Wednesday.

A tiny bit behind but catching fast was Zip up about 15% for the day and 200% for a pretty decent July.

Elsewhere on the ASX, sector leadership turned again to Resources, Energy and Materials, while the Tech sector – outside BNPL – led the laggards.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

MC Mining (ASX:MSM) has shot up 50% on no immediately visible news.

And look who’s back in business – Kogan (ASX:KGN) – boosted by a decent July Business Update.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Real estate firm Acumentis Group (ASX:ACU), down sharply, we’re not all over why, and Godolphin Resources (ASX:GRL), down 22% after sharing news of the completion of a $1.6m raise to keep its highly prospective Narraburra Rare Earth Project going.

 

WHAT YOU MAY’VE MISSED ON THE ASX TODAY

Inca Minerals (ASX:ICG) completed its maiden Australian drilling program at Greater Frewena Group Project in the Northern Territory, hitting 8 from 8 holes with copper +/- zinc-lead sulphides, which is beyond expectations Inca had coming into this leg of its exploration. 

Meanwhile, NRW Holdings (ASX:NWH) would like the market to know that its Chief Financial Officer, Andrew Walsh, has given notice of his intention to retire. Walsh hasn’t set a precise date, but it’s expected that he will step down in the latter part of 2022, capping a successful 8-year tenure that has seen group revenue increase from $1.1 billion to over $2.5 billion.

 

TRADING HALTS

Antilles Gold (ASX:AAU) – Capital raise.

Maas Group (ASX:MGH) – CApital raise.

Vital Metals (ASX:VML) – CAPital raise.

Titanium Sands (ASX:TSL) – CAPItal raise.

Medallion Metals (ASX:MM8) – CAPITal raise.

Castile Resources (ASX:CST) – CAPITAl raise.

American West Metals (ASX:AW1) – CAPITAL raise.

Pure Foods Tasmania (ASX:PFT) – CAPITAL Raise.

QMines (ASX:QML) – CAPITAL RAise.

Spenda (ASX:SPX) – Announcement incoming regarding the Company’s new debt warehouse facilities

Cobre (ASX:CBE) – Info incoming about results from the Ngami Copper Project in the Kalahari Copper Belt in Botswana.