- ASX 200 and small caps rise circa 1%
- Regional markets jump on strong leads, US inflation data
- Ragusa Metals: up 60%
Local markets took off at the open, feeling a little of the excitement which took hold of Wall Street overnight.
The benchmark and the All Ords have kept their heads above water, but the gains have not been forthcoming. The Consumer Discretionary sector and the Real Estate stocks both gained over 2%.
The Materials sector has moved higher, helped by resurgent lithium names, and there’s also another run on coal stocks, after the European’s ban on Russian coal as part of the EU’s latest (fourth of fifth round of sanctions) which kicked off overnight.
Technology stocks are back in rotation and on a big day for Telstra (ASX:TLS), communications businesses have found some traction.
Like the fickle index it calls home, TLS gave back its morning riches of well over 1%, after lifting its closely-tracked dividend for the first time in seven years.
Hong Kong markets have jumped higher circa 1.8%, driven higher by a flood of interest in the Hang Seng tech index which is rising, 2.8% stronger.
Mainland China markets are also killing it – both the Shanghai Composite and the Shenzhen Component between 1.5% to 1.8%.
ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks for today [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| RAS | Ragusa Minerals Ltd | 0.175 | 75% | 25,100,613 | $12,573,616 |
| 1MC | Morella Corporation | 0.028 | 40% | 173,950,889 | $112,524,280 |
| CHK | Cohiba Min Ltd | 0.012 | 33% | 4,613,236 | $14,648,947 |
| BNZ | Benzmining | 0.525 | 31% | 314,410 | $21,067,802 |
| SIS | Simble Solutions | 0.017 | 31% | 5,716,904 | $5,555,326 |
| 1VG | Victory Goldfields | 0.245 | 29% | 1,156,350 | $7,307,048 |
| TNY | Tinybeans Group Ltd | 0.3 | 28% | 103,138 | $14,345,457 |
| BNR | Bulletin Res Ltd | 0.165 | 27% | 5,701,935 | $38,036,843 |
| LYN | Lycaon Resources | 0.3 | 25% | 188,151 | $7,660,500 |
| ARE | Argonaut Resources | 0.0025 | 25% | 1,750,650 | $7,212,410 |
| KFE | Kogi Iron Ltd | 0.005 | 25% | 6,546,334 | $6,470,311 |
| MGG | Mogul Games Grp Ltd | 0.0025 | 25% | 1,100,000 | $6,523,320 |
| SHH | Shree Minerals Ltd | 0.01 | 25% | 14,003,314 | $9,907,895 |
| WBE | Whitebark Energy | 0.0025 | 25% | 233,533 | $11,296,438 |
| WZR | Wisr Ltd | 0.0995 | 24% | 8,852,877 | $108,496,378 |
| LPM | Lithium Plus | 0.74 | 22% | 2,749,367 | $26,994,011 |
| CXU | Cauldron Energy Ltd | 0.011 | 22% | 7,034,566 | $4,818,701 |
| ASQ | Australian Silica | 0.067 | 22% | 468,721 | $15,216,321 |
| MM1 | Midas Minerals | 0.28 | 22% | 311,704 | $13,140,306 |
| HCD | Hydrocarbon Dynamic | 0.018 | 20% | 1,748,100 | $8,805,908 |
| RGL | Riversgold | 0.042 | 20% | 20,594,143 | $26,473,160 |
| TD1 | Tali Digital Limited | 0.006 | 20% | 830 | $6,163,153 |
| LRS | Latin Resources Ltd | 0.11 | 20% | 34,237,572 | $179,016,737 |
| LCL | Los Cerros Limited | 0.043 | 19% | 3,957,861 | $23,423,359 |
| TMB | Tambourah Metals | 0.19 | 19% | 31,243 | $6,590,816 |
As my fine colleague Gregor Stronach points out, Ragusa Minerals (ASX:RAS) has jumped out of the blocks, finding 50% after breakfast on news of high grade lithium in rock chips at its NT project.
Ragusa is reporting rock chip sample results including 5.46% Li2O at one sample site, and a bonus 2.27g/t and 4.59g/t gold at others, after the company targeted outcropping pegmatite for a closer look.
Ragusa is gearing up to progress to drilling.
Up 100% in the past year, this ~$17.06m market cap explorer acquired the early stage Northern Territory Lithium Project back in May.
At the time, RAS chair Jerko Zuvela said the acquisition would see the company create a ‘supergroup’ project area comparable to neighbours Core Lithium (ASX:CXO) and Lithium Plus (ASX:LPM).
Speaking of the ‘hood, LPM is making some big moves today as well, encountering a thick interval of 43m of pegmatite from 191.9m has been intersected.
The second diamond drill hole at Lei is underway.
“We are pleased with the samples from our maiden diamond hole at the Lei Prospect, which have visibly validated the historical spodumene-bearing pegmatite system at depth and provide us confidence that we may have a significant lithium discovery at Bynoe,” executive chairman Bin Guo says.
Other companies on the charge include Benz Mining (ASX:BNZ), Lycaon Resources (ASX:LYN) and Tambourah Metals (ASX:TMB)
High-tech child surveillance company TinyBeans (ASX:TNY) has spiked over 25% as well, but without any clear motivation for the rise.
ASX SMALL CAP LAGGARDS
Here are the best performing ASX small cap stocks for today [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| AFW | Applyflow Limited | 0.002 | -33% | 10,518,747 | $8,872,824 |
| CLE | Cyclone Metals | 0.003 | -25% | 3,864,557 | $24,466,948 |
| TRM | Truscott Mining Corp | 0.037 | -24% | 688,882 | $7,735,657 |
| CCE | Carnegie Cln Energy | 0.002 | -20% | 9,975,629 | $37,756,434 |
| PRM | Prominence Energy | 0.002 | -20% | 285,805 | $6,061,522 |
| VPR | Volt Power Group | 0.002 | -20% | 515,921 | $23,361,334 |
| IBG | Ironbark Zinc Ltd | 0.021 | -19% | 39,445,058 | $33,984,663 |
| AIV | Activex Limited | 0.032 | -18% | 109,177 | $8,431,901 |
| DMG | Dragon Mountain Gold | 0.015 | -17% | 500,000 | $7,086,090 |
| TSL | Titanium Sands Ltd | 0.015 | -17% | 78,000 | $22,652,266 |
| MCM | Mc Mining Ltd | 0.2 | -15% | 58,261 | $46,448,894 |
| LYK | Lykosmetalslimited | 0.15 | -14% | 1,285 | $10,920,000 |
| IRX | Inhalerx Limited | 0.056 | -14% | 100,000 | $10,950,352 |
| EMT | Emetals Limited | 0.0095 | -14% | 10,067,122 | $9,350,000 |
| WWG | Wiseway Group | 0.1 | -13% | 113,250 | $19,238,795 |
| FRB | Firebird Metals | 0.19 | -13% | 46,197 | $11,416,098 |
| ADY | Admiralty Resources. | 0.007 | -13% | 18 | $10,428,633 |
| ARO | Astro Resources NL | 0.0035 | -13% | 676,637 | $18,820,965 |
| FAU | First Au Ltd | 0.007 | -13% | 1,050,630 | $7,451,288 |
| GTG | Genetic Technologies | 0.0035 | -13% | 2,307,737 | $36,935,861 |
| JAY | Jayride Group | 0.18 | -12% | 112,480 | $36,158,773 |
| MIO | Macarthur Minerals | 0.185 | -12% | 104,850 | $33,863,232 |
| MLG | Mlgozltd | 0.53 | -12% | 65,617 | $87,401,498 |
| BYI | Beyond International | 0.31 | -11% | 33,500 | $21,467,939 |
| YPB | YPB Group Ltd | 0.008 | -11% | 242,134 | $3,658,915 |
WHAT YOU MAY’VE MISSED
Horseshoe Metals (ASX:HOR) has announced positive results of initial reverse circulation drill testing of the significant surface materials including stockpiles and dumps at its Horseshoe Lights Copper-Gold Project in WA.
- 5m @ 1.07 % Cu from 2m (Copper Subgrade Stockpile)
- 8m @ 0.51 % Cu from 8m (Copper Oxide Stockpile)
- 10m @ 1.63 g/t Au from 0m (Gold A Stockpile)
- 4m @ 1.77 g/t Au from 4m (Gold D Stockpile)
- 9m @ 2.09g/t Au from surface (C20 Stockpile)
HOR said further infill drilling of stockpiles was planned to follow-up the encouraging results. The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin ~60km west of DeGrussa Copper Mine operated by Sandfire Resources (ASX:SFR).
BNPL player Openpay (ASX:OPY) is increasing its share purchase plan (SPP) after strong demand. After the necessary approvals at yesterday’s extraordinary general meeting, OPY has decided to accept over subscriptions under the SPP in excess of the previous $2 million but subject to maximum application of $30k.
OPY is now targeting to raise $5.75 million under the SPP with the placement closing at 5pm today.
Staying with the theme of placements copper producer Austral Resources (ASX:AR1) has announced that it has received firm commitments to raise $17 million in an institutional placement of ~45.9 million shares at 37 cents/share.
Managing director and CEO Dan Jauncey will subscribe for $1 million worth of new shares subject to shareholder approval.
“We are delighted with the support for the placement and welcome a number of new institutional investors to the register,” Jauncey said.
And finally, Polymetals Resources (ASX:POL) has appointed experienced geologist Alistair Barton as a non-executive director.
Barton has 45 years of exploration, operational and corporation experience, including high up in ASX listed companies. His appointment follows retirement of non-executive director Dr Chris Johnston, effective immediately.
TRADING HALTS
Opthea (ASX:OPT) – It’s time to bust out the spreadsheets – Opthea’s opting into a non-dilutive funding agreement, and a proposed equity raising.
Province Resources (ASX:PRL) – Province is in the middle of finalising terms of a material agreement being the Joint Development Agreement with Total Eren for the Company’s HyEnergy Project.
Redflow (ASX:RFX) – Redflow’s raising capital to keep the zinc bromine flow battery company a-growin’ and a-flowin’.
4DS Memory (ASX:4DS) – 4DS has an announcement on the way about the quality of the wafers it has received. We’ll try to remember to keep an eye out for that one.
Proteomics International Laboratories (ASX:PIQ) – predictive diagnostics gurus are raising capital to build more gadgets to keep us all well.
Meeka Metals (ASX:MEK) – Meeka’s making hay while the sun shines, getting into a capital raise after its price hit the afterburners on Tuesday.
Paradigm Biopharmaceuticals (ASX:PAR) – PAR is out to subvert the dominant paradigm… nah, just kidding. It’s a capital raise.
Strategic Energy Resources (ASX:SER) – SER’s on the hunt for a cool half-million.
Sunshine Gold (ASX:SHN) – And Sunshine’s also opening up a fundraiser, announcing it capita raise late this afternoon.