• ASX 200 surges over 1.6% post-RBA meeting
  • Small cap index finds 1%
  • Hang Seng jumps 4% in HK, at last

The local market had a bit of a moment when the Reserve Bank lifted the cash rate by another 0.25 basis points to 2.85%, the benchmark ending a good day of business ahead by about 1.6%.

The local market took the RBA’s seventh straight hike in its stride after Wall Street closed lower overnight – the S&P 500 losing 0.7%, the Dow Jones 0.4% and the tech heavy Nasdaq closing a full per cent behind.

At sweet long last the Hang Seng came back to life on Tuesday, actually leading the Asia-Pac neighbourhood after spending October capitulating in the most dire of fashions – down some 15% and wallowing at the abysmal levels last plumbed back in 2009.

The Hang Seng index hit a 4% high mark in early trade, while in Shanghai the composite lifted 0.9% and the Shenzhen Component found 1.2% after Monday’s Caixin factory PMI nudged 49.2.

At home, the busy end of the market is all utlilities, the sector up over 2%.

Real estate, consumer stocks, as well as mining and energy names have led those sector gains above 1%.

Around the bourse, it’s goodbye to Southern Cross Payments which have reached an out of court agreement with the ASX ending with the payment play’s delisting at the end of this week (Nov 4).

The ASX has suspended trade in SP1, formerly iSignthis, with immediate and rather final effect.

On December 4, 2019 the $1.18bn Southern Cross Payments instituted proceedings against ASX, challenging the suspension decision.

 

ASX SMALL CAP LEADERS

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The drama that is EML Payments (ASX:EML) continues apace. The payments firm with surprisingly Irish interests has jumped over 30%, but only after falling by the same tune on Monday. That’s when EML said it would momentarily put a pin in onboarding new customers, agents and distributors to its troubled said largely Irish UK business following its ongoing regulatory growing pains.

Zuileika Gold (ASX:ZAG)  is up on news of its successful litigation against Vango Mining (ASX:VAN) and its wholly owned subsidiary, Dampier (Plutonic) Pty Ltd (DPPL).

ZAG’s share price exploded in January thanks to a $3m private placement with Yandal Investments – a company owned and controlled by prominent West Australian prospector Mark Creasy.

 

ASX SMALL CAP LAGGARDS

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Investors have demonstrated their confidence in  American West Metals (ASX:AW1)and its successful North American copper-zinc exploration by backing a $3.4m placement.

The company has received firm commitments from domestic and international institutional, sophisticated and professional investors for the placement of about 27.4 million shares priced at 12.5c each, which neatly meets its full placement capacity.

One free attaching option exercisable at 20c and expiring on 20 September 2024 will be issued for every two shares subscribed.

Proceeds from the placement will be used by AW1 to continue exploration at its Storm, West Desert and Copper Warrior projects and to complete the maiden JORC compliant Mineral Resource Estimation at West Desert before the end of this year.

Funds will also be used for Pre-Feasibility studies at West Desert and for further beneficiation and DSO studies at Storm.

“It’s fantastic to receive such strong support for the Placement, with interest well exceeding our modest placement capacity,” managing director Dave O’Neill said.

TRADING HALTS

My Foodie Box (ASX:MBX) – Capital raise.

Belararox (ASX:BRX) – Belararox has news on the way about a maiden mineral resource update.

Elsight (ASX:ELS) – Convertible note capital raise.

Icon Energy (ASX:ICN) – Icon has news incoming about the renewal of tenement ATP 855 in the Cooper Basin.

Alto Metals (ASX:AME) – Capital raise.

BikeExchange (ASX:BEX) – Material equity capital raise.

Aguia Resources (ASX:AGR) – News of a development in relation to environmental permitting around the Company’s Phosphate Project.

WA1 Resources (ASX:WA1) – The ASX has a price query for WA1. Not sure why – it’s only climbed more than 1,300% this week…

Azure Minerals (ASX:AZS) – Azure’s got drilling results from the Andover Nickel Project on the way.