ASX retreats from all time highs. Picture Getty
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The ASX 200 index has retreated from its all time high levels on Monday after closing -0.15% lower. As a quick reminder, the index touched a record high of 7,769 last Friday.
Sentiment fell after the ABS reported a 1.7% fall in Australian business inventories in December, largely attributed to a $1.6 billion decrease in mining companies’ inventories.
“The fall in inventories presents a substantial downside risk to expectations for GDP ahead of Wednesday’s release,” Taylor Nugent at NAN told the AFR.
On the ASX, interest rates sensitive sectors like Real Estate and Tech were the top performers today after US data on Friday showed soft manufacturing stats.
Manufacturing output in the US fell to 47.8 in February, the 16th straight month of declines, adding to hopes the Fed Reserve will begin cutting rates imminently.
Gold mining stocks caught bids today after a 2% rise in bullion prices. Energy stocks also climbed today after similar moves in crude prices.
“The gold price charts and the gold price catalysts are in agreement – the gold price breakout of 2024 has legs. We expect higher highs in the gold price in the coming months,” informed a report from Investing Haven.
Meanwhile in America, US treasuries are rallying (bond yields falling) in a sign that the market expects Fed cuts this year.
The bond futures market suggests that traders are ramping up bets the Fed will cut rates by 86 basis points in 2024, from 77 basis points last week.
Across in Europe, the European Central Bank monetary policy meeting is scheduled for Thursday this week.
In China, Premier Li Qiang is set to unveil a new 2024 growth target, and outline its strategy for supporting the slowing economy.
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DCX | Discovex Res Ltd | 0.20 | 100.00 | 344,963 | $3,302,568 |
| WHK | Whitehawk Limited | 5.70 | 78.13 | 64,044,214 | $10,818,263 |
| NVQ | Noviqtech Limited | 0.50 | 66.67 | 120,287,519 | $3,928,336 |
| KNB | Koonenberrygold | 2.30 | 53.33 | 213,298 | $1,796,236 |
| CNJ | Conico Ltd | 0.30 | 50.00 | 1,292,854 | $3,140,190 |
| TTM | Titan Minerals | 3.00 | 36.36 | 6,022,069 | $37,308,618 |
| WA8 | Warriedarresourltd | 3.80 | 35.71 | 677,988 | $14,921,824 |
| SUH | Southern Hem Min | 4.70 | 34.29 | 252,333 | $20,668,402 |
| IS3 | I Synergy Group Ltd | 0.80 | 33.33 | 1,132,980 | $1,824,482 |
| PKO | Peako Limited | 0.40 | 33.33 | 1,458,333 | $1,581,254 |
| VML | Vital Metals Limited | 0.40 | 33.33 | 17,708,918 | $17,685,201 |
| FAL | Falconmetalsltd | 16.00 | 33.33 | 1,211,906 | $21,240,000 |
| GNX | Genex Power Ltd | 24.50 | 32.43 | 13,339,931 | $256,257,771 |
| MMM | Marley Spoon Se | 3.80 | 26.67 | 101,105 | $3,531,732 |
| AVM | Advance Metals Ltd | 3.90 | 25.81 | 70,000 | $1,242,634 |
| MEK | Meeka Metals Limited | 3.50 | 25.00 | 211,840 | $34,571,850 |
| POS | Poseidon Nick Ltd | 0.75 | 25.00 | 21,152,365 | $22,281,209 |
| GES | Genesis Resources | 0.50 | 25.00 | 152 | $3,131,365 |
| IVX | Invion Ltd | 0.50 | 25.00 | 1,510,582 | $25,698,129 |
| NAE | New Age Exploration | 0.50 | 25.00 | 600,000 | $7,175,596 |
| RDS | Redstone Resources | 0.50 | 25.00 | 375,000 | $3,701,514 |
| TMR | Tempus Resources Ltd | 0.50 | 25.00 | 2,479,335 | $2,923,995 |
| QUE | Queste Communication | 5.50 | 25.00 | 4,700 | $1,191,183 |
| PFE | Panteraminerals | 5.60 | 24.44 | 4,162,448 | $6,688,015 |
| CCA | Change Financial Ltd | 6.90 | 23.21 | 241,441 | $35,149,038 |
Koonenberry Gold (ASX:KNB) has wowed with news of a capital raise led by cornerstone investor Lion Selection Group.
KNB will raise $2.35 million to advance exploration of its Bellagio and Atlantis Projects, including high impact drilling programs planned with “exciting” gold and copper targets.
Cybersecurity stock WhiteHawk (ASX:WHK) jumped 60% today and several hundred per cent last week, on the back of its AI strategy announcement last week.
Queensland renewable energy company Genex Power (ASX:GNX) announced that it has received an indicative bid proposal from Japan’s Electric Power Development, J-Power, valuing its equity at ~$380m or 27.5c a share.
Calix (ASX:CXL) soared after announcing that the Leilac-2 (Low Emissions Intensity Lime And Cement) project will be hosted at Heidelberg Materials’ (FWB: HEI) cement plant in Ennigerloh, Germany. The selection of Ennigerloh as the project’s host plant is the result of a thorough site assessment process that followed Heidelberg Materials’ decision to end clinker production in
Hanover, Germany.
FireFly Metals (ASX:FFM) announced more wide high-grade copper-gold intersections from its drilling program at the Green Bay project in Canada. Results include: 18.0m at 3.3% CuEq within a broader copper zone of 41.1m at 2.3% CuEq, and 18.8m at 3.5% CuEq within a broader copper zone of 47.1m at 2.4% CuEq.
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| 1AG | Alterra Limited | 0.30 | -50.00 | 1,528,395 | $5,224,144 |
| BP8 | Bph Global Ltd | 0.10 | -50.00 | 754,953 | $3,908,232 |
| TD1 | Tali Digital Limited | 0.10 | -33.33 | 2,810,000 | $4,942,733 |
| AQI | Alicanto Min Ltd | 2.90 | -25.64 | 186,814 | $23,998,135 |
| AVE | Avecho Biotech Ltd | 0.30 | -25.00 | 370,000 | $12,677,188 |
| CTN | Catalina Resources | 0.30 | -25.00 | 26,188 | $4,953,948 |
| HLX | Helix Resources | 0.30 | -25.00 | 300,462 | $9,292,583 |
| EDE | Eden Inv Ltd | 0.20 | -20.00 | 4,431,225 | $9,195,678 |
| IEC | Intra Energy Corp | 0.20 | -20.00 | 11,379,497 | $4,226,954 |
| KPO | Kalina Power Limited | 0.40 | -20.00 | 500,000 | $11,050,640 |
| PUA | Peak Minerals Ltd | 0.20 | -20.00 | 100,000 | $2,603,442 |
| ROG | Red Sky Energy. | 0.40 | -20.00 | 2,599,992 | $27,111,136 |
| SRH | Saferoads Holdings | 6.50 | -18.75 | 864 | $3,496,432 |
| ESK | Etherstack PLC | 23.00 | -17.86 | 76,930 | $36,956,361 |
| FSG | Field Solu Hldgs Ltd | 2.90 | -17.14 | 683,683 | $26,730,956 |
| ACE | Acusensus Limited | 65.00 | -16.67 | 905,262 | $98,591,981 |
| 88E | 88 Energy Ltd | 0.50 | -16.67 | 18,865,911 | $150,744,375 |
| EMT | Emetals Limited | 0.50 | -16.67 | 3,000 | $5,100,000 |
| ID8 | Identitii Limited | 1.00 | -16.67 | 2,486,109 | $5,162,856 |
| PAT | Patriot Lithium | 6.50 | -16.67 | 413,582 | $5,430,136 |
| AGY | Argosy Minerals Ltd | 13.50 | -15.63 | 6,746,496 | $224,705,200 |
| PFT | Pure Foods Tas Ltd | 6.50 | -14.47 | 59,866 | $8,382,398 |
| ABE | Ausbondexchange | 1.80 | -14.29 | 60,378 | $2,366,030 |
| ADY | Admiralty Resources. | 0.60 | -14.29 | 5,385 | $9,125,054 |
| FGL | Frugl Group Limited | 0.60 | -14.29 | 900,331 | $10,371,817 |
Articore Group (ASX:ATG) fell -10% after the Federal Court of Australia has reduced damages initially awarded to ATG in a case initiated by Hells Angels Motorcycle, regarding Hells Angels-related material uploaded by third-party sellers to the Redbubble (now ATG) marketplace. The trademark damages have been reduced from $78,000 to just $100.
Recharge Metals (ASX:REC) is acquiring the Newnham Lake uranium project in Canada’s Athabasca Basin – one of the world’s premier yellowcake districts currently producing about 20% of global supply – from DG Resource Management and Kalt Industries for a consideration of C$300,000 in cash and C$200,000 worth of shares priced at 6c each.
Brazilian rare earths hopeful Viridis Mining and Minerals (ASX:VMM) has received support from the State of Minas Gerais and the local municipality of Poços De Caldas via two non-binding MoUs which pave the way for its flagship Colossus project to clear upcoming regulatory and infrastructure hurdles.
QEM (ASX:QEM) has increased the vanadium endowment at its Julia Creek project in Queensland by 28%, while 2C oil content has jumped 32%, following an update to the petroleum resources management system.
Spartan Resources (ASX:SPR) has reported the deepest assay to date – and its third best gram x metre intersection so far – of 11.55m @ 36.77 g/t gold at the impressive Never Never deposit, increasing the likelihood of more high-grade ounces being added to the existing 952,000oz resource in WA’s Murchison region.
And infill underground drilling which returned high-grade hits of up at 14.5m @ 8.93% zinc and 0.5% lead has helped Variscan Mines (ASX:VAR) validate the resource model for its San Jose mine in Spain.
Rare Foods Australia (ASX:RFA)
At Stockhead, we tell it like it is. While QEM, Recharge Metals, Spartan Resources, Variscan Resources and Viridis Mining and Minerals are Stockhead advertisers, they did not sponsor this article.
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