- ASX 200 is flat
- Small Caps index is flatter, let’s call it tepid
- Lots of fun rumours to dissect
So the Hang Seng Tech index lost nearly 2% when it opened this morning.
And while most major indices across the Asia-Pacific ‘hood were indeed lower, the morning’s calamity was pinned on a Financial Times report suggesting China plans to divvy-up it’s very troubled US-listed companies into three groups depending on the sensitivity of the exposed data.
Putting the kibosh on that is another report, this one from CNBC, saying China’s securities regulator in a rare responsive statement said that it has not researched said so-called three-tiered delisting plan.
The China Securities Regulatory Commission (CSRC) said ‘companies should comply with data security and listing rules, regardless of whether they were going public on the mainland or abroad.’
The regulator added – sounding a little miffed – that any other info from ongoing discussions with US regulators should come from official announcements.
Another terrific bit of market-moving goss has just been breathlessly shared by the Wall Street Journal.
This one is suggesting Elon Musk has had an affair with the wife of Sergey Brin, infuriating the Google co-founder to file for divorce, advised all Musk-related investments be withdrawn and effectively ended the tech billionaires’ long friendship, according to people familiar with the matter, the WSJ adds.
A little Google love would be handy as Musk prepares to front court over the withdrawal of his $44 billion bid for Twitter.
The ASX 200 is trading at an impressive equilibrium. It’s flat as English beer. The trade as tepid as English beer. And the volumes are awfully light for anyone planning to get pleasure out of English beer.
A trading update from Flight Centre has helped get that old bucket of bolts off the ground and propelled some decent gains for the overall Travel sector
The ASX Emerging Companies (XEC) index is slightly lower, ahead of what City Index legend Tony Sycamore says could very well be “a pivotal week for international and domestic markets.”
Tucked in between an FOMC meeting, the American Q2 GDP data, and the earnings reports from the US mega techs, is the release of Australian Q2 inflation data.
“A firmer Aussie Q2 CPI number on Wednesday, followed by a hawkish Fed on Thursday morning, would raise the chances that the RBA opts for a 65 or 75bp rate hike when it meets next Tuesday,” Tony told Stockhead.
Following strong gains and a timid end to trade last week in the states, new week the high beta tech sector has been the worst performer.
Finally energy names are lower as the Energy Sector has swung in behind retreating crude oil prices.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 21 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Market Cap |
|---|---|---|---|---|
| GNX | Genex Power Ltd | 0.195 | 44% | $186,998,913.90 |
| CLE | Cyclone Metals | 0.004 | 33% | $18,312,710.95 |
| NIS | Nickelsearch | 0.145 | 32% | $6,633,596.31 |
| SHN | Sunshine Gold Ltd | 0.036 | 29% | $13,099,036.44 |
| DTC | Damstra Holdings | 0.24 | 26% | $48,962,313.72 |
| CAU | Cronos Australia | 0.275 | 25% | $121,514,724.76 |
| GGX | Gas2Grid Limited | 0.0025 | 25% | $8,116,204.16 |
| PRM | Prominence Energy | 0.0025 | 25% | $4,849,217.64 |
| WBE | Whitebark Energy | 0.0025 | 25% | $11,296,438.39 |
| AWJ | Auric Mining | 0.08 | 23% | $3,951,111.97 |
| COY | Coppermoly Limited | 0.011 | 22% | $19,745,612.36 |
| THR | Thor Mining PLC | 0.011 | 22% | $9,620,108.76 |
| BCC | Beam Communications | 0.29 | 21% | $20,741,261.04 |
| ARE | Argonaut Resources | 0.003 | 20% | $9,015,511.96 |
| ODY | Odyssey Gold Ltd | 0.048 | 20% | $21,297,218.20 |
| RON | Roninresourcesltd | 0.16 | 19% | $3,914,742.96 |
| TCG | Turaco Gold Limited | 0.06 | 18% | $21,813,550.12 |
| NNG | Nexion Group | 0.098 | 17% | $6,793,164.50 |
| BEL | Bentley Capital Ltd | 0.07 | 17% | $4,567,675.08 |
| CBE | Cobre | 0.05 | 16% | $7,112,501.43 |
| MGL | Magontec Limited | 0.395 | 16% | $26,087,931.40 |
| DRE | Dreadnought Resources Ltd | 0.059 | 16% | $144,772,861.10 |
| ZGL | Zicom Group Limited | 0.074 | 16% | $13,731,840.51 |
| DRM | Demetallicalimited | 0.26 | 16% | $19,540,939.28 |
| CAQ | CAQ Holdings Ltd | 0.015 | 15% | $9,331,221.65 |
Genex Power (ASX: GNX) shares went heavenwards on this morning’s news of a takeover bid to acquire shares at 23 cents – a 70 per cent premium to the company’s closing price last week.
The very keen consortium includes the Skip Essential Infrastructure Fund (SEIF) which currently holding 19.99 per cent of GNX shares. Genex says the proposal was unsolicited and it hasn’t decided what to do.
$25m market cap goldie Odyssey Gold (ASX:ODY) returned ‘outstanding’ high-grade results of 4m at 53.9g/t gold from the Maybelle deposit in Western Australia.
Part of the Tuckanarra Project in the Murchison Goldfields, Maybelle is where five shallow pits were mined back in the 1990s producing 101.1koz at an average grade of 3.9g/t gold. Because the 90’s really were that good.
Nickel Search (ASX:NIS) shares have killed Monday dead, but there’s some positivity in the air – and not just for nickel.
Last week the metal minnow appointed a couple high calibre additions to its technical and management team.
These include exploration manager Andy Pearce and financial and commercial manager Tanya Newby while chief financial officer Peter Evans stepped down from his role to pursue a career as non-executive director.
NIS managing director Nicole Duncan said at the time these two appointments placed the company in good stead to further its nickel sulphide exploration strategy at the Carlingup Project.
“With a major greenfield exploration campaign in planning at four of our 11 high-priority targets, and refinement of the drilling targets now well progressed, we are incredibly excited by the added capability this well credentialed team will bring to the project.”
I’m rooting a bit for the team at MoneyMe (ASX:MME) where the share price is up about 12% on Monday, after the alt-ender reported a full year revenue tornado and a cash net profit of $10 million.
Revenue jumped 138% to circa $138 million.
MME boss Clayton Howes ate and swallowed SocietyOne earlier this year, which his company says added $15 million in sales from mid-March alone.
ASX SMALL CAP LOSERS
Here are the best performing ASX small cap stocks for July 21 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Market Cap |
|---|---|---|---|---|
| AUK | Aumake Limited | 0.004 | -33% | $4,628,681.54 |
| EVE | EVE Health Group Ltd | 0.001 | -33% | $7,575,724.00 |
| NTL | New Talisman Gold | 0.001 | -33% | $4,690,838.04 |
| LVT | Livetiles Limited | 0.06 | -29% | $78,456,811.01 |
| HXG | Hexagon Energy | 0.018 | -25% | $12,309,981.62 |
| MYG | Mayfield Group Ltd | 0.28 | -22% | $32,610,921.84 |
| ACB | A-Cap Energy Ltd | 0.068 | -22% | $107,221,852.48 |
| EML | EML Payments Ltd | 0.935 | -22% | $446,288,063.93 |
| NTM | Nt Minerals Limited | 0.023 | -21% | $18,383,121.17 |
| CMO | Cosmometalslimited | 0.135 | -21% | $4,336,700.00 |
| HAL | Halo Technologies | 0.465 | -18% | $73,170,680.39 |
| AOF | Australian Unity Off | 1.84 | -17% | $363,287,395.77 |
| MRL | Mayur Resources Ltd | 0.063 | -16% | $18,115,774.73 |
| FGL | Frugl Group Limited | 0.016 | -16% | $3,850,391.71 |
| ROC | Rocketboots | 0.11 | -15% | $4,127,500.00 |
| SGA | Sarytogan | 0.33 | -15% | $23,622,160.77 |
| APX | Appen Limited | 5.59 | -15% | $813,511,486.04 |
| DOU | Douugh Limited | 0.028 | -15% | $19,630,191.21 |
| OSX | Osteopore Limited | 0.14 | -15% | $19,349,259.27 |
| TBA | Tombola Gold Ltd | 0.0325 | -14% | $36,299,487.61 |
| ALM | Alma Metals Ltd | 0.012 | -14% | $10,352,611.60 |
| DXN | DXN Limited | 0.006 | -14% | $10,299,203.85 |
| RMX | Red Mount Min Ltd | 0.006 | -14% | $11,496,547.01 |
| CTT | Cettire | 0.455 | -14% | $202,056,256.60 |
| DEV | Devex Resources Ltd | 0.255 | -14% | $92,684,270.86 |
Gregor Stronach has a few gentle observations on some of the larger stragglers today:
The Dicker Data (ASX:DDR) share price has been rogered today beneath a quarterly report that the company and market considered rather unpleasant.
A somewhat decent activity report from Nanosonics (ASX:NAN) sharply lower, has been roundly rejected by investors, and PolyNovo (ASX:PNV), which enjoyed a huge rush of support late last week, has handed its arse back, now that the market’s seen the company’s quarterlies.
And SportsBet (ASX:PBH) is down 6.4%. What were the odds on that?
And here’s some of these injured tech – largely payments – names:
EML Payments (ASX:EML) down over 20%, (EML is having trouble with its Irish remediation plan)
Appen (ASX:APN) fell 13.5%.
Sezzle (ASX:SZL) lost 10% and Tyro Payments (ASX:TYR) still has lots of basis points to give away – this time about 650 of them.
WHAT YOU MAY’VE MISSED, BECAUSE IT’S BEEN A HELLA BUSY MONDAY
Astro Resources (ASX:ARO) has delivered some disappointing news to the market this afternoon, after the final round of drilling at its Needles Gold project in the US has come up pretty much empty. The company’s statement, which reads like it’s having a terrible day, says the best they found came at depth between 20m-60m, averaging 30ppb Au with a highest value of 239ppb Au.
Faring a lot better with its drilling results was Tulla Resources (ASX:TUL), which has released news of its exploration at the Green Lantern site in the Green the Norseman Gold Project it holds a 50% stake in – and there’s some sweeeeet lookin’ numbers in amongst it all, including:
- 1.3m @ 21.16g/t Au from 259.7m
- 4 m @ 13.32g/t Au from 100m
- 1 m @ 15.23g/t Au from 259m
- 4 m @ 10.09g/t Au from 91m
And that’s about all the ASX announcements news today, because there are so many trading halts it’s a dead-set miracle the doors at the ASX were even open this afternoon.
TRADING HALTS
Dart Mining NL (ASX:DTM) – There’s a “major” earn-in and joint venture agreement transaction in relation to its Dorchap Lithium Project on the table.
Lindian Resources (ASX:LIN) – There’s an update on the way about the proposed acquisition of Rift Valley Resource Developments and its Kangankunde Rare Earths Project in Malawi.
MedAdvisor (ASX:MDR) – MedAdvisor says that an announcement regarding a material acquisition and a capital raising is on the way, and you should get that mole on your upper thigh checked out by a specialist.
Greenland Minerals (ASX:GGG) – Market update on developments from the Greenland Government, which is most likely to not be about Vikings which is a shame because Vikings are cool.
Rafaella Resources (ASX:RFR) – Capital Raaaaaise! Sorry… just trying to jazz things up a little.
X2M Connect (ASX:X2M) – Capital Raisin’, which is just like a capital grape but heaps less juicy.
Tempus Resources (ASX:TMR) – It’s a capital raise, because sometimes in life, you’ve just gotta say “fugit”. (It’s Latin. ‘Tempus fugit’ = Time flies. Or, more accurately, ‘time flees’. It’s where we get the word ‘fugitive’ from. But it also rhymes with [redacted] if you mispronounce it.)
Adavale Resources (ASX:ADD) – There’s a capital raise, and hey look! Shiny things!
Santana Minerals (ASX:SMI) – There’s news of positive drilling results at the company’s Bendigo-Ophir Gold Project. So… it’s blistering guitar solos for everyone!
MPower Group (ASX:MPR) – Someone’s gonna raise some capital, baby!
Globe Metals & Mining (ASX:GBE) – Globe’s calling for a time-out, so it can get on top of managing its continuous disclosure requirements.