• Small caps up 0.86% while global markets wait for US midterm election results 
  • Aussies have hit a record 1 million side hustles as the cost of living rises
  • ReNu Energy nabs $100m investment from superannuation fund for green hydrogen project

 

Small caps managed to finish fairly steady today, up 0.86% with local markets unable to complete sidestep the tension coming out of the US right now with the midterm elections.

The Democrats narrow control of both chambers is up for grabs. Nonpartisan analysts are projecting Republicans will take control of the House of Representatives, leading to a divided government and potentially limiting the scope of the Biden administrations legislative plans.

This Aussie seemed pretty sure he could make all the difference…

 


It remains to be seen if the good old US of A is going to descend into a fascist takeover/civil war situation, but there’s no denying the fact that the results may affect the sharemarket, bond markets and the US dollar. 

“It’s no exaggeration to say that midterm elections are one of the best historic buy signals for equities we have,” said Jim Reid, Deutsche Bank’s global head of credit strategy, in a note.

Unless there is some very unusual result to the congressional elections, investors will quickly turn their attention to Thursday morning’s inflation report and its implications for Fed policy, analysts said.

“Since World War II, the US stock market has done best, on average, in the third year of a presidential term,” said AJ Bell investment director Russ Mould, adding that investors will be hoping a more dovish US Federal Reserve and government economic pump-priming will fuel solid equity gains in 2023.

On our side of the pond, data from the Australian Bureau of Statistics (ABS) estimates that average weekly household expenditure totalled $1,594.18 in the September quarter of 2017.

And using quarterly changes in the consumer price index over the five years since, CommSec estimates that the average family spent $1,835.47 a week in September quarter 2022. 

This represents a gain of $123.01 a week over the past year or 7.2 per cent. 

New dwelling purchase or rents were the big costs, and apparently a third of Aussies pay for neither of those things (cos they’re boomers probably) with food spending was estimated at $305.04 a week in September quarter 2022, up $25.52 a week over the past year or 9.1 per cent.

And wages haven’t caught up with the cost of living. Data from the ABS shows over the year to May (latest data) a worker on the average wage achieved a 1.9 per cent wage increase, amounting to $21.70 a week.

And it turns out, a record number of Aussies now have a side hustle – 1 million to be precise – to either cover the growing cost of living, fill job vacancies or apparently just because they like it.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks:

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

Code Company Price % Volume Market Cap
TSC Twenty Seven Co. Ltd 0.002 100% 6,552,488 $5,321,628
RNE Renu Energy Ltd 0.076 90% 119,569,213 $14,582,640
G50 Gold50Limited 0.15 50% 341,891 $5,694,300
ANL Amani Gold Ltd 0.0015 50% 15,985,740 $23,693,441
AO1 Assetowl Limited 0.0015 50% 1,526,534 $1,572,130
ADV Ardiden Ltd 0.008 33% 71,328,237 $16,010,012
AFW Applyflow Limited 0.002 33% 510,000 $4,436,412
CCE Carnegie Cln Energy 0.002 33% 4,377,905 $23,463,861
CFO Cfoam Limited 0.004 33% 132,304 $2,201,522
SYN Synergia Energy Ltd 0.002 33% 269,650 $12,626,686
AQI Alicanto Min Ltd 0.065 30% 5,825,996 $20,630,681
FML Focus Minerals Ltd 0.195 26% 291,095 $44,416,590
AQX Alice Queen Ltd 0.0025 25% 1,917,000 $4,400,500
DW8 DW8 Limited 0.0025 25% 9,055,584 $5,903,045
FAU First Au Ltd 0.005 25% 100,000 $3,725,644
AM7 Arcadia Minerals 0.315 21% 1,917,748 $12,141,452
AML Aeon Metals Ltd. 0.029 21% 13,904,657 $26,242,339
EMU EMU NL 0.006 20% 447,508 $3,436,341
GLV Global Oil & Gas 0.003 20% 3,662,032 $4,683,387
MRQ Mrg Metals Limited 0.006 20% 3,616,499 $8,735,293
ROG Red Sky Energy. 0.006 20% 4,659,458 $26,511,136
PHL Propell Holdings Ltd 0.032 19% 119 $2,865,597
ADN Andromeda Metals Ltd 0.046 18% 14,329,997 $121,290,329
AAU Antilles Gold Ltd 0.041 17% 572,524 $14,552,449
BGD Bartongoldholdings 0.175 17% 572,596 $12,893,883
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ReNu Energy (ASX:RNE) has secured a $100 million investment from Australian health and community services dominated super fund HESTA for its Green Hydrogen Projects. 

“We continue to look for opportunities like this to invest in innovative technologies and businesses that will support the transition to a low carbon future,” HESTA chief investment officer Sonya Sawtell-Rickson said. 

“Investments like this will help create jobs and support communities, while delivering attractive risk- adjusted returns for our members.”

The fund has more than 950,000 members (over 80% are women) and manages over $68 billion in assets invested around the world. 

“By providing innovative climate solutions, this investment will also serve our members’ best financial interests over the long-term by contributing to an equitable, orderly and timely transition to net zero emissions by 2050 in order to minimise the systemic risks of climate change,” Sawtell-Rickson added.

The RNE Group will be responsible for delivery and operation of the Green Hydrogen Projects, will be entitled to a fee for originating and progressing Green Hydrogen Projects and will be responsible for securing debt and grant funding for the Green Hydrogen Projects. 

HESTA will be provided a first right of refusal to invest in existing and new Green Hydrogen Projects.

Gold 50 (ASX:G50) has picked up the high-grade historic White Caps Mine in Nevada – which produced more than 125,000 ounces at circa 30g/t gold – for a sweet US$10m.

“This low-cost acquisition has not been actively explored since the 1990’s due to ownership issues,” MD Mark Wallace said.

“Nevada is the premier gold mining jurisdiction as it produces around 5% of the world’s gold and it is notable that Tier 1 mining companies such as Freeport, Rio Tinto and Newcrest have all increased their exploration in Nevada over the past year. Freeport drilled the White Caps Project during the early 1980’s. 

“White Caps is the most prospective property within Nevada’s Manhattan Mining District and Gold 50 has a unique opportunity to secure a poorly tested Carlin-style gold system where ore grading more than an ounce per tonne was mined.” 

The plan is to integrate existing datasets and refine the geological model to effectively target the mineralisation before drill testing.

And another miner picking up projects is Alicanto Minerals (ASX:AQI) who is acquiring the historic Falun mine, adjacent to its existing Greater Falun project in Sweden – bringing its landholding to ~300sqkm in the mining district.

Falun was a monster in its day, producing 28Mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver over an estimated 1000 years but closed in 1992 amidst low commodity prices.

AQI says that despite its world class credentials, Falun has received little follow-up modern exploration since its closure. It’s geologists are now poring over old mine data.

 

ASX SMALL CAP LOSERS

Here are the best performing ASX small cap stocks:

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

Code Company Price % Volume Market Cap
LHM Land Homes Grp Ltd 0.006 -57% 1 $14,691,450
PRM Prominence Energy 0.001 -50% 8,884 $4,849,218
TAS Tasman Resources Ltd 0.011 -27% 9,531,577 $10,067,289
CNJ Conico Ltd 0.0085 -23% 58,805,962 $16,004,649
EPX Ept Global Limited 0.036 -22% 1 $8,366,563
CLE Cyclone Metals 0.002 -20% 55,962,696 $15,291,842
TKM Trek Metals Ltd 0.11 -19% 13,205,334 $42,579,335
99L 99 Loyalty Ltd. 0.015 -17% 95,798 $20,874,290
KZA Kazia Therapeutics 0.105 -16% 894,337 $20,426,122
BEZ Besragoldinc 0.034 -15% 119,386 $10,084,549
AEV Avenira Limited 0.018 -14% 10,659,330 $25,809,348
LNU Linius Tech Limited 0.003 -14% 1,500,000 $8,440,365
NUH Nuheara Limited 0.275 -14% 636,540 $43,902,504
VTI Vision Tech Inc 0.22 -14% 6,000 $6,273,381
BML Boab Metals Ltd 0.3 -13% 1,525,133 $52,955,267
HCT Holista CollTech Ltd 0.027 -13% 22,000 $8,642,802
ANX Anax Metals Ltd 0.056 -13% 2,610,987 $25,960,202
AUK Aumake Limited 0.0035 -13% 2,894,000 $3,085,788
CAD Caeneus Minerals 0.0035 -13% 48,000 $21,382,420
RNT Rent.Com.Au Limited 0.035 -13% 500,461 $17,627,680
FG1 Flynngold 0.11 -12% 37,802 $8,007,631
HMY Harmoney Corp Ltd 0.5375 -12% 34,191 $61,948,908
WTL Wt Financial Grp Ltd 0.075 -12% 96,200 $27,810,799
ECG Ecargo Hldg 0.015 -12% 29,905 $10,459,250
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Tasman Resources (ASX:TAS) was the biggest loser, after announcing the restructuring of the US operations of Eden Innovations – which it holds 28.40% of through subsidiary Noble Energy.

Eden makes the high performance concrete admixture EdenCrete but is trying to reduce operating costs by letting a a bunch of its workforce go, but says it will still maintain full production capabilities.

 

TRADING HALTS

3iQ CoinShares Bitcoin Feeder ETF – In a halt pending an announcement of some sort.

3iQ CoinShares Ether Feeder ETF – Samesies! 

Jervois Global (ASX:JRV) – Equity raising.

Accelerate Resources (ASX:AX8) – Capital raising.

Elixir Energy (ASX:EXR) – Elixir’s got an announcement in connection with the contingent resource booking for its 100% owned Queensland asset ATP 2044.

iTech Minerals (ASX:ITM) – Capital raising.

West Cobar Metals (ASX:WC1) – Capital raising.

Structural Monitoring Systems (ASX:SMN) – Interesting news for SMN regarding a purchase order from a commercial airline.

 

 

 

 

 

 

 

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