The ASX Emerging Companies Index (XEC) and the ASX200 (XJO) are down 3% and 2.2% respectively after a bit of a Friday sell off.
It’s not brain surgery: the Americans got pumped when The Fed didn’t cut as deeply as they could’ve. We followed.
Then the poms (ECB) cut deeply, saying ‘aye-oop we reckon this inflation is all double digits ‘n such.
Then the Americans got up the next day (it was the cold light of) and they had a wee panic – the Dow Jones Industrial Average lost over 3%, the S&P 500 -3.6% and the tech-heavy Nasdaq – 5%.
And then the we did – the XPJ – that’s A-Reits and Info tech are getting smashed. Down 3% and 4%.
The benchmark is going to fall the most it has in a single week since October and the XEC has shed some 6.6% for the week.
TODAY’S BIGGEST SMALL CAP WINNERS
(Stocks highlighted in yellow rose after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| IPTRA | Impact Minerals - Rights 13-May-22 | 0.002 | 100% | 4,853,687 |
| TSC | Twenty Seven Co. Ltd | 0.004 | 33% | 2,778,734 |
| HCD | Hydrocarbon Dynamic | 0.0365 | 30% | 30,297,849 |
| NZK | NZK Salmon Ltd | 0.28 | 27% | 444,695 |
| OEQ | Orion Equities | 0.375 | 23% | 8,500 |
| AVE | Avecho Biotech Ltd | 0.022 | 16% | 7,564,745 |
| AYM | Australia United Min | 0.008 | 14% | 1,086,066 |
| SCL | Schrole Group Ltd | 0.008 | 14% | 180,000 |
| CVC | CVC Limited | 2.41 | 14% | 26,500 |
| ACR | Acrux Limited | 0.085 | 13% | 375,588 |
| TEE | Topendenergylimited | 0.3 | 13% | 4,153,955 |
| YOW | Yowie Group | 0.053 | 13% | 154,407 |
| BXN | Bioxyne Ltd | 0.018 | 13% | 43,127 |
| X2M | X2M Connect Limited | 0.14 | 12% | 11,584 |
| FSI | Flagship Investments | 2.18 | 12% | 13,600 |
| AUQ | Alara Resources Ltd | 0.049 | 11% | 217,070 |
| OEC | Orbital Corp Limited | 0.3 | 11% | 133,050 |
| FRM | Farm Pride Foods | 0.16 | 10% | 4,406 |
| DNK | Danakali Limited | 0.27 | 10% | 205,742 |
| BRK | Brookside Energy Ltd | 0.022 | 10% | 13,502,759 |
| CLE | Cyclone Metals | 0.0055 | 10% | 8,209,159 |
| JXT | Jaxstaltd | 0.044 | 10% | 1,315,227 |
| PG1 | Pearl Global Ltd | 0.022 | 10% | 632,980 |
| QGL | Quantum Graphite | 0.34 | 10% | 1,078,964 |
| CLH | Collection House | 0.115 | 10% | 247,001 |
Lode Resources (ASX:LDR) Don’t really know what’s happening here. By all laws this is one lode that Manny could take off.
Up almost 10% when the world is in a funk, Reubs says LDR listed mid-2021 with three main projects – ‘Uralla’ (gold), ‘Fender’ (base metals) and ‘Webbs Consol’ (silver, zinc) — in the underexplored New England Fold Belt of NSW, north of the better-known Lachlan Fold.
Recent phase 1 drilling at Webbs Consol’s historical ‘Main Shaft’ prospect hit some thick high-grade numbers, including a highlight 27.50m @ 467g/t AgEq or 9.44% ZnEq from 104.6m.
LDR is currently drilling a bunch of high priority targets including several shafts with a history of high-grade silver production along a 3km strike.
The company reckons a heap of metals have been overlooked.
“The overall mineral potential for a number of metal occurrences in the Fender Copper Project and others owned by Lode may be highly underestimated.”
The $7.1m market cap stock is down 18% year-to-date. It had $2.9m in the bank at the end of March. Thank you Reuben ‘Grizzly’ Adams. The man certainly knows his rocks and them wot dig them.
Whoa wait – late mail – I almost forgot. We are STILL on East33 watch here at your favourite Stockhead (actually, there’s just one) and E33 is up over 13%. Un. Real.
TODAY’S BIGGEST SMALL CAP LOSERS
(Stocks highlighted in yellow fell after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume |
|---|---|---|---|---|
| AMS | Atomos | 0.305 | -49% | 41,062,174 |
| C79 | Chrysoscorpltd | 4.11 | -37% | 1,805,893 |
| TPC | TPC Consolidated Ltd | 1.72 | -23% | 893 |
| CML | Chase Mining Limited | 0.012 | -20% | 1,823,077 |
| NVU | Nanoveu Limited | 0.02 | -20% | 1,110,081 |
| TGH | Terragen | 0.18 | -20% | 152,070 |
| LNY | Laneway Res Ltd | 0.004 | -20% | 501,316 |
| SIT | Site Group Int Ltd | 0.004 | -20% | 500,000 |
| RAB | Adrabbit Limited | 0.041 | -20% | 41,140 |
| IAM | Income Asset | 0.145 | -19% | 570,599 |
| LNU | Linius Tech Limited | 0.009 | -18% | 8,809,279 |
| RXH | Rewardle Holding Ltd | 0.009 | -18% | 190,476 |
| SHO | Sportshero Ltd | 0.023 | -18% | 1,427,852 |
| AR3 | Austrare | 0.555 | -18% | 269,352 |
| SRN | Surefire Rescs NL | 0.033 | -18% | 58,136,162 |
| KOB | Kobaresourceslimited | 0.19 | -17% | 1,433,013 |
| OVT | Ovato Limited | 0.125 | -17% | 1,200 |
| EMU | EMU NL | 0.0135 | -16% | 5,281,888 |
| HCT | Holista CollTech Ltd | 0.033 | -15% | 89,741 |
| ARV | Artemis Resources | 0.039 | -15% | 7,273,998 |
| IVO | Invigor Group Ltd | 0.04 | -15% | 72,635 |
| WWG | Wisewaygroupltd | 0.18 | -14% | 47,200 |
| XST | Xstate Resources | 0.003 | -14% | 164,175 |
| GME | GME Resources Ltd | 0.125 | -14% | 632,711 |
| MOQ | MOQ Limited | 0.063 | -14% | 142,000 |
Well, just a terrible day to IPO.
The CSIRO-backed mining-tech firm Chrysos Corp (ASX:C79) ‘coming out party really makes one want to go back in, giving up a third of its market value on day 1.
The company backed by the hilt by 22% shareholder the science-y peeps at the CSIRO, does techy-research and analysis for the gold sector. A fine niche, one would think. They use X-rays that bombard rock samples and consequently activate gold atoms and the like.
Chrysos raised circa $185 million at $6.50 a pop, in what many reckoned would be one of the fatter float of ’22.
Atomos (ASX:AMS) is updating the market with prudent but unwelcome news that FY22 revenue is now expected to be $80m – $90m, and EBITDA margin is now expected to be 6% – 8%. That’s a significant drop on previous guidance.
While Atomos confirms previous ARR guidance for FY23 ($3m+) and FY24 ($6m+) and expects double digit EBITDA margins in FY23, Trevor Elbourne, interim CEO, rightly says: “It is extremely disappointing to be revising our FY22 guidance, particularly considering the strong sales results achieved during 1H FY22.
Atomos has been whacked by lower than expected sales in the first four months of the calendar year due to a change in marketing approach and lower promotional activity. This approach was corrected mid-April and promotional activity has been reinstated, and those COVID-lockdowns in Shanghai may “impact the short-term production schedule for a new Connect product and is factored into the revised guidance.”
With new products in market, and the appropriate promotional levers reactivated, Elbourne says, “we expect a strong Q4 which will ensure that we maximise the sales of our physical devices and in turn, adoption of the new connected ecosystem.”
Down 43%.
Take it away Sophie E-B:
ANNOUNCEMENTS YOU MAY’VE MISSED
The clean conversion tech company Pearl Global (ASX:PG1) wants to raise $3 million – from sophisticated and professional investors – including ROC Asset Management and Director participation (subject to required shareholder approvals).
The Company will issue up to 150,000,000 shares at a price of 2 cents a pop in two tranches with cornerstone shareholder, ROC in for $500,000, (25 million shares) and Chairman Mike Barry, going in for $100,000 (5 million shares) on the same terms as the placement, subject to shareholder approval. The clean conversion technology company says the funds will be used in the further development and installation of infrastructure and equipment for the current site at Stapylton, Queensland.
Pearl says it has also appointed Andrew Cook as Chief Financial Officer following the commencement of David Wheeley as CEO on January 30
One could say unjustly down 12% on Friday is Moho Resources Ltd (ASX:MOH) which ID’d all kinds of new nickel targets for drill testing at its Black Swan South Nickel prospect out at the Silver Swan Nickel Mine following a review of historical data.
MOH says it’s discovered prospective lithologies with heaps of potential to hold nickel within an area containing a large magnetic anomaly 4.3 kilometres south-southwest of the Black Swan nickel mine.
TRADING HALTS
Incannex Healthcare (ASX:IHL) – trading halt, pending results of its extensive preclinical study assessing IHL-216A in a sports concussion model
Spirit Technology Solutions (ASX: ST1) – trading halt, pending an announcement in relation to the Fixed Wireless Infrastructure Divestment
Minbos Resources (ASX:MNB) – trading halt, pending the release of a material announcement regarding the Company’s Green Ammonia Project
Tombola Gold (ASX:TBA) – trading halt, regarding a proposed capital raising