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Closing Bell: UBS says gold has both colour and fizz; Macca’s says same for Skyfii, up 64%
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- ASX 200 hits 4-day peak. Applause!
- The little market rises about 0.2% higher
- The skies the limit for Macca’s bound Skyfii
The S&P/ASX 200 is ahead by about 0.35% at the close of trade in Sydney on Tuesday after hitting a four-day high. The weather is bright and hot. The mood is mute in the sombre city. The jacarandas let slip their tardy purple dreams on the afternoon asphalt.
The small cap ASX/XEC index is a breathless 0.2% higher.
And ahead of the Wall Street open on Tuesday in New York, Futures for the Dow Jones are almost exactly breakeven, while on the Nasdaq and broader S&P 500 they’re pointing to a slight -0.1% kick off.
Wall St rallied overnight as traders pumped while they could ahead of some already Trump-flavoured midterm elections and coin-toss inflation data to be unveiled later in the week.
The Dow Jones Industrial Average showed opportunistic mettle, ending 1.3% ahead.
The broader S&P 500 gained 1% and the tech-fat Nasdaq Composite found 0.9%, largely ignoring an official supply warning from Apple, which probably read about key supplier Foxconn’s latest China zero-production policy.
At almost 4pm AEST, shares in Taiwan and on Korea’s Kospi index are 1% ahead. In Japan the Nikkei’s having a great day, up 1.4%. While Chinese mainland and Hong Kong indexes are lower.
Meanwhile, UBS has put out the annual Global Economics and Markets Outlook 2023-24.
The Swiss fiscal thinkers have covered their bases nicely with this verbal straddling of the single biggest question traders face, saying next year we’re in for a “global recession of sorts.”
The investment bank has put GDP growth at an etiolated 2.1%, the weakest since 1993, discounting the Black Swans of COVID-19 and Pandemic and the US Housing collapse in 2008.
On the plus side, UBS reckons there’ll be a big rebound in the price of gold next year as the monetary policy squeeze continues.
The traditional safe haven, inflation hedge and headwear of kings, is usually a standout when the business of markets gets volatile, but global inflation and the central bank led interest rate tightening has taken a heap off the value of gold, if not the size and scope of inlfationary pressures.
But the Swiss investment bank says gold should be back on the menu, and soon. Looking ahead, the precious metal provides an attractive risk-reward looking ahead, UBS says.
ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| CODE | COMPANY | PRICE | % TODAY | VOLUME | MARKET CAP |
|---|---|---|---|---|---|
| SKF | Skyfii Ltd | 0.055 | 57% | 2,388,327 | $14,489,255 |
| TKM | Trek Metals Ltd | 0.1325 | 51% | 23,829,214 | $27,333,693 |
| SGA | Sarytogan | 0.315 | 37% | 8,240,952 | $14,192,643 |
| AVM | Advance Metals Ltd | 0.012 | 33% | 500,083 | $4,300,897 |
| MDI | Middle Island Res | 0.07 | 27% | 174,067 | $6,733,002 |
| RCR | Rincon | 0.14 | 27% | 2,003,555 | $6,300,640 |
| LDR | Lode Resources | 0.14 | 22% | 5,226,816 | $5,889,392 |
| AD1 | AD1 Holdings Limited | 0.018 | 20% | 988,490 | $10,510,969 |
| ERW | Errawarra Resources | 0.24 | 17% | 579,357 | $11,189,281 |
| GGG | Greenland Minerals | 0.055 | 17% | 5,445,689 | $63,719,969 |
| A3D | Aurora Labs Limited | 0.035 | 17% | 118,069 | $5,524,742 |
| IPT | Impact Minerals | 0.007 | 17% | 2,438,287 | $14,888,223 |
| JTL | Jayex Technology Ltd | 0.007 | 17% | 2,462,967 | $1,495,371 |
| RAN | Range International | 0.007 | 17% | 1,258,236 | $5,635,742 |
| M2M | Mtmalcolmminesnl | 0.078 | 16% | 265,798 | $4,172,492 |
| SKY | SKY Metals Ltd | 0.05 | 16% | 189,850 | $16,201,689 |
| CCZ | Castillo Copper Ltd | 0.022 | 16% | 4,015,363 | $24,690,602 |
| B4P | Beforepay Group | 0.405 | 16% | 54,000 | $12,190,226 |
| LLO | Lion One Metals Ltd | 0.895 | 15% | 8,881 | $8,920,830 |
| TGN | Tungsten Min NL | 0.09 | 15% | 544,029 | $61,340,313 |
| HTG | Harvest Tech Grp Ltd | 0.076 | 15% | 302,817 | $38,935,152 |
| BUS | Bubalusresources | 0.23 | 15% | 190,410 | $5,409,235 |
| PEC | Perpetual Res Ltd | 0.023 | 15% | 708,518 | $10,736,346 |
| FML | Focus Minerals Ltd | 0.155 | 15% | 52,293 | $38,685,417 |
Data analytics services firm Skyfii (ASX:SKF), rose 68.6% this morning according to the notoriously bad math of dormant english professor Gregor Stronach.
He says SKF is whopping on a deal with a US operation called McDonald’s:
The three-year deal will see Skyfii’s tech rolled out in eight of the 13,342 McDonald’s restaurants Stateside, snagging $2 million for SKF as it delivers “an industry first real-time whole of restaurant monitoring and analysis solution focused on improving restaurant operations, service efficiency, food freshness and customer satisfaction”.
Elsewhere, it’s Sarytogan Graphite (ASX:SGA), high-grade drilling results out of Kazakhstan and numbers which go like this:
-
22.9m @ 30.1% TGC from 16.2m incl. 5.1m @ 35.5% in ST-73
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25.1m @ 34.0% TGC from 17.9m incl. 17.9m @ 37.1% in ST-74
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69.6m @ 25.5% TGC from 20.2m incl. 4.7m @ 37.7% in ST-77
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15.9m @ 32.1% TGC from surface incl. 10.0m @ 38.1% in ST-78
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25.4m @ 33.2% TGC from surface incl. 5.0m @ 36.6%
- incl. 16.3m @ 36.4%
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26.4m @ 34.2% TGC from surface incl. 12.4m @ 37.8%
- incl. 11.4m @ 35.3% in ST-82A
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20.1m @ 33.4% TGC from surface incl. 8.4m @ 36.4%
- incl. 9.2m @ 36.5% in ST-82
-
74.1m @ 29.1% TGC from surface incl. 13.6m @ 36.3% ST-83
ASX SMALL CAP LAGGARDS
Here are the least performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| CODE | COMPANY | PRICE | % TODAY | Volume | MktCap |
|---|---|---|---|---|---|
| PHL | Propell Holdings Ltd | 0.027 | -34% | 11 | $4,351,463 |
| TSC | Twenty Seven Co. Ltd | 0.001 | -33% | 1,010,000 | $7,982,442 |
| CCE | Carnegie Cln Energy | 0.0015 | -25% | 1,283,155 | $31,285,147 |
| GTG | Genetic Technologies | 0.003 | -25% | 11 | $36,935,861 |
| MGG | Mogul Games Grp Ltd | 0.0015 | -25% | 11 | $6,526,882 |
| SIT | Site Group Int Ltd | 0.003 | -25% | 313,136 | $4,204,981 |
| SYN | Synergia Energy Ltd | 0.0015 | -25% | 22,095 | $16,835,581 |
| VPR | Volt Power Group | 0.0015 | -25% | 1,049,275 | $18,689,067 |
| CBY | Canterbury Resources | 0.034 | -23% | 11 | $5,897,035 |
| NCL | Netccentric Ltd | 0.05 | -22% | 11 | $18,112,746 |
| AIV | Activex Limited | 0.039 | -20% | 1 | $10,586,576 |
| MXO | Motio Ltd | 0.028 | -20% | 20,919 | $9,016,075 |
| NNG | Nexion Group | 0.08 | -20% | 11 | $8,087,101 |
| AQX | Alice Queen Ltd | 0.002 | -20% | 14 | $5,500,625 |
| AVE | Avecho Biotech Ltd | 0.008 | -20% | 11 | $18,378,693 |
| KFE | Kogi Iron Ltd | 0.004 | -20% | 284,034 | $8,160,389 |
| ROO | Roots Sustainable | 0.002 | -20% | 351,011 | $2,288,582 |
| IGN | Ignite Ltd | 0.062 | -17% | 1 | $6,718,663 |
| BPP | Babylon Pump & Power | 0.005 | -17% | 11 | $14,746,628 |
| DW8 | DW8 Limited | 0.0025 | -17% | 40,518,201 | $8,854,568 |
| PCL | Pancontinental Energ | 0.005 | -17% | 8,801,510 | $45,325,337 |
| PUA | Peak Minerals Ltd | 0.005 | -17% | 5,651,954 | $6,248,225 |
| TD1 | Tali Digital Limited | 0.0025 | -17% | 650,011 | $3,697,892 |
| GTI | Gratifii | 0.016 | -16% | 367,335 | $19,114,514 |
| MCM | Mc Mining Ltd | 0.22 | -15% | 83,671 | $51,390,266 |
A FEW WHICH MAY’VE SLIPPED UNDER THE RADAR
With
Love & Affection
from G
Hi all, you can read an unabridged version of this copy over at the much classier late arvo section called Last Orders, that’s where the real crimes against language and finance meet every afternoon near 4pm.
Back to Monday’s Gascoyne Resources’ (ASX:GCY) announcement.
The 2H23 guidance for the Dalgaranga Gold Project appeared to be innocuous enough until:
At 12:23pm Tuesday, Gascoyne told the market its shares were suspended from trade, immediately. At 12:49pm GCY released another statement saying its business was no longer a going concern.
What exactly happened in those 26 minutes that made GCY go from updating the market to, we can’t go on, this is over and the endeavour is unsustainable, and i’m leaving?
Gregor probably knows.
TRADING HALTS
Tymlez Group (ASX:TYM) – capital raise
NickelX (ASX:NKL) – pending update regarding diamond drilling at Cosmos South
