Skittish, volatile, topsy-turvy, not quite a blood bath, better than expected. There are lots of terms which could be used to describe the ASX as we close the week, and head for a hike or the polls for a Federal Election.

For the microcap Emerging Companies index, the colour was green today, finishing up 1.14%.

Across markets more broadly, the tech sector, which has faced heavy sell-offs in recent times, led the winners, up ~4.72%, followed by materials and consumer discretionary each up ~2%. The energy sector was the only sector in the red today, down 1.42%.

Friday’s gains came despite futures pointing to a fall on the local bourse early this morning after all three major US stock indexes the S&P 500, Dow Jones and Nasdaq fell again.

US investors continue to focus on the possibility of a faster Fed hike pace on the back of higher inflation.

The European markets dropped with London’s FTSE 100 closed down 1.8% on Thursday.

The Chinese market was supported by soaring momentum in the renewable energy sector, after the European Union overnight unveiled a new plan to accelerate the region’s green energy transition.

 

TODAY’S BIGGEST SMALL CAP WINNERS

(Stocks highlighted in yellow rose after making announcements during the trading day).

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Coal junior Terracom (ASX:TER)  founder and executive chairman Craig Ransley reached out to Stockhead on Friday to explain a substantial block sale in the company.

Ransley said Thursday’s aftermarket block sale was a line of 29.1 million shares at 61 cents per share (the same as the closing price), equating to ~$17.8 million.

He said the block sale was Asian investor OCP Group, who were TerraCom’s primary bond holders and have been strong supporters of the company and management for over 7 years.

He said their bonds will be completely paid out as of next week as announced to the market.

“Their sale of equity was inline with their ordinary course of business activities , whereby they hold equity whilst being a debt holder then when their debt is extinguished they sell their equity position,” Ransley said.

“As Chairman I would like to thank them for their fantastic support over many years that has developed into a friendship.

“We wish them well with all their other investments and on a final note we would like to thank the loyal institutions/investors that bought the shares on market yesterday.”

Shares in Terracom are up ~14% today to 70 cents.

 

TODAY’S BIGGEST SMALL CAP LOSERS

(Stocks highlighted in yellow fell after making announcements during the trading day).

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ANNOUNCEMENTS YOU MAY HAVE MISSED

Stockhead’s resident funny guy (but also very clever) Gregor Stronach has compiled a list of Friday’s announcements worth noting.

Intelligent Monitoring Group (ASX:IMB) says it’s made a play for Mammoth Technologies Group, swapping $4 million ($2 million in stock and $2 million in walking around money) for all the apples in the Mammoth barrel. Mammoth founder and CEO, Rob Hilton could also pocket $2 million in performance rights, provided the shareholders are cool with it.

The Company Formerly Known As Threat Protect will conduct an accelerated non-renounceable entitlement offer to raise approximately $10 million (before costs) to buy Mammoth, and add more things to its existing pile of Internet of Things.

Meanwhile, Emmerson Resources (ASX:ERM) has revealed that it’s whipped the hat around and raised a princely sum from its share purchase plan that concluded last week.

Existing eligible shareholders bold enough to ignore the market shaking like a cold, wet dog tipped $220,000 into the company’s coffers.

That, along with $5 million raised in the successful share placement announced in late April, will be spent on Emmerson’s drilling programs and exploration in NSW and the NT, and maybe some stuff for around the office as well.

 

TRADING HALTS

Openpay Group Ltd (ASX:OPY) –  trading halt, pending details of a capital raising

Australian Mines (AUZ: ASX)  –  trading halt, pending details of a capital raising

Ragusa Minerals (ASX: RAS) – trading halt, pending an announcement regarding a project acquisition

Intelligent Monitoring Group  (ASX:IMB) – trading halt, pending an announcement regarding a proposed capital raising by way of accelerated non-renounceable entitlement offer

Ragusa Minerals (ASX: RAS) – trading halt, pending an announcement regarding a project acquisition

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