Lunch Wrap: Grinch hands out speeding tickets and puts dampener on ASX this Christmas

If you’ve ever had a rotten smelling onion in your fridge, you’ll certainly want to avoid it happening again…but what if an odorous onion could help you avoid a costly speeding ticket? 

Several motorists who were speeding through a school zone on the Florida Keys Highway in the US have received a smelly onion as a reminder to slow down from a veteran county sheriff, dressed up as the Grinch. 

Colonel Lou Caputo, a 37-year veteran of the Monroe County Sheriff’s office, first thought up the idea of dressing up as Dr Seuss’s fictional character who doesn’t like Christmas and giving speeding motorists during the festive season a rotten onion more than 20 years ago. 

But if you’re hoping a stinky onion will get you out of a speeding ticket then you had better check your speedo just to be sure. 

Drivers who travel about 5 miles (8km) per hour or less above the school zone speed can choose between traffic citations and a rotten onion presented by the Grinch but those with their pedal to the metal caught above will get a costly ticket. 

“It’s about education, awareness that our school zones are still operating even though it’s the holiday season,” Caputo told AP news. 

“It catches them off guard.” 

TO MARKETS

And the Grinch is also making an appearance on global and Aussie markets this week before Christmas with the ASX continuing its downwards trend from yesterday.

By midday the S&P/ASX 200 benchmark is down 0.72% with broad losses. Australian shares followed Wall Street lower, opening 0.3% lower and extending losses throughout the morning.

Investors have been weighing hawkish statements from global central banks as China sees a surge in Covid-19 cases.

The S&P 500 closed at its lowest level in more than a month, dragged down by falls in the big tech firms.

This morning we found out the RBA board considered several options for the cash rate decision at its December meeting including a 50 and 25 basis point increase or no change in the cash rate at all.

Board meeting minutes show there were arguments for each of these courses of action but the RBA concluded the case to increase the cash rate by 25 basis points at the present meeting was strongest to help ensure inflation gets back under control.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 19 [intraday]:

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Among small caps winners at lunchtime is Forrestania Resources (ASX:FRS) which announced that lithium drilling across its namesake project in WA will start in January.

And pharmaceutical company Avecho Biotechnology (ASX:AVE) has announced it has secured a deal with US-based consumer packaged goods specialist Perrigo to develop a topical ibuprofen gel using its TPM-enhanced (tocopheryl phosphate mixture) drug delivery platform.

ASX SMALL CAP LOSERS

Here are the most-worst performing ASX small cap stocks for December 19 [intraday]:

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Plus size women’s clothing brand City Chic Collective (ASX:CCX) is among the losers today after issuing its second warning on trading conditions this month with a H1 FY23 update.

CCX said reduced sales have forced the company to increase discounts and promotions to drive demand at the cost of profit margins with demand below expectations.

Combined impact of reduced revenue and gross margins, and higher costs, is set to see CCX post a loss for H1 FY23.

The company’s shares are down more than 90% this year.

CCX price today: