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What does the Australian government’s latest $130bn wage subsidy scheme mean for investors?
Three rounds of stimulus worth a total $320bn have now been rolled out in response to the COVID-19 crisis.
While there’s no guarantee the economy will avoid recession, this cash splash will provide valuable support for the economy, businesses and workers tackling a major crisis, CommSec chief economist Craig James says.
“And it also provides confidence,” he says.
“The pessimists that have been projecting large declines in Australia’s economic activity and projecting big increases in the jobless rate will have to re-do their sums.
“That is why it is dangerous to forecast a moving object. The forecasts have little value because circumstances are constantly changing.”
After a 7 per cent gain yesterday, this renewed confidence pushed the ASX 200 index up another 3.25 per cent to 5,345.3 points in morning trade.
READ: Investors — stick to safe harbours and beware the ‘sucker hole’
Here are the best performing ASX small cap stocks at 12pm Tuesday March 31:
Swipe or scroll to reveal the full table. Click headings to sort.
| CODE | COMPANY | PRICE | % CHANGE | MARKET CAP |
|---|---|---|---|---|
| LEG | Legend Mining | 0.113 | 67.91% | $158.9M |
| TTT | Titomic | 0.745 | 47.52% | $76.7M |
| CHK | Cohiba Minerals | 0.006 | 50.00% | $2.7M |
| SPQ | Superior Resources | 0.003 | 50.00% | $1.5M |
| LVH | LiveHire | 0.12 | 44.58% | $25.1M |
| MYR | Myer Holdings | 0.16 | 39.13% | $94.5M |
| MNY | Money3 Corp | 1.2 | 42.86% | $224.9M |
| EQE | Equus Mining | 0.007 | 40.00% | $7.1M |
| SCI | Silver City Minerals | 0.007 | 40.00% | $1.8M |
| HLO | Helloworld | 1.56 | 31.65% | $147.8M |
| ATL | Apollo Tourism & Leisure | 0.145 | 38.10% | $19.6M |
| CCX | City Chic Collective | 1.625 | 34.85% | $241.5M |
| THR | Thor Mining DRC | 0.004 | 33.33% | $3.2M |
| OKU | Oklo Resources | 0.212 | 32.81% | $75.6M |
| CCZ | Castillo Copper | 0.013 | 30.00% | $8.3M |
| PBH | Pointsbet Holdings | 2.58 | 27.09% | $310.3M |
| GTK | Gentrack Group | 1.32 | 29.41% | $100.6M |
| CCP | Credit Corp Group | 13.63 | 24.93% | $599.2M |
| BTH | Bigtincan Holdings | 0.51 | 27.50% | $123.6M |
| PPE | People Infrastructure | 1.46 | 23.31% | $86.6M |
| ASG | Autosports Group | 0.72 | 26.32% | $114.6M |
| IGL | Ive Group | 0.515 | 28.75% | $59.3M |
Nickel exploration is back in the spotlight thanks to Chalice’s (ASX:CHN) virgin Julimar discovery near Perth.
Now Legend Mining (ASX:LEG), which announced a new “Nova-style” discovery in the Fraser Range in December, has hit three massive sulphide intercepts in a maiden diamond drill hole.
The stock was up +70 per cent in morning trade.
3D additive manufacturer Titomic (ASX:TTT) reckons a new agreement with US tech venture company Triton Systems “represents a strong revenue pathway for Titomic to explore commercial opportunities within the $US60bn per annum R&D budget of the US Department of Defence”.
The stock jumped almost 50 per cent to 74.5c per share.
LiveHire (ASX:LVH) is up almost 45 per cent after winning a Queensland state government contract “to redeploy staff into critical areas of need in the wake of COVID-19”.
And gold explorer Oklo Resources’ (ASX:OKU) says the “game-changing” SK1 North discovery is now 500m longer after drilling intersected more thick zones of high-grade gold — including 32m at 10.57 grams per tonne, 52m from surface.
The stock is currently up +30 per cent.
Here are the worst performing ASX small cap stocks at 12pm Tuesday March 31:
Swipe or scroll to reveal the full table. Click headings to sort.
| CODE | COMPANY | PRICE | % CHANGE | MARKET CAP |
|---|---|---|---|---|
| KPT | Kangaroo Island Plantation Timbers | 0.89 | -54.59% | $110.6M |
| CIO | Connected IO | 0.002 | -33.33% | $4.8M |
| OEL | Otto Energy | 0.005 | -28.57% | $12.3M |
| EMH | European Metals Holdings | 0.2 | -20.00% | $37.9M |
| GTG | Genetic Technologies | 0.004 | -20.00% | $16.3M |
| VTI | Visioneering Tech | 0.013 | -18.75% | $4.5M |
| KP2 | Kore Potash DRC | 0.01 | -16.67% | $18.5M |
| AWN | Arowana International | 0.065 | -16.67% | $10.3M |
| FEL | Fe | 0.01 | -16.67% | $4.9M |
| FMS | Flinders Mines | 0.026 | -16.13% | $90.6M |
| NVX | Novonix | 0.28 | -15.15% | $43.1M |
| GME | GME Resources | 0.034 | -15.00% | $20.3M |
| ENT | Enterprise Metals | 0.006 | -14.29% | $3.1M |
| ERL | Empire Resources | 0.007 | -12.50% | $6.4M |
| RVS | Revasum | 0.35 | -12.50% | $31.2M |
| HGH | Heartland Group | 1.4 | -12.50% | $929.6M |
| KSS | Kleos Space | 0.18 | -12.20% | $21.9M |
| RES | Resource Generation | 0.045 | -11.76% | $29.7M |
| MRR | Minrex Resources | 0.008 | -11.11% | $1.8M |
| AUT | Auteco Minerals | 0.016 | -11.11% | $20.8M |
| RMP | Red Emperor Resources | 0.008 | -11.11% | $4.7M |
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