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’

 

SMALL CAP WINNERS

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.

 

SMALL CAP LOSERS

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