Market Highlights and 5 ASX Small Caps to watch on Monday
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After a dour September, Wall Street started October on a positive note with the three major indices all gaining between 0.83% and 1.41%.
Sparking the rally were positive signs in the negotiations between US lawmakers over the infrastructure spending bill, as well as positive results from an experimental oral drug of Merck’s to fight COVID-19.
In commodities, gold advanced 0.23% to US$1,760.64, Brent and WTI both rose over 1% while iron ore dropped by over 3%.
In cryptos, Bitcoin rose by 1.55% to US$48,781.65.
Despite today being a public holiday in Queensland, South Australia and New South Wales, the ASX will be open.
And today is set to be a good start to the week after last Friday’s plunge. ASX futures are up 52 points or 0.7%.
While there is no major economic data due out today, investors await retail sales and job advertisements tomorrow as well as the RBA’s board meeting.
High Grade Metals will re-enter the bourse in the opening minutes of trade having recapitalised as a Mongolia-focused gas play name Jade Gas Holdings (ASX:JGH).
The furniture retailer announced it was buying sofa retailer Plush-Think Sofas. The deal values Plush at $103 million to be funded through cash on hand and new debt facilities. Nick Scali said it and Plush had highly complementary product offerings and business models and shareholders would see material synergies post-acquisition.
The WA base metals explorer reported first assay results from a drilling program at its Koongie Park project. Headline results included 124m at 1.03% copper, 1.08% zinc, 1.54% lead and 50g/t gold.
The healthy foods company signed a distribution agreement with Ultrahealth group to distribute its Healthy Heights to major e-commerce platforms and trade channels in China.
West African released its production results for the second quarter from its Sanbrado gold operations. It produced 81,960 ounces in the September quarter, which was up 29% from the June quarter and took its yearly total to 201,400.
The construction materials testing company received a takeover offer from Dutch entity Kiwa at 90 cents a share. It comes just under two years since Intega’s listing and the board have unanimously recommended shareholders back the offer.