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Market Highlights and 5 ASX Small Caps to watch on Monday
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US stocks tumbled on Friday
All three major US stock markets tumbled on Friday, as mega tech stocks fell hard.
The Nasdaq was down by 1.92%, the S&P500 by 0.85%, and the Dow Jones index by 0.17%.
Weak non-farm payrolls added to the uncertainty as latest data showed an increase of only 210k last month, much lower than the anticipated 550k by Bloomberg.
In corporate news, DocuSign was the worst performing stock, plunging 42% after a downbeat fourth quarter guidance.
US-listed Chinese stocks are still under intense pressure after the Didi delisting announcement.
Didi sunk by 22% on Friday after pressure from the Chinese government to delist from the NYSE, while Alibaba is down by 30% in one month.
Eurozone shares -0.6% (-0.5% wk)
US shares -0.8% (-1.2% wk) w tech down (Nas -1.9%), Omicron worries & jobs report supportive of faster taper
US 10 yr yld -9bp to 1.36%
Oil -0.4% to $66.3
Gold +0.8% to $1784
Iron ore +0.6% to $101.4
ASX futures +0.2%$A 0.7001 w $US index flat pic.twitter.com/zxyJqZwUgW— Shane Oliver (@ShaneOliverAMP) December 3, 2021
To cryptos, where Bitcoin is also tumbling to a two-month low of US$48,800 at 8am AEDT, from US$56,900 on Friday.
Metaverse-related cryptocurrencies have however surged 37,000% this year, according to Business Insider.
And as reported by Stockhead, they now have their own categorised list on CoinGecko.
Read more about that story here.
ASX 200 to open higher on Monday
Despite all the action on Wall Street, the ASX 200 looks set to rise at the open this morning, with futures markets (December contracts) pointing up by 0.15% at 8:30am AEDT.
On Friday, the local index closed 0.22% higher at 7,241 but down 0.52% for the week – the fourth straight week it has finished down.
Energy was the top sector on Friday with a 1.6% gain, while healthcare was the worst, falling 1.73%.
According to the ASX, set to make their debut listing today are three companies:
Australian Bond Exchange (ASX:ABE). This company provides financial advice and dealing services in the OTC bond market, funds, ADIs, as well as advisory services to Australian companies. ABE raised $10.4m at 65c a share.
Larvotto Resources (ASX:LRV), a mineral explorer that raised $5m at 20c.
Newmark Property REIT (ASX:NPR), a fund that invests in Australian properties. It raised $128.3m at $1.90.
5 ASX small caps to watch today
The fintech reported record originations of $170m for the first two months of the December quarter, it said this morning. The Autopay platform has now passed $100 million milestone in originations from launch in April 2021. MME expects H122 revenue to exceed $46m ($24m H1 of 21; $58m FY21)
EVE Health Group (ASX:EVE)
The nutrition and wellness company has signed a deal with Neptune Bio-Innovations to significantly expand Meluka Australia’s national retail distribution channel. Under the agreement, Meluka and Neptune Bio-Innovations will establish an Australian sales force to seek distribution opportunities. Meluka produces 100% raw honey and has been certified as organic.
The company gave an update on its Rafael 1 well in WA. The production test is expected to commence in mid December, and scheduled to take approximately one week.
The Tanzanian graphite developer has completed a 500 tonne large-scale processing plant for customer qualification works. Relative to its peers, BKT says it has undertaken the largest processing of graphite ore globally, with over 600 tonnes through three pilot plant campaigns as part of an extensive customer qualification works.
The company announced new regional discoveries with high grade copper, gold and silver intersected at Chapman Prospect. Results include 10m @ 3.40% Cu, 1.75g/t Au, and 24.65g/t Ag from 116m.
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