Market Highlights and 5 ASX Small Caps to watch on Thursday
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All three US stock market indexes rose last night to fresh record highs once again. It was the third consecutive day that the US stock markets have climbed.
The Dow Jones rose by 0.11%, S&P500 by 0.22%, and tech heavy Nasdaq by 0.15%.
Volume was thin throughout the day, as US investors wait nervously for the outcome of the Jackson Hole virtual meeting of central bankers this week, with the first statement expected on Friday.
Meanwhile, oil prices were higher for the third consecutive day, rising by around 1.5% overnight. Brent crude is now trading at US$72.25.
To cryptos, where Bitcoin has climbed slightly to US$49,100 level at 8:00am AEST, from the S$48,300 level on Wednesday.
Stockhead spoke to the London-based Asher Tan, CEO of Coinjar which one of the longest-running digital currency exchanges in the world.
Tan says that in Australia, “fintech trends have come and gone… but crypto niche specifically has shown resilience in both being able to adapt to regulation, markets and also, what the community wants.”
The ASX 200 looks set to open higher his morning, with futures markets (September contracts) pointing up by 0.11% at 8:30am AEST.
Yesterday, the Ausssie benchmark index rose for the third straight session, as reporting season threw up some big-name winners.
In large caps news this morning, three companies reported some downbeat results.
Swoop Holdings (ASX:SWP)
The telco reported a pro-forma revenue of $30.9m for the full year, which is up 104% year-on-year. Pro Forma EBITDA was $4.9m, up 165% year-on-year. Swoop said it’s guiding to an equally strong result for FY22, with the business expecting revenue to be greater than $40m, and underlying EBITDA to be $10m.
The cybersecurity tech company released its full year report, which showed strong metrics all around. Revenue was $4.6m, up by 743%. This resulted in a gross profit of $3.1m, up 1,159%. The company says it’s going into FY22 with strong US Fed and defence opportunity pipelines.
Experience Co (ASX:EXP)
The adventure tourism company has improved its statutory net loss after tax significantly to 4.3 million, compared to a $51.4 million loss in FY20. EXP will not be providing any earnings guidance, but said key to the business is lockdowns and interstate travel restrictions being lifted ahead of the peak summer trading period (Nov-Feb), and into CY 2022.
Bigtincan Holdings (ASX:BTH)
The I.T. services company reported a 42% increase in full year revenue to $43.9m, with its annual recurring revenue also increasing by 48%. For FY22 guidance, the company is forecasting revenue to come in above $109m.
Talon Energy (ASX:TPD)
The company said that site works for the drilling of Walyering-5 at the Walyering gas discovery (permit EP447) in WA have commenced. Talon is earning a 45% interest in EP447, and is fully funded for the drilling program. The other 55% stake is owned by operator Strike Energy (ASX: STX).