Talga Group leads 5 ASX small caps today. Picture Getty Image
Market Highlights and 5 ASX Small Caps to watch on Tuesday
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Wall Street gains as Tesla breaks US$1 trillion market cap
US stocks rose overnight, led by a surge in Tesla which ripped higher by over 12% after receiving an order of 100,000 vehicles from car rental company Hertz.
Tesla has joined other tech giants such as Apple, Amazon, Alphabet and Facebook as among the US companies to reach the trillion dollar valuation.
Paypal also rose by almost 3% after it cancelled a plan to buy Pinterest for US$45b.
In other markets, oil keeps climbing higher, with Brent crude now trading at Us$85.99 a barrel. It’s the first time since 2014 that Brent is trading above US$85/barrel.
Spot iron ore is down by 0.5% to US$119.75t, but most base metals were higher overnight with nickel rising the most by 3%.
To cryptos, where Bitcoin has climbed back to US$62,800 at 8am AEDT, from the US61,000 level yesterday.
Crypto trading platform Binance meanwhile, has made a strategic investment in a platform for music NFTs.
Binance is investing in Melos Studio, a Web 3.0 music platform governed by a decentralised autonomous organisation.
Read all about it here on Stockhead.
ASX 200 to open higher on Tuesday
The ASX 200 looks set to open higher this morning, with futures markets (December contracts) pointing up by 0.18% at 8:30am AEDT.
Yesterday, the Aussie index was off to a positive start this week, closing 0.34% higher at 7,441 points. Spurring gains was energy with a 2.64% gain, while resources and utilities both rose over 1%.
Later today, the ANZ consumer confidence will be released, but the key data this week will be Australia’s quarterly inflation print due tomorrow.
On the IPO front, scheduled to list today are asset management group GQG Partners (ASX:GQG) at 12:30pm AEDT, and industrial tech company RemSense (ASX:REM) at 2pm AEDT.
5 ASX small caps to watch today
The artificial intelligence sensor tech company reported record customer cash receipts in Q1 FY22 of $1.9m, an 18% increase over the last quarter. The company has also confirmed its full year guidance of over $11m.
The company announced the commencement of the IONIC-1 trial supported by Noxopharm and Bristol Myers Squibb, with the first patient now dosed. A positive outcome would mean Veyonda is effective to more cancer types, potentially opening up the multi-billion-dollar ICI (immune checkpoint inhibitor) therapy market to Noxopharm.
The breast imaging medtech reported record quarterly cash receipts from customers of NZ$7.1M, up approximately 52% compared to Q2 of FY21. The company is also well funded, with NZ$25m of cash on hand at end Q2FY22.
The battery anode company said the SkyTEM results have shown the greater Vittangi graphite-bearing units are more continuous than previously recognised, and has now identified new zones for follow up drilling.
The company said its joint venture Primobius has completed commissioning of its showcase lithium-ion battery (LIB) recycling demonstration plant. The plant’s trial on electric vehicle’s LIBs will commence in early November, to generate data to potential feedstock supply and product offtake partners.
At Stockhead we tell it like it is. While Volpara Health is a Stockhead advertiser, it did not sponsor this article.
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