Market Highlights and 5 ASX Small Caps to watch on Tuesday
US stocks fell then stages a rebound overnight to finish flat, amid lingering fears over the pace of monetary policy tightening by the Fed in the year ahead.
On local markets, the ASX also looks set to slide following the weak Wall St lead, after stocks largely traded flat on Monday.
Speaking of the Fed, committee member Richard Clarida announced is resignation overnight following news he’d acquired stocks in February 2020 ahead of the bank’s decision to provide emergency policy support.
On crypto markets, Bitcoin briefly fell below US$40,000 overnight before the market steadied. A short time ago the world’s largest cryptocurrency was trading just above $US41,000.
Western Gold Resources (ASX:WGR)
The company advised that its latest drilling program at its Eagle project had returned high-grade gold hits up to 27.04g/t. “Reverse Circulation (RC) drilling confirms continuity of high-grade gold along strike and at depth at the Eagle deposit with assay results from the southern extension drillhole at Eagle, WGRC0299, intersecting 6m @ 11.66 g/t Au from 58m,” the company said.
Vmoto Limited (ASX: VMT)
The electric scooter manufacturer reported a profit upgrade, with full year NPAT now forecast to be between $7.5 million and $7.8 million for FY21. That marks “a signifcant increase on FY20 NPAT of $3.7 million and will be the largest net profit ever achieved in Vmoto’s history,” VMT said.
Indiana Resources Limited (ASX: IDA)
IDA reported that report that further wide gold intersections have been identified up and down dip from previous drilling” at its Minos prospect “within Indiana’s 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia”.
Capricorn Metals (ASX:CMM)
CMM advised that an 81,000 metre drill programme across the 8 kilometres strike of its current 2.08 million ounce resource” has commenced at the Mt Gibson gold project. “This drill programme will underpin an updated Mineral Resource Estimate and maiden Ore Reserve Estimate, both targeted for completion in the September 2022 quarter,” the company said.
Renu Energy (ASX:RNE)
They hydrogen play provided an update on its work on the Melbourne Hydrogen Hub project, and its recent aqucistion of domestic hgydrogen player CRH which the company said is “continuing to progress well”.