Market Highlights and 5 ASX Small Caps to watch on Tuesday
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Wall Street was mainly lower overnight, as the tech heavy Nasdaq index slipped another 2% following its 2% fall on Friday.
The S&P 500 index also closed lower by 0.74%, while the Dow finished flat.
China has announced a complete COVID-19 lockdown of the southern coastal city of Shenzen, a bustling city of 17 million people connected to Hong Kong.
Foxconn, a major Apple supplier, has suspended its factory and experts now expect further supply chain disruptions as other factories are also forced to shut temporarily.
The Aussie dollar got pummelled to US$0.719, and spot iron ore plunged by 6% to $US144.90 a tonne, as the lockdown clouds China’s economic outlook.
Oil prices edged lower by 5%, with Brent trading at US$106.1/barrel, but experts are saying we could see the biggest oil shock since 1973 if Russian oil was taken off the market completely.
The London Metals Exchange says it will reopen its nickel market on Wednesday, more than a week after it suspended trading following an unprecedented short squeeze.
Bitcoin is holding steady at US$38,745 at 8.30am AEDT.
Meanwhile, the Sydney production studio behind the blockchain horseracing game Zed.Run has launched a new metaverse involving fully customisable nude NFT avatars.
Read the rest of that story here on Coinhead.
The ASX 200 is set to open lower this morning, with the March futures pointing down by 0.8% at 8.30am AEDT.
Yesterday, local shares clawed back losses from Friday, gaining 1.21% in a session where 10 out of 11 sectors rose. Financials, Healthcare and Discretionary were some of the best performing sectors.
Later today, the minutes of the March meeting of the Reserve Bank of Australia will be released at 11.30am AEDT.
The RBA had already decided to leave the cash rate unchanged at a record low 0.1% a fortnight ago.
Respiri announced its first pilot program involving wheezo with the Children’s Hospital of Michigan. The program will provide the full RPM (remote patient monitoring) solution, including patient engagement for a select group of children living with asthma.
PharmAust has shipped cGMP grade MPL to the US, with the tableting process underway in San Diego. Completion of the manufacture of cGMP grade MPL tablets will enable commencement of PAA’s planned motor neuron disease and COVID-19 clinical trials.
Assay results at Caribou Dome project in Alaska show that copper grades were higher than predicted by the block model used for the existing mineral resource estimate. PolarX has now commenced a full review of the resource model to include a follow-up drilling campaign to extend the known mineralisation.
Adavale Resources (ASX:ADD)
Adavale has commenced a gravity survey, a key component of the company’s 2022 exploration program at its Kabanga Jirani Nickel Project in Tanzania. Initial focus is on the highly prospective Luhuma corridor, following Adavale’s Target 7 drill success in late 2021.
FAR Limited (ASX:FAR)
The company said its proposed takeover by Samuel Terry Asset Management has closed, without the offer conditions being satisfied or waived. FAR directors had recommended rejecting the offer, and any shareholder acceptances will not be processed.