• Commodities mostly fell in US hours overnight
  • Elon Musk has clinched a deal to take Twitter private
  • A new lithium stock will list today on the ASX

ASX to fall as iron ore, oil prices tumble

Aussie shares are set to open lower this morning, with the ASX 200 June futures pointing down by 0.60% at 8am AEDT.

Overnight, the price of iron ore plunged to as low as US$139, before rallying back to US$149 a tonne.

The volatility follows the worsening of Covid-19 outbreaks in China, where deaths have risen in Shanghai and mass testing is being kicked off in Beijing.

Oil prices have also plumetted on China concerns, with Brent crude nosediving by 10% to US$102 a barrel.

In corporate news, Twitter’s board has agreed to sell all of its shares to Elon Musk for a total of US$44 billion, which will transform Twitter into a private company.

This week is a crucial week for tech stocks, as major US companies like Apple, Amazon, Alphabet and Microsoft will be reporting their earnings.

In cryptos, Bitcoin was trading at US$40,230 at 8.30am this morning. Meanwhile, meme crypto Dogecoin surged by 21% as the Musk-Twitter deal was announced.

IPO listing today

According to the ASX, set to list today is:

Lithium Plus Minerals (ASX:LPM)

IPO: $10m at $0.25

Stockhead’s Emma Davies says this lithium play is focused on exploring its 19 granted exploration licences and three exploration licences under application in the Northern Territory.

The tenements are in the Bynoe and Arunta regions, and assuming that the three pending tenement applications are granted, the total area held will exceed 1,690 km2.

The company says the tenements show significant early exploration success through soil sampling, mapping, field work and RC drilling programs carried out in 2017.

5 ASX small caps to watch today

CV Check (ASX:CV1)
CV Check has achieved its seventh consecutive cashflow positive quarter from operations in March quarter. Cash receipts were $7.3m, up 102% on pcp. Revenue was $6.9m in Q3 FY22, up 64% on pcp.

Nufarm (ASX:NUF)
Nufarm expects to report underlying EBITDA of between $320 – $340 million for the first half of 2022 (1H22). The company notes that there continues to be uncertainty and volatility in relation to active ingredient pricing, global supply chain and logistics challenges.

Spacetalk (ASX:SPA)
Spacetalk plans to establish a mobile operator service in the US called Jumpy SIM. The Jumpy SIM will provide mobile networked SIM plans specifically designed for any brand of smart wearable device and other low data consumers, and will utilise the mobile operator infrastructure of a leading US cellular network.

Airtasker (ASX:ART)
For Q3, Airtasker’s gross marketplace volume (GMV) up 24.9% on pcp to $51.5 million. Revenue was up 21.2% on pcp to $8.6 million.

NickelX (ASX:NKL)
NickelX has identified significant magnetic anomalies from a recent close spaced magnetic survey at the Cosmos South Project, located within the world class Nickel producing Wiluna Greenstone Belt (WGB), WA. The magnetic survey was undertaken by Drone Geoscience at 25 m E/W traverses at a height of 30m, delivering very detailed geophysical data.

Read MoreMarkets

Featured Companies

You might be interested in