You have to be nice to me... when my owner dies, I'll own half of the buildings in Mosman. Pic via Getty Images.
ASX Small Caps Lunch Wrap: Who else has more dollars than sense this morning?
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It’s the last day of the financial year, and if distant memories of my last day at high school are anything to go by, we can expect the Sydney CBD to be overrun by half-naked stock market enthusiasts, and several bins set on fire as the celebrations really kick off.
We were eased into the day with a -0.4% slump for the benchmark, but things got better over the course of the morning with the ASX 200 hitting +0.1% around lunchtime.
But before I get too deep into what the market’s doing, we’re off to the US to see how the EOFY madness is affecting the art world.
Spoiler alert: people are still paying utterly ridiculous amounts of money on stuff that is patently just other people having a lend.
In Brooklyn, New York, there’s an art collective called MSCHF, which is widely known for making stupid stuff.
Stuff like a cologne that smells like WD-40 (which is currently out of stock), a pair of boots that you can wear to any occasion that requires you to look like you’ve just finished rolling Papa Smurf for his fat red kicks, and… this:
It’s a purse – allegedly – that has taken the idea of fashionable mini-purses to a whole new level, so tiny that you need a microscope (included, with a digital display) to see any of the painstaking detail.
“There are big handbags, normal handbags and small handbags, but this is the final word in bag miniaturisation,” MSCHF said, in an attempt to justify making it.
It’s been marketed as being “smaller than a grain of salt”, and “Narrow enough to pass through the eye of a needle” – which it can, as it measures just 657 x 222 x 700 micrometres. Perfect for anyone who simply can’t leave the house without half a grain of salt, I guess.
So yeah, very small indeed, and one of the most aggressively pointless things I’ve ever seen.
“But, you know… it’s, like… art, man,” I hear you say, to which I offer you my bog standard reply to just about everything these days.
“I don’t understand it, it confuses me and I am scared of it, so please take it away.”
Anyway, it was put up for auction last night, and sold for just over AUD$96,400.
Which in a way isn’t such a bad thing – the tech behind making it is actually pretty funky, with the artists using microscopic 3D printing tech and a unique polymer resin to create a finely detailed purse, complete with (unapproved) Louis Vuitton branding.
Plus, the money will come in handy for the collective to waste on other stuff that is – in comparison – enormously cool.
Like a limited edition electronic key fob called Key4All, which opens and starts a “secret” car somewhere in New York.
Only the key holders know what kind of car it is, but for the price of the key, anyone can have access to it to drive it around town. They just need to find it before anyone else on the day they want to drive it.
The only thing that could make that idea any better would be for the car itself to not exist – because the idea of 1,000 bearded, art-loving, man-bunned numpties scouring Manhattan for a non-existent car fills me with joy.
And that’s what art’s all about.
TO MARKETS
Aussie markets opened lower this morning, falling quite quickly to -0.4% before 11:00am, but an End of Financial Year rally has the broader market up by 0.1% at lunch.
I’m not holding my breath that things will stay on the happy side of the ledger – the last day of the financial year is often (I’m told) a weird one for investors, as profit takers look to square away accounts before having “the talk” with the tax man in a few weeks’ time.
The rally has come from the ranks of Energy and Materials stocks this morning. When the market first opened, it was a sea of red, but the diggers and resources mob have extracted the metaphorical digit to deliver +0.7% for Energy and +0.56% for Materials.
Slumping about, however, is Health Care (-0.45%) and Real Estate (-0.35%), with big guns from health such as ProMedicus (ASX:PME), Ramsay (ASX:RHC) and Sonic the Healthcare (ASX:SHL) – I know what I wrote – down 1.38%, 0.87% and 0.46% respectively.
The closest thing to a Large Cap doing well today is Imugene (ASX:IMU), up 8.43% on news that a Phase 2 trial of its HER-Vaxx (IMU-131), a HER-2-targeting peptide vaccine plus SOC chemotherapy in patients with HER-2+ advanced stomach cancer, has yielded some super-encouraging results.
NOT THE ASX
Overnight, the Dow broke through the completely insignificant 34,000-point mark to finish the day higher by 0.8%, the S&P added 0.45% out of sympathy and the Nasdaq finished flatter the batteries on my phone, which is why I overslept. Again. Sorry.
US Treasury yields jumped 13 basis points to 3.838% on the 10-year, and 14 basis points to 4.859% on the 2-year after stronger than expected GDP data landed with a thud on the steps of the White House.
In US stock news, Tech stocks ended the day largely flat for the sector, with the ever-popular Tesla up just 0.49%.
In European news, London’s FTSE fell 0.38% and further west, the DAX was down 0.01%, and the French CAC was up 0.36%.
Gold and Brent Crude prices didn’t move very much overnight – either that, or the Reuters website is broken again…
Gold is at $US1907.20 an ounce, Crude is at $US74.13 a barrel, Nickel is up to $US24,025/t (+2.02%) and Copper is over 9000!!!, up .27% to $US9002.50/t.
In Japan, the Nikkei is down 0.56% after locals at a beach resort city in southwest Japan dealt with their beloved crystal clear waters turning a violent shade of blood red.
The unusual phenomenon has been attributed to a leaky pipe in the town’s Orion Brewery, where a company spokesperson confirmed that a large quantity of propylene glycol – a food additive listed in enforcement regulations of the Food Sanitation Act – had found its way into the brewery’s drainage system.
It’s apparently complete harmless, but the spill has angered the local shark population, who have been in talks with their two-legged, on-land counterparts to arrange a lawsuit for “blatant false advertising of a feeding frenzy in progress”.
In China, Shanghai markets are up as the Chinese government keeps a watchful eye on wargames being held in contested waters between Japan and Australia, but in Hong Kong the Hang Seng is down because I think we all forgot its birthday.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 30 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Company Price % Volume Market Cap KEY KEY Petroleum 0.0015 50% 811,136 1,967,928 BNL Blue Star Helium Ltd 0.029 38% 6,854,344 33,309,571 MCT Metalicity Limited 0.002 33% 337,257 5,604,129 MTL Mantle Minerals Ltd 0.002 33% 1,000,000 9,221,169 TYM Tymlez Group 0.004 33% 1,753,009 3,276,586 HTG Harvest Tech Grp Ltd 0.048 33% 1,434,788 22,745,499 APC Aust Potash Ltd 0.009 29% 788,836 7,270,753 VML Vital Metals Limited 0.009 29% 17,739,493 37,143,048 PPY Papyrus Australia 0.03 25% 400,002 11,744,822 AD1 AD1 Holdings Limited 0.005 25% 592,425 3,290,276 BOT Botanix Pharma Ltd 0.13 24% 6,078,198 137,808,339 CHK Cohiba Min Ltd 0.003 20% 1,500,000 5,283,110 YPB YPB Group Ltd 0.003 20% 986,666 1,548,122 LML Lincoln Minerals 0.0155 19% 2,536,204 7,474,788 ELT Elementos Limited 0.16 19% 290,649 26,289,911 FTZ Fertoz Ltd 0.11 18% 205,000 24,029,639 AJL AJ Lucas Group 0.014 17% 568,429 16,508,756 EDE Eden Inv Ltd 0.0035 17% 3,622,782 8,990,833 SIT Site Group Int Ltd 0.0035 17% 12,500 7,807,471 AJX Alexium Int Group 0.015 15% 560,856 8,468,067 AUZ Australian Mines Ltd 0.015 15% 1,031,858 7,849,691 RGL Riversgold 0.015 15% 3,981,642 12,366,399 ILT Iltani Resources Lim 0.23 15% 67,326 0 UNT Unith Ltd 0.031 15% 7,740,507 24,052,629 1CG One Click Group Ltd 0.008 14% 755,000 4,298,496
Harvest Technology Group (ASX:HTG) is leading the ladder at lunchtime today, up 38.8% after securing a juicy defence contract.
The company has received an initial order for its Nodestream technology for a Five Eye defence customer,in the total amount of approximately US$180,000 – to assist the un-named defence force with “ultra-low-bandwidth, high-quality secure” remote operations and communications tech.
In second place this morning, it’s Blue Star Helium (ASX:BNL), up 38.1% on news that the company has executed a Master Services Agreement for the provision of helium recovery services through the delivery and operation of a helium recovery plant at its maiden birthday-grade helium development, Voyager.
BNL has gone with experienced US midstream provider, IACX Energy to provide helium recovery services through delivery and operation of a pressure swing adsorption (PSA) helium (He) recovery plant.
And in third place is Lincoln Minerals (ASX:LML), up 23% this morning on the back of its recent announcement of high-grade, shallow intercepts at its Koppio Graphite resource.
The intercepts include 27m @ 7.45% TGC from 73m including 11m @ 12.78% TGC from 85m in hole KP023, and 29m @ 12.65% TGC from 60m including 13m @ 18.24 % TGC from 69m from hole KP35.
ASX SMALL CAP LOSERS
Here are the most-worst performing ASX small cap stocks for June 30 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
Code Company Price % Volume Market Cap ERG Eneco Refresh Ltd 0.01 -33% 257,965 $4,085,375 BP8 Bph Global Ltd 0.002 -33% 742,359 $3,854,189 MRQ Mrg Metals Limited 0.002 -33% 4,245,418 $5,957,756 SNX Sierra Nevada Gold 0.1 -31% 6,010 $6,036,040 IS3 I Synergy Group Ltd 0.007 -30% 211,111 $2,890,804 CRB Carbine Resources 0.008 -27% 140,058 $4,259,655 AUK Aumake Limited 0.003 -25% 2,308,100 $5,949,038 ICN Icon Energy Limited 0.003 -25% 10,315 $3,072,055 XTC Xantippe Res Ltd 0.0015 -25% 6,595,022 $22,960,199 WYX Western Yilgarn NL 0.115 -21% 252,568 $7,200,338 DTI DTI Group Ltd 0.012 -20% 4,000 $6,728,271 IGN Ignite Ltd 0.048 -20% 2,000,000 $5,374,931 EMU EMU NL 0.002 -20% 323,534 $3,625,053 GTG Genetic Technologies 0.002 -20% 40,000 $28,854,145 IRX Inhalerx Limited 0.039 -19% 732 $9,108,814 R3D R3D Resources Ltd 0.025 -17% 172,072 $3,516,155 CAV Carnavale Resources 0.0025 -17% 250,000 $8,200,655 PUA Peak Minerals Ltd 0.0025 -17% 536,447 $3,124,130 W2V Way2Vatltd 0.01 -17% 103,818 $6,904,030 WFL Wellfully Limited 0.0025 -17% 369,032 $1,478,832 TMH The Market Herald 0.275 -15% 2,000 $104,316,089 DY6 Dy6Metalsltd 0.2 -15% 157,462 $9,062,186 PRM Prominence Energy 0.018 -14% 335,594 $2,545,849 AUH Austchina Holdings 0.003 -14% 500,000 $7,272,593 GTR Gti Energy Ltd 0.006 -14% 259,160 $13,634,279
That’s just about it from me for now, but if you’ll allow me one small indulgence: Happy Birthday to Toby! I love you and I’m proud of you, Little Man.
