The ASX is off to a booming start today, up 1.8% out of the gate and heading north as we head towards lunch. But first, this…

Politics in the US is wild – especially at a local level, where positions like Sheriff, District Attorney and even full-on Judges are voted on by local citizens.

So, as you’d expect, the results vary in quality when there’s a contest – and often times, only one person puts their hand up for the job and then gets to run unopposed.

That’s precisely what’s happened in Madison County, New York – famous for its covered bridges and an insanely boring and gunless Clint Eastwood movie about said covered bridges .

Madison County Court Judge doesn’t sound like it’s a popular job, because one bloke, Bradley Moses, is – or was – running unopposed for the position.

He literally had to do absolutely nothing at all, and he’d get elected to a pretty cushy job, overseeing petty crime and endless lawsuits from tall people hitting their heads on the aforementioned covered bridges, while searching for Clint Eastwood to sourly demand the two hours of their lives that he stole with that desperately boring movie about those wretched bridges.

Anyway… Moses had a little incident. He said he was out golfing, had a few drinks, got dehydrated and passed out later that day at home. He was rushed to hospital, completely unresponsive, where it was discovered that his golfing story might not be the whole truth.

Turns out, Ol’ Mate Moses allegedly decided to spice up his evening with a little toot of something or other, which turned out to be fentanyl – a fast acting, massively super strong opioid that has been killing junkies left, right and centre across the US for the past few years.

Moses of course denies the allegations, despite toxicology reports from the hospital that treated him clearly suggesting he’d ingested enough fentanyl to put Toronto’s famous crackhead mayor Rob Ford to sleep.

The kicker: it’s too late to take Moses off the ballot, or add anyone new… so the people of Madison County look set to have a hard-drinkin’, drug-snortin’ County Judge on the bench for the next four years.

God Bless America.

 

TO MARKETS

The ASX is up around 2.3% this morning, probably because I came back from holidays. You’re welcome.

Across the sectors, and it’s as verdant as a rotting foot, with every sector putting in a strong showing and well into positive territory – and as much as it’s in very poor taste to pick a favourite child, we are willing to point out that Financials (+2.86%) leading the pack today.

InfoTech (+2.62%), Materials (+2.61%) Energy (+2.46%) and Consumer Discretionary (+2.05%) are all batting better than 2.0%, with the rest of the pack not too far behind.

There’s only one big player making big gains this morning, and of course it’s everybody’s favourite swinger, Sayona Mining (ASX:SYA) (+13.3%), swinging harder than a sweaty Gold Coast sex pest at a Tupperware party that’s gone horribly, horribly wrong.

Also making some moves is Allkem (ASX:AKE), on a sudden surge after news that Deputy Chair, Mr Rob Hubbard, stepped down yesterday.

Hubbard will be replaced by Peter Coleman, who has been appointed as a Director of Allkem effective 3 October 2022 and will assume the role of Chair from Martin Rowley who has indicated he will retire from the Board at the close of the 2022 AGM in November.

Coleman has been brought in to oversee the company’s ambition to “triple production by 2026 and maintain at least 10% of global market share in the medium term”.

Better him than us, because that sounds like a terribly large amount of work.

Now for a quick lap of the functional money countries, neatly avoiding writing scathing criticism of how appallingly crap things are in the rest of the world.

 

NOT THE ASX

In the US, things are weird. Like, weirder than normal… Wall Street took one look at weaker than expected manufacturing data and did the precise opposite of what it would normally do, jumping more than 2.5%.

Intrepid reporter Eddy Sunarto writes that In September, the PMI (which measures manufacturing activities) dropped to 50.9 points (vs forecast of 52.3), the lowest since May 2020.

A reading above 50 indicates expansion in manufacturing, which accounts for 12% of America’s economy. Yankee bond yields fell through the floor on the news, down 15bp for the 10yr, and 9bp for the 2yr.

All that against a backdrop of Florida struggling to get its head above water, after the hilariously-named Hurricane Ian, which sounds like a wayward uncle who turns up late to Christmas lunch, already drunk, picks a totally unnecessary political fight and then passes out in front yard, blew through and brought the state to its knees.

In Asia, Japan’s Nikkei has followed Wall Street (and us… because we’re important too, you know) into positive territory, climbing +2.21%.

Hong Kong markets are closed today for the National Day holiday, which lasts for one day. Shanghai markets are also closed for the National Day holiday, which lasts for five days because China likes its National Day the way it likes its marches. Long.

Over at the commodities desk, the ringing of celebratory bells has woken everyone up, as all the majors there are in the green as well. Oil is up 0.28%, and gas is up 0.51% as well.

Meanwhile, metals are shining on like crazy diamonds – gold is up 0.3%, silver has jumped 0.83% and copper has stretched to a 0.38% rise. Nice.

And in Crazy CryptoLand, where the barrier to entry has fallen and the lunatics have clearly taken over the asylum, Bitcoin has risen from the grave, presumably to get ready for Halloween.

Word on the street is that Bitcoin’s house will be the one to go trick-or-treating at, because it’ll be handing out full-size Snickers bars to everyone except punters dressed as Elon Musk – those guys will be taken out back and given a thorough beating, with a pillowcase full of frozen Snickers bars.

There’s definitely moreto check out at Rob “Holy crap! It’s Lloyd Christmas!” Badman’s epic Mooners and Shakers. Go read it, or he’ll get mad.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for October 4 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

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In Small Caps land, our clear winner this morning is Cygnus Gold (ASX:CY5), after the market went bonkers on news that David Southam has joined the board.

Southam is – according to Cygnus – something of a genius when it comes to leading mining companies, and his decision to join Cygnus has mot likely been interpreted by investors as a solid indication that, despite its name, Cygnus Gold is about to go ham on its Canadian lithium play, sending Cygnus up 40.0%.

Also climbing the charts today is Southern Cross Gold (ASX:SXG), which surged at open before settling around 26.7% for the morning on some freakin’ enormous drill results, which look like this:

Drill hole SDDSC046:

  • 21.5 m @ 15.0 g/t AuEq (12.2 g/t Au and 1.7% Sb) from 183.6 m including
    • 0.2 m @ 40.4 g/t AuEq (12.7 g/t Au and 17.5% Sb) from 187.5 m
    • 0.3 m @ 11.2 g/t AuEq (1.1 g/t Au and 6.4% Sb) from 191.3 m
    • 0.6 m @ 19.5 g/t AuEq (0.3 g/t Au and 12.2% Sb) from 193.1 m
    • 0.3 m @ 10.1 g/t AuEq (0.6 g/t Au and 6.0% Sb) from 194.8 m
    • 1.1 m @ 21.0 g/t AuEq (5.2 g/t Au and 10.0% Sb) from 196.8 m
    • 2.1 m @ 121.6 g/t AuEq (115.5 g/t Au and 3.9% Sb) from 199.0 m

Drill hole SDDSC043:

  • 12.5 m @ 2.4 g/t AuEq (1.1 g/t Au and 0.8% Sb) from 241.0 m including
    • 0.5 m @ 13.7 g/t AuEq (1.8 g/t Au and 7.6% Sb) from 241.4 m
    • 0.8 m @ 6.2 g/t AuEq (2.6 g/t Au and 2.3% Sb) from 243.1 m
  • 2.8 m @ 4.8 g/t AuEq (3.0 g/t Au and 1.1% Sb) from 248.8 m

Drill hole SDDSC044:

  • 0.5 m @ 11.3 g/t AuEq (11.3 g/t Au) from 172.5 m
  • 7.6 m @ 8.3 g/t AuEq (3.8 g/t Au and 2.8% Sb) from 242.3 m, including
    • 1.7 m @ 17.6 g/t AuEq (11.1 g/t Au and 4.1% Sb) from 243.1 m
    • 1.9 m @ 16.6 g/t AuEq (4.1 g/t Au and 7.9% Sb) from 248.0 m
  • 0.7 m @ 9.3 g/t AuEq (0.7 g/t Au and 5.5% Sb) from 275.4 m

And, lastly, Toys’R’Us (ASX:TOY) has climbed out of a large tub of green alien slime to reveal revenue and profit gains that are bigger than a Barbie’s boobies.

Group revenue from continuing operations of $37.9 million is up +74% year-on-year, and Gross profit of $8.0 million, +93% YoY, with gross profit on sales improved to 21% (FY21: 19%).

On a “completely unrelated” note, Lego prices have jumped by up to 20% in recent times. Make of that what you will.

 

ASX SMALL CAP LOSERS

Here are the most-worst performing ASX small cap stocks for October 4 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Wordpress Table Plugin