- ASX 200 benchmark ends up pretty much where we started on Monday, -0.15%.
- XEC Emerging Companies index climbed 0.23% out of sheer spite and bloody-mindedness.
- Gold was where it was at, as Besra’s 300% barnstormer quite clearly showed.
It’s 4:00pm-ish Friday arvo, and I can hear the low rumbling sound of millions of Aussie feet hurtling towards the nearest pub, to drink the memory of this mercurial market week away and, perchance, find a willing participant or two with whom to engage in coitus.
Or, if you’re like me (I don’t drink and I work from home) that low rumbling is probably just a reminder that A) cold pizza is not a suitable meal for lunch, and B) You forgot to buy toilet paper this week. Dammit.
WHAT MADE THE WEEK
There’s no sugar-coating the fact that this week has been a difficult one to navigate – the “will they / won’t they?” narrative around interest rates in the US was neatly tied up when the US Fed lifted rates, despite knowing full well that the relentless procession of rate rises has contributed a significant amount of stress on global markets.
We felt it very clearly here in Australia, where the ASX benchmark retreated fractionally, ending 0.15% on the wrong side of dead flat, while the slightly-more-relevant to the Small Caps pundits XEC Emerging Companies index actually gained a bit of weight, up 0.23%.
In broad terms, it was the bank crisis coupled with a precipitous drop in oil prices that made things hard to predict, which saw ASX-listed banks drop 0.45% (-1.18% today) and the Financials down 0.99% for the week as well.
Strange things were afoot with commodity prices this week, and that saw the Energy sector moving up and down like a bare bum in the back of a Kombi.
It turned out to be a pretty good week for Energy stocks, though – the sector as a whole finished 3.2% higher, by far the best performer since last Friday.
Consumer Discretionary finished 2.03% up, with Telcos on 1.78% in third place.
It was a bad week for Real Estate stocks, though – that sector slumped like a pole-axed junkie, losing an eye-watering 4.3%.
The story of the week, however, was the gold sector, after investors noped their way out of the risky business and beat the well-worn path to safe haven glory, sending the ASX All Ordinaries Gold index 5.56% higher.
Which is where the week’s winner – by an extremely large margin – found both fame and fortune.
ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks from 20 – 24 Mar:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| BEZ | Besra Gold | 0.165 | 313% | $47,771,355 |
| MTH | Mithril Resources | 0.002 | 100% | $6,526,180 |
| CBR | Carbon Revolution | 0.195 | 77% | $30,497,210 |
| SIH | Sihayo Gold | 0.0025 | 67% | $6,102,128 |
| MXC | Mgc Pharmaceuticals | 0.011 | 57% | $31,530,921 |
| LNU | Linius Tech | 0.003 | 50% | $8,074,366 |
| MCR | Mincor Resources | 1.5225 | 44% | $828,008,157 |
| HHI | Health House Interational | 0.01 | 43% | $1,130,637 |
| EYE | Nova EYE Medical | 0.285 | 43% | $43,390,878 |
| BRB | Breaker Res | 0.395 | 42% | $122,565,309 |
| SZL | Sezzle | 0.725 | 42% | $131,232,083 |
| AMN | Agrimin | 0.26 | 41% | $64,879,309 |
| HIL | Hills | 0.028 | 40% | $7,886,499 |
| LRL | Labyrinth Resources | 0.014 | 40% | $14,392,310 |
| RNX | Renegade Exploration | 0.014 | 40% | $13,975,257 |
| WOO | Wooboard Tech | 0.014 | 40% | $3,219,368 |
| YOJ | Yojee | 0.028 | 40% | $27,203,098 |
| AOU | Auroch Minerals | 0.064 | 39% | $24,815,018 |
| TMT | Technology Metals | 0.325 | 38% | $62,947,367 |
| MEI | Meteoric Resources | 0.125 | 37% | $206,237,452 |
| REY | REY Resources | 0.13 | 34% | $27,550,580 |
| IVX | Invion | 0.008 | 33% | $44,940,645 |
| ADY | Admiralty Resources. | 0.008 | 33% | $10,428,633 |
| FAU | First Au | 0.004 | 33% | $3,284,350 |
| M4M | Macro Metals | 0.006 | 33% | $9,785,389 |
| SIT | Site Group | 0.004 | 33% | $5,204,981 |
| SRN | Surefire Resources | 0.024 | 33% | $33,208,633 |
| KCN | Kingsgate | 2.01 | 33% | $398,376,815 |
| SHP | South Harz Potash | 0.043 | 30% | $21,100,447 |
| AN1 | Anagenics | 0.026 | 30% | $9,506,116 |
| LMLND | Lincoln Minerals | 0.013 | 30% | $10,627,216 |
| AKO | Akora Resources | 0.18 | 29% | $14,077,091 |
| FIN | FIN Resources | 0.018 | 29% | $10,151,637 |
| AIV | Activex | 0.029 | 26% | $5,832,070 |
| REG | Regis Healthcare | 1.845 | 26% | $487,471,161 |
| PH2 | Pure Hydrogen | 0.17 | 26% | $62,151,916 |
| TUA | Tuas | 1.535 | 25% | $632,345,493 |
| CAE | Cannindah Resources | 0.2 | 25% | $98,346,492 |
| KAI | Kairos Minerals | 0.02 | 25% | $38,299,823 |
| CL8 | Carly Holdings | 0.025 | 25% | $5,313,630 |
| IPB | IPB Petroleum | 0.01 | 25% | $4,984,161 |
| IPT | Impact Minerals | 0.01 | 25% | $24,813,706 |
| IRX | Inhalerx | 0.05 | 25% | $9,488,348 |
| LSR | Lodestar Minerals | 0.005 | 25% | $6,953,749 |
| MCT | Metalicity | 0.0025 | 25% | $7,009,079 |
| NTL | New Talisman Gold | 0.02 | 25% | $7,467,753 |
| PNX | PNX Metals | 0.0025 | 25% | $13,451,562 |
| RDN | Raiden Resources | 0.005 | 25% | $6,618,330 |
| AVL | Aust Vanadium | 0.0385 | 24% | $152,726,883 |
| EHE | Estia Health | 2.67 | 24% | $604,564,820 |
That winner was, of course, Besra Gold (ASX:BEZ) which timed its run immaculately well with an announcement on Tuesday about a US$300m offtake deal with major shareholder Quantum Metal Recovery, securing funding to bring its 3Moz Bau gold project into production.
It landed at precisely the right moment for a market that was desperately looking to get into gold, without having to worry about carrying it home, because that stuff is seriously dense.
And so, off Besra went – up 55.0% Tuesday, up 26.7% on Wednesday – a day when goldies were being sold off because everyone thought the need for a safe haven was over.
When the gold rush kicked off again yesterday, Besra was still the market darling, stacking on another 49%, which brings us to today.
Besra nudged the $0.17 mark a few times, before profit taking dropped the price and it looked (at lunch time) like Besra’s run was over.
It wasn’t. From +3.3% at lunch time to close of play today, Besra has risen as high as +48% – $0.185 a pop – before easing to $0.16 at today’s close.
That’s an 18.5% jump, which put Besra’s gains at a lovely round 300.00% for the week. Mazel Tov.
Next on the chart is the Tolkein-themed Mithril Resources (ASX:MTH) – it did technically double in price this week, but that’s from next-to-nothing to double-next-to-nothing ($0.001 to $0.002, to be precise), on 0.000 news since its “reverse acquisition” announcement at the start of the month.
Sleeper of the Week award goes to Carbon Revolution (ASX:CBR), makers of carbon fibre wheels for fine automobiles and… other things with wheels. Probably.
It has climbed 77% since this time last week, including a very healthy 27.6% rise today alone, which is doubly impressive since it has managed to do it without uttering a breath of news in the past 11 days.
ASX SMALL CAP LAGGARDS
Here are the best performing ASX small cap stocks from 20 – 24 Mar:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| SRY | Story-I | 0.008 | -67% | $3,011,239 |
| OSL | Oncosil Medical | 0.012 | -52% | $12,925,149 |
| VPR | Volt Power Group | 0.001 | -50% | $10,716,208 |
| YPB | YPB Group Ltd | 0.003 | -40% | $1,857,747 |
| REM | Remsense Technologies | 0.08 | -38% | $2,916,926 |
| AQX | Alice Queen | 0.001 | -33% | $2,530,288 |
| CMD | Cassius Mining | 0.022 | -33% | $8,986,844 |
| GGX | Gas2Grid | 0.001 | -33% | $8,154,204 |
| TD1 | Tali Digital | 0.002 | -33% | $6,315,311 |
| WBE | Whitebark Energy | 0.001 | -33% | $9,697,329 |
| M24 | Mamba Exploration | 0.075 | -32% | $4,878,667 |
| WBT | Weebit Nano | 5 | -31% | $961,970,337 |
| NCL | Netccentric | 0.058 | -31% | $18,961,781 |
| 4DS | 4Ds Memory | 0.03 | -30% | $48,976,297 |
| KLI | Killi Resources | 0.071 | -29% | $2,450,975 |
| AMD | Arrow Minerals | 0.004 | -27% | $11,633,242 |
| IGN | Ignite | 0.051 | -27% | $4,568,691 |
| TZL | TZ | 0.0325 | -26% | $8,908,325 |
| AGY | Argosy Minerals | 0.4225 | -26% | $575,807,074 |
| CY5 | Cygnus Metals | 0.205 | -25% | $37,694,213 |
| CLZ | Classic Min | 0.0015 | -25% | $1,837,782 |
| CVR | Cavalier Resources | 0.105 | -25% | $3,192,425 |
| DTI | DTI Group | 0.015 | -25% | $6,728,271 |
| MRD | Mount Ridley Mines | 0.003 | -25% | $23,354,649 |
| BMM | Balkan Mining | 0.205 | -24% | $11,193,004 |
| AQC | Auspaccoal | 0.099 | -24% | $34,383,784 |
| MYE | Metarock Group | 0.16 | -24% | $27,508,435 |
| CRS | Caprice Resources | 0.042 | -24% | $4,643,391 |
| PRS | Prospech | 0.017 | -23% | $1,501,076 |
| LPD | Lepidico | 0.01 | -23% | $76,377,717 |
| WEC | White Energy Company | 0.1 | -23% | $4,056,929 |
| SM1 | Synlait Milk | 2.24 | -23% | $485,251,287 |
| CSF | Catalano Seafood | 0.073 | -22% | $2,460,392 |
| IS3 | I Synergy Group | 0.015 | -21% | $4,336,206 |
| AGR | Aguia Res | 0.05 | -21% | $23,861,984 |
| MAY | Melbana Energy | 0.058 | -21% | $198,842,042 |
| AE1 | Aerison | 0.12 | -20% | $38,812,499 |
| ORN | Orion Minerals | 0.012 | -20% | $60,903,260 |
| PTX | Prescient | 0.1 | -20% | $72,577,266 |
| VML | Vital Metals | 0.016 | -20% | $79,592,246 |
| AYT | Austin Metals | 0.004 | -20% | $4,063,499 |
| FTL | Firetail Resources | 0.1 | -20% | $6,175,000 |
| LAW | Lawfinance | 0.008 | -20% | $510,941 |
| ODE | Odessa Minerals | 0.008 | -20% | $6,362,596 |
| PUA | Peak Minerals | 0.004 | -20% | $4,165,506 |
| SP8 | Streamplay Studio | 0.008 | -20% | $9,104,990 |
| AR3 | Austrare | 0.205 | -20% | $20,468,334 |
| TSI | Top Shelf | 0.7 | -20% | $58,918,673 |
| 3DA | Amaero International | 0.125 | -19% | $54,009,828 |
| AHF | Aust Dairy | 0.025 | -19% | $17,488,240 |
ASX IPOs this week:
It was All Quiet on the Western Front this week, because this is clearly not the best environment to be dragging new kids into the mix. But we’ll have a few new playthings soon, I promise.
Just as soon as we figure out how to get rid of the wolves that are prowling around the market’s front door.