• ASX 200 benchmark was rubbish this week, down 1.39%.
  • ASX Emerging Companies (XEC) falls 1.43% because it hates you.
  • Connexion Telematics takes line honours with a 71% reach for the stars.

While it’s far from the worst week the ASX has ever seen, it’s still been all a bit crap since the markets opened on Monday morning.

The writing was very much on the wall when the benchmark rolled into lunchtime, groaning under the unbearable weight of a 0.006% pre-lunch gain – and for the next three days it was harder to get out of bed than a pissed-up frat boy with lovin’ on his mind.

From Tuesday through Thursday, the benchmark wilted like spinach on hot spinach, despite multiple efforts to get things moving, and it wasn’t until today that things started to come right.

The end result was a 1.39% drop for the benchmark, only marginally better than the 1.43% fall by the ASX XEC Emerging Companies index, where all of our lovely Small Caps like to gather.

 

WHAT MADE THE WEEK

The market is – like my parole officer – a complicated and highly-aggravating beast, and I’m often at a loss to fully understand either of them.

But there were some clear motivations for the distinct unease that has had investors very much on edge throughout a busy-busy earnings week.

On a macro level, all this business about inflation and recession and pie charts and spreadsheets that the US Fed has been thumping the tub about relentlessly has thrown the wettest of blankets over their market, and ours.

On Tuesday, after a handy long weekend, Wall Street dropped a 2.0% bundle that shook things up tremendously – and as always, none of it was helped by representatives from the Fed talking to us like taxi drivers about how more rate rises are inevitable.

Locally, though, there was a bunch of data that should (hopefully) help RBA Guvnor Philip Lowe (who hates being singled out as the source of all our mortgage stress… so that’s why I’m doing it) decide to go a little easier on us when the board holds its next $20,000-a-plate luncheon next month.

 

REPORT CARDS ARE IN…

Reporting season was hugely unkind to a number of the Big Bizzyness types this week.

The highlights (or mostly lowlights) included health insurer NIB (ASX:NHF) taking an almost-instantaneous -10% nutshot, despite reporting NPAT at +12.8% to $91.6 million, with earnings per share up a similar percentage and an interim dividend jump from 11 to 13 cents per share (footy franked).

BlueScope Steel (ASX:BSL) sh-t the bed after an eye-bleeding 64% NPAT fall, screeching out all manner of dire warnings that the Green Steel revolution is still a long, long way from happening as it plummeted into the abyss.

But the prize turkey this week was without a doubt Star Entertainment Group (ASX:SGR), when it reported that combination of poor judgement, even poorer management and a handful of fines capable of crippling a small Pacific Island nation (New Zealand) meant that it had essentially set fire to $1.2 billion.

The market appears to be taking the view that this is absolutely rock-bottom for the beleaguered casino operator – it’s rounded out the week up 3.4% because realistically, that was the only direction it could have taken.

 

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks from 20-24 February:

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

Code Company Price % Week Market Cap
PVS Pivotal Systems 0.036 80% $6,858,661
CXZ Connexion Telematics 0.018 71% $16,040,623
ECG Ecargo Hldg 0.051 55% $30,147,250
MYE Metarock Group Ltd 0.185 48% $24,233,621
MTM Mt Monger Resources 0.105 40% $5,987,543
LDX Lumos Diagnostics 0.050 39% $11,248,422
KNB Koonenberrygold 0.083 38% $6,287,785
DLT Delta Drone Intl Ltd 0.011 38% $5,627,654
NCZ New Century Resource 1.140 36% $144,818,474
BUX Buxton Resources Ltd 0.215 34% $37,342,456
CT1 Constellation Tech 0.004 33% $5,884,801
GGX Gas2Grid Limited 0.002 33% $8,140,204
PRM Prominence Energy 0.002 33% $4,849,218
RBR RBR Group Ltd 0.004 33% $4,220,214
ROO Roots Sustainable 0.002 33% $2,078,439
SLM Solismineralsltd 0.160 33% $7,444,552
TFL Tasfoods Ltd 0.040 33% $17,046,725
BLG Bluglass Limited 0.073 33% $95,108,170
RMY RMA Global 0.145 32% $78,111,968
ICG Inca Minerals Ltd 0.027 29% $13,037,041
STK Strickland Metals 0.041 28% $60,642,222
HPP Health Plant Protein 0.067 26% $7,492,065
HLI Helia Group Limited 3.280 26% $972,850,544
AHK Ark Mines Limited 0.225 25% $7,787,273
ERG Eneco Refresh Ltd 0.020 25% $5,447,167
MOB Mobilicom Ltd 0.010 25% $13,312,797
EOF Ecofibre Limited 0.250 25% $89,049,711
WBT Weebit Nano Ltd 6.890 23% $1,144,293,234
SSL Sietel Limited 8.500 21% $68,063,572
CVW Clearview Wealth Ltd 0.565 20% $370,181,643
ATU Atrum Coal Ltd 0.006 20% $6,958,496
NZS New Zealand Coastal 0.003 20% $3,381,015
TD1 Tali Digital Limited 0.003 20% $5,550,311
XTC Xantippe Res Ltd 0.006 20% $63,480,598
EPY Earlypay Ltd 0.215 19% $53,636,808
STP Step One Limited 0.340 19% $65,795,803
VVA Viva Leisure Limited 1.340 19% $112,857,566
MVP Medical Developments 1.565 19% $118,238,090
ACL Au Clinical Labs 3.520 19% $696,327,352
TTA TTA Holdings Ltd 0.019 19% $2,336,198
GTN GTN Limited 0.570 19% $121,599,717
MEG Megado Minerals Ltd 0.051 19% $7,581,945
KSC K & S Corporation 2.280 18% $295,593,803
ACE Acusensus Limited 3.800 18% $97,697,331
AHQ Allegiance Coal Ltd 0.013 18% $13,063,647
SGC Sacgasco Ltd 0.013 18% $7,974,881
BCK Brockman Mining Ltd 0.026 18% $232,005,803
CL8 Carly Holdings Ltd 0.020 18% $4,087,408
HCH Hot Chili Ltd 1.010 17% $112,875,720
ING Inghams Group 3.220 17% $1,174,507,539
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Smart car tech company Connexion Telematics (ASX:CXZ) took the Gold Gong for Persistent Excellence in Adding Value this week, soaring 71% since Monday after it confirmed that its major US customer General Motors had signed a contract extension that will see its tech in all manner of fancy-ish left-hand-drive vehicles for at least the next five years.

Likewise, eCargo (ASX:ECG) went all magico-ballistico (that’s Italian for “going off like a frog in a sock”), adding better than 54% for the week, but for absolutely no reason at all.

ECG hasn’t spoken a word to the ASX or the market in general since 25 October last year – but it’s still managed to climb… *rubs glasses*… 264.3% over the past month.

It feels like someone, somewhere knows something – but the ASX did send ECG a speeding ticket during the week, and got a “LOL. NFI. Soz.” reply in return, so it’s gonna remain a mystery for now.

Magnis Energy Technologies (ASX:MNS), tore the wrapping off a massive bit of Tesla-related good fortune, with some huge implications for the Aussie battery metals player.

 

 

MetaRock (ASX:MYE) added 48.0% this week on news that it’s settled its beef over the the Gregory Crinum contract with Japan’s Sojitz Corporation, and will pocket $11.1 million plus make use of the door that’s now open for the company to sell off a bunch of equipment it brought in for the project but is now surplus to requirements.

And last one worth a mention is Mt Monger Resources (ASX:MTM), which stacked on 40.0% this week on news that it’s joined the rapidly-growing list of Aussie miners buying up lithium plays in Canada.

MTM entered into a binding option agreement to acquire the Pomme REE-Nb project in Quebec, Canada from TSX.V listed Geomega Resources, securing a known carbonatite intrusion with exceptional results from limited drilling, showing enrichment in rare earth elements (REE) and niobium (Nb).

It’s considered an extremely prospective exploration target, thanks to intercepts drilled in 2012 that turned up 508.3m at 0.43% TREO, 413ppm Nb2O5 and 1.48% P2O5, from 73.7m depth; and 478.1m at 0.12% TREO, 340 ppm Nb2O5 and 2.14% P2O5, from 25.9m to EOH.

And lastly, it should be noted that Pivotal Systems (ASX:PVS) managed to bang out a nominally top spot result with a +80% for the week, but the company is about to up just past the top of the thighs in the de-listing process soon, so… not 100% sure that it counts. Still, bravo!

 

ASX SMALL CAP LAGGARDS

Here are the least best performing ASX small cap stocks from 20-24 February:

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

Code Company Price % Week Market Cap
FYI FYI Resources Ltd 0.075 -55% $27,473,819
OAU Ora Gold Limited 0.003 -50% $2,952,694
PXX Polarx Limited 0.011 -50% $17,588,310
CGS Cogstate Ltd 1.180 -49% $281,872,497
LAW Lawfinance Ltd 0.021 -48% $1,341,221
CLZ Classic Min Ltd 0.003 -40% $3,695,493
NWM Norwest Minerals 0.040 -38% $8,217,973
TGH Terragen 0.045 -34% $11,447,135
ARE Argonaut Resources 0.002 -33% $12,723,743
MEB Medibio Limited 0.001 -33% $6,225,891
TTB Total Brain Ltd 0.002 -33% $267,442
MFB My Food Bag Grp Ltd 0.240 -33% $58,185,006
8IH 8I Holdings Ltd 0.030 -32% $12,507,460
PYR Payright Limited 0.041 -31% $7,960,188
BMO Bastion Minerals 0.037 -29% $5,567,122
AWJ Auric Mining 0.045 -29% $5,888,682
SIX Sprintex Ltd 0.035 -29% $8,902,401
GPR Geopacific Resources 0.018 -28% $9,381,440
OZM Ozaurum Resources 0.052 -28% $7,112,000
M24 Mamba Exploration 0.135 -27% $10,672,084
AJX Alexium Int Group 0.019 -27% $12,265,014
ASR Asra Minerals Ltd 0.011 -27% $19,072,543
LML Lincoln Minerals 0.025 -26% $15,524,560
MRI Myrewards International 0.028 -26% $5,725,497
XF1 Xref Limited 0.210 -26% $40,958,784
ZEU Zeus Resources Ltd 0.017 -26% $8,327,700
8VI 8Vi Holdings Limited 0.800 -25% $40,262,351
AYM Australia United Min 0.003 -25% $5,527,732
CAV Carnavale Resources 0.003 -25% $5,467,103
CLT Cellnet Group 0.021 -25% $6,089,866
EMU EMU NL 0.003 -25% $2,061,804
GLV Global Oil & Gas 0.002 -25% $3,428,807
KEY KEY Petroleum 0.002 -25% $2,951,892
PNX PNX Metals Limited 0.003 -25% $13,332,173
TMZ Thomson Res Ltd 0.006 -25% $5,654,682
TSL Titanium Sands Ltd 0.009 -25% $14,063,978
XST Xstate Resources 0.002 -25% $4,822,772
OBL Omni Bridgeway Ltd 2.950 -25% $1,012,978,634
FCL Fineos Corp Hold PLC 1.530 -25% $631,199,180
KME Kip McGrath Edu.Cntr 0.570 -24% $32,236,510
ARV Artemis Resources 0.016 -24% $22,262,694
MGT Magnetite Mines 0.595 -24% $47,778,072
CSX Cleanspace Holdings 0.470 -24% $36,199,176
RED Red 5 Limited 0.130 -24% $377,030,256
AKG Academies Aus Grp 0.345 -23% $43,762,774
AR3 Austrare 0.215 -23% $20,944,341
LCL Los Cerros Limited 0.030 -23% $25,940,144
KNM Kneomedia Limited 0.007 -22% $12,038,283
RLG Roolife Group Ltd 0.007 -22% $5,008,907
EDU EDU Holdings Limited 0.160 -22% $26,434,311
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ASX IPOs this week:

SQX Resources (ASX:SQX) strode out to swing its hips around the barn for its debutante ball on Monday 20 February, after rounding up $4 million at $0.20 a pop after being delat

SQX’s current focus is on copper and gold mineralisation at its Ollenburgs and Scrub Paddock Prospects, in the underexplored Esk Basin in southeast Queensland and situated near major regional infrastructure and population centres.

Scrub Paddock has been identified as a potential gold-copper porphyry, and features more than 20 mine workings and an area of comparable scale to Cadia/Ridgeway.

The company intends to drill high priority targets immediately upon listing, with the aim of defining an economic mineral resource.

It wasn’t long, however, before it was moving at the mercy of the week’s sour mood, down to $0.155 by Thursday but finishing a little stronger to $0.16 at Friday’s close of play.

 

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