Rise and Shine: What you need to know before the ASX opens
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Here’s what you need to know ahead of an important week on the ASX and global markets.
It’s the start of a new month, which usually means a pick-up in activity on the economic data front.
This week is no exception, with the added highlight of Tuesday night’s much-anticipated federal budget. While the broader economy has lost steam recently, stable commodity prices and low unemployment have left the budget in good shape.
As a result, markets are watching to see what kind of fiscal stimulus the Morrison government delivers ahead of the federal election in May.
There’s also monthly house price data from CoreLogic this morning, and a spate of PMIs scheduled throughout the week for manufacturing, services and construction.
And before the budget on Tuesday night, the RBA will make its monthly interest rates announcement on Tuesday afternoon (2:30pm AEST). The central bank is starting to lean dovish, but markets still expect rates to stay on hold at 1.5 per cent in April.
Globally, key data will be led by all-important US employment figures, scheduled for release after Asian markets close on Friday night.
There are eight companies currently in a trading halt that are set to provide updates over the next couple of days.
Stemify (ASX: SF1), Ausmex Mining Group (ASX; AMG) and Navarre Minerals (ASX: NML) all have capital raising announcements scheduled today, while Sunbridge Group (ASX: SBB) is expected to provide an explanation regarding the impact of a prior-year accounting adjustment.
VRX Silica (ASX: VRX) will make a capital raising announcement on Tuesday, while Bubs Australia (ASX: BUB) while provide an update on a capital raising in connection with a possible acquisition.
Also on Tuesday, Konekt (ASX: KKT) will recommence trading after advising on the details of a customer contract, along with Core Lithium (ASX: CXO), which requested a halt pending the details of a mining offtake agreement.
Gold: $USD1,291.90 ($1,814.83) +0.14%
Silver: $USD15.13 +0.83%
Oil (Brent): $USD68.39 +0.84%
Oil (WTI): $USD60.14 +1.42%
Iron ore 62% fe: $USD85.70 +0.07%
AUD/USD: $USD0.7119 (+0.32%)
Adtech company Adveritas (ASX: AV1) fostered some discussion on the Stockhead Facebook chat forum, as it climbed around 30 per cent for the week following the announcement on Monday of a new integrated marketing platform.
Member Jim Skazas wrote on Wednesday: AV1 is running today. Just breaking out. Fundamentals are there. Are likely to be exceptionally good in the eyes of US venture capitalists who do business with them. Any raising likely to come from US VC money imo.
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Friday:
— HotCopper (@HotCopper) March 29, 2019
Coal explorer Resource Generation (ASX:RES) was up nearly 70 per cent over the week to end at 12.5c.
The company got a price query from the ASX earlier in the week, but didn’t have a key reason for the sudden jump in its share price and volume of shares traded.
RES said it may have been due to a delayed market response from an update earlier this month, when the company advised that Hong-Kong based Noble House had agreed to lend the company another $2.5m.
And there were some big jumps among a couple of penny stocks, with PR firm R3D Global (ASX:R3D) and air conditioning supplier Multistack International (ASX:MSI) both notching a 200 per cent gain without posting any key updates to the market.
If you’re after some more price-action details ahead of this morning’s market open, Stockhead’s weekly wrap has everything you need to know.
Here are the best performing ASX small cap stocks for the week ended March 29:
|ASX code||Company||Market Cap||Price last Friday||Price this Friday||% change|
|R3D||R3D GLOBAL LTD||$617,206||0.005||0.015||200|
|MSI||MULTISTACK INTERNATIONAL LTD||$1,796,863||0.005||0.015||200|
|RES||RESOURCE GENERATION LTD||$69,765,640||0.074||0.125||69|
|ARX||ARC EXPLORATION LTD||$5,050,147||0.125||0.200||60|
|FSG||FIELD SOLUTIONS HOLDINGS LTD||$10,750,360||0.016||0.025||56|
|LI3||LITHIUM CONSOLIDATED LTD||$6,811,659||0.046||0.071||54|
|WEL||WINCHESTER ENERGY LTD||$8,188,698||0.019||0.028||47|
|RFG||RETAIL FOOD GROUP LTD||$43,858,924||0.165||0.250||52|
|SHK||STONE RESOURCES AUSTRALIA LT||$2,434,939||0.002||0.003||50|
|DDD||3D RESOURCES LTD||$3,321,663||0.002||0.003||50|
|DTR||DATELINE RESOURCES LTD||$22,857,094||0.002||0.003||50|
|KOR||KORAB RESOURCES LTD||$12,045,383||0.027||0.039||44|
|WRM||WHITE ROCK MINERALS LTD||$11,455,205||0.005||0.008||45|
|GID||GI DYNAMICS INC-CDI||$18,313,668||0.019||0.027||42|
|WCN||WHITE CLIFF MINERALS LTD||$2,822,081||0.005||0.007||40|
|CHZ||CHESSER RESOURCES LTD||$11,669,069||0.038||0.052||37|
|AJX||ALEXIUM INTERNATIONAL GROUP||$55,270,976||0.115||0.155||35|
|LBT||LBT INNOVATIONS LTD||$16,476,016||0.061||0.082||34|
|SPX||SPECTRUM METALS LTD||$26,279,546||0.021||0.028||33|
|TMX||TERRAIN MINERALS LTD||$2,574,928||0.003||0.004||33|
|GLV||GLOBAL VANADIUM LTD||$11,317,920||0.003||0.004||33|
|OSP||OSPREY MEDICAL INC-CDI||$56,133,660||0.105||0.140||33|
|REY||REY RESOURCES LTD||$27,610,084||0.097||0.130||34|
|WEC||WHITE ENERGY CO LTD||$51,631,860||0.080||0.105||31|
|AFR||AFRICAN ENERGY RESOURCES-CDI||$10,653,713||0.013||0.017||31|
|UWL||UNITI WIRELESS LTD||$55,029,896||0.375||0.490||31|
It was a rough week for Stemify (ASX:SF1), a US-based distributor of 3D printers. Its share price halved to 0.2 cents after the ASX raised doubts about its half-year accounts, before it announced a trading half in advance of a pending capital raise.
And Orinoco Gold (ASX:OGX) tumbled by 38 per cent to 0.25 cents amid another round of chaos at its Brazil-based gold project. The company is now trying to raise more cash from investors as it faces allegations of poor conduct and theft at its Cascavel gold mine.
Here are the worst performing ASX small cap stocks for the week ended March 29:
|Ticker||Name||Market cap||Price last Friday||Price this Friday||% change|
|MTB||MOUNT BURGESS MINING NL||$1,355,638.13||0.005||0.003||-40|
|OGX||ORINOCO GOLD LTD||$5,695,514.50||0.004||0.0025||-38|
|BAH||BOJUN AGRICULTURE HOLDINGS||$12,151,201.00||0.150||0.10||-33|
|GBP||GLOBAL PETROLEUM LTD||$4,053,058.50||0.0299||0.02||-33|
|UUV||UUV AQUABOTIX LTD||$3,249,376.00||0.0299||0.02||-33|
|ANL||AMANI GOLD LTD||$7,380,455.00||0.003||0.002||-33|
|DRE||DREADNOUGHT RESOURCES LTD||$1,311,629.88||0.003||0.002||-33|
|MLS||METALS AUSTRALIA LTD||$5,383,595.50||0.003||0.002||-33|
|VPR||VOLT POWER GROUP LTD||$8,244,533.50||0.0015||0.001||-33|
|NWE||NORWEST ENERGY NL||$6,764,185.50||0.003||0.002||-33|
|CLZ||CLASSIC MINERALS LTD||$4,508,580.00||0.0015||0.001||-33|
|PSA||PETSEC ENERGY LTD||$25,432,566.00||0.100||0.07||-30|
|FNT||FRONTIER RESOURCES LTD||$3,423,713.50||0.01||0.007||-30|
|NGY||NUENERGY GAS LTD||$20,733,376.00||0.0270||0.0189||-30|
|MTH||MITHRIL RESOURCES LTD||$2,534,335.25||0.007||0.005||-29|
|KEY||KEY PETROLEUM LTD||$9,296,773.00||0.007||0.005||-29|
|CTM||CENTAURUS METALS LTD||$16,229,893.00||0.007||0.005||-29|
|ARN||ALDORO RESOURCES LTD||$4,085,375.00||0.159||0.115||-28|
|CT1||CCP TECHNOLOGIES LTD||$3,569,336.25||0.011||0.008||-27|
|BIR||BIR FINANCIAL LTD||$12,000,056.00||0.150||0.109||-27|
|SKN||SKIN ELEMENTS LTD||$4,762,975.50||0.0430||0.0320||-26|