Rise and Shine: What you need to know before the ASX opens
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Coming up on Stockhead today, there’s a bit of promise in tonight’s federal Budget for health small caps, wtf is Elon Musk doing now, and why nickel’s a great bet for the next five years.
But first, here’s what you need to know right now:
Hoo boy there is data galore coming out today. Obviously from 7:30pm eastern time tonight we have Josh Frydenberg delivering his first ever federal Budget, which you won’t miss thanks to wall-to-wall coverage on TV, radio, online, print and maybe even people approaching you in the street about it.
Markets will be watching with bated breath to see what kind of fiscal promises the Morrison government unveils ahead of the federal election in May. Rumours are abounding that Frydenberg will deliver a budget surplus, whereby revenue exceeds expenses and allows the government to pay down its debt. We shall see.
The Reserve Bank of Australia is also making its monthly interest rates announcement, with rates expected to stay at 1.5 per cent.
Stealth Global (ASX:SGI) has 6.3 million shares due out of escrow today.
There are 11 companies due out of a trading halt in the next 24-48 hours:
Gold: $US1287.36 ($1,809.90) -0.27%
Silver: $US15.11 -0.17%
Oil (Brent): $US68.68 +0.42%
Oil (WTI): $US61.67 +2.43%
Coal: $US83.25 -1.63%
Iron ore 62% fe: $US85.70 +0.07%
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These were the five most-discussed stocks on trading gossip forum HotCopper at close on Monday:
— HotCopper (@HotCopper) April 1, 2019
Orinoco Gold (ASX:OGX) recouped 50 per cent of its recent losses to trade at 0.3c by midday on Monday.
Not much to report on the news front — though it had plenty last week.
The Brazil-focused company has faced numerous problems with production at its Cascavel gold mine, and is facing allegations of poor operating procedures, gold theft and conflicts of interest.
Orinoco last week launched a fully underwritten rights issue for $5.4m.
Zinc explorer Inca Minerals (ASX:ICG) has named heavyweight South32 (ASX:S32) as its new partner on its Riqueza project in Peru.
The news sent shares up 25 per cent to 0.5c.
Investors love it when a major backs a junior – especially when it comes with a promise of $US9m in exploration funding over four years to earn a 60 per cent stake.
Gold explorer Gascoyne Resources (ASX:GCY) told investors it had secured firm commitments for a placement and a fully underwritten entitlement offer to collectively raise $24.5m.
But investors didn’t like that, sending the share price down 47 per cent to 5c.
If not all shares are taken up by shareholders in the entitlement offer, European investor Delphi Unternehmensberatung AG would acquire a 19.9 per cent stake in Gascoyne.
That’s all you need to know. Go go go!