Rise and Shine: What you need to know before the ASX opens
Good morning and happy Monday. On Stockhead today, should companies that don’t have women on their boards be blocked from an IPO, who’s bought nearly a quarter of Astivita, and has crowdfunding in Australia come of age?
Here’s what you need to know about the week ahead.
Key data in Australia will be led by March employment figures on Thursday (11:30am AEST).
The median forecast is for 15,000 jobs to be added, with the unemployment rate to hold at 5 per cent. Amid slowing economic growth and low inflation, the health of Australia’s jobs market is now seen as the key guide on whether the RBA will cut interest rates later this year.
Also in Australia this week, the RBA will release the minutes from its April meeting on Tuesday (11:30am AEST).
Looking abroad, there’s a number of speakers from the US Fed scheduled throughout the week. And China will release a March data deluge on Wednesday, with fixed asset investment and industrial production numbers, along with retail sales and Q1 GDP (forecast annual growth of 6.3 per cent).
No less than 12 ASX companies are scheduled to be in trading halts to start the week — six on Monday and six on Tuesday:
Gold: $US1,290.30 ($1,797.76) -0.16%
Silver: $US14.94 -0.06%
Oil (Brent): $US71.32 -0.34%
Oil (WTI): $US63.79 -0.16%
Coal: $US87.13 +0.15%
Iron ore 62% fe: $US93.79 +0.20
There was a bit of interest around the pending IPO for Sezzle, the latest buy now, pay later payments platform that’s expected to hit the ASX boards within the next few months.
“Will be interesting to see if there will be the same growth as afterpay shares or if its the “uber” of the market…”, group member Fleur Combridge said.
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Friday:
— HotCopper (@HotCopper) April 12, 2019
Diversified industrials play AJ Lucas (ASX:AJL) climbed by almost 70 per cent, after three straight days of double-digit percentage gains.
There were no major announcements from the company for traders to respond to, although on the previous Wednesday AJL told the market it had renegotiated the terms of a debt funding agreement with its Singapore-based financier.
AJL said the deferral of its debt obligation will allow the company to retain its Lucas Drilling division, which it says is “well positioned to take advantage of the improvement in the East Coast coal market”.
Here are the best performing ASX small cap stocks for April 8-12 (prices as at 2pm Friday, eastern time).
It was a rough week for the minnows, as embattled 3D printing company 333D Limited (ASX:T3D) lost half its value to fall to 0.1 cents per share.
Graphite play Metals Australia (ASX:MLS), which is developing the Lac Rainy project in Quebec, Canada also lost 50 per cent to fall to 0.1 cents. The company hit a recent high of 3.5 cents per share last November and is down from a 12-month high of 1.1 cents.
Of the 33 companies that posted a weekly loss of more than 20 per cent, just five of them had a market capitalisation of more than $10 million.
Here are the worst performing ASX small cap stocks for April 8-12 (prices as at 2pm Friday, eastern time).