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Rise and Shine: What you need to know before the ASX opens
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On Stockhead today, we take a look at which commodities will remain strong into 2020, one of the biggest local bears on the lithium sector turns bullish as VW pushes into EVs, and a couple of fund managers just sank more cash into Speedcast even after losing millions.
But first:
The day ahead
On the local data front, the Melbourne Institute will release its inflation expectations index for the month of May. The index has been “on a moderating trend since Feb 2019”, Westpac said.
The ABS will also have housing finance data for May at 11:30am (eastern time). Then tonight (11:10pm) RBA deputy governor Guy Debelle gives a speech from the FX Conference in New York.
In the US, key data will be highlighted by June inflation figures while Fed chair Jerome Powell will conclude his semi-annual testimony before Congress.
Company news
Just two companies are scheduled to come out of a trading halt or voluntary suspension over the next 48 hours:
Thursday:
Elixir Energy (ASX:EXR) – government project approval
Friday:
Peel Mining (ASX:PEX) – clarification of announcement
Markets
Gold: $US1,419.89 ($2,038.93) +1.20%
Silver: $US15.27 +0.19%
Oil (Brent): $US66.72 +3.99%
Oil (WTI): $US60.41 +4.46%
Coal: $US77.60
Iron ore 62pc fe: $US121.20 -1.1%
AUD/USD: $US0.6965 +0.11%
What got you talking yesterday
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Wednesday, July 10:
Close Top 5 #MostDiscussedStocks: $ECT $PLS $BOT $DCN $CGB #asx #ausbiz https://t.co/xOFzWmkzay
— HotCopper (@HotCopper) July 10, 2019
Yesterday’s winners
White Energy Company (ASX:WEC) finished the day on top with a gain of 54.55 per cent after an update on its legal battles in Singapore.
The Singapore Court of Appeal dismissed an appeal from Bayan in connection with a previous judgment which ruled in favour of a WEC subsidiary.
“The proceedings will now continue to the third tranche where damages and loss arising from Bayan’s breaches and repudiation of the joint venture will be determined,” the company said.
Here are the best performing ASX small cap stocks for Wednesday, July 10:
| Ticker | Name | Price | % Chg | Volume | Market Cap |
|---|---|---|---|---|---|
| WEC | White Energy Co Ltd | 0.17 | +54.55% | 391.5k | $87.8M |
| CZN | Corazon Mining Ltd | 0.003 | +50.00% | 2.0M | $4.9M |
| EXO | Ennox Group Ltd | 0.003 | +50.00% | 3.0M | $5.3M |
| QFY | Quantify Technology Holdings | 0.006 | +50.00% | 9.9M | $7.1M |
| THD | Thred Ltd | 0.0015 | +50.00% | 500.0k | $2.7M |
| VPR | Volt Power Group Ltd | 0.0015 | +50.00% | 1.8M | $12.4M |
| XPE | Xped Ltd | 0.003 | +50.00% | 741.3k | $4.5M |
| IXC | Invex Therapeutics Ltd | 1.49 | +41.90% | 3.1M | $82.0M |
| SUD | Suda Pharmaceuticals Ltd | 0.004 | +33.33% | 3.3M | $14.2M |
| 4CE | Force Commodities Ltd | 0.02 | +33.33% | 6.3M | $9.3M |
| GCR | Golden Cross Resources Ltd | 0.03 | +28.00% | 50.3k | $3.3M |
| ANL | Amani Gold Ltd | 0.0025 | +25.00% | 500.0k | $13.0M |
| TSC | Twenty Seven Co Ltd | 0.0025 | +25.00% | 224.7k | $2.5M |
| VAL | Valor Resources Ltd | 0.005 | +25.00% | 2.5M | $9.5M |
| ZLD | Zelda Therapeutics Ltd | 0.07 | +24.53% | 13.5M | $49.9M |
| IS3 | I Synergy Group Ltd | 0.26 | +23.81% | 6.9k | $47.6M |
| DCN | Dacian Gold Ltd | 0.64 | +21.90% | 22.0M | $144.5M |
| 1ST | 1st Group Ltd | 0.09 | +20.27% | 5.5M | $31.6M |
| ARM | Aurora Minerals Ltd | 0.012 | +20.00% | 1.3M | $2.8M |
| RNX | Renegade Exploration Ltd | 0.003 | +20.00% | 4.4M | $2.1M |
Yesterday’s losers
Among the laggards was Environmental Clean Technologies (ASX:ECT), which resumed trading after a four month suspension and investors, keen to exit, sent it down 46 per cent.
Here are the worst performing ASX small cap stocks for Wednesday, July 10:
| Ticker | Company | Price ($) | % Chg | Volume | Market Cap |
|---|---|---|---|---|---|
| MZN | Marindi Metals Ltd | 0.001 | -50.00% | $2.1M | 10.1M |
| ECT | Environmental Clean Technologies | 0.007 | -46.15% | $33.6M | 95.3M |
| SYT | Syntonic Ltd | 0.001 | -33.33% | $6.7M | 11.9M |
| LRS | Latin Resources Ltd | 0.001 | -33.33% | $3.9M | 50.0k |
| GLV | Global Vanadium Ltd | 0.001 | -33.33% | $2.8M | 2.5M |
| GGX | Gas2Grid Ltd | 0.002 | -33.33% | $3.5M | 23.0k |
| PBX | Pacific Bauxite Ltd | 0.005 | -28.57% | $2.0M | 1.7M |
| MEB | Medibio Ltd | 0.01 | -26.32% | $3.5M | 16.9M |
| MSR | Manas Resources Ltd | 0.003 | -25.00% | $7.9M | 5.7M |
| MLS | Metals Australia Ltd | 0.0015 | -25.00% | $4.4M | 431.0k |
| MHC | Manhattan Corp Ltd | 0.003 | -25.00% | $2.2M | 70.0k |
| DDD | 3D Resources Ltd | 0.0015 | -25.00% | $1.7M | 180.0k |
| BNL | Big Star Energy Ltd | 0.006 | -25.00% | $2.4M | 4.7M |
| AGE | Alligator Energy Ltd | 0.003 | -25.00% | $3.0M | 2.4M |
| KGD | Kula Gold Ltd | 0.01 | -23.08% | $558K | 1.0M |
| UUV | UUV Aquabotix Ltd | 0.007 | -22.22% | $2.3M | 26.9M |
