Black Friday was so-called because the goal was to get retailers ‘back in the black’, but did it live up to its name for ASX small caps or was it just an overhyped fizzer?

The performance of ASX small caps in the retail and consumer sectors would suggest it was just another day.

In the retail sector the biggest gainer was Motorcycle Holdings (ASX:MTO), which advanced 6 per cent. In the month of November, that title belonged to pawnbroker Cash Converters (ASX:CCV), which was up 7 per cent.

But looking at the whole year, the picture looks even rosier with an average gain of 15 per cent. The leading stock was plus-size fashion outlet City Chic Collective (ASX:CCX), up 167 per cent.

Code Name Price November 2019 % Return Black Friday % Return YTD % Return Market Cap
MTO MOTORCYCLE HOLDINGS LTD 2.19 -1 6 15 $135.1M
MOZ MOSAIC BRANDS LTD 2.38 4 2 -8 $230.7M
ADH ADAIRS LTD 2.3 1 1 33 $388.9M
PGR THE PAS GROUP LTD 0.11 -4 0 -54 $15.0M
AU8 AUMAKE INTERNATIONAL LTD 0.11 -15 0 -55 $36.6M
TGA THORN GROUP LTD 0.22 -10 0 -59 $70.9M
JYC JOYCE CORP LTD 1.43 -5 0 4 $40.0M
MPH MEDILAND PHARM LTD 0.275 0 0 $86.0M
SSG SHAVER SHOP GROUP LTD 0.655 -1 0 97 $82.8M
SRY STORY-I LTD 0.017 7 0 -35 $5.1M
MHJ MICHAEL HILL INTERNATIONAL L 0.655 0 -1 12 $254.0M
TRS REJECT SHOP LTD/THE 2.8 -20 -1 6 $80.9M
BLX BEACON LIGHTING GROUP LTD 1.22 -5 -1 14 $268.6M
CCX CITY CHIC COLLECTIVE LTD 2.51 1 -1 167 $501.4M
BBN BABY BUNTING GROUP LTD 3.29 -15 -2 56 $419.7M
ASG AUTOSPORTS GROUP LTD 1.47 -2 -2 52 $295.5M
MYR MYER HOLDINGS LTD 0.48 -7 -2 16 $394.2M
CCV CASH CONVERTERS INTL LTD 0.23 7 -2 -2 $141.8M
VTG VITA GROUP LTD 1.15 -13 -2 17 $188.3M

Consumer-focused small caps were more robust. Five gained over 10 per cent on Black Friday including textile and homewear chain Merchant House (ASX:MHI), which jumped 33 per cent. Merchant was followed by Olivers’ Real Foods (ASX:OLI), which was up 24 per cent.

While the broader sector was unchanged in November and for the year to date, some stocks enjoyed gains. The leaders were electric scooter maker VMoto (ASX:VMT), up 293 per cent in 2019, and Datadot Technology (ASX:DDT), up 220 per cent.

Code Name Price (I) Market Cap Black Friday % Return November 2019 % Return YTD % Return
VMT VMOTO LTD 0.22 49.45M 4 96 293
BUG BUDERIM GROUP LTD 0.28 23.66M 0 28 15
DDT DATADOT TECHNOLOGY LTD 0.01 6.43M 11 25 220
YOW YOWIE GROUP LTD 0.06 13.10M 0 25 -12
TTA TTA HOLDINGS LTD 0.03 3.57M 0 24 24
WHK WHITEHAWK LTD 0.09 13.42M 0 20 42
SKN SKIN ELEMENTS LTD 0.01 1.62M 0 20 -50
VVA VIVA LEISURE LTD 3.00 180.44M 3 18
EHH EAGLE HEALTH HOLDINGS LTD 0.12 40.03M 4 14 -24
KME KIP MCGRATH EDUCATION CENTRE 1.30 58.80M 0 14 83
BEE BROO LTD 0.02 10.99M -19 13 -65
LON LONGTABLE GROUP LTD 0.16 33.16M 6 10 -56
SHJ SHINE CORPORATE LTD 0.89 154.20M -1 9 32
FFI F.F.I. HOLDINGS LTD 4.90 52.73M 0 8 29
CL8 COLLABORATE CORP LTD 0.02 18.42M 0 7 33
SRY STORY-I LTD 0.02 5.06M 0 7 -35
OLI OLIVER'S REAL FOOD LTD 0.06 14.54M 24 7 -33
CCV CASH CONVERTERS INTL LTD 0.23 141.78M -2 7 -2
BET BETMAKERS TECHNOLOGY GROUP L 0.14 63.92M 0 7 185
GLB GLOBE INTERNATIONAL LTD 1.51 62.61M 4 6 -29
HCT HOLISTA COLLTECH LTD 0.08 18.49M 0 6 36
AWY AUSTRALIAN WHISKY HOLDINGS L 0.03 53.81M 3 6 -27
RTE RETECH TECHNOLOGY CO LTD 0.38 88.51M 4 5 -11
SIO SIMONDS GROUP LTD 0.41 58.98M 1 5 21
MCP MCPHERSON'S LTD 2.49 266.04M 0 4 115
SFC SCHAFFER CORP LTD 14.74 201.54M 1 4 14
AQS AQUIS ENTERTAINMENT LTD 0.03 5.55M 0 4 3
MOZ MOSAIC BRANDS LTD 2.38 230.67M 2 4 -8
EXP EXPERIENCE CO LTD 0.22 122.28M 0 4 -28
SNL SUPPLY NETWORK LTD 4.16 169.57M -1 4 14
SHM SHRIRO HOLDINGS LTD 0.66 62.76M -1 4 33
AMS ATOMOS LTD 1.41 263.25M 2 3 75
S66 STAR COMBO PHARMA LTD 0.46 39.37M 0 3 -19
ABT ABUNDANT PRODUCE LTD 0.05 4.24M 14 3 -75
WAT WATERCO LTD 2.15 78.27M -2 3 -9
AS1 ANGEL SEAFOOD HOLDINGS LTD 0.20 26.37M 0 3 38
NTD NATIONAL TYRE & WHEEL LTD 0.45 46.30M 1 2 3
JAT JATENERGY LTD 0.05 43.65M 0 2 -22
MGC MG UNIT TRUST 0.44 251.80M 0 2 59
PWH PWR HOLDINGS LTD 4.65 465.41M 1 2 44
HUO HUON AQUACULTURE GROUP LTD 4.57 399.13M 0 2 -1
SIT SITE GROUP INTERNATIONAL LTD 0.07 52.27M 0 2 131
ERG ENECO REFRESH LTD 0.07 18.25M 0 1 49
PFP PROPEL FUNERAL PARTNERS LTD 3.33 328.79M -1 1 38
AVG AUSTRALIAN VINTAGE LTD 0.52 147.37M 1 1 11
ADH ADAIRS LTD 2.30 388.88M 1 1 33
RDH REDHILL EDUCATION LTD 1.99 61.32M -2 1 -23
ABV ADVANCED BRAKING TECHNOLOGY 0.03 10.62M 0 0 56
FRM FARM PRIDE FOODS LTD 0.31 17.38M -5 0 -59
RPM RPM AUTOMOTIVE GROUP LTD 0.18 16.10M 4 0 -39
PTL PENTAL LTD 0.30 40.88M 0 0 18
MPH MEDILAND PHARM LTD 0.28 86.01M 0 0
MHJ MICHAEL HILL INTERNATIONAL L 0.65 253.99M -1 0 12
ATP ATLAS PEARLS LTD 0.01 3.85M 0 0 -40
8VI 8VIC HOLDINGS LTD 0.15 6.08M 0 0 -73
IDZ INDOOR SKYDIVING AUSTRALIA G 0.01 3.37M 0 0 -78
DBF DUXTON BROADACRE FARMS LTD 1.14 48.97M 3 0 -24
SSG SHAVER SHOP GROUP LTD 0.65 82.83M 0 -1 97
MTO MOTORCYCLE HOLDINGS LTD 2.19 135.14M 6 -1 15
GRB GAGE ROADS BREWING CO 0.09 100.99M -1 -1 -5
ASG AUTOSPORTS GROUP LTD 1.47 295.47M -2 -2 52
MFD MAYFIELD CHILDCARE LTD 0.99 31.52M 0 -2 25
WLD WELLARD LTD 0.06 31.88M 0 -2 9
OGA OCEAN GROWN ABALONE LTD 0.14 26.21M 7 -2 5
ENN ELANOR INVESTOR GROUP 2.12 248.40M 0 -2 26
SFG SEAFARMS GROUP LTD 0.07 140.39M -1 -2 -36
SCT SCOUT SECURITY LTD 0.07 8.34M 0 -3 -55
MCA MURRAY COD AUSTRALIA LTD 0.15 83.97M 3 -3 -23
WOA WIDE OPEN AGRICULTURE LTD 0.14 9.53M 0 -3 13
ICQ ICAR ASIA LTD 0.29 125.21M -2 -3 127
PGR THE PAS GROUP LTD 0.11 15.04M 0 -4 -54
TPW TEMPLE & WEBSTER GROUP LTD 2.25 255.20M -1 -4 125
RIC RIDLEY CORP LTD 1.04 325.26M 0 -4 -16
SGLLV RICEGROWERS LIMITED 3.60 214.99M 0 -5
BLX BEACON LIGHTING GROUP LTD 1.22 268.64M -1 -5 14
RCT REEF CASINO TRUST 2.54 124.62M 0 -5 -16
JYC JOYCE CORP LTD 1.43 39.99M 0 -5 4
EBG EUMUNDI GROUP LTD 1.01 40.98M 0 -6 12
NZS NEW ZEALAND COASTAL SEAFOODS 0.01 7.95M 7 -6 -97
ISU ISELECT LTD 0.49 107.73M 0 -6 -36
AKP AUDIO PIXELS HOLDINGS LTD 16.19 458.20M 2 -6 -20
MHI MERCHANT HOUSE INTL LTD 0.12 10.84M 33 -6 -8
SGH SLATER & GORDON LTD 0.90 124.59M 1 -6 -50
RBL REDBUBBLE LTD 1.05 273.03M -2 -6 17
WNR WINGARA AG LTD 0.29 31.01M 4 -7 20
TWD TAMAWOOD LTD 3.32 91.67M -3 -7 -7
MYR MYER HOLDINGS LTD 0.48 394.21M -2 -7 16
CSS CLEAN SEAS SEAFOOD LTD 0.70 65.16M -1 -7 -34
TFL TASFOODS LTD 0.12 32.79M 0 -7 -5
FOD FOOD REVOLUTION GROUP LTD/TH 0.08 57.25M 3 -8 -46
BDA BOD AUSTRALIA LTD 0.33 30.15M 10 -8 -15
BFC BESTON GLOBAL FOOD CO LTD 0.08 36.80M 2 -8 -45
GAP GALE PACIFIC LTD 0.26 72.21M -10 -8 -16
AHL AHALIFE HOLDINGS LTD 0.01 9.09M 0 -8 13
3PL 3P LEARNING LTD 0.87 120.61M 1 -9 -28
AHF AUSTRALIAN DAIRY NUTRITIONAL 0.10 36.73M -5 -9 -18
UCW UCW LTD 0.21 24.68M 0 -9 17
NNW 99 WUXIAN LTD-CDI 0.07 78.86M 0 -9 -50
TGA THORN GROUP LTD 0.22 70.92M 0 -10 -59
TNK THINK CHILDCARE LTD 1.39 84.90M -2 -10 6
FWD FLEETWOOD CORP LTD 1.95 184.49M -5 -10 -2
DNA DONACO INTL LTD 0.08 65.89M 16 -11 -12
DW8 DIGITAL WINE VENTURES LTD 0.01 7.25M 0 -12 1
VTG VITA GROUP LTD 1.15 188.32M -2 -13 17
ICT ICOLLEGE LTD 0.05 23.66M 0 -13 -29
CLB CANDY CLUB HOLDINGS LTD 0.06 10.49M 0 -13
KTD KEYTONE DAIRY CORP LTD 0.43 91.42M 0 -13 21
AGI AINSWORTH GAME TECHNOLOGY LT 0.76 255.96M -1 -13 -4
AKG ACADEMIES AUSTRALASIA GROUP 0.53 67.64M 0 -14 23
BBN BABY BUNTING GROUP LTD 3.29 419.69M -2 -15 56
AU8 AUMAKE INTERNATIONAL LTD 0.11 36.57M 0 -15 -55
ATL APOLLO TOURISM & LEISURE LTD 0.41 77.25M -2 -16 -62
FUN FUNTASTIC LTD 0.02 4.90M 0 -17 -60
BXN BIOXYNE LTD 0.02 10.24M 0 -17 -52
JAY JAYRIDE GROUP LTD 0.30 28.50M 0 -19 -33
INP INCENTIAPAY LTD 0.01 3.68M 0 -19 -75
WNB WELLNESS AND BEAUTY SOLUTION 0.01 10.34M 5 -19 -79
TRS REJECT SHOP LTD/THE 2.80 80.94M -1 -20 6
MRG MURRAY RIVER ORGANICS GROUP 0.05 21.69M 0 -25 -38
MMM MARLEY SPOON AG-CDI 0.22 32.71M -3 -26 -51
EXL ELIXINOL GLOBAL LTD 0.76 105.49M -3 -29 -69
RFG RETAIL FOOD GROUP LTD 0.10 211.80M 4 -30 -67
CYQ CYCLIQ GROUP LTD 0.00 1.86M 0 -33 -70
AAP AUSTRALIAN AGRICULTURAL PROJ 0.01 1.98M 0 -35 -35
HT8 HARRIS TECHNOLOGY GROUP LTD 0.01 1.71M 0 -35 -36
DLC DELECTA LTD 0.00 2.78M 0 -43 -50

The private markets tell a different story

NAB however reckons the event is paying dividends. It noted that overall sales for the day were up 45 per cent compared with the year before and has doubled since 2013’s event.

Some sectors enjoyed substantial gains, most notably Games and Toys, which was up by 75 per cent.

Of course many retailers, particularly online sellers, run promotions beyond just Black Friday. On that basis, 12 sales days were above the average sales for the month (on Mondays only) and of these, seven were towards the end.

NAB forecast the strongest ABS retail headline figure since February. However it warned growth would be subdued.

“Ultimately, it remains our view that retail sector fundamentals will continue to underperform,” chief economist Alan Oster said.

“Higher unemployment, sluggish wage growth and elevated debt will keep the brakes on spending growth, interest cuts notwithstanding. Ultimately, more stimulus is needed to fundamentally change this equation.”

Oster also warned strong Black Friday sales could represent Christmas spending being brought forward, which would lead to downside in December.