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.