ASX small caps Weekly Wrap - IT sector slides. Picture: Getty Images
Weekly ASX Small Cap Wrap: Even the Budget was unable to cushion the fall in ASX tech stocks
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ASX 200 has finished the week around 1 per cent lower, with investors steering away from tech and growth stocks.
Seven out of the 11 sectors dropped, with Technology being the biggest drag, falling by more than 6 per cent.
Investors have mainly shunned tech and growth stocks in favour of cyclicals this week, after US CPI rose by 0.8% in April, its highest since 2009 and topping estimates.
But the health care sector was boosted by this week’s Federal Budget, with the government investing a record $503 billion over the next four years into the health of Australians.
That figure includes measures to mitigate the pandemic such as vaccine rollouts, as well as a$17.7 billion spend on aged care.
The biotech sector also scored a win, after the Budget announcement of a “patent box” – a concessional tax incentive scheme of 17 per cent aimed at the biotech sector that encourages the development of patented products here in Australia.
Meanwhile, the Commonwealth Bank (ASX:CBA) has hit its all time high on intraday today, trading as high as $97.38. The bank’s shares have risen by 3 per cent this week, in a clear indication that investors are rotating towards cyclical stocks.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for May 10-14 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | ReturnWRoll% | MktCap$ |
|---|---|---|---|---|
| MDX | Mindax Limited | 0.16 | 5150 | $ 2,961,836.33 |
| CAP | Carpentaria Resource | 0.1 | 156 | $ 30,410,310.96 |
| HLX | Helix Resources | 0.031 | 138 | $ 33,917,717.77 |
| AGE | Alligator Energy | 0.033 | 74 | $ 77,952,216.80 |
| TLM | Talisman Mining | 0.24 | 66 | $ 43,857,670.48 |
| AIS | Aeris Resources Ltd | 0.16 | 62 | $ 278,318,391.39 |
| IKW | Ikwezi Mining Ltd | 0.29 | 61 | $ 11,788,492.46 |
| APD | Apn Property Group | 0.9 | 54 | $ 296,593,238.70 |
| PBX | Pacific Bauxite Ltd | 0.003 | 50 | $ 1,189,842.10 |
| ANL | Amani Gold Ltd | 0.0015 | 50 | $ 21,573,993.49 |
| WHK | Whitehawk Limited | 0.22 | 47 | $ 45,414,908.40 |
| ICN | Icon Energy Limited | 0.024 | 41 | $ 14,342,566.51 |
| TER | Terracom Ltd | 0.14 | 40 | $ 113,041,144.50 |
| VPR | Volt Power Group | 0.004 | 33 | $ 27,508,600.67 |
| MSR | Manas Res Ltd | 0.008 | 33 | $ 19,321,915.19 |
| KEY | KEY Petroleum | 0.004 | 33 | $ 7,871,712.50 |
| OEQ | Orion Equities | 0.25 | 32 | $ 4,453,597.25 |
| PVL | Powerhouse Ven Ltd | 0.19 | 31 | $ 14,691,482.72 |
| EFE | Eastern Iron | 0.013 | 30 | $ 6,111,854.34 |
| ICE | Icetana Limited | 0.11 | 29 | $ 11,296,243.75 |
| SVM | Sovereign Metals | 0.73 | 28 | $ 287,895,104.90 |
| MSI | Multistack Internat. | 0.064 | 28 | $ 6,064,411.90 |
| CPN | Caspin Resources | 0.865 | 27 | $ 53,464,010.58 |
| RBD | Restaurant Brands NZ | 11.01 | 25 | $ 1,373,591,338.23 |
| TMH | The Market Herald | 0.6 | 25 | $ 104,759,939.35 |
| PF1 | Pathfinder Resources | 0.275 | 25 | $ 13,425,531.30 |
| SER | Strategic Energy | 0.062 | 24 | $ 12,120,468.03 |
| DEV | Devex Resources Ltd | 0.295 | 23 | $ 80,556,344.40 |
| KKO | Kinetiko Energy Ltd | 0.135 | 23 | $ 76,462,191.65 |
| NWM | Norwest Minerals | 0.1 | 22 | $ 10,557,497.36 |
| MGT | Magnetite Mines | 0.067 | 22 | $ 184,585,027.84 |
| YRL | Yandal Resources | 0.67 | 22 | $ 64,489,539.42 |
| BLZ | Blaze International | 0.04 | 21 | $ 10,237,500.00 |
| VRC | Volt Resources Ltd | 0.029 | 21 | $ 61,888,530.63 |
| AME | Alto Metals Limited | 0.105 | 21 | $ 54,031,168.20 |
| ORR | Orecorp Ltd | 0.76 | 21 | $ 243,313,535.64 |
Junior explorer Mindax has experienced a fairytale comeback today, after its shares were suspended in 2019 due to exchange violations. After trading recommenced, it surged by more than 3,000% right off the bat, at one point even surpassing 6,000%.
The explorer has recently tapped investors for $2.08m through an entitlement offer while its shares were suspended. The cash will be used to fund its Mount Forrest Iron Project and Meekathara Gold Project.
Carpentaria Resources (ASX:CAP) +156%
The mineral explorer has gained since announcing on Wednesday that it has resolved a legal dispute with partner Pure Metals (PM). The disagreement was around PM’s obligations on a sale and purchase deal struck in November 2020.
The matter was resolved, and will lead to the completion of a new deal under which Carpentaria will acquire PM’s 24.149% of the Hawsons Iron Project. In return, Carpentaria will issue to PM 90.8 million Carpentaria shares.
Alligator Energy (ASX:AGE) +74%
The uranium and cobalt-nickel explorer’s share price almost doubled this week, after the company took steps to become a fully-fledged uranium producer.
This week, Alligator announced a strategic agreement with global commodities trader, Traxys.
Under the deal, Traxys will provide a full scope of work for Alligator’s uranium project, which includes marketing services on future uranium production, long term off-take contracting, and project development financing of up to $15m.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for May 10-14 [intraday]:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | ReturnWRoll% | MktCap$ |
|---|---|---|---|---|
| UUV | UUV Aquabotix Ltd | 0.001 | -50 | $ 2,388,374.81 |
| WKT | Walkabout Resources | 0.185 | -43 | $ 69,826,729.00 |
| ABR | American Pacific | 1.37 | -42 | $ 550,134,874.35 |
| MCX | Mariner Corp Ltd | 0.055 | -39 | $ 2,642,927.21 |
| LIO | Lion Energy Limited | 0.061 | -38 | $ 14,310,107.40 |
| CUL | Cullen Resources | 0.022 | -33 | $ 10,469,694.40 |
| TOM | Tomizone Limited | 0.002 | -33 | $ 850,401.35 |
| M2R | Miramar | 0.18 | -32 | $ 7,600,953.60 |
| PGM | Platina Resources | 0.062 | -31 | $ 24,339,496.59 |
| GES | Genesis Resources | 0.009 | -31 | $ 7,045,571.65 |
| OVN | Oventus Medical Ltd | 0.115 | -30 | $ 19,782,802.13 |
| FPL | Fremont Petroleum | 0.0035 | -30 | $ 23,392,562.60 |
| BLY | Boart Longyear | 0.39 | -27 | $ 33,634,484.00 |
| PRN | Perenti Global Ltd | 0.73 | -27 | $ 485,963,702.49 |
| OXX | Octanex Ltd | 0.041 | -27 | $ 10,570,777.44 |
| BPM | BPM Minerals | 0.2 | -26 | $ 4,826,250.00 |
| CLZ | Classic Min Ltd | 0.0015 | -25 | $ 35,114,382.70 |
| ECT | Env Clean Tech Ltd. | 0.0015 | -25 | $ 11,584,624.95 |
| GGX | Gas2Grid Limited | 0.003 | -25 | $ 7,005,428.64 |
| PCH | Property Connect | 0.0015 | -25 | $ 1,028,795.21 |
| PRM | Prominence Energy NL | 0.012 | -25 | $ 7,258,293.43 |
| NGY | Nuenergy Gas Ltd | 0.03 | -25 | $ 44,428,664.91 |
| NKL | Nickelxltd | 0.15 | -25 | $ 8,292,500.00 |
| PTR | Petratherm Ltd | 0.06 | -25 | $ 11,935,068.36 |
| AHI | Adv Human Imag Ltd | 1.13 | -25 | $ 143,180,664.90 |
| EM1 | Emerge Gaming Ltd | 0.025 | -24 | $ 28,030,872.00 |
| ASN | Anson Resources Ltd | 0.053 | -23 | $ 43,803,924.46 |
| DTZ | Dotz Nano Ltd | 0.265 | -23 | $ 107,338,448.43 |
| GTE | Great Western Exp. | 0.15 | -23 | $ 23,153,670.37 |
| CAE | Cannindah Resources | 0.062 | -23 | $ 32,170,682.82 |
| KNM | Kneomedia Limited | 0.007 | -22 | $ 7,905,973.28 |
| TEG | Triangle Energy Ltd | 0.028 | -22 | $ 17,381,377.47 |
| DW8 | Digital Wine Venture | 0.105 | -22 | $ 159,992,871.07 |
| DM1 | Desert Metals | 0.44 | -22 | $ 16,975,000.00 |
| A2M | The A2 Milk Company | 5.61 | -22 | $ 4,059,022,913.40 |
BNPL stocks were battered this week, mainly on inflation concerns and what it meant for the valuation of growth stocks like BNPL if interest rates rise.
LayBuy (ASX:LBY) dropped 20 per cent, while Splitit (ASX:SPT) fell by 16 per cent for the week.
Investors are concerned that higher rates arising from higher inflation might prompt a revaluation of high-growth and profit-less stocks downwards.
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