The market for classic cars is heating up as shown by an auction this week of two Holden cars from the late 1980s which are expected to sell for hundreds of thousands of dollars.
Auctioneers say hefty price tags are attached to a 1988 Holden VL Walkinshaw SS Group A and a 1990 Holden Commodore VN SS Group A at $220,000 and $185,000, respectively.
The vintage motors are among a bevy of attractive vehicles from the 1980s that are up for sale in an April 24 auction at Lloyds Auctions.
The auctioneers reportedly said some vehicles from the 1980s have been selling for six figures since the closure of the Holden factory in Australia three years ago.
The appeal of older, classic cars is their heritage, rarity and desirability, and perhaps also the memories they stir among older drivers.
It isn’t only classic cars that are appreciating in value, run-of-the mill family saloons and SUVs are also rising in price.
Used or second-hand cars have gone up by nearly 40 per cent in the past year, according to Moody’s Analytics.
For example, a Holden Colorado is up 56 per cent to $33,800, while a Toyota Camry is 50 per cent more at $23,100.
The phenomenon is linked to the COVID-19 pandemic which has disrupted supply chains, making the sourcing of parts more difficult and slowing production at car plants.
Perhaps it is worth checking on car websites to see what your car is worth, if only out of curiosity.
To markets:
At lunchtime in Sydney, the ASX All Ordinaries index was slightly in the green at 7,283 points.
US stock indexes finished mixed at the end of overnight trading. The NASDAQ finished 1 per cent lower at 13,858 as technology stocks like Apple, Microsoft and Tesla lost ground.
The Dow Jones index rose 54 points to 33,731 as several US banks including JP Morgan issued strong profit results.
The S&P 500 slipped 17 points to 4,125 at Wednesday’s market close, and is still 11.5 per cent higher since the start of the year.
“Wall Street indexes closed mixed Wednesday, with the Nasdaq composite and S&P 500 falling despite another record intraday high for the latter and big banks’ stellar results on the first day of earnings season,” said stockbroker Argonaut in a note.
The price of gold ticked up a little to around $US1,738 per ounce ($2,245/ounce), Thursday.
Ten-year bond rates have edged higher with the US yield trading at 1.64 per cent and Australia’s was at 1.74 per cent, a two-year high.
WINNERS
Here are the best performing ASX small cap stocks at 12pm Thursday April 15:
Swipe or scroll to reveal the full table. Click headings to sort.
Stocks highlighted in yellow made market moving announcements
Code Name Price % Change Volume Market cap ANL Amani Gold Ltd 0.0015 50 10320833 $ 10,786,996.75 CLZ Classic Min Ltd 0.0015 50 8596969 $ 17,557,191.35 MR1 Montem Resources 0.14 27 293077 $ 21,608,610.21 VRC Volt Resources Ltd 0.019 27 73900559 $ 35,704,921.52 MLS Metals Australia 0.0025 25 4124999 $ 8,454,376.09 PCL Pancontinental Oil 0.0025 25 1261666 $ 12,013,430.97 VAL Valor Resources Ltd 0.01 25 12515346 $ 22,670,651.34 VIC Victory Mines Ltd 0.0025 25 2881221 $ 11,036,505.54 CD3 Cd Private Equityiii 1.24 23 122379 $ 72,388,562.10 ICN Icon Energy Limited 0.017 21 97229 $ 8,366,497.13 ENX Enegex Limited 0.145 21 1104997 $ 17,285,011.68 JCS Jcurve Solutions 0.06 20 100700 $ 16,417,171.95 FGO Fargo Enterprises 0.006 20 300000 $ 5,928,783.52 EQE Equus Mining Ltd 0.013 18 20388338 $ 20,009,249.77 ENA Ensurance Ltd 0.034 17 188439 $ 16,557,730.73 VMG VDM Group Limited 0.0035 17 999999 $ 20,782,982.86 VPR Volt Power Group 0.0035 17 16950000 $ 27,508,600.67 MXO Motio Ltd 0.145 16 139094 $ 27,929,232.13 ELE Elmore Ltd 0.024 14 8749981 $ 12,760,317.82 XRF XRF Scientific 0.33 14 497117 $ 39,022,716.97 MBM Mobecom Limited 0.033 14 419460 $ 16,403,388.61 ANA Ansila Energy 0.035 13 27326173 $ 57,342,935.91
Among the star performers Thursday is African gold and graphite explorer Volt Resources (ASX:VRC) which climbed nearly 40 per cent in early trade.
The stock picked up speed with its announcement that it has joined the European Battery Alliance (EBA) and has made progress in its acquisition of a graphite business in Ukraine.
“As Volt progresses with the acquisition of the Zavalievsky graphite business to become a producer of graphite products in Europe, there is a great opportunity to build relationships and obtain access to capital to support the expansion and product development plans for the graphite business,” managing director, Trevor Matthews, said.
The EBA’s members include 600 industrial, innovation and academic institutions and the European Investment Bank in the European Union linked to the battery industry.
Uranium explorer Valor Resources (ASX:VAL) leapt higher as it announced it is not liable for a $US10.8m payment to SSR Mining following the unwinding of an asset transaction.
Gold miner SSR Mining (ASX:SSR) has arranged to sell its 8.73 per cent stake in Valor Resources at 0.6 cents per share, mostly to Valor Resources shareholders as part of the unwinding.
Valor Resources has handed back its Berenguela South silver-copper project in the South American country of Peru to SSR Mining, and retains its Picha silver-copper project.
The ASX copper and silver explorer agreed to buy the Berenguela South project in 2017 for around $US12m.
LOSERS
Here are the worst performing ASX small cap stocks at 12pm Thursday April 15:
Swipe or scroll to reveal the full table. Click headings to sort.
Stocks highlighted in yellow made market moving announcements
Code Name Price % Change Volume Market cap OXX Octanex Ltd 0.058 -19 41000 $ 17,483,316.48 LCY Legacy Iron Ore 0.021 -19 33690213 $ 166,523,201.44 MRD Mount Ridley Mines 0.0065 -19 96774244 $ 33,793,165.02 WHC Whitehaven Coal 1.58 -14 19842955 $ 1,905,228,608.04 DTI DTI Group Ltd 0.02 -13 590497 $ 7,704,460.88 T3D 333D Limited 0.0035 -13 3916630 $ 5,508,621.10 MHK Metalhawk. 0.265 -12 416875 $ 11,088,000.00 ACS Accent Resources NL 0.04 -11 19658 $ 20,971,227.74 RRL Regis Resources 2.72 -11 12200141 $ 1,627,067,976.35 CL8 Carly Holdings Ltd 0.09 -10 104126 $ 5,653,541.40 IDT IDT Australia Ltd 0.315 -10 432970 $ 83,951,059.50 CCE Carnegie Cln Energy 0.0045 -10 6541764 $ 71,037,868.55 XST Xstate Resources 0.0045 -10 4174910 $ 13,447,937.58 OEC Orbital Corp Limited 1.02 -9 50851 $ 87,366,123.00 LIO Lion Energy Limited 0.041 -9 4116021 $ 9,333,080.55 CTE Cryosite Limited 0.315 -9 2434 $ 16,166,549.24 AWV Anova Metals Ltd 0.022 -8 45862 $ 34,394,260.80 OEX Oilex Ltd 0.0055 -8 5486186 $ 27,934,601.81 88E 88 Energy Ltd 0.023 -8 86134551 $ 313,052,260.78 ESR Estrella Res Ltd 0.048 -8 3176590 $ 47,220,666.53 SIH Sihayo Gold Limited 0.012 -8 500000 $ 47,910,998.37
It was a red ink day for Whitehaven Coal (ASX:WHC) as it announced a revision to its production guidance for the 2021 financial year as a result of recent logistical and other issues.
In its updated guidance, the company’s coal production has been cut by 600,000 to 800,000 tonnes to a range of 20.6 million to 21.4 million tonnes for FY2021.
“Disappointingly, we have had to revise down our FY2021 production, sales and unit cost guidance due to the ongoing geological challenges at our underground mine, Narrabri,” said managing director and chief executive, Paul Flynn.
Unit costs for the coal miner are also revised higher to $73 to $75 per tonne from $69 to $72 per tonne, although this is party offset by higher market prices for thermal and coking coal.
“Coal prices have continued to improve over the [March] quarter, responding to increased economic activity as well as supply constraints,” said Flynn.
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