ASX 200 snaps a three-day losing streak, adding 0.95pc on a weirdly busy day
Consumer Discretionary and InfoTech lead the gains, but Energy lagged
Lots of Small Caps did well today… read on to find out why
The ASX has closed higher this afternoon, snapping a three-day losing streak on the heels of some generous interpretation of yesterday’s ABS inflation data, and more stimulus news out of China.
Yesterday, the numbers came in from the ABS to tell us that there’s been a slowdown in headline inflation to 2.7% in August, down from 3.5% in July, just as expected – undeniably good news, but not altogether as great as it looks, as a huge chunk of that drop came via government energy concessions.
The trimmed inflation data was a much more circumspect 3.4% for the 12 months to August – well outside the RBA’s target range for a rate cut. But, investors seemed pleased and the good times continued to roll throughout the day.
Those good times were helped along by news out of China about a massive 1 trillion yuan ($US142 billion) injection that is mooted to be on the way into China’s state banks.
Funding for the cash splash is “likely sourced from new special sovereign bonds [which] would complement the monetary policy easing announced earlier this week, including cuts to the RRR, policy rate, and mortgage rate cuts for existing borrowers,” says IG analyst Tony Sycamore.
“This comes as Chinese authorities respond to the downside risks to the government’s ‘around 5%’ real GDP growth target.
“As noted after the Peoples’ Bank of China’s easing measures announced on Tuesday, while rate cuts are a step in the right direction, fiscal stimulus is essential to boost household consumption and reignite flagging animal spirits.
“A lumpier four trillion-yuan injection is believed necessary to transform this week’s immediate boost into a more lasting impact,” Sycamore said.
Here’s how the market sectors looked once the dust had settled this arvo:
Chart via Market Index.
The wheels have pretty much come off my afternoon here, and a bunch of other stuff happened earlier today – you can read about it all here in our Lunch Wrap.
For now, though, here are today’s best and worst performers among the Small Caps we’ve come to know and love.
ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap RIL Redivium 0.005 66.7 5,152,288 $8,240,564 CTN Catalina Resources 0.004 60.0 3,109,622 $3,096,217 FXG Felix Gold 0.125 34.4 3,116,612 $24,612,993 AAU Antilles Gold 0.004 33.3 3,344,275 $5,567,228 ATH Alterity Therapeutics 0.004 33.3 2,338,262 $15,961,008 FGH Foresta Group 0.004 33.3 21,231,895 $7,066,137 OAR OAR Resources 0.002 33.3 6,050,000 $4,951,252 NMT Neometals 0.145 31.8 4,514,657 $75,888,790 BMO Bastion Minerals 0.007 27.3 5,702,900 $2,785,818 JRV Jervois Global 0.014 27.3 13,701,858 $29,730,402 BKY Berkeley Energia 0.4 27.0 96,650 $140,425,965 RCR Rincon 0.029 26.1 7,292,376 $6,728,936 88E 88 Energy 0.0025 25.0 10,524,476 $57,867,624 GTI Gratifii 0.005 25.0 2,722 $8,596,785 RGL Riversgold 0.005 25.0 9,324,102 $5,309,850 VML Vital Metals 0.0025 25.0 149,995 $11,790,134 GLA Gladiator Resources 0.016 23.1 1,226,077 $9,857,859 AKO Akora Resources 0.135 22.7 177,891 $13,253,611 EMP Emperor Energy 0.017 21.4 4,326,092 $5,456,007 M2M Mt Malcolm Mines 0.036 20.0 1,553,217 $6,749,269 EMU EMU 0.028 22% 135,179 $2,886,481 KOB Koba Resources 0.120 20% 165,489 $15,856,161 MBH Maggie Beer Holdings 0.066 20% 321,403 $19,480,446
Catalina Resources (ASX:CTN) was up after it delivered its annual report, which is 73 pages long. The rump of the info is that the company is progressing re-permitting to re-commence direct shipping ore project at the Nelson Bay River Iron project, along with gearing up for diamond drilling program at its Lachlan Fold Belt project.
Additionally, aircore drilling totalling 25 holes for 1,593 metres has been completed at its Laverton project, returning anomalous gold and REE results up to 2.42g/t Au and 1m @ 16,426ppm TREO.
Alterity Therapeutics (ASX:ATH) was up by quite a lot, well ahead of it delivering its Annual Report this afternoon, which I haven’t read because it is 149 pages long and I only have one set of eyes. Let’s assume it was great news, and move on.
Bastion Minerals (ASX:BMO) was up after announcing that it has secured the services of Canadian Northwest Territories geological experts Aurora Geoscience to prepare an exploration plan to follow up historical work and gain a better understanding of a “large >520m long mineralised quartz vein” identified by previous owners Mariner Mines, during previous exploration that intersected grades up to 18.4% Cu.
Rincon Resources (ASX:RCR) was up on news that it is about to kick off a major new soil sampling program over several tenement areas at Laverton, where the company holds a land package of over 150 km2 within the highly endowed gold district.
Vital Metals (ASX:VML) was on the winner’s list, but the announcement today is just notice of the upcoming AGM – and the price movement was from $0.0020 to $0.0025.
Gladiator Resources (ASX:GLA) was rising sharply on news of a high-grade uranium find at the Mkuju Uranium Project, located in southern Tanzania, where drilling has confirmed six mineralised intervals including 7.1 metres averaging 1,963ppm eU3O81, from 63.1 metres depth.
Earlier in the day, Western Mines Group (ASX:WMG) was up after announcing assay results for three Phase 3 RC drilling holes at Mulga Tank, which show “broad zones of nickel sulphide mineralisation – elevated Ni and S coincident with highly anomalous Cu and PGE”. The intercepts include 188m at 0.28% Ni, 129ppm Co, 57ppm Cu, 23ppb Pt+Pd from 112m S:Ni 1.1.
Titomic (ASX:TTT) was rising this morning on news that it has sold its first D623 cold spray system to an Australian client, United Industrial Solutions, a specialist in coatings and corrosion mitigation for the resource sector, for $174,000. Titomic says the system’s primary application will be “the deposition of corrosion-resistant coatings on critical oil and gas assets, primarily in Western Australia”.
Arika Resources (ASX:ARI) – formerly known as Metalicity – was up on news that assays received from a further 9 holes at the Pennyweight Point prospect within the Yundamindra gold project, have returned “further exceptional results”, such as 30m @ 2.36 g/t Au from 64m, and 23m @ 2.84 g/t Au from 53m. Arika currently holds an 80% stake in the project, alongside 20% stakeholder Nex Metals (ASX:NME).
Premier1 Lithium (ASX:PLC) – formerly known as SensOre – was rising early after releasing the results of a strategic review of all exploration assets for their gold and copper potential based on all available historical exploration data. The company says the review has identified “significant untapped potential within the Yalgoo project area” in WA’s Murchison region, where historical drilling has revealed “numerous high-grade gold intercepts at near surface that have been largely untouched since the 1990s”.
ASX SMALL CAP LAGGARDS
Here are the least best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap IEC Intra Energy Corp 0.001 -50.0 652,303 $3,381,563 BCT Bluechiip 0.002 -33.3 11,595 $3,552,937 SI6 SI6 Metals 0.001 -33.3 1,121,214 $3,553,289 WEL Winchester Energy 0.001 -33.3 1,100,000 $2,044,528 RIM Rimfire Pacific 0.055 -30.4 19,856,361 $181,323,518 ICU Investor Centre 0.005 -28.6 450,651 $2,131,579 PGO Pacgold 0.105 -27.6 895,532 $12,201,089 MTL Mantle Minerals Ltd 0.0015 -25.0 508,208 $12,394,892 NRZ Neurizer 0.003 -25.0 297,185 $8,724,477 NTM NT Minerals 0.003 -25.0 800,000 $4,069,612 RLG Roolife Group 0.003 -25.0 1,673,878 $3,176,585 IXU Ixup 0.014 -22.2 5,602,294 $27,859,547 VEN Vintage Energy 0.007 -22.2 594,022 $15,025,782 BLU Blue Energy 0.008 -20.0 91,364 $18,509,736 KGD Kula Gold 0.008 -20.0 5,865,912 $6,432,119 TTI Traffic Technologies 0.004 -20.0 401,133 $4,864,426 VAR Variscan Mines 0.008 -20.0 817,339 $4,430,004 CRR Critical Resources 0.009 -18.2 5,446,507 $19,583,853 EQS Equity Stor Group 0.023 -17.9 365,000 $3,051,817 DTR Dateline Resources 0.005 -16.7 2,937,265 $14,968,079 BUY Bounty Oil & Gas NL 0.004 -13% 202,391 $5,994,004 VRC Volt Resources Ltd 0.004 -13% 55,000 $16,634,713
ICYMI – PM EDITION
Formerly Metalicity, Arika Resources (ASX:ARI) has reported further high-grade gold hits from the Pennyweight Point prospect within its Yundamindra gold project in WA.
New assays from nine holes revealed gold intersections up to 30m thick and 2.84g/t, with results from an additional 22 holes pending.
Indiana Resources (ASX:IDA) has reported its own impressive rare earths assays from its Central Gawler Craton project in South Australia, with results showing up to 7428ppm TREO and 3643ppm MREO.
The region where Indiana’s drilling has historically focused on gold, but there exists plenty of exciting rare earth opportunities – evidenced by the latest impressive results from Indiana’s RC drilling of eight holes for 576m.
The company says the results will be used for metallurgical test work and to inform future drilling.
At the North Achilles project, Regenerate Resources (ASX:R8R) has highlighted magnetic imagery indicating the continuation of the mineralised Achilles Shear onto ELA6755.
The North Achilles project is next door to highly active explorers Australian Gold and Copper (ASX:AGC) and Strategic Energy Resources (ASX:SER), with Regenerate looking to advance exploration on the project including land access negotiations, following tenement grant.
QMines (ASX:QML) is making progress at its Develin Creek project in Queensland, with initial assays from the Scorpion Prospect showing results of 31m @ 2.35% Cu, 0.37g/t Au, 20g/t Ag, 2.37% Zn, and 19% S from 104m depth. A total of 14 holes have been completed over 1,700m thus far.
ADX Energy (ASX:ADX) is set to kickstart a test program at the Welchau-1 oil and gas well in Upper Austria on October 15. The program aims to confirm hydrocarbon characteristics and estimate recoverable resource volumes, with prospective resource estimates ranging from 12 million to 217 million barrels of oil equivalent.
Legacy Minerals (ASX:LGM) has reported shallow, high-grade hits from reconnaissance drilling at its Bauloora Project in the Lachlan Fold Belt, NSW.
Assays included up to 468g/t Ag, 22% Zn+Pb, and 3.8g/t Au, confirming multiple vein trends that had not previously been drill tested.
QX Resources (ASX:QXR) has renegotiated its option agreement for the Liberty Lithium Brine Project in California, reducing option payments from US$1.7 million to US$500,000.
The new agreement also includes an option to acquire a 15% stake in two additional prospective lithium brine projects in Nevada and Utah.
TrivarX (ASX:TRI) has welcomed the appointment of John H. Mathias II, a seasoned US healthcare executive, as part of its team.
Mathias brings a heap of experience in operations and business development, particularly in respiratory care, which aims to bolster the commercialisation of Trivarx’s innovative AI-backed algorithm, MEB-001.
Godolphin Resources (ASX:GRL) has received commitments to raise A$1.2 million and launched a share purchase plan for an additional A$300,000, priced at A$0.0125.
Existing shareholder American Rare Earths has committed A$510,000, which will raise their stake to 19.9% of GRL’s issued capital, with funds directed toward exploration at the Lewis Ponds Project.
TRADING HALTS
Besra Gold (ASX:BEZ) – pending an announcement concerning legal proceedings.
RMA Global (ASX:RMY) – pending an announcement concerning a major new partnership.
Qoria (ASX:QOR) – pending an announcement in relation to a potential strategic acquisition and associated capital raising.
Odessa Minerals (ASX:ODE) – pending an announcement in relation to a capital raise.
Trigg Minerals (ASX:TMG) – pending an announcement regarding a proposed acquisition.
Magnetic Resources (ASX:MAU) – pending an announcement in relation to a material capital raising.
Estrella Resources (ASX:ESR) – pending an announcement regarding the outcome of the grant ceremony in Laga for its Timor-Leste mineral concession applications and announcement regarding exploration results.
Buru Energy (ASX:BRU) – pending an update on recent asset transactions and executing a capital raising.
At Stockhead, we tell it like it is. While Arika Resources, Indiana Resources, Regenerate Resources, QMines, ADX Energy, Legacy Minerals, QX Resources, TrivarX, and Godolphin Resources are Stockhead advertisers, they did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Today’s Closing Bell is brought to you by Webull Securities. Webull Securities (Australia) Pty. Ltd. is a CHESS-sponsored broker and a registered trading participant on the ASX.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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