The ASX 200 index has retreated from its all time high levels on Monday after closing -0.15% lower. As a quick reminder, the index touched a record high of 7,769 last Friday.
Sentiment fell after the ABS reported a 1.7% fall in Australian business inventories in December, largely attributed to a $1.6 billion decrease in mining companies’ inventories.
“The fall in inventories presents a substantial downside risk to expectations for GDP ahead of Wednesday’s release,” Taylor Nugent at NAN told the AFR.
On the ASX, interest rates sensitive sectors like Real Estate and Tech were the top performers today after US data on Friday showed soft manufacturing stats.
Manufacturing output in the US fell to 47.8 in February, the 16th straight month of declines, adding to hopes the Fed Reserve will begin cutting rates imminently.
Source: MarketIndex
Gold mining stocks caught bids today after a 2% rise in bullion prices. Energy stocks also climbed today after similar moves in crude prices.
“The gold price charts and the gold price catalysts are in agreement – the gold price breakout of 2024 has legs. We expect higher highs in the gold price in the coming months,” informed a report from Investing Haven.
Overseas markets
Meanwhile in America, US treasuries are rallying (bond yields falling) in a sign that the market expects Fed cuts this year.
The bond futures market suggests that traders are ramping up bets the Fed will cut rates by 86 basis points in 2024, from 77 basis points last week.
Across in Europe, the European Central Bank monetary policy meeting is scheduled for Thursday this week.
In China, Premier Li Qiang is set to unveil a new 2024 growth target, and outline its strategy for supporting the slowing economy.
Stocks that went ex-dividends today include:
Source: Amscot
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap DCX Discovex Res Ltd 0.20 100.00 344,963 $3,302,568 WHK Whitehawk Limited 5.70 78.13 64,044,214 $10,818,263 NVQ Noviqtech Limited 0.50 66.67 120,287,519 $3,928,336 KNB Koonenberrygold 2.30 53.33 213,298 $1,796,236 CNJ Conico Ltd 0.30 50.00 1,292,854 $3,140,190 TTM Titan Minerals 3.00 36.36 6,022,069 $37,308,618 WA8 Warriedarresourltd 3.80 35.71 677,988 $14,921,824 SUH Southern Hem Min 4.70 34.29 252,333 $20,668,402 IS3 I Synergy Group Ltd 0.80 33.33 1,132,980 $1,824,482 PKO Peako Limited 0.40 33.33 1,458,333 $1,581,254 VML Vital Metals Limited 0.40 33.33 17,708,918 $17,685,201 FAL Falconmetalsltd 16.00 33.33 1,211,906 $21,240,000 GNX Genex Power Ltd 24.50 32.43 13,339,931 $256,257,771 MMM Marley Spoon Se 3.80 26.67 101,105 $3,531,732 AVM Advance Metals Ltd 3.90 25.81 70,000 $1,242,634 MEK Meeka Metals Limited 3.50 25.00 211,840 $34,571,850 POS Poseidon Nick Ltd 0.75 25.00 21,152,365 $22,281,209 GES Genesis Resources 0.50 25.00 152 $3,131,365 IVX Invion Ltd 0.50 25.00 1,510,582 $25,698,129 NAE New Age Exploration 0.50 25.00 600,000 $7,175,596 RDS Redstone Resources 0.50 25.00 375,000 $3,701,514 TMR Tempus Resources Ltd 0.50 25.00 2,479,335 $2,923,995 QUE Queste Communication 5.50 25.00 4,700 $1,191,183 PFE Panteraminerals 5.60 24.44 4,162,448 $6,688,015 CCA Change Financial Ltd 6.90 23.21 241,441 $35,149,038
Koonenberry Gold (ASX:KNB) has wowed with news of a capital raise led by cornerstone investor Lion Selection Group.
KNB will raise $2.35 million to advance exploration of its Bellagio and Atlantis Projects, including high impact drilling programs planned with “exciting” gold and copper targets.
Cybersecurity stock WhiteHawk (ASX:WHK) jumped 60% today and several hundred per cent last week, on the back of its AI strategy announcement last week.
Queensland renewable energy company Genex Power (ASX:GNX) announced that it has received an indicative bid proposal from Japan’s Electric Power Development, J-Power, valuing its equity at ~$380m or 27.5c a share.
Calix (ASX:CXL) soared after announcing that the Leilac-2 (Low Emissions Intensity Lime And Cement) project will be hosted at Heidelberg Materials’ (FWB: HEI) cement plant in Ennigerloh, Germany. The selection of Ennigerloh as the project’s host plant is the result of a thorough site assessment process that followed Heidelberg Materials’ decision to end clinker production in
Hanover, Germany.
FireFly Metals (ASX:FFM) announced more wide high-grade copper-gold intersections from its drilling program at the Green Bay project in Canada. Results include: 18.0m at 3.3% CuEq within a broader copper zone of 41.1m at 2.3% CuEq, and 18.8m at 3.5% CuEq within a broader copper zone of 47.1m at 2.4% CuEq.
ASX SMALL CAP LAGGARDS
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap 1AG Alterra Limited 0.30 -50.00 1,528,395 $5,224,144 BP8 Bph Global Ltd 0.10 -50.00 754,953 $3,908,232 TD1 Tali Digital Limited 0.10 -33.33 2,810,000 $4,942,733 AQI Alicanto Min Ltd 2.90 -25.64 186,814 $23,998,135 AVE Avecho Biotech Ltd 0.30 -25.00 370,000 $12,677,188 CTN Catalina Resources 0.30 -25.00 26,188 $4,953,948 HLX Helix Resources 0.30 -25.00 300,462 $9,292,583 EDE Eden Inv Ltd 0.20 -20.00 4,431,225 $9,195,678 IEC Intra Energy Corp 0.20 -20.00 11,379,497 $4,226,954 KPO Kalina Power Limited 0.40 -20.00 500,000 $11,050,640 PUA Peak Minerals Ltd 0.20 -20.00 100,000 $2,603,442 ROG Red Sky Energy. 0.40 -20.00 2,599,992 $27,111,136 SRH Saferoads Holdings 6.50 -18.75 864 $3,496,432 ESK Etherstack PLC 23.00 -17.86 76,930 $36,956,361 FSG Field Solu Hldgs Ltd 2.90 -17.14 683,683 $26,730,956 ACE Acusensus Limited 65.00 -16.67 905,262 $98,591,981 88E 88 Energy Ltd 0.50 -16.67 18,865,911 $150,744,375 EMT Emetals Limited 0.50 -16.67 3,000 $5,100,000 ID8 Identitii Limited 1.00 -16.67 2,486,109 $5,162,856 PAT Patriot Lithium 6.50 -16.67 413,582 $5,430,136 AGY Argosy Minerals Ltd 13.50 -15.63 6,746,496 $224,705,200 PFT Pure Foods Tas Ltd 6.50 -14.47 59,866 $8,382,398 ABE Ausbondexchange 1.80 -14.29 60,378 $2,366,030 ADY Admiralty Resources. 0.60 -14.29 5,385 $9,125,054 FGL Frugl Group Limited 0.60 -14.29 900,331 $10,371,817
Articore Group (ASX:ATG) fell -10% after the Federal Court of Australia has reduced damages initially awarded to ATG in a case initiated by Hells Angels Motorcycle, regarding Hells Angels-related material uploaded by third-party sellers to the Redbubble (now ATG) marketplace. The trademark damages have been reduced from $78,000 to just $100.
In Case You Missed It – PM Edition
Recharge Metals (ASX:REC) is acquiring the Newnham Lake uranium project in Canada’s Athabasca Basin – one of the world’s premier yellowcake districts currently producing about 20% of global supply – from DG Resource Management and Kalt Industries for a consideration of C$300,000 in cash and C$200,000 worth of shares priced at 6c each.
Brazilian rare earths hopeful Viridis Mining and Minerals (ASX:VMM) has received support from the State of Minas Gerais and the local municipality of Poços De Caldas via two non-binding MoUs which pave the way for its flagship Colossus project to clear upcoming regulatory and infrastructure hurdles.
QEM (ASX:QEM) has increased the vanadium endowment at its Julia Creek project in Queensland by 28%, while 2C oil content has jumped 32%, following an update to the petroleum resources management system.
Spartan Resources (ASX:SPR) has reported the deepest assay to date – and its third best gram x metre intersection so far – of 11.55m @ 36.77 g/t gold at the impressive Never Never deposit, increasing the likelihood of more high-grade ounces being added to the existing 952,000oz resource in WA’s Murchison region.
And infill underground drilling which returned high-grade hits of up at 14.5m @ 8.93% zinc and 0.5% lead has helped Variscan Mines (ASX:VAR) validate the resource model for its San Jose mine in Spain.
TRADING HALTS
Rare Foods Australia (ASX:RFA)
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