Not much in the way of headline news, but the market plodded along
\nASX 200 closes down -0.12pc, despite a push for Health and the Goldies
\nWho won the Small Caps race today? Read on to find out\u2026<\/p>\n
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It\u2019s not been the busiest of news days, but there are a few items worth mentioning as we wrap up the day\u2019s events.<\/p>\n
Chief among them, some new data from the Australian Bureau of Assigning Value to Things (ABS), which released consumer spending figures that prove that rising interest rates have put Australia\u2019s purse strings in a chokehold.<\/p>\n
The data shows that consumer spending rose just 0.1% overall over the past year. That is not a lot, by any reasonable measure, especially considering strong population growth over the same period that should have helped that figure climb considerably.<\/p>\n
What does it mean? The upshot is that Aussie households are really, really feeling the pinch of rising costs of living, bigger mortgage and rent payments every month, and we\u2019re simply not going shopping.<\/p>\n
Well\u2026 we are shopping, just not enough to move the needle very far, and \u2013 taking into account the aforementioned population growth \u2013\u00a0it could be argued that we\u2019re too busy stuffing money under the mattress (or what\u2019s left of it, anyway).<\/p>\n
Indeed.com Asia-Pacific economist Callam Pickering has some notes, spotting that what little consumer spending there was tended to be \u201cdriven by non-discretionary or essential items, up 1.8% over the past year\u201d, while discretionary spending is down 1.9% over the same period.<\/p>\n
So it\u2019s a great day to own a supermarket, and a terrible day to be selling jet skis \u2013 even though there is a certain subset of the community who would argue that a jet ski is non-discretionary\u2026 even mandatory, for those who are true devotees of the stupid bloody things.<\/p>\n
For what it\u2019s worth, Pickering is saying that it\u2019s \u201cpossible\u201d we\u2019ll see an interest rate hike by the RBA when it meets next month.<\/p>\n
He\u2019s not the first to suggest it, but he is part of a growing number of experts who are making similar noise\u2026 so, brace yourselves.<\/p>\n
Meanwhile, the ACCC today issued a warning that the east coast of Australia is in danger of hitting a gas shortfall as early as 2027, unless more supply than is currently in the pipeline can be rolled out before then.<\/p>\n
Late last year, the ACCC released a report that said we\u2019d probably be okay, but supply would be very tight, throughout the transition to renewables through to 2028.<\/p>\n
But, it appears that the forecasts have changed for the worse, with the watchdog now sounding the alarm bells about a major shortfall just three years from now, without further supply being brought online.<\/p>\n
\u201cThis is earlier than our last forecast (in December 2023) of a possible shortfall from 2028, reflecting lower forecast supply due to delays in anticipated regulatory approvals for new projects and problems with legacy gas fields,\u201d the report says.<\/p>\n
I\u2019m no expert on the topic of gas \u2013\u00a0a statement my son just read over my shoulder and told me \u201cdon\u2019t tell lies, dad\u2026\u201d \u2013\u00a0but our resident expert on such matters, the incomparable Bevis Yeo, has assured me that he\u2019s across the story, and will have a deep dive into the Australian gas story \u201ccoming soon\u201d.<\/p>\n
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And while we\u2019re on the topic of stuff we drag out of the ground to set on fire, there had been some persistent rumblings about the future of ASX-listed Santos, with overseas heavyweights Saudi Aramco and Abu Dhabi National Oil Company allegedly in the frame with a takeover offer.<\/p>\n
However, early this morning, those rumours were scotched by the Middle Eastern companies, which categorically denied any efforts to acquire Santos, sending the local company\u2019s price down this morning. It\u2019s rallied since then, and at the time of writing was just -0.5% off its last closing price of $8.00 a pop.<\/p>\n
Meanwhile, there\u2019s really not been a lot of announcement news making waves on the ASX today \u2013 in fact, the past couple of days have been pretty quiet, despite rising iron ore prices pushing things higher yesterday, and rising oil prices over the past week or so helping other areas of the market.<\/p>\n
Today, though, there\u2019s not all that much to write home about. The ASX 200 benchmark has been fumbling along below zero for the bulk of the session, and is set to close at around -0.1% for the day.<\/p>\n
A snapshot of the ASX sectors looks like this:<\/p>\n
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Chart via Marketindex.com.au<\/p>\n
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And the ASX indices look like this:<\/p>\n
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Chart via Marketindex.com.au<\/p>\n
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It\u2019s all rather dull, really\u2026 and even the Small Caps winners are thin on information\u2026 but let\u2019s take a look at them anyway, because that\u2019s what I get paid to do.<\/p>\n
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Here are the best performing ASX small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n Code Company Price % Change Volume Market Cap PUA Peak Minerals Ltd 0.005 50.0 36,996,203 $3,124,130 CLZ Classic Min Ltd 0.002 50.0 14,927,273 $808,365 WML Woomera Mining Ltd 0.003 50.0 2,165,400 $2,436,278 EQS Equitystorygroupltd 0.022 46.7 376,585 $1,634,902 TTT Titomic Limited 0.135 42.1 15,538,128 $96,010,406 AQC Auspaccoal Ltd 0.097 36.6 1,708,921 $37,899,866 I88 Infini Resources Ltd 0.485 34.7 1,975,757 $13,673,997 ZLD Zelira Therapeutics 0.460 27.8 13,075 $4,084,976 CCM Cadoux Limited 0.070 27.3 415,789 $20,400,467 WIN WIN Metals 0.028 27.3 1,751,534 $7,021,433 ICL Iceni Gold 0.089 25.4 3,390,507 $19,366,035 SPD Southernpalladium 0.425 25.0 45,607 $30,515,000 ASR Asra Minerals Ltd 0.005 25.0 1,004,984 $8,144,317 LRL Labyrinth Resources 0.005 25.0 4,448,355 $4,750,175 SIS Simble Solutions 0.003 25.0 35,749 $1,506,901 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n There was a lot of interest in Titomic (ASX:TTT)<\/strong><\/a> on Friday, but the latest news from the company is already four days old \u2013 but, for what it\u2019s worth, it was pretty good news. The company sold one of its custom high-pressure cold spray systems to the Oregon Manufacturing Innovation Centre, for a cool $1.2 million.<\/p>\n The system, once installed, will allow the Oregon centre to\u00a0 get into the additive manufacture of multi-metal parts, large-scale titanium parts, and the manufacture of multi-metal coatings, Titomic says.<\/p>\n Classic Minerals (ASX:CLZ)<\/strong><\/a> climbed on Friday in the wake of an announcement that LDA Capital had subscribed for 49,850,800 shares of the 51,000,000 on offer, for a total of $47,500.00 at a price per Subscription Share of $0.00095. CLZ submitted the capital Call Notice under the terms of its strategic $15 million Put Option Agreement with the US-based financier announced in December 2022.<\/p>\n Peak Minerals (ASX:PUA)<\/a> was rising on Friday morning on news that the company has executed binding agreements for the acquisition of 80% of the highly prospective Kitongo and Lolo Uranium Projects and the Minta Rutile Project in Cameroon, West Africa.<\/p>\n The acquisition includes six exploration permits under valid application covering an area of ~2,400km2, including the areas previously held by Mega Uranium Ltd (TSX:MGA) and actively explored until 2011.<\/p>\n iTech Minerals (ASX:ITM)<\/a> was celebrating rock chip sampling results from Reynolds Range, which have come back with samples as high as 182g\/t Au, with totals for copper, silver, base metals and lithium still pending, but they are expected to arrive in the coming weeks.<\/p>\n And Zelira Therapeutics (ASX:ZLD)<\/a> was performing well after recieving a shot in the arm \u2013 and a show of confidence \u2013 from the company chairman Mr Osagie Imasogie, who has provided the company with a $1.4 million unsecured loan.<\/p>\n The loan was announced several days ago, and Zelira has informed the market that the money has arrived, and will be used to support the advancement of the HOPE SPV clinical trial, as well as general working capital purposes.<\/p>\n \u00a0<\/p>\n Here are the best performing ASX small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n Code Company Price % Change Volume Market Cap SHO Sportshero Ltd 0.003 -40.0 2,876,995 $3,089,164 ME1 Melodiol Glb Health 0.002 -33.3 11,287,694 $691,387 MMM Marley Spoon Se 0.024 -27.3 257,374 $3,884,905 AAU Antilles Gold Ltd 0.003 -25.0 1,003,376 $3,986,140 EXL Elixinol Wellness 0.003 -25.0 611,859 $5,284,729 NGS NGS Ltd 0.003 -25.0 12,596,378 $1,004,910 TMG Trigg Minerals Ltd 0.009 -25.0 1,196,724 $5,168,168 CAQ CAQ Holdings Ltd 0.016 -23.8 354,565 $15,073,512 1MCDA Morella Corporation 0.060 -20.0 222,690 $18,536,398 ALR Altairminerals 0.004 -20.0 1,193,839 $21,482,888 CDT Castle Minerals 0.004 -20.0 2,904,813 $6,639,132 MCL Mighty Craft Ltd 0.004 -20.0 453,679 $1,844,546 MRQ Mrg Metals Limited 0.004 -20.0 78,393,793 $12,625,593 ROG Red Sky Energy. 0.004 -20.0 344,749 $27,111,136 SMM Somerset Minerals 0.004 -20.0 3,004,302 $5,154,994 PWN Parkway Corp Ltd 0.008 -16.7 2,337,618 $24,904,025 UCM Uscom Limited 0.015 -16.7 42,622 $4,488,201 EVR Ev Resources Ltd 0.005 -16.7 828,000 $7,927,629 HT8 Harris Technology Gl 1.000 -16.7 66,653 $3,589,626 FBM Future Battery 0.032 -16.0 997,050 $25,166,485 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Aura Energy (ASX:AEE)<\/strong><\/a> has taken another five steps towards developing its Tiris uranium project in Mauritania with the first being the appointment of experienced West African project director Jan Booyse and his company, Project EQ, to lead the project development efforts.<\/p>\n The company has also appointed Kenmore Mine Consulting to complete a mine plan optimisation review and Lycopodium to oversee an optimisation and project enhancement study.<\/p>\n Additionally, Knight Pi\u00e9sold Consultingto has been appointed to oversee water resource drilling in the abundant and proximate Taoudeni Basin while Bruce Harvey, who has significant experience developing robust ESG frameworks in Africa and elsewhere, was appointed to review and update the company\u2019s ESG framework.<\/p>\n European Lithium (ASX:EUR)<\/strong><\/a> partner Obeikan Investment Group has signed off on a deed of assignment and executed the key shareholders agreement that takes their joint venture closer towards developing a lithium hydroxide processing plant in Saudi Arabia, which offers attractive incentives for developments that could reduce its reliance on oil revenues.<\/p>\n Golden Mile Resources (ASX:G88)<\/strong><\/a> has completed field assessments of its projects in WA, part of a strategic review that will let it focus on assets with the highest chance of success.<\/p>\n iTech Minerals (ASX:ITM)<\/strong><\/a> rock chip sampling of outcropping low-sulphide gold style vein systems at its Reynolds Range project returned assays of up to 182g\/t gold. Results for copper, silver, base metals and lithium are still pending and are expected in coming weeks.<\/p>\n Mt Malcolm Mines (ASX:M2M)<\/strong><\/a> recent grade control reverse circulation drilling has confirmed that robust, high-grade mineralisation is present at the Golden Crown prospect within its namesake project in WA after returning multiple high-grade gold intersections topping up at 1m at 111g\/t gold.<\/p>\n Pure Hydrogen Corporation (ASX:PH2)<\/strong><\/a> could secure a new point of sales for its hydrogen fuel cell and battery electric trucks in California after signing a memorandum of understanding with commercial vehicles supplier Riverview International Trucks.<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While Aura Energy, European Lithium, Golden Mile Resources, iTech Metals, Mt Malcolm Mines and Pure Hydrogen are Stockhead advertisers, they did not sponsor this article.<\/em><\/p>\n The post CLOSING BELL: Benchmark drops 0.12pc, after another eerie day on the ASX<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX SMALL CAP LEADERS<\/h2>\n
ICYMI \u2013 PM EDITION<\/h2>\n