The ASX benchmark has ended Thursday in a circa -0.8% hole
\nEnergy Sector, down -1.4% leads losses<\/p>\n
Small caps led by RWD<\/p>\n
\u00a0<\/p>\n
The Australian sharemarket has been trimming gains from the open on Thursday, steadily digging a hole in the red as investors sell what they bought during Wednesday\u2019s bumper session.<\/p>\n
At match-out on Thursday November 16, the S&P\/ASX 200 (XJO) index was down about 47 points, or -0.67% at 7,058<\/strong><\/em><\/p>\n \u00a0<\/p>\n Via Google<\/em><\/p>\n A strong session overnight in New York hasn\u2019t hit the right buttons here, as traders juggle easing US inflation and the uncertain signals coming out of regional economies.<\/p>\n Stocks in the US finished higher on Wednesday, as the Dow Jones advanced 163 points to close at mid-August high, while the S&P 500 added 0.1% and the Nasdaq ended just above parity, but in the green. On Wall Street, the Financials and Materials sectors were the heroes of the dish, while in company news, shares in Target lurched almost +18% after the retailer smashed profit and revenue expectations.<\/p>\n Regional equity markets have fallen as one during Thursday trade, with high Aussie wage growth, mixed local unemployment data, a weak Yen presaging weak Japanese trade data and retreating Chinese new home prices ensuring we\u2019ve all got more on our plate than just revelling in the death of the US rate cycle.<\/p>\n After walking away from Wednesday\u2019s session with a 100 point gain, up some 1.42%, the benchmark ASX200 has closed significantly lower with only Consumer Staples and Utilities higher after October\u2019s jobless rate dropped in at 3.7%.<\/p>\n There were a stronger than expected 55K new jobs in October (consensus was looking for +24K) but despite the strength in jobs growth, the unemployment rate ticked up by +0.1% (from 3.6% last month) which was in line with expectations.<\/p>\n Diana Mousina at AMP Capital says the unemployment rate increased because the participation rate rose back up to its record high of 67%.<\/p>\n \u201cThe RBA expect the unemployment rate to average at 3.8% in the December quarter, so today\u2019s figures are still in line with that if the unemployment rate increases again in November and December, which we think is likely.<\/p>\n So, today\u2019s figures don\u2019t provide enough of a \u201csmoking gun\u201d for a follow-up rate hike at the December board meeting and that seems to also be the market reaction as the $A fell after the data was released, Diana adds.<\/p>\n \u201cYesterday\u2019s wage figures were also more or less in line with expectations (of wages growth running at around 4% year on year to September).<\/p>\n \u201cAnother rate hike is still a possibility for February 2024 after the next round of quarterly inflation data, but we think the macroeconomic environment will be weaker by February and allow the central bank to keep interest rates on hold, until the start of rate hikes around mid-2024.\u201d<\/p>\n In any case, there were big problems up front in the engine room for the ASX.<\/p>\n The Financials Sector is flopping thanks to ANZ going very ex-dividend \u2013 the stock is down about -3.5%, while most of the other banks are sliding. AMP has given up another -15% after disappointing on forward guidance. Westpac bucked the trend to gain +0.3%.<\/p>\n On the plus side of the register, hats off to these plucky Consumer Staples<\/strong> <\/em>names:<\/p>\n Via MarketIndex<\/p>\n Other problem children on the local bourse were led by perennial brat pack 2023 member Qantas (ASX:QAN)<\/strong><\/a>, which has shed more weight after being found guilty of illegally standing down a health and safety rep back in early pandemic days.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Via MarketIndex<\/em><\/p>\n We\u2019re watching crypto, again<\/strong><\/em><\/p>\n Hmm. Yummy Bitcoin (BTC) spasmed higher last night, up about 6%, and taking its 2023 gains to around +120%<\/p>\n It\u2019s not nuts by crypto standards, but the rally\u2019s been turning heads of late as traders try to forget the trials of crypto\u2019s fraudsters\u2019 various trials (SBF et al) and turn to the riches that come with the potential end of The Fed\u2019s rate rising cycle.<\/p>\n Of course, BTC et al now appear to be in something of a small retreat \u2013 down -1%, since the open this morning.<\/p>\n We\u2019re watching iron ore<\/strong><\/em><\/p>\n Reuters<\/em> reports that in Dalian, iron ore futures fare down more than 2% on Thursday afternoon as Chinese authorities stepped in to control soaring prices and newly concerning property data fuelled fears of a hole in the key steel-consuming sector.<\/p>\n The most-traded January iron ore on China\u2019s Dalian Commodity Exchange fell 2.6% to its lowest mark in a week. On the Singapore Exchange, the benchmark December iron ore was down 1.1% at $US128.65.<\/p>\n We\u2019re watching US Futures <\/strong><\/em><\/p>\n Which were universally lower on Wednesday night at 9.30pm in New York.<\/p>\n \u00a0<\/p>\n Via Fox<\/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 WordPress Tables Plugin<\/a><\/p>\n \u00a0<\/p>\n The advanced-stage sulphate of potash (SOP) explorer and developer Reward Minerals (ASX:RWD)<\/strong><\/a> has some cracking news on the SOP front \u2013 telling the ASX it has entered into an exclusivity deed with the Receivers of Kalium Lakes Limited regarding the potential acquisition of the Beyondie SOP Project, located circa 160 km SE of Newman, WA (Beyondie Project).<\/p>\n The exclusivity deal has a few caveats, but essentially Kalium\u2019s people will provide a period of exclusivity for RWD to sit down and \u201cin good faith to seek to agree the terms of a sale agreement and any associated documents required to give effect to the sale of the Beyondie Project, in line with key terms set out in a non-binding term sheet.\u201d<\/p>\n The total upfront consideration of $14.75mn cash (plus a final payment of $5mn\u00a0by 30 June 2025 and an exclusivity payment of $250,000).<\/p>\n The previous owners of the Beyondie Project are estimated to have spent in excess of $400 million on Mineral Resource\/Reserve definition, development, construction and operations of the only producing SOP mine in Australia.<\/p>\n There\u2019s also apparently a stack of infrastructure out there \u2013 including:<\/p>\n \u2022 A fully constructed and permitted SOP trench and brine field, fresh water bore field, evaporation ponds and processing operations.<\/p>\n \u2022 Numerous granted Mining, Miscellaneous Licences and Exploration Tenements covering an area of approximately 1,800 square kilometres.<\/p>\n \u2022 A great big fuck off power station.<\/p>\n RWD, which runs its flagship 100%-owned Kumpupintil Lake Potash Project east of Newman in north-western WA, reckons it hosts Australia\u2019s largest high-grade brine SOP deposit in a region with the highest evaporation rate.<\/p>\n On Thursday RWD\u00a0 was up over +73%.<\/p>\n \u00a0<\/p>\n Kula Gold (ASX:KGD)<\/strong><\/a>, has added another circa +55% to yesterday\u2019s solid results, off the back of yesterday\u2019s two-banger announcement bundle that told the market that drilling is about to commence at the company\u2019s \u201csubstantial\u201d Cobra Lithium Prospect approximately 20km west of the world\u2019s largest hard rock lithium mine, Greenbushes in Western Australia.<\/p>\n Here\u2019s the low down in bullet form:<\/p>\n Drilling to start next week at Kula Gold\u2019s 3km long, 500m wide Cobra lithium prospect<\/em> \u00a0<\/p>\n We\u2019re back in Canada\u2019s James Bay on Thursday \u2013 Oceana Lithium (ASX:OCN)<\/strong><\/a> \u2013 says it has identified a fresh suite of high priority targets at its Monaro lithium project, following successful fieldwork at the James Bay site.<\/p>\n Some 175 rock samples have been submitted to ALS Laboratories in Val-d\u2019Or, Qu\u00e9bec for whole-rock analysis, with results due sometime in December \u2013 but in the meantime, the company says that the fieldwork revealed \u201cElevated levels of Rubidium (Rb) and low Potassium (K) to Rubidium ratios coincident with favourable geology and magnetic signatures\u201d, which have helped pinpoint where Oceana is going to point the drills next time around.<\/p>\n \u00a0<\/p>\n Meanwhile, something exciting has happened over at one of Twiggy Forrest\u2019s new toys \u2013 CurveBeam AI (ASX:CVB)<\/strong><\/a>, which has climbed almost 25%.<\/p>\n CEO Greg Brown gave a big presso on the company this week at the Bell Potter Healthcare Conference. There were some snazzy slides, for sure:<\/p>\n Via CVB<\/em><\/p>\n So it\u2019s entirely possible someone was convinced.<\/p>\n The Medical imaging business listed back in August at 48c after raising $25m at the IPO round.<\/p>\n Based in Melbourne, the company develops and manufactures a range of specialised medical imaging (CT) scanners and the supporting clinical assessment software.<\/p>\n It\u2019s known as a leader in cone beam CT imaging, paving new frontiers in artificial intelligence (AI)-based bone and joint analysis, while its\u00a0flagship product, called theHiRise, allows medical people to assess bone health (mainly of elderly patients) from foot to hip in a standing position.<\/p>\n At the time of listing, CVB could count its existing investors include Andrew Forrest\u2019s Tenmile and fundies Firetrail, Frazis Capital, Karst Peak Capital and Acorn among the early backers.<\/p>\n Most excitingly CVB combines CT imaging with artificial intelligence to \u2018target improved assessments for orthopaedics and bone health.\u2019 In this regard it already has 170+ devices used around the world right now, including the US hospital giant Mayo Clinic.<\/p>\n It is cleared by the Food and Drug Administration in the United States, has 37 granted patents internationally (27 applied) and has a co-marketing and distribution agreement with NYSE-listed Stryker Corp \u2013 the bad guys in Hugh Jackman\u2019s X2<\/em>.<\/p>\n On Tuesday, Kingfisher Mining (ASX:KFM)<\/strong><\/a> shares went nuts after it lobbed an update from its ongoing exploration at Mick Well within the highly prospective Gascoyne Province.<\/p>\n It\u2019s doing the same today, likely on the same theme.<\/p>\n KFM Exec Dir. and CEO James Farrell says they\u2019re seeing some significant additional carbonatites and REE mineralisation<\/p>\n Farrell says there\u2019s significant new strike lengths of REE mineralisation discovered from reconnaissance mapping close to the recently identified gravity targets as well as a substantial REE system confirmed, with more than 13.5km of mineralisation mapped so far within a very large 7km by 4km carbonatite complex.<\/p>\n \u201cThe latest discoveries confirm Mick Well is a very large and exciting REE system that extends over an area of more than 7km by 4km.<\/p>\n Our ongoing fieldwork has also identified outcropping ferrocarbonatites together with monazite veining proximal to the recently identified carbonatite plug targets. These are the main ingredients for the World\u2019s largest REE resources\u201d<\/p>\n \u00a0<\/p>\n Here are the day\u2019s worst performing ASX small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n WordPress Tables Plugin<\/a><\/p>\n \u00a0<\/p>\n ABx Group (ASX:ABX)<\/strong><\/a> \u2013 Pending an announcement to the market regarding a material increase in the Company\u2019s REE Resource.<\/p>\n Ionic Rare Earths (ASX:IXR)<\/strong><\/a> \u2013 Pending an announcement by the Company regarding the finalisation of a capital raising<\/p>\n Nagambie Resources (ASX:NAG)<\/strong><\/a> \u2013 Requests the immediate implementation of a trading halt in its ordinary shares (NAG) and quoted 10 cent options (NAGO) pending release of an announcement regarding a capital raising<\/p>\n Spartan Resources (ASX:SPR)<\/strong><\/a> \u2013 For the purpose of considering, planning and executing a capital raising<\/p>\n Peninsula Energy (ASX:PEN)<\/strong><\/a> \u2013 Pending an announcement from the Company regarding a proposed capital raising<\/p>\n Verbrec (ASX:VBC)<\/strong><\/a> \u2013 Pending the release of an announcement regarding a proposed capital raise<\/p>\n Xanadu Mines (ASX:XAM)<\/strong><\/a> \u2013 Pending the release of an announcement regarding a proposed capital raise<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Closing Bell: The local bourse giveth and the local bourse wrencheth away and calleth the cops<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX SECTORS ON THURSDAY<\/h2>\n
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Ripped from the headlines<\/strong><\/h2>\n
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TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
\n$650,000 to be raised for a maiden drill program<\/em>
\nCompany also optioned more ground to expand wider Kirup lithium project by 48km2<\/em>
\nKirup tenements are adjacent to Greenbushes, the world\u2019s biggest lithium mine<\/em><\/p>\nTODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n