The ASX benchmark has ended sharply lower on weaker resources and a hawkish RBA
\nReal Estate Sector ahead +0.3% not much else, unfortunately<\/p>\n
Small caps led by Armada Resources<\/p>\n
\u00a0<\/p>\n
At match-out on Thursday November 23, the S&P\/ASX 200 (XJO) index was down about 44 points, or -0.62% at 7,029:<\/strong><\/em><\/p>\n Via Google<\/em><\/p>\n Everyone struggled on Thursday.<\/p>\n A major downer has been the drag by the big iron ore miners where conditions are looking good enough for everyone to stop and get into some profit-taking after a strong recent rally.<\/p>\n Fortescue Metals Group (ASX:FMG)<\/strong><\/a> fell over -2%. BHP (ASX:BHP)<\/strong><\/a> fell -1.67% to $47.05, Rio Tinto (ASX:RIO)<\/strong><\/a> and Mineral Resources (ASX:MIN)<\/strong><\/a> both down ~-1.2%.<\/p>\n That never helps the benchmark.<\/p>\n Elsewhere, anything on the bourse with the slightest interest in the local cash rate took a bit of a backward step on Thursday. Especially the over-sensitive consumer-related names.<\/p>\n That\u2019s at the feet of our RBA Governor M. Bullock. She spoke last night about the end of days inflation situation none of us realised so was so end of days.<\/p>\n The news is we\u2019re doomed so get used to it.<\/p>\n Hey. I wrote this (below) this morning. It\u2019s terrific and full of great points.<\/p>\n Read more: RBA boss Michele \u2018Blunt Tool\u2019 Bullock shows she\u2019s a hawk of a different feather in terrifying Sydney inflation speech<\/a><\/strong><\/em><\/p>\n Meanwhile back on the big bourse, the big discretionary names with any news out that wasn\u2019t terrific copped it.<\/p>\n Super retail, down. Harvey Norman Holdings (ASX:HVN)<\/strong><\/a> fell 3.5%,\u00a0 Domino\u2019s Pizza Enterprises (ASX:DMP)<\/strong><\/a> lost -1.9% and Super Retail Group (ASX:SUL)<\/strong><\/a>, -1.5%<\/p>\n Nick Scali (ASX:NCK)<\/strong><\/a> crashed almost 10% after founder, Anthony Scali, really chose the wrong day to reveal he\u2019d just sold $50m of his own stock.<\/p>\n Oil has had a rough run too. Ask some of our local producers, which have led the sector deep into the red following the overnight news OPEC+ had delayed its monthly meeting, reportedly due to Saudi fury around unagreed production cuts.<\/p>\n Brent lost 5% before settling 1.2% lower at US$77.10.<\/p>\n Then there\u2019s Appen (ASX:APX)<\/strong><\/a> , down near 30% after a weak trading update and a desperate-looking share placement at $0.55 per share to raise $30 million to shore up its balance sheet.<\/p>\n Via MarketIndex<\/p>\n \u00a0<\/p>\n Chinese and regional markets mixed<\/strong><\/em><\/p>\n Over in China, the Shanghai Composite is slightly higher while down south, the tech heavy Shenzhen Component index was up almost +0.2% \u2014 both indices snapping 2-day declines as US markets lifted regional sentiment following Wall St\u2019s rally.<\/p>\n Over on the Hang Seng, the Hong Kong benchmark was down badly at lunchtime, short almost a full third \u2014 or some 64 points, although the market looked pretty vacant on feather thin volumes ahead of vacations for its two nearby investor markets in the US and Japan.<\/p>\n An index of Chinese Real estate majors has climbed strongly in the AM trade on news that ailing developers such as Country Garden and Sino-Ocean Group were on the draft list of developers being considered for financial support.<\/p>\n Industrial profits and manufacturing activity data await Chinese traders next week.<\/p>\n Geert is free<\/strong><\/em><\/p>\n Really, really far-right Dutch politican Geert Wilders has delivered a huge surprise victory in The Netherlands\u2019 elections, leaving his Freedom Party as the largest bloc in a parliament Wilders now largely controls.<\/p>\n The Freedom bloc still has hurdles to overcome to find a cohesive government in a very divided Dutch political scene.<\/p>\n US Futures don\u2019t really matter so much right now, but here they are ahead of the holiday:<\/strong><\/em><\/p>\n Via Fox<\/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 WordPress Tables Plugin<\/a><\/p>\n As my dear Reuben reported earlier, it\u2019s a bit of a big day for\u00a0Armada Metals (ASX:AMM)<\/a> <\/strong>because even though the price of Li2O has plunged circa three-quarters this year, it certainly hasn\u2019t killed off enthusiasm in the battery metal.<\/p>\n Which leads us to AMM, which has picked up four early-stage lithium exploration projects for $150k cash and 26m shares in the emerging hard rock hub of Brazil.<\/p>\n \u201cThis is an exciting transaction for Armada as we diversify both geographically and into lithium, while remaining in the critical metals space,\u201d chairman Rick Anthon says.<\/p>\n \u201cThis area in Brazil is attracting significant exploration attention for the potential discovery of lithium-bearing pegmatites, with a number of other operators in the region and known occurrences.<\/p>\n \u201cThis new planned acquisition, along with our nickel projects in Africa, especially the Bend Nickel Project in Zimbabwe where we are currently drilling and results are expected soon, offers exciting new opportunity to Armada and its shareholders.\u201d<\/p>\n Reubs says<\/a> the $10m capped stock has almost recovered its year-to-date losses on today\u2019s news. It had ~$2m in the bank at the end of September.<\/p>\n Keeping it REE-al (sigh) on Thursday arvo is Moho Resources (ASX:MOH)<\/a><\/strong>, charging ahead in early trade before going into a halt \u201cpending the release of exploration results\u201d at the King Charles rare earths (REE) project.<\/p>\n Peak Charles is an early stage clay-hosted REE project near Esperance, says Reuben, where Lord of the Rings inspired prospects like Gimli and Pippin \u201cmay indicate the presence of rare earth-enriched intrusions<\/a>\u201d.<\/p>\n A shallow 43 hole, 1670m drill program along road reserves and existing tracks has been completed, with assays pending.<\/p>\n The $5m capped stock is down 40% year-to-date.<\/p>\n And mysteriously hanging onto this morning\u2019s surprise gains is security-as-a-service platform Scout Security (ASX:SCT)<\/strong><\/a>\u00a0which is in the business of providing \u2018affordable DIY solutions to some of the largest security, internet service and telecommunications providers in the world\u2019.<\/p>\n SCT recently dropped an investor presso and this morning has advised people to ignore\u00a0some far too loose financial info:<\/p>\n Via Scout<\/em><\/p>\n \u00a0<\/p>\n Chimeric Therapeutics (ASX:CHM)<\/strong><\/a> and its lead CHM 1301 therapy have found support all through the session \u2013 it\u2019s up a full thirds at the close, following some very positive preclinical data for the cell therapy player.<\/p>\n The local mini-pharma reports that its next gen, off the shelf CLTX CAR NK cell therapy \u201cdemonstrates the synergies of assets in the Chimeric portfolio, as it combines the recently announced efficacy of CHM 1101, Chimeric\u2019s CLTX CAR T cell therapy, with the efficacy and off-the-shelf convenience of CHM 02012, Chimeric\u2019s NK cell platform, to create a next generation CLTX CAR NK cell therapy.\u201d<\/p>\n That said,\u00a0we\u2019re talking up to 300% \u2018enhanced cell killing demonstrated compared to first generation NK cells,\u2019 as well as some decent evidence of the drug marching \u2018into two new solid tumours \u2013 pancreatic cancer and ovarian cancer.\u2019<\/p>\n Jennifer Chow, CEO and MD, says the CHM 1301 program is set to advance to the next stage of preclinical development under academic research collaboration.<\/p>\n \u201cWe are very pleased with the rapid success being shown with our next generation CHM 1301 platform\u2026 We believe this work is highly impactful as it demonstrates the synergy of the assets that currently exist in Chimeric\u2019s portfolio, the ability for Chimeric to expand into new disease areas and the potential for enhanced efficacy with an off the shelf version of our CHM 1101 CAR.\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 Mt Malcolm Mines (ASX:M2M)<\/strong><\/a> \u2013 Pending an announcement relating to the release of a proposed capital raise<\/p>\n Moho Resources (ASX:MOH)<\/strong><\/a> \u2013 Pending an announcement regarding the release of exploration results at the Company\u2019s Peak Charles Project<\/p>\n Origin Energy (ASX:ORG)<\/strong><\/a> \u2013 Pending an announcement with an update in relation to the proposed acquisition of Origin by way of scheme of arrangement<\/p>\n Ballymore Resources (ASX:BMR)<\/strong><\/a> \u2013 Requested as BMR expects to announce a material financing transaction and an accelerated non-renounceable entitlement offer (ANREO)<\/p>\n Far (ASX:FAR)<\/strong><\/a>\u00a0 \u2013 Pending the release of information by the Company to the market relating to correspondence received overnight with respect to a potential tax claim from the Tax Authority of the Republic of Senegal regarding the sale by FAR of its interest in the RSSD Project in 2021<\/p>\n Cazaly Resources (ASX:CAZ)<\/strong><\/a> \u2013 Pending an announcement regarding a propsed equity raise<\/p>\n Botanix Pharmaceuticals (ASX:BOT)<\/strong><\/a> \u2013 Pending release of an announcement regarding a proposed capital raising<\/p>\n Senetas (ASX:SEN)<\/strong><\/a> \u2013 Pending release of an announcement regarding a proposed capital raising<\/p>\n Whitebark Energy (ASX:WBE)<\/strong><\/a> \u2013 Pending release of an announcement regarding a proposed capital raising<\/p>\n TG Metals (ASX:TG6)<\/strong><\/a> \u2013 Pending release of an announcement regarding a proposed capital raising<\/p>\n Brightstar Resources (ASX:BTR)<\/strong><\/a> \u2013 Pending release of an announcement regarding a proposed capital raising<\/p>\n <\/span><\/p>\n The post Closing Bell: Material losses and profit taking at home ahead of Thanksgiving in New York<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX Sectors On Thursday<\/h2>\n
TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
TODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n