ASX was looking good at times but finishes the week down -0.25%
\nFinancials top the winning sectors, while discretionary leads laggards
\nSunshine Metals stuns with 17m gold hit of >22g\/t in Queensland<\/p>\n
Flat days, up days and down days have seen the Aussie bourse finish the week slightly down, falling 0.25%.\u00a0 Among the highlights of the week \u2013 RBA governor Michelle Bullock\u2019s hawkish tilt around town.<\/p>\n
Bullock told the ASIC Annual Forum in Melbourne RBA is ready to hike rates again if wage rises are not accompanied by productivity gains.<\/p>\n
She said wage growth is the biggest challenge to the RBA\u2019s goal of returning inflation back to its 2-3% target (currently at 5.4%).<\/p>\n
The RBA\u2019s new governor then warned of a \u2018homegrown\u2019 inflation challenge at the Australian Business Economists<\/em> dinner, saying the central bank will use its \u201cblunt tool\u201d of interest rates to dent inflation for the collective welfare of Australians.<\/p>\n Separately, the RBA minutes for the November\u2019s meeting were also released this week, revealing that board members raised the cash rate to 4.35% earlier this month because they were concerned businesses were passing higher inflation costs on to Australian consumers.<\/p>\n The US Fed Reserve also released its minutes from the November meeting, which revealed that board members have not shut the door on another rate hike.<\/p>\n Hot tech stock for 2023, the NASDAQ-listed Nvidia\u2019s shares reported its quarterly results post the closing bell on Tuesday, getting a tepid reaction from investors and tumbling almost 1% despite continuing its string of blistering quarterly earnings reports.<\/p>\n Nvidia beat its own guidance by US$2bn after Q3 sales tripled from a year earlier to US$18.1 billion, while profit surged 14x to US$9.2 billion. The share price is up ~240% YTD.<\/p>\n This week saw an increase in oil prices, reaching US$76\/barrel for WTI, yet they remain below the levels observed at the beginning of conflict in Gaza.<\/p>\n Furthermore there are expectations that OPEC+ might not deepen output cuts next year. The producer group has postponed its policy meeting to November 30th, adding to production cut uncertainties.<\/p>\n Iron ore surged to $127\/tonne marking its highest value since June 2022, driven by positive expectations stemming from news Chinese regulators were drafting a list of 50 private and state-owned developers eligible for funding to help bolster the property sector.<\/p>\n At the end of the week Thanksgiving holidays in the US and Japan saw lighter volumes.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Source: Market Index<\/p>\n \u00a0<\/p>\n Just three sectors were in the green this week with financials topping the leader board with materials and energy an equal second place.<\/p>\n Leading the laggards was discretionary stocks, followed by information technology and real estate.<\/p>\n Here are the best performing ASX small cap stocks from November 20-24:<\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/p>\n WordPress Tables Plugin<\/a><\/p>\n One of the\u00a0 biggest lithium IPOs of 2023, Chariot Corporation (ASX:CC9)<\/strong><\/a> was up 145% this week on no specific news.\u00a0 CC9 has one of the largest lithium exploration landholdings in the US and various JVs, farm outs and optioned projects.<\/p>\n READ: How Chariot outsmarted a major to get a mountain of lithium. Literally, a mountain<\/strong><\/a><\/p>\n Sunshine Metals (ASX:SHN)<\/strong><\/a> rose 100% this week after the microcap announced it had intersected multiple high-grade gold zones in the first of 12 RC holes at its Liontown prospect at the Ravenswood Consolidated project in northern QLD, including 17m @ 22.14g\/t from 67m.<\/p>\n The zones are interpreted to be gold and copper-rich feeder zones to the overlying 2.3Mt resource<\/p>\n Armada Metals (ASX:AMM)<\/strong><\/a> rose 93% this week after picking up four early-stage lithium exploration projects for $150k cash and 26m shares in the emerging hard rock hub of Brazil.<\/p>\n \u00a0<\/p>\n Here are the best performing ASX small cap stocks from November 20-24:<\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/p>\n WordPress Tables Plugin<\/a><\/p>\n \u00a0<\/p>\n There were no IPOs on the ASX this week. You can read more in Eddy Sunarto\u2019s IPO Wrap<\/a>, which was published earlier today.<\/p>\n According to the ASX website<\/a>, there are are two companies scheduled to make their ASX debut next week.\u00a0 However, it\u2019s worth noting IPO dates can, and frequently do, change without notice.<\/p>\n \u00a0<\/p>\n Monday \u2013<\/strong> Virdis Mining and Minerals (ASX:VNM)<\/strong><\/a>\u00a0 rose 68% after announcing \u00a0\u2018major ionic clay rare earth discoveries\u2019 at Colossus, with 46m at 3,285 ppm Total Rare Earth Oxide (TREO) from surface.<\/p>\n Tuesday \u2013 <\/strong>Israeli-based\u00a0Roots Sustainable Agricultural Technologies (ASX:ROO) <\/a><\/strong>rose 75% after announcing it had delivered equipment required for its root zone cooling technology for UAE customer Silal Food & Technology LLC despite what it terms \u201cdifficult conditions on the ground in Israel\u201d.\u00a0<\/strong><\/p>\n Wednesday \u2013<\/strong> \u00a0Westar Resources (ASX:WSR)<\/strong><\/a>\u00a0 rose 39% after announcing drilling at its Olga Rocks Project\u00a0 in Western Australia to \u2018test the reinterpretation for potential pegmatite-hosted lithium and also target a prospective horizon for high grade gold mineralisation that is largely underexplored\u2019.<\/p>\n Thursday \u2013 Armada Metals (ASX:AMM) <\/a><\/strong>was up 38% after announcing it had picked up\u00a0four early-stage lithium exploration projects for $150k cash and 26m shares in the emerging hard rock hub of Brazil.<\/p>\n Friday \u2013\u00a0 <\/strong>Sunshine Metals rose 91% for reasons mentioned above.<\/p>\n Expected listing: November 24<\/strong> Expected listing: November 30<\/strong> At Stockhead, we tell it like it is. While Sunshine Metals, Roots Sustainable Agricultural Technologies and Chariot Corporation are Stockhead advertisers, they did not sponsor this article. <\/em><\/p>\n <\/span><\/p>\n The post Small Caps and IPO Weekly Wrap: Weak ASX week, as 2023\u2019s sizzling lithium IPO jumps +145pc<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Financial top the leaders board but few sectors in green<\/h2>\n
ASX SMALL CAP LEADERS<\/h2>\n
ASX SMALL CAP LAGGARDS<\/h2>\n
ASX IPO listings<\/h2>\n
Who won the days?<\/h2>\n
Far Northern Resources (ASX:FNR)<\/h2>\n
\nIPO: $10m at $0.20<\/strong><\/p>\nFreedom Care Group (ASX:FCG)<\/h2>\n
\nIPO: $3.2m at $0.20<\/strong><\/p>\n