The ASX benchmark has ended Tuesday higher
\n8 of 11 sectors in the green<\/p>\n
Small caps led by Plenti Group (ASX:PLT), InteliCare (ASX:ICR) <\/p>\n
The local market has trimmed some of its early gains (wussed out) after jumping out of the blocks in morning trade.<\/p>\n
At match-out on Tuesday November 28, the S&P\/ASX 200 (XJO) index was up 27.6 points, or +0.39%:<\/strong><\/em><\/p>\n Via Google<\/em><\/p>\n \u00a0<\/p>\n Local traders took the easy runs in the morning session while they were there, seeing a Monday-sized hole in a fair few blue chip stocks.<\/p>\n The major banks, the heavyweight iron ore miners and the supermarkets among a slew of household names to offer buying opportunities on Tuesday.<\/p>\n But, as often happens on the local bourse, the cold light of afternoon trade illuminated a few harsh realities.<\/p>\n Monthly CPI data drops tomorrow, and while Reserve Bank of Australia governor M. Bullock might be out of town (she\u2019s at a big central bank thing in Hong Kong) the pressure on prices never sleeps.<\/p>\n Certainly it\u2019s hard to when everyone keeps dropping significant commentary on it.<\/p>\n The local UBS economic team for example reckons that the RBA will hold and not hike in December \u2013 which everyone\u2019d already agreed over \u2013 but then suggested there\u2019s \u201cnow a material risk of a 25 basis point hike in February\u201d.<\/p>\n The monthly CPI read is a big part of that puzzle and the data looms \u2013 if not quite like the Sword of Damocles, then at least like the aluminium cricket bat of Dennis Lillee \u2013 over free-handed local trading.<\/p>\n \u201cUBS\u2019s base case remains the RBA will remain on hold at 4.35 per cent and raise rates only if \u2018forced\u2019 by the data.\u201d<\/p>\n In Honkers, according to News Ltd, M. Bullock\u2019s made a speech which seems to complain that the bank\u2019s 13 hikes in 18 months have stirred up\u00a0 \u201ca lot of political noise and a lot of noise from the general public.\u201d<\/p>\n I\u2019m sure \u2013 like the haircuts \u2013 that\u2019s being taken out of context.<\/p>\n \u2018Speaking at a conference in Hong Kong alongside other senior central bankers from Europe, UK and Asia, Ms Bullock told the audience that 45 per cent of Australians had a mortgage, either over their own home or an investment property.<\/p>\n \u201cAnd that\u2019s created a lot of noise. People are very unhappy,\u201d she reportedly said.<\/p>\n I\u2019m sure \u2013 like the haircuts \u2013 people won\u2019t go on and on about it.<\/p>\n In company news, let\u2019s play one up and one down.<\/p>\n Firstly, and let me be plain \u2013 Collins Foods (ASX:CKF)<\/strong><\/a> is a franchisee that operates 270 of the approximately 750 KFC stores in Australia.<\/p>\n However, it does not own KFC. The lucky business to make that claim globally is the appropriately entitled YUM! I think it could be YUM! Brands, but as long as the exclamation\u2019s in there, I think we\u2019re good.<\/p>\n As a consequence, Drew O\u2019Malley is the CEO of Collins Foods, the largest franchisee of KFC stores in Australia. He is not the CEO of KFC Australia (of which there are circa 750 stores in Australia).<\/p>\n That clarified, it\u2019s been a finger lickin\u2019 good set of results for the franchisee which is not KFC but does run some 270 of the circa 750 KFC stores in Australia.<\/p>\n In a first half earnings bonanza, revenue from continuing operations are up 14.3% to $696.5 million (HY23: $609.4 million) with strong growth across all business units.<\/p>\n Statutory NPAT of $50.5mn looks particularly good against the $11mn in HY23, which does include the payout on the sale of Sizzler Asia (of $20.2 million in HY24).<\/p>\n A fully franked interim dividend of 12.5 cents per ordinary share (cps) is the gravy on the mash.<\/p>\n \u00a0<\/p>\n On the other side of the discretionary coin, Select Harvests (ASX:SHV)<\/strong><\/a>\u00a0 just cannot win a trick, shedding another -10%, after dropping FY23 numbers of uncommon ordinariness last week.<\/p>\n The Aussie almond grower with orchards here and in California copped a $115mn loss as the global almond market has been smashed by unseasonally wet weather and the Verroa mite concurrently and literally eating into output.<\/p>\n After seeing its share price whittled away over the last few sessions,\u00a0 the heavily shorted stock looks like it\u2019s moving into phase 2 of selling \u2013 the one where investors look under the hood and realise SHV operates on thin margins with an upside down balance sheet almost to the tune of $200mn.<\/p>\n \u00a0<\/p>\n Via Google<\/em><\/p>\n \u00a0<\/p>\n Eight of the 11 ASX sectors closed higher on Tuesday, with volatile oil prices escalating losses in the Energy Sector, while consumer stocks, Financials and Real Estate led the gains.<\/p>\n \u00a0<\/p>\n Via MarketIndex\u00a0<\/em><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n US Futures for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite were mixed ahead of trade on Tuesday morning in New York:<\/strong><\/em><\/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 Romping it in on Tuesday: InteliCare (ASX:ICR)<\/a><\/strong>, after securing a rather terrific non-binding Memorandum of Understanding (MoU) with Bolton Clarke \u2013 hopefully a staging ground for a full-on Strategic Partnership.<\/p>\n ICR is a medtech of sorts, with a fair bit of SaaS and other stuff thrown in. It\u2019s been developing predictive analytics hardware and software for use in the aged care sector.<\/p>\n In this case its MOU partner also happens to be Australia\u2019s largest independent not-for-profit aged care provider, with ICR saying its platform will find a home somewhere across Bolton Clarke\u2019s various sites and services.<\/p>\n What amounts to a pilot project will assess how ICR gels within the Bolton Clarke operating environment and help ICR assess and identify areas of possible enhancement.<\/p>\n The non-bank lender Plenti Group (ASX:PLT)<\/a><\/strong> has dropped some decent results for the first half of its 2024 (6-months to September 30), but it\u2019s entirely possible investors have come for the PLT\u2019s results, but stayed for its shiny new partnership with National Australia Bank, one which actually involves money and integration into the bank\u2019s embrace.<\/p>\n PLT says, the tie-in\u2026 \u201d initially launching a \u201cNAB powered by Plenti\u201d car and electric vehicle (EV) loan and then making Plenti renewable energy finance available to NAB customers.\u201d<\/p>\n There\u2019s also an equity investment deal \u2013 allowing NAB to \u2018acquire up to 15% of Plenti\u2019s share capital\u2019 through placements and market purchases and such.<\/p>\n That, in fintech parlance, is commitment.<\/p>\n Meanwhile, the books look strong for Plenti \u2013 its closing loan portfolio for the first half was at $2bn \u2013 up +29% on the pcp. The key measurement for these chaps \u2013 loan originations \u2013 amounted to $624mn, a +12% improvement on the same time last year.<\/p>\n Plenti\u2019s CEO and founder Daniel Foggo was probably more chuffed than he lets on here:<\/p>\n \u201cWe\u2019ve had a productive first half, building on the great momentum in our business, and further demonstrating the benefits of our strengths across our technology, our credit capabilities, the ever-increasing diversity of our activities and our team.\u201d<\/p>\n Half-year revenue was $97 million, up 52% on pcp. Cash NPAT was $1.5 million, up 10% on pcp. The company had a strong credit performance in the half, with a 0.99% net loss rate.<\/p>\n Imugene (ASX:IMU)<\/strong><\/a> \u2013 everyone\u2019s fav \u2018clinical stage immuno-oncology\u2019 stock \u2013 was higher this arvo, after announcing that its \u2018MAST (Metastatic Advanced Solid Tumours) clinical program evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (VAXINIA)\u2019, has been given the sought-after \u201cFast Track Designation (FTD)\u201d from the US Food and Drug Administration (FDA).<\/p>\n The FDA\u2019s FTD for IMU\u2019s Bile Duct Cancer CF33-hNIS (VAXINIA) MAST clinical program is of course great news for the company, according to Imugene CEO and MD Ms Leslie Chong.<\/p>\n \u201cThe Fast Track process of drug development is designed to facilitate the development, and the review of drugs to treat serious conditions and fill an unmet medical need, with Fast Track status often leading to earlier drug approval and access by patients.\u201d<\/p>\n The designation provides closer cooperation with the FDA to expedite the MAST clinical program and subsequent potential approval processes, the set up also makes IMU\u2019s MAST program eligible for the FDA\u2019s Accelerated Approval and Priority Review.<\/p>\n Ms Chong says Imugene will utilise the opportunity to work with the FDA \u201con advancing this important drug program towards patients on an accelerated timeline.\u201d<\/p>\n Accelerate Resources (ASX:AX8)<\/strong><\/a>\u00a0 says it\u2019s just completed the first phase of geological mapping and follow up rock chip sampling across the Prinsep Lithium Project, which is Under Agreement to acquire 100%.<\/p>\n AX8 says the campaign has \u2018confirmed extensive strike continuation of lithium-prospective pegmatites up to 60m in width on multiple trends within the project area\u2019.<\/p>\n Accelerate\u2019s Prinsep lithium project is situated within the emerging 40km long hard-rock lithium belt between Karratha and Roebourne, West Pilbara, and the belt hosts the Andover discovery (ASX:AZS)<\/strong> with a number of other ASX listers nearby.<\/p>\n Detailed mapping and follow-up sampling confirms and extends individual outcropping pegmatites within the Northern Pegmatite System up to 1.8 kilometres, with outcrop widths up to 60m.<\/p>\n The company says it\u2019s IDed \u2018significant\u2019 new rock samples from Prinsep, including:<\/p>\n 2.06% Li2O \u2013 Sample ID AA351<\/em> That\u2019ll be spodumene:<\/p>\n\n Namoi Cotton (ASX:NAM)<\/strong><\/a> says it is the recipient of a non-binding, indicative and conditional offer from Louis Dreyfus Company Asia (LDC) \u2013 Namoi\u2019s joint venture partner in Namoi Cotton Alliance and Namoi Cotton Marketing Alliance also holding a 17% shareholding ownership stake in Namoi.<\/p>\n The offer, by way of a scheme of arrangement and the total cash consideration of $0.51 per share, is for the remaining 83% of issued shares in Namoi that it doesn\u2019t currently own.<\/p>\n The LDC bid also allows Namoi to pay a dividend of $0.01 per share to Namoi shareholders prior to the Scheme implementation, which is nice and also not conditional on the Scheme proceeding (and which would reduce the cash consideration to $0.50 per share), according to maths.<\/p>\n The offer represents a premium of 44% to the last closing share price of $0.355 per share and a premium of 37% to the three-month VWAP of $0.372 per share. Again, maths.<\/p>\n According to NAM, the NBIO was submitted by LDC following Namoi\u2019s strategic review process, begun at the end of June this year.<\/p>\n Namoi Cotton Executive Chairman Tim Watson says this is the most preferred outcome of the detailed strategic review:<\/p>\n Combining Namoi\u2019s ginning business with LDC is designed to create a strengthened and sustainable business for our grower customers and staff. This proposal builds on our existing relationship with LDC in our lint marketing and warehousing joint venture business for the past 10 years.<\/p>\n As the most preferred outcome of a detailed strategic review, LDC values the capability and relationships built by Namoi over the past 60 years and intends to operate all Namoi\u2019s gins in the normal course, maintain an office in Toowoomba and retain the Namoi Cotton brand name.\u201d<\/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 IPD Group (ASX:IPG)<\/strong><\/a> \u2013 Pending an announcement in relation to a proposed capital raising comprising an institutional placement and pro rata accelerated non-renounceable entitlement offer<\/p>\n Provaris Energy (ASX:PV1)<\/strong><\/a> \u2013 Pending an announcement regarding a capital raising<\/p>\n LCL Resources (ASX:LCL)<\/strong><\/a> \u2013 Pending an announcement regarding a capital raising<\/p>\n 88 Energy (ASX:88E)<\/strong><\/a> \u2013 Pending an announcement regarding a capital raising<\/p>\n Cooper Metals (ASX:CPM)<\/strong><\/a> \u2013 Pending an announcement regarding material exploration results<\/p>\n Euro Manganese (ASX:EMN)<\/strong><\/a> \u2013 Pending an announcement to the market in relation to a financing transaction, for which the documents are just being signed today<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Closing Bell: Smug ASX ends Tuesday higher, but not much better<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"CKF vs SHV 5 days<\/h2>\n
ASX Sectors On Tuesday<\/span><\/h2>\n
TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
\n 1.63% Li2O \u2013 Sample ID AX03083<\/em>
\n 1.14% Li2O \u2013 Sample ID AX03074<\/em>
\n 1.07% Li2O \u2013 Sample ID AX03071<\/em>
\n 1.05% Li2O \u2013 Sample ID AX03084<\/em>
\n 1.02% Li2O \u2013 Sample ID AX03085<\/em><\/p>\n<\/h2>\n
TODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n