The ASX benchmark has ended Wednesday higher after positive inflation data
\n7 of 11 sectors in the green, IT ahead by circa +2pc<\/p>\n
Small caps led by Euro Manganese<\/p>\n
The local market has trimmed the CPI fat of this morning\u2019s gains, after the Bureau of Stats monthly inflation gauge eased much more than expected in October on the \u2013 apparently \u2013 softening price of goods.<\/p>\n
That chimed well with extra-dovish flavoured Fed chatter, leading US markets to price in a 40% chance the Fed could start easing as early as March 2024.<\/p>\n
After the CPI dropped and markets spiked, IG Australia market analyst Tony Sycamore suggested the RBA board led by governor M. Bullock might have been gifted a get-out-of-jail-free card.<\/p>\n
\u201cThe breath of relief from the RBA\u2019s Martin Place HQ and mortgage holders nationwide was almost audible in the streets of Sydney, as today\u2019s inflation number suggests that under the RBA\u2019s current monetary policy settings, inflation is falling at a pace that should ensure a return to target within a reasonable time frame.\u201d<\/p>\n
At match-out on Wednesday November 29, the S&P\/ASX 200 (XJO) index was up 20 points, or +0.29%\u2026<\/strong><\/p>\n Via Google<\/em><\/p>\n A good day to be in Aussie tech stocks as the IT Sector stormed off in a huff of insolence all its own. This is what the S&P\/ASX 200 Information Technology (XIJ) index leader board looked like at circa 3pm in Sydenham:<\/p>\n Via MarketIndex<\/p>\n \u00a0<\/p>\n Meanwhile, 7 of the 11 ASX sectors closed higher on Wednesday, volatile oil prices remain a bugbear for the Energy Sector, while Financials walked back some of the easy gains made on Tuesday.<\/p>\n \u00a0<\/p>\n Via MarketIndex<\/em><\/p>\n In company news, and on top\u00a0of the IT leaderboard is EP&T Global (ASX:EPX)<\/strong><\/a> , the company is locked into their AGM on Wednesday arvo, the provider of property \u2018energy management solutions to reduce energy and water wastage, and enhance energy efficiency within commercial real estate\u2019 is cooking something. We\u2019ll keep you posted.<\/p>\n Healius is making up some of its recent losses, the healthcare stock climbing from the open. Likewise sector giant CSL is throwing its weight around after winning approval in Japan for what it\u2019s calling the world\u2019s first self-amplifying messenger RNA (sa-mRNA) Covid-19 vaccine.<\/p>\n So they\u2019re Big in Japan now, too.<\/p>\n Kiwi-born Fisher & Paykel Healthcare dropped big revenue and profit numbers for its 1H24 this morning.<\/p>\n Wesfarmers (ASX:WES)<\/strong><\/a> says it\u2019s completed the weird-from-the-start acquisition of SILK Laser Australia (ASX:SLA)<\/strong><\/a>.<\/p>\n SLA shareholders got $3.35 a pop, plus 10 cents on the special dividend, a right kicker on the original $3.15\u00a0 bid made back in April.<\/p>\n On the nose, but in a good way: it values Silk at circa $180mn. And the stock last traded at $3.34.<\/p>\n \u00a0<\/p>\n We\u2019re watching gold on Wednesday<\/strong><\/em><\/p>\n The spot price for gold looks happy again around $2,050 an ounce \u2013 that\u2019ll be the precious metal\u2019s toppest effort since way back in march.<\/p>\n A falling US dollar always helps on that front, while extra dovish remarks from Fed Governor Christopher Waller also laid further foundations.<\/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 It\u2019s Euro Manganese (ASX:EMN)<\/strong><\/a> all the way on Wednesday.<\/p>\n Here I turn to my Master of Anything Manganesian<\/a>, Dr Robert Badman:<\/p>\n This $38m market capped Canadian manganese stock hasn\u2019t had the best time of things since we mentioned it in this column in mid-August \u2026 although we\u2019re pretty sure that\u2019s not our fault.<\/p>\n Back then, you see, it was a $52m<\/em> market capper.<\/p>\n But\u2026 its fortunes now look to be making a u-turn in the right direction, with the stock bursting up +45% and making news just about everywhere on the back of a significant project financing deal with $8.2 billion global asset management firm Orion Resource Partners.<\/p>\n It\u2019s a US$100m non-dilutive funding package to advance the development of the Chvaletice manganese project in the Czech Republic \u2013 the company\u2019s primary focus.<\/p>\n We are thrilled to share that we’ve secured US$100 million in non-dilutive financing from Orion Resource Partners to advance the development of our #ChvaleticeProject<\/a> in the Czech Republic.https:\/\/t.co\/a56kpAKQeF<\/a>#HighPurityManganese<\/a> #EuroManganese<\/a> #EVs<\/a> #Orion<\/a> #investors<\/a> pic.twitter.com\/2ijOxEGxV4<\/a><\/p>\n \u2014 Euro Manganese (@EuroManganese) November 28, 2023<\/a><\/p>\n\n Rob says EMN is battery materials focused, with manganese a lesser-known (than lithium and nickel anyway) raw material required as \u2018a stabilising component in the cathodes of nickel-manganese-cobalt (NMC) lithium-ion batteries used in electric vehicles.\u2019<\/p>\n \u201cThe funding is split into two $50 million tranches, including a $50 million loan facility, convertible into a 1.29-1.65% royalty on project revenues, and another $50m in exchange for a 1.93-2.47% royalty on project revenues following a final investment decision by the company\u2019s board,\u201d Rob says.<\/p>\n President & CEO, Dr Matthew James, reckons it\u2019s a \u2018transformative transaction\u2019 for Euro Manganese\u2026<\/p>\n \u201cThe non-dilutive, tranche structure minimises cost of funds and reduces future project financing requirements.<\/p>\n \u201cThis further validates the robust nature of the Chvaletice Project and our team\u2019s ability to deliver this strategic battery raw material project for Europe to the highest of standards.\u201d<\/p>\n Slipping into second place is\u00a0Ballymore Resources (ASX:BMR)<\/strong><\/a> which says it\u2019s raised $1.8m via a placement\/ entitlement offer \u2013 plus another $1.5m from mining royalty firm Taurus \u2013 to advance the Dittmer gold mine to production.<\/p>\n And look out above, I don\u2019t know why but Swoop Telecommunications (ASX:SWP)<\/strong><\/a> is going gangbusters.<\/p>\n I sense M&A, but I see daylight.<\/p>\n This is all I got (from the AGM last week\u2026)<\/p>\n \u00a0<\/p>\n Via Swoop AGM\u00a0<\/em><\/p>\n I\u2019m not at heart a suspicious man, but I am a highly paid journalist with a heightened fear of patterns:<\/p>\n Via Google<\/p>\n Rhinomed (ASX:RNO)<\/strong><\/a> is another wee mystery to me on Wednesday.<\/p>\n The \u2018nasal spray and and airway technology\u2019 company\u2019s stock is up over +20%.<\/p>\n Trawling through any recent news, and I do have these terrific moments from the AGM materials:<\/p>\n\n And I also have this:<\/p>\n Via RhinoMed<\/em><\/p>\n Probably not worth a random 20% bump, but totally newsworthy all the same.<\/p>\n At the AGM on the Nov. 17th,\u00a0 CEO Michael Johnson emphasized a cost reduction and right sizing program of this shape:<\/p>\n \u2022 Reduced headcount<\/em> If it worked for META then it could be working for RNO.<\/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 Metrics Master Income Trust (ASX: MXT) \u2013 Pending an announcement in relation to a capital raising<\/p>\n Rectifier Technologies (ASX:RFT)<\/strong><\/a> \u2013 Pending an announcement regard to the appointment of an additional Australian resident Director<\/p>\n Respiri (ASX:RSH)<\/strong><\/a> \u2013 Pending an announcement regarding a capital raising and placement of shares<\/p>\n Great Western Exploration (ASX:GTE)<\/strong><\/a> \u2013 Pending an announcement in relation to a fund raising<\/p>\n Mitre Mining (ASX:MMC)<\/strong><\/a> \u2013 Pending an announcement in relation to a material acquisition and capital raising<\/p>\n Dreadnought Resources (ASX:DRE)<\/strong><\/a> \u2013 Pending a material release regarding a Resource upgrade at the Company\u2019s Mangaroon Rare Earths Project<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n<\/div>\n <\/span><\/p>\n The post Closing Bell: ASX traders happy to take the profit after surprise CPI windfall<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX IT: Tech your pick\u2026<\/h2>\n
ASX SECTORS ON WEDNESDAY<\/span><\/h2>\n
TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
\n\u2022 Reduction in marketing expenditure<\/em>
\n\u2022 Implement new NetSuite ERP system<\/em>
\n\u2022 Successfully achieve ISO 134386 certification<\/em>
\n\u2022 Delivering $4.8m in savings and a reduction in expenditure of 30% when compared to FY22 operational expenditure<\/em>
\n\u2022 Drive to breakeven in 2H FY24<\/em><\/p>\n<\/h2>\n
TODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n