The ASX benchmark takes a small hit\u00a0
\nEnergy Sector recoups losses<\/p>\n
Small caps led by WBE<\/p>\n
Local markets have recovered in very late trade after oil overnight touched its lowest levels in almost six months.<\/p>\n
So. The fossils fuelled it.<\/p>\n
At match-out on Thursday December 7, the S&P\/ASX 200 (XJO) index was down five points, or -0.07%:<\/strong><\/em><\/p>\n Via Google<\/em><\/p>\n So, yes the price of oil swooned overnight, yes regional markets all seemed to trace Wall Street\u2019s overnight willies and yes local traders probably took Wednesday\u2019s profits off the table.<\/p>\n But that previous session\u2019s gain of circa +1.8% was the best day of the year on the ASX (which also says something about 2023), and considering how often we\u2019ve heard the words uncertain and volatile and the expression weak-as-pish this year \u2013 it was surely a given that the ripper broad-based gains were likely to come at a price.<\/p>\n On the plus side, West Texas International has made a wee effort to get off the floor during the Thursday session in Asia\u2026<\/p>\n \u00a0<\/p>\n Via TradingEconomics<\/em><\/p>\n \u2026 but on the down side oil analysts reckon this is probably just a technical rebound and prices are going to remain under pressure having lost almost a full third since peaking in late September.<\/p>\n And although it\u2019s been six straight sessions of losses amid stronger supply lines, weaker demand and a more unstable geopolitical climate \u2013 falling oil prices were only the cause of today\u2019s underwhelming ASX-ing and not the reason.<\/p>\n Brent crude, the global benchmark, slid more than 3.5% during the US session and while the local energy giants Messrs Woodside Energy Group (ASX:WDS)<\/strong><\/a>, Santos (ASX:STO)<\/strong><\/a>\u00a0 and Ampol (ASX:ALD)<\/strong><\/a> all feel hard during the morning session, but the end of the day it wasn\u2019t the Energy sector causing all the localised bleeding.<\/p>\n This is the ASX XEJ hitting parity after the close:<\/p>\n Via MarketIndex<\/em><\/p>\n \u00a0<\/p>\n And here it is again overlapped with the market\u2019s quiet killer \u2013 the financial sector:<\/p>\n \u00a0<\/p>\n Via Google<\/em><\/p>\n \u00a0<\/p>\n With a combined market cap of around $400bn, the big 4 banks have an outsized influence on the performance of the ASX. More than 50% of all retail investors in Australia own a piece of them.<\/p>\n Today the financial sector showed its rarely seen interest-rate-sensitive-side.<\/p>\n At about 315pm, the investment bank Macquarie Group (ASX:MQG)<\/strong><\/a> fell -1.6% to $167.96, National Australia Bank (ASX:NAB)<\/strong><\/a> lost -0.6%, Australia and New Zealand Banking Group (ASX:ANZ)<\/strong><\/a> fell -0.5% and Commonwealth Bank (ASX:CBA)<\/strong><\/a> fell -0.3%.<\/p>\n Westpac (ASX:WBC)<\/strong><\/a> got up a little.<\/p>\n The consumer stocks also copped it on Thursday, as traders took profits out of big names, from Myer (ASX:MYR)<\/strong><\/a> which fell -3.2%, Aristocrat Leisure (ASX:ALL)<\/strong><\/a> (-1.35%) and Endeavour Group (ASX:EDV)<\/strong><\/a> (-1.2%).<\/p>\n Treasury Wine Estates (ASX:TWE)<\/strong><\/a> crashed almost -3%.<\/p>\n Overnight in New York, the S&P 500 is still at near 22-month highs, despite falling -0.42%, for a hat trick of straight declines \u2013 its first since October.<\/p>\n The Dow fell -0.21% and the Nasdaq lost -0.6%.<\/p>\n In our neck of the woods, the ratings agencies had another outsized impact on regional markets. The sentiment for risk all but soured once investors both in China and beyond got word that Moody\u2019s \u2013 having made headlines on Wednesday for slashing China\u2019s government credit ratings \u2013 then took the sword to Chinese state-owned firms and state-run banks warning of potential downgrades, which in this environment is as good as a downgrade.<\/p>\n Despite extreme volatility in commodities, such as oil and gold, iron ore has remained a beacon of stability, trading at around $129 per tonne.<\/p>\n Fortescue added 1.06% to $25.34. Rio gained 0.88% to $127.56, bolstered by news that the giant Simandou iron ore mine in Guinea will come online in 2025, a year earlier than expected.<\/p>\n Mineral Resources gained 0.67% to $60.14, and BHP added 0.11% to $47.27.<\/p>\n \u00a0<\/p>\n Via MarketIndex<\/p>\n \u00a0<\/p>\n Trade surplus <\/strong><\/em><\/p>\n More national accounts revelations today as Australia\u2019s trade surplus widened in October to $7.1bn, so says the local Bureau of Stats today.<\/p>\n Exports were up 0.4% while imports fell 1.9%.<\/p>\n Allowing for seasonal swings, goods export earnings rose by just 0.4%, while the 2.3% rise in metals and materials exports was largely offset by falls in te export values of coal, coke and briquettes<\/em> (-4.0%) and other mineral fuels (-4.6 %).<\/p>\n \u00a0<\/p>\n Around the \u2018hood\u2026<\/strong><\/em><\/p>\n Share markets here and in Japan, South Korea, Hong Kong and on mainland China have all begun or finished lower on Thursday.<\/p>\n \u00a0<\/p>\n Oil gets snakey\u00a0<\/strong><\/em><\/p>\n So briefly back to this.<\/p>\n The US EIA data shows US gasoline inventories jumped by 5.4 million barrels last week, that\u2019s because either the maths person is just terrible at counting (which admittedly seems unlikely but not impossible) or it really is the outsized increase that no one foresaw.<\/p>\n The toppiest forecasts predicted US inventories to surge around 1 million barrels, not to make up for the last two and a half months of declines.<\/p>\n They reckon it\u2019s weaker demand. I suspect bad math. Not evil math, mind you.<\/p>\n Because the BEA data showed US crude exports were near a record 6 million barrels a day (bpd) in October, with flows to Europe and Asia steadily increasing.<\/p>\n Then there\u2019s, OPEC which pumped some 27.81mn bpd in November, down by 90K from October, according to Reuters.<\/p>\n Last week, OPEC+ members announced additional cuts of 2.2mn bpd, but more than 1.3mn were extensions of voluntary reductions by Saudi Arabia and Russia.<\/p>\n \u00a0<\/p>\n Futures tied to the 3 major US indices are almost at universal parity ahead of the Thursday open in New York:<\/strong><\/em><\/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 The Board of Whitebark Energy (ASX:WBE)<\/strong><\/a> has taken decisive action on Thursday saying they no longer need their interim CEO.<\/p>\n Dr. Simon Brealey is no longer with the Company, the Board announced to the ASX, thanking Simon for his service and wishing him well for the future.<\/p>\n \u201cThe Board remains focused on delivering a positive outcome for shareholders under its strategic review process and will consider the requirements for a replacement CEO. The Company will continue to update the market when this process is complete.\u201d<\/p>\n So\u2026 they might\u2019ve found a CEO, or no longer need a CEO\u2026 either way, it was a good call. Up +32%.<\/p>\n \u00a0<\/p>\n Redcastle Resources (ASX:RC1)<\/strong><\/a> did good on Thursday.<\/p>\n The $3.7m market capper completed an RC drilling campaign at its 100% owned Queen Alexandra prospect that involved drilling 37 holes, totalling 1,937m, on an area of 20m x 20m.<\/p>\n Samples were then sent off to a Kalgoorlie lab to ascertain gold content, and assays indeed confirm the presence of consistent, shallow gold mineralisation.<\/p>\n As Robert Badman mused to me not moments ago: High-fives all round \u2013 they\u2019re definitely not out there wasting their time.<\/p>\n \u00a0<\/p>\n Some RC1 bullies:<\/em><\/strong><\/p>\n \u2022 Gold intersections in the upper 20m which increase in grade with depth and plunge to the southeast.<\/p>\n \u2022 Mineralisation (combo of subvertical and horizontal structuring) continuity on section and with a strike extent of 200m.<\/p>\n \u2022 Preliminary metallurgical testwork (using a concentrated leach method) reports a subsample from the 2022 high-grade sample RRC151at 115m as having a metallurgical recovery of 92% for gold.<\/p>\n Out front, on Thursday (but I\u2019m not getting into it) is Keybridge Capital run by activist shareholder Nicholas Bolton.<\/p>\n The circa +40% gain is something to do with Southern Cross Media but my brain.<\/p>\n Oh. My brain.<\/p>\n I\u2019d say check their website, but why put yourself through it?<\/p>\n Screenshot via Keybridge<\/em><\/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 4D Medical (ASX:4DX)<\/a><\/span> \u2013 pending an announcement by the Company to the market regarding a proposed capital raising and an acquisition.<\/span><\/p>\n Rhinomed (ASX:RNO)<\/a><\/span> \u2013 pending an announcement by Rhinomed in relation to an application to be removed from the official list of ASX.<\/span><\/p>\n Talius Group (ASX:TAL)<\/a><\/span> \u2013 pending an announcement to the ASX in relation to a proposed capital raising.<\/span><\/p>\n Flynn Gold (ASX:FG1)<\/a><\/span> \u2013 pending an announcement regarding a material acquisition and capital raising.<\/span><\/p>\n Green Technology Metals (ASX:GT1)<\/a><\/span> \u2013 pending an announcement regarding a capital raising.<\/span><\/p>\n Argent Minerals (ASX:ARD)<\/a><\/span> \u2013\u00a0 pending an announcement regarding a capital raising.<\/span><\/p>\n Pantera Minerals (ASX:PFE)<\/a><\/span> \u2013 pending an announcement regarding a material project transaction in the Smackover region, USA, and a capital raising.<\/span><\/p>\n Nordic Nickel (ASX:NNL)<\/a><\/span> \u2013 pending an announcement to the market in relation to a proposed capital raising.<\/span><\/p>\n MetalsGrove Mining (ASX:MGA)<\/a><\/span> \u2013 pending the release of an announcement in relation to material acquisitions.<\/span><\/p>\n Austin Metals (ASX:AYT)<\/a><\/span> \u2013 pending an announcement in connection with an acquisition of Project and capital raising.<\/span><\/p>\n Ironbark Zinc (ASX:IBG)<\/a><\/span> \u2013 pending an announcement regarding a potential acquisition and a capital raising.<\/span><\/p>\n Winsome Resources (ASX:WR1)<\/a><\/span> \u2013 pending release of a maiden Mineral Resource Estimate.<\/span><\/p>\n <\/span><\/p>\n The post Closing Bell: Oil\u2019s been awful but it can\u2019t ruin Thursday as ASX ends only 5pts lower<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX SECTORS ON THURSDAY<\/span><\/h2>\n
<\/h2>\n
TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
<\/h2>\n
TODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n