The local market has jumped on Friday in the wake of a defiant night of Wall Street trade as geopolitics, bonds, inflation, corporate earnings and mixed macro data failed to deter traders.<\/p>\n
Our markets have responded happily, up for a fourth straight morning.<\/p>\n
The S&P\/ASX 200 Index is ahead by 89 points, or +1.30%, to above 6,988 on Friday.\u00a0\u00a0<\/strong><\/em><\/p>\n The All Tech (XTX) index is also up +2%.<\/p>\n Via MarketIndex<\/em><\/p>\n The strong lead on Wall Street comes amid a growing enthusiasm that we\u2019re back where we were about 100 times this year \u2013 believing US rates have peaked \u2013 apparently reinforced by the joyous visual of watching the benchmark US 10-year Treasury yield slinking back from near 5% highs to a near 1-month low of circa 4.65%.<\/p>\n \u00a0<\/p>\n Local tech stocks have stolen the march on the ASX for a 2nd day.<\/p>\n Block Inc (ASX:SQ2)<\/strong><\/a> is up +23%, after an upbeat earnings drop sweetened by upbeat guidance.<\/p>\n Elsewhere some of the larger tech stocks are finding buyers \u2013 with software firm Xero (ASX:XRO)<\/strong><\/a>, Computershare (ASX:CPU)<\/strong><\/a>, Megaport (ASX:MP1)<\/strong><\/a> and\u00a0 Life360 (ASX:360)<\/strong><\/a> \u2013 ahead between +1.5% to +3%.<\/p>\n Let\u2019s talk banks for a sentence.<\/p>\n They\u2019re all doing well in what\u2019s suddenly become a can\u2019t lose central bank data heavy environment. The Australia and New Zealand Banking Group (ASX:ANZ)<\/strong><\/a> is out front of the Big Four, while even shoddy numbers for Macquarie Group (ASX:MQG)<\/strong><\/a> have seen its morning losses evaporate, with MQG trading at parity by lunch. It was down some 3% a few hours ago.<\/p>\n In other company news, Qantas (ASX:QAN)<\/strong><\/a> is holding a cracker of an AGM this morning, coming just a few days after the national carrier said \u201cghost flight\u201d allegations are fake news and flight seats are never booked, just held.<\/p>\n West Africafocused goldie Tietto Minerals (ASX:TIE)<\/strong><\/a> has given its Chinese suitor the backhand on Friday morning, saying Zhaojin\u2019s 58c per share off-market play was way off target.<\/p>\n TIE\u2019s board told shareholders via the ASX that the HK-based Chinese miner\u2019s $630mn takeover offer is mere opportunism and \u2018materially undervalues the company\u2019.<\/p>\n Zhaojin is Tietto\u2019s No. 2 shareholder.<\/p>\n A Zhaojin Mining spokesperson told Stockhead<\/em> via email this morning:<\/p>\n \u201cWe are disappointed that the Tietto Board has not seen the value in our cash offer, which represents an attractive premium for shareholders, at a 42% premium to the five-day VWAP.<\/p>\n \u201cWe believe the offer provides value and certainty for Tietto shareholders and we will continue discussions with the Board and Tietto shareholders on the merits of our proposal.\u201d<\/p>\n \u201cWe have Australian FIRB approval in place and have progressed work on obtaining other required approvals and believe we are well placed to obtain all required Chinese regulatory approvals.\u201d<\/p>\n \u00a0<\/p>\n On the ASX200 9 of the 11 sectors have gained in morning business, with the banks and the interest rate sensitive Property, IT and Health Care Sectors at the wheel.<\/p>\n Only Energy (flat) and Consumer Staples are stopping the local screen from being a total Soylent Green.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Via MarketIndex<\/em><\/p>\n \u00a0<\/p>\n Eat not the Amanita Phalloides<\/strong><\/em><\/p>\n The Victorian government says watch out for mushrooms, everyone.<\/p>\n Well. Mushrooms are okay. But not Death Caps.<\/p>\n \u201cAbout 9 out of 10 fungi-related deaths are attributable to the Death Cap mushroom\u2026 and symptoms normally begin six to 24 hours after the mushroom is eaten, depending on who\u2019s cooking and how you feel about mushies in your, let\u2019s say Beef Wellington.<\/p>\n\n Death cap mushrooms, or Amanita phalloides, commonly grow under oak trees and \u201care extremely poisonous,\u201d even after drying or cooking, according to the Vic government\u2019s better health<\/a> website.<\/p>\n \u201cConsuming just one mushroom can kill an adult.\u201d<\/p>\n Or several, after a few tries.<\/p>\n Symptoms can include: violent stomach pains, nausea, vomiting and diarrhoea, the gov says, before adding that the mushroom\u2019s toxins can leave a survivor\u2019s liver seriously damaged.<\/p>\n Or in need of a replacement.<\/p>\n \u00a0<\/p>\n Bankman-Fried, fried by jury<\/em><\/strong><\/p>\n The naughty FTX founder and former saviour of crypto stuff everywhere \u2013 Sam Bankman-Fried \u2013 has just been found guilty on all charges related to the collapse of his now-bankrupt cryptocurrency exchange in the first of 2 x criminal trials against the former CEO and Silicon Valley pin-up kid.<\/p>\n A New York jury in Manhattan federal court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders in connection with the collapse of his crypto empire.<\/p>\n Prosecutors accused Bankman-Fried, who founded and controlled both FTX and the hedge fund which kept it cooking \u2013 Alameda research \u2013 of misappropriating and embezzling billions of his customers\u2019 deposits, lying to investors, regulators and pretty much everyone while ordering his executives to do the same.<\/p>\n SBF faced 7 charges: 2 x counts of wire fraud and 5 x conspiracy counts, and now the former darling of Silicon Valley is facing a maximum sentence of 115 years.<\/p>\n The sentencing has been set for March 28 next year.<\/p>\n \u00a0<\/p>\n The major US indices rallied like champs during Thursday\u2019s regular session, with the Dow and S&P 500 ahead a stonking +1.7% and +1.9%, each \u2013 also their 4th straight day of gains.<\/p>\n The Nasdaq Composite also climbed for the 5th session, surging by some + 1.8%.<\/p>\n All 11 S&P sectors finished higher, led by energy, property and financials.<\/p>\n On Friday morning in Sydney, US stock futures are lower \u2013 ahead of the Friday open in New York.<\/p>\n Not helping on that front is the tech giant with a market cap bigger than the entire German bourse \u2013 Apple whose shares are circa -3% lower in after hours trade.<\/p>\n Apple probably shouldn\u2019t have warned of weaker revenue for the December quarter, a truth bomb which quite smothered some surprise earnings and revenue beats for its fiscal 4th, a 3 months which included the release of the latest iPhone #476.<\/p>\n \u00a0<\/p>\n Via Fox<\/em><\/p>\n Meanwhile, markets in the States found enough in the US Federal Reserve meeting to suggest that there\u2019s only a small chance of any additional interest rate hike.<\/p>\n CNBC says the odds on a rate hike before Xmas are now down to under 15%. A month ago, the chances of a December hike were at circa 40%.<\/p>\n \u201cFutures pricing, which can be volatile and swing quickly, now indicates that the first rate cut could come as soon as May,\u201d someone from CNBC added.<\/p>\n Those moves came amid growing expectations that the Federal Reserve rate-hiking campaign is over and as the benchmark 10-year US yield dropped to a three-week low of 4.65%.<\/p>\n US investors still have the October jobs report dropping on Friday for further guidance.<\/p>\n \u00a0<\/p>\n Here are the best performing ASX small cap stocks for 1 November [intraday]:<\/strong><\/em><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/strong><\/em><\/p>\n <\/strong><\/em><\/p>\n WordPress Tables Plugin<\/a><\/p>\n MC Mining (ASX:MCM)<\/strong><\/a> is killing it on Friday after sharing the news of an off-market cash takeover offer from Senosi Group Investment Holdings and Dendocept both already substantial MCM shareholders.<\/p>\n A proposal letter dated 1 November outlines the Consortium\u2019s proposal and intention to make an off-market cash takeover offer for all the shares in the Company not currently held by the Consortium (Proposed Takeover) and includes an indicative cash consideration offer range of AUD$0.20-AUD$0.23 per ordinary share, based on MCM\u2019s undiluted share capital.<\/p>\n MCM says it\u2019s getting an independent bunch of directors to make a call on this \u2013 since current directors \u2013 Christine Yi He, Ontiretse Mathews Senosi, An Chee Sin and Zhen Brian He are all linked to both Senosi and Dendocept already.<\/p>\n Exciting.<\/p>\n \u00a0<\/p>\n Meanwhile Argenic\u00a0 a local biotech \u2018developing novel therapeutics to reduce brain tissue death after brain injury and neurodegeneration,\u2019 says it\u2019s received positive initial preclinical data \u2018on ARG-007\u2019s ability to inhibit the cellular uptake of abnormal tau and aggregation of tau protein in brain cells (neurons) in two different preclinical (in vitro) models of Alzheimer\u2019s disease.<\/p>\n I\u2019m not going into detail. Other than to say this means it kind of confirms ARG-007 has a significant impact on a number of key proteins implicated in neurodegenerative diseases, (bugger it) namely\u2026 beta-amyloid, alpha-synuclein, and now tau.<\/p>\n The company says this makes ARG-007 an exciting multimodal protein targeting therapeutic.<\/p>\n Argenica is continuing to progress in vivo animal studies to further confirm the efficacy of ARG-007 in Alzheimer\u2019s disease and will update the market as milestones are met.<\/p>\n \u00a0<\/p>\n Strickland Metals (ASX:STK)<\/strong><\/a> boss Andrew Bray says the goldie is doing some good things out at its 100% owned Horse Well prospect at the Yandal Gold Project.<\/p>\n Enough good things for a big expansion of its planned drilling.<\/p>\n Bray, the Chief Executive Officer, says STK just successfully completed the first diamond hole at Marwari and it was a terrific hole:<\/p>\n \u201cThe hole was initially planned to a target depth of 180m, however the Company elected to continue the hole for a further 111m to total depth of 291m.\u201d<\/p>\n MWDD001 was only completed yesterday \u2013\u00a0 but Strickland is now \u2018sufficiently confident\u2019 in expanding the drilling program at Marwari.<\/p>\n A further four diamond holes will now be drilled, Mr Bray says Diamond core from MWDD001 will be sent to Perth next Friday, and STK will request the assays be fast tracked.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Here are the most-worst performing ASX small cap stocks for 1 November [intraday]:<\/strong><\/em><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/strong><\/em><\/p>\n <\/strong><\/em><\/p>\n WordPress Tables Plugin<\/a><\/p>\n <\/span><\/p>\n The post ASX Death Cap Lunch Wrap: Local stocks are higher on Friday at noon \u2013 we\u2019re sticking to sandwiches<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"LUNCHTIME ON THE ASX200<\/h2>\n
ASX SECTORS AT MIDDAY ON FRIDAY<\/h2>\n
NOT THE ASX<\/h2>\n
WALL STREET<\/h2>\n
US FUTURES circa 9.30pm, THURSDAY in NEW YORK<\/h2>\n
ASX SMALL CAP WINNERS<\/h2>\n
ASX SMALL CAP LOSERS<\/h2>\n