Heading back up to Sydney after the two-day Microcap conference. Probably the best question of the two days was Dean Fergie from Cyan Investment was, ‘why are you listed?’ With a market cap of some of these companies around $5m, it does beg that question. The fees and compliance costs involved ($250K pa?) would be a massive percentage of the business revenue. So good on you Dean for asking the question. Of course. ma
TECHNICAL SUMMARY
S&P/ASX Small Ords on a 52-week low.
Consumer staples oversold on a weekly basis and hit a 52-week low. Both WOW and COL oversold on a daily basis.
Lots going on – none of it great. Cash is King. Alphabet bombs on weak cloud result (rest of the result was OK). Big Tech in official correction – NASDAQ down 10% from a recent top. No AI Boom trade this results season then. Bond yields higher again both here and there. CPI number prompts “Two rate rise” talk.
PLS has released September Quarter earnings this morning – Key points from the release are:
Revenue has fallen 42% compared to Q2, coming in at $493m.
144kT of Spodumene Concentrate was produced (down 11% from prior Q).
A similar amount was sold at a realised price of US$2240/T.
ASX 200 fell 42 points to 6812 (-0.6%),2023 closing low despite a small rally into…
SPI Futures down 18 as Alphabet drops 9.5% dropping the NASDAQ 2.4%
Our market slots in behind Wall St down another 40 at midday as bond yields rise and we worry about a rate rise
ASX 200 fell 42 points to 6812 (-0.6%), rallying off a one-year low. Resources held up relatively well on some more Chinese stimulus and a falling AUD. BHP up 0.5%, and RIO up 1.2%. Lithium stocks on the nose, although some big winners, in AZS on a bid from SQM up 43.1% and RDN as a ‘nearolgy’ play. PLS fell 0.5% on production report, gold miners slid with NST down 0.8% and NCM recovering some early losses down 1.3%.
US equity markets closed higher overnight after positive corporate results and upbeat forecasts sparked a…
SMALL CAP PORTFOLIO SUMMARY Day one of the Microcap Conference and some that caught my…