• The ASX 200 was up 0.39% and ASX XEC slips 0.42%
• 10 out of 11 sectors were higher lead by Communications
• The Real Estate sector was the only one in the red

 

The ASX 200 was up 0.39% today and the ASX XEC was down 0.42%. 

A total of 10 out of 11 sectors were higher, led by Communication Services which rallied by 0.86%.

Notable small caps stocks in the sector included Aussie Broadband (ASX:ABB) up 4.98%, Tuas (ASX:TUA) up 5.20% and oOh!Media (ASX:OML) up 2.86%.

Leading the laggards was the Real Estate sector, down 0.26%.

 

NOT THE ASX

Chinese stocks closed mixed yesterday as companies along the electric vehicle supply chain dragged the market. 

Concerns rose over EV sales after weak earnings and guidance from major car maker Nio.

Tesla’s newly unveiled plan to drop the use of rare earth metals in its future permanent magnet electric motors further weighed on rare earth miners. 

Battery makers CATL and Fujian Nebula Electronics lost 2.7% and 7.3% respectively, while China Rare Earth Resources fell 6.4%.

European stocks rose despite eurozone CPI data topping expectations. 

February inflation reached 8.5% year-over-year, surpassing the 8.2% forecast. The United Kingdom’s FTSE 100 index edged up Thursday to close 0.4% higher after spending most of the session in the red.

“Eurozone inflation data has sparked another bout of upside for Treasury yields,” IG analyst Joshua Mahony wrote. 

“The Nasdaq once again faces pressure thanks to lofty valuations and the potential for an economic downturn to dent future growth prospects. 

“However, a decline in latest US initial jobless claims continues the theme of job market strength.”

 

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

The small cap leader today was HR software company IntelliHR (ASX:IHR), who in January entered a Scheme Implementation Deed (SID) with Humanforce Holdings for Humanforce to acquire all the issued shares in IHR for $0.11 cash per share.

The company has now received an unsolicited counterproposal from The Access Group for $0.14 per share.

That’s a tidy 122% premium to the closing price of IHR shares on 30 January 2023.

The board is considering whether it constitutes a ‘Superior Proposal’ under the terms of the Humanforce SID, and Humanforce now has a five business day matching right.

In the meantime, IHR directors maintain their existing recommendation in favour of the Humanforce proposal.

 

ASX SMALL CAP LAGGARDS

Here are the worst performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

 

TRADING HALTS

 

Caprice Resources (ASX:CRS) – pending drilling results for the Northampton polymetallic project. 

Sayona Mining (ASX:SYA) – capital raising.

Great Boulder Resources (ASX:GBR) – pending drilling results.

 

 

 

 

 

 

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