Wednesday, September 28, 2022

Closing Bell: A junior ASX copper explorer surges (on no news) as commodities stay hot – Stockhead

  • The ASX microcaps Emerging Companies index closed 0.01% higher on Friday
  • Copper explorer Stelar Metals (ASX:SLB) led the market with a 57% gain
  • US stock futures are trading flat ahead of the Friday open on Wall St

After a pretty strong week, ASX microcaps closed things out with a flat day of trade on Friday, with no major catalysts during the session.

After a rocky month, markets look ready to settle in for the long haul on two of the primary global investment narrative; the ongoing Russia-Ukraine invasion, and rising interest rates.

Commodity prices are still sky-high, and investors once again cast a keen eye on ASX junior explorers leading the market this morning.

Get Reuben Adams’ daily resources update here.

ASX gold stocks also had a good day on Friday.

After consolidating above US$1,900/oz, the precious metal is trading above US$1,960/oz in afternoon Asian trade — is another push towards US$2,000/oz on the cards?

Those gold gains accompanied a broad round of weakness in the US dollar, which has seen the AUD push back above US75c for the first time since October last year.

Looking ahead, US stock futures are trading flat ahead of the Wall Street open.

That followed another strong session overnight, as the Nasdaq rose by +2% led by some big gains among US semiconductor stocks.


(Stocks highlighted in yellow rose after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

Among stocks with news, Mandrake Resources (ASX:MAN) held its gains after flagging a “transformational” deal to buy the high grade ‘Delphin’ copper project in Chile.

The project is in a prolific copper-producing region which is home to monstrous mines like Escondida, a joint venture between Australia’s two largest mining companies. Mandrake intends to undertake an active exploration program coming early Q2.

Also rising on M&A news was diversified manufacturing company Inventis (ASX:IVT), which announced the acquistion of Electronic Circuit Designs.

The share sale agreement values ​​ECD at 3 x normalized EBITDA based on its 2021 accounts, amounting to approximately $2.2m plus net excess working capital.

Elsewhere, newly listed copper-zinc play Stelar Metals (ASX:SLB), which operates a number of projects in copper-rich areas of South Australia, surged by more than 50% on no news.

Another strong mover was cannabis stock Cann Global (ASX:CGB), which jumped by ~30% on no news to 3.5c — although the stock once hit a high above $2 in the ASX’s first cannabis boom back in 2017.


(Stocks highlighted in yellow fell after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.


Westgold (ASX:WGX) has announced a board shakeup with Peter Cook retiring as non-executive chairman. Cook was founder of the group of companies from which Westgold was formed in 2004.

Cook will be replaced by Cheryl Edwardes AM as independent non-executive chair. Edwardes was a former Western Australian government minister and serves and is on the board of several mining companies. West Gold has also appointed experienced mining executive Julius Matthys as a non-executive chair.

Fertility company Virtus Health (AX:VRT) has received written confirmation from the Foreign Investments Review Board that it has no objections to a $706 million takeover offer from UK private equity firm CapVest for $706 million.

CapVest had been in a battle with Aussie private equity firm BGH Capital for Virtus. Under the deal, CapVest will acquire 100% of Virtus shares by a scheme of arrangement.

Bryah Resources (ASX:BYH) has committed funding to retain 49% of the manganese joint venture with OM Holdings. Drilling of the Brumby Creek in WA maganese targets has now started. Gradient Array Induced Polarization surveys will start in April in the Horseshoe Mine Prospect Area.

“The announcement of manganese mineral resources underpins mining license applications in the Brumby Creek and Black Hill locations, complementing the existing granted mining lease at Horseshoe Sout,” Bryah CEO Ashley Jones said.


Sequoia Financial Group (ASX:SEQ) — Pending acquisition

Alligator Energy (ASX:AGE) — Drilling results; Samphire Project

Tietto Minerals (ASX:TIE) — Capital raising

Consolidated Zinc (ASX:CZL) — Capital raising

Antilles Gold (ASX:AAU) — Capital raising

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