Closing Bell: CPI jitters hit again, as 33-year-old mining story in the making sends small cap soaring


After another inflation scare in the US overnight, local equities were expected to start in the red this morning.

And it did, although things refrained from getting really ugly after the slow start.

Still, the seller topped the closing bell as markets plunged to end the session.

The end result was a decline of 0.98% for the ASX 200, with a steeper decline of 2.21% for the ASX Small Ordinaries.

For now, the US Fed is dominating global equities, as investors gauge the likelihood of even tighter monetary policy in 2022 than expected.

After last night’s sell-off, things still look shaky on Wall Street, with Nasdaq futures posting a nearly 1% drop in afternoon Asian trading.

THE BIGGEST SMALL CAP WINNERS TODAY

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

Scroll or swipe to view the table. Click on the headers to sort.

For ASX small cap watchers on Friday, there was a clear winner from start to finish – Bougainville Copper (ASX:BOC).

The stock soared on major regulatory news from Papua New Guinea, where reports emerged that local authorities may be pressing the restart button at BOC’s massive copper-gold mine.

It’s been 33 years since production ceased at the site, after local conflict in PNG escalated into a 10-year civil war (see full background here). BOC has yet to get its mining license back, but today’s news has sent the stock back to decade highs.

Clinical-stage medical cannabis company Inannex Healthcare (ASX:IHL), which jumped 20% on no news, also rose sharply.

And SME lender N1 Holdings (ASX:N1H), climbed another 12% without news. The roughly $15 million market cap company, which also provides mortgage brokerage services, is now up about 300% since last June.

THE BIGGEST SMALL CAP LOSERS TODAY

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

Scroll or swipe to view the table. Click on the headers to sort.

ANNOUNCEMENTS YOU MAY HAVE MISSED

Biotech company Immutep (ASX:IMM) has been granted a patent by the Australian Patent Office entitled “Combined preparations for the treatment of cancer or infection”.

The patent protects the company’s intellectual property on its LAG-3-related immunotherapy treatments for cancer and autoimmune diseases, specifically its “lead active immunotherapy candidate, eftilagimod alpha (IMP321), a LAG-3 fusion protein (LAG-31g) and an anti-PD-1 or anti-PD-L1 antibody.

The share price rose to 40c in the afternoon from 39.5c at the open, dipping to 38.5c before stabilizing at 39.5c before the close, an overall gain of 2 .37%.

Malaysian nitrile glove manufacturer VIP Gloves Limited (ASX: VIP) has signed an acquisition proposal or memorandum of understanding with Ammorium Resources Sdn bhd’s largest shareholder, Julian Foo Kuan Lin.

Incorporated in Malaysia in 2015, Ammonium enjoys 10-year tax exempt status and is licensed and ready to enter the glove manufacturing game.

The proposed acquisition, subject to due diligence, entitles VIP to oversee the construction of an integrated facility on 53 acres of land in Tronoh, Perak, Malaysia to design, develop and manufacture nitrile examination gloves from medical grade, with the ability to pump produce a total of 900 million gloves per month, or 10.8 billion per year.

VIP’s share price remained unchanged throughout the day and held at 2.8c at the close.

Carnaby Resources (ASX:CNB) has provided an update on its discovery of Nil Desperandum, as part of the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

The explorer said he detected deposits of copper sulphide mineralization in two drill holes, one which intersected at 70m depth from 195m and the other at 63m depth from 169 m, both containing 1-18% chalcopyrite based on visual estimates.

Carnaby stock price fell 9.41% today from $1.98 at the open to $1.64 and closed at $1.69.

TRADING STOPS

The following companies shut down on Friday and are expected to release in the coming days.

K-Tig Ltd (ASX: KTG) — Capital raising
Pilgrim’s Gold (ASX:PGD) — Capital raising and board changes
Rafaella Resources (ASX:RSR) — Capital raising

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