It didn’t take long for the ASX to make a move this morning, by 10.03, just three minutes after open, it was up 0.3%.
Currently, the S&P/ASX200 is up 16.8 points or 0.23% to 7,386.30 after setting a new 20-day low.
The top-performing stocks in this index are Alumina Limited (ASX:AWC) up 7,32% and South32 Limited, up 5.88%.
The index has lost 1.82% for the last five days but sits 3.23% below its 52-week high.
At a more macro level, China has intervened in the global oil market and released crude from its strategic reserve.
It has done so with the explicit aim of lowering prices amid surging energy costs in China.
The National Food and Strategic Reserves Administration said China had tapped its giant oil reserves “to ease the pressure of rising raw material prices”.
Let’s see what that does to oil stocks.
Speaking of oil stocks, two of Australia’s biggest energy producers, Santos Ltd (ASX:STO) and Oil Search, finalised their agreement to merge into a $21 billion industry giant.
“Put simply, this merger provides Oil Search shareholders with a compelling opportunity to participate in a larger entity with significant scale,” said Oil Search chairman Rick Lee.
“The combined entity will have the capacity to deliver on an exciting pipeline of organic growth opportunities.”
Santos is up 1.6% today. Oil Search Ltd is up 3% on today’s news.
On the small cap front
Tietto Minerals Ltd (ASX:TIE) is up 4.76% after filing multiple, high-grade gold hits, including some with bonanza grades, as part of infill drilling at Abujar-Gludehi (AG) deposit within the Abujar Project in West Africa.
Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF, FRA:NYG1) is up 1.74%, having announced a clear pathway towards restarting operations at its Black Swan Project in Western Australia.
Other notable small cap performances
- AVZ is up 3%
- AQX is up 10%
- AON is up 5.26%
- AXE is up 3.4%
- ARE is up 7.14%
- AUN is up 5.56%
- AGC is up 4%
- ASM is up 5.57%
- BDC is up 3.28%
- BEM is up 3.85%
- CVS is up 33.33%
- CML is up 5.88%
- CHM is up 3.13%
- CMP is up 3.75%
- CXO is up 3.79%
- CLE is up 16.67%
- EPM is up 6.82%
- E25 is up 3.96%
- ELT is up 11.90%
- EMP is up 23.4%
- GTR is up 111.54%
- GMR is up 14.29%
- GBR is up 6.90%
- HFR is up 4.95%
- IMU is up 5.19%
- INF is up 6.52%
- INR is up 6.35%
- JRL is up 4.67%
- KIN is up 4.35%
- KKO is up 3.3%
- LKE is up 3%
- LIN is up 5%
- LOT is up 7.32%
- MEU is up 7.14%
- MVL is up 3.77%
- MXR is up 3.61%
- MEI us up 6.06%
- M2R is up 11.11%
- NXM is up 22.22%
- NTU is up 3.66%
- NVA is up 3.7%
- NOX is up 3.92%
- OKR is up 11.48%
- OBM is up 5%
- PVW is up 3.13%
- PEN is up 3.49%
- PLL is up 3.52%
- QPM is up 7.32%
- SHH is up 18.18%
- SVL is up 5%
- SUD is up 4%
- TBN is up 4.42%
- TEM is up 14.29%
- VMS is up 3.53%
- XTE is up 6.94%
- ZLD is up 5.41%