Predictions of a rise in trading this morning have proved false, with the S&P/ASX200 lower in morning trading, dropping 32.00 points or 0.43% to 7,338.20.
This could be because Melbourne is on holiday for its Grand Final weekend (which just happens to be in Perth). Although, with nothing much to do, you would think traders ’gonna trade.
At the bottom of the barrel of the ASX 200 were Centuria Industrial REIT down 5.74% and Cochlear Limited (ASX:COH) down 5.05%.
The index has lost 0.88% for the last five days but sits 3.86% below its 52-week high.
On the sector front, we saw gains in Energy, Financials and IT. However, falls in Health Care, Real Estate, Materials, Consumer Staples, Discretionary, Industrials and Communications weighed the market down.
BHP was down 1.6%, but Fortescue Metals was up 0.8% as Singapore iron ore futures rose 2.3% to $US112.15 in early trading.
CSL fell 0.7% and ResMed lost 2.6%.
Of interest to energy stockholders would be the rise in oil prices, which have pushed petrol prices to their highest level in almost three years.
For those in lockdown who can’t drive anywhere, prices don’t have much of an effect on the budget, however, with the national average rising to 157.4 cents per litre and with some suburbs around Australia almost as high as $1.80 it’s a massive hit.
“Upward pressure on international crude and imported refined petroleum prices are likely to keep domestic petrol prices elevated,” Commonwealth Securities senior economist Ryan Felsman said.
This could be good news for investors in energy stocks, but not for too many others.
On the small cap front
Some of the big gainers on the small cap front include Revolver Resources Holdings Ltd up 53.19%, Pepinnini Minerals Ltd up 34.57% and Oventus Medical Ltd (ASX:OVN) up 25%.
Flynn Gold (ASX:FG1) Ltd is up 10.71% having been as high as 36% after releasing its annual report and receiving high-grade gold assays from Brilliant prospect at its Golden Ridge Project in northeast Tasmania.
Brookside Energy Ltd (ASX:BRK) is up 3.57% after oil & gas production exceeded pre-drill estimates just weeks after bringing its pioneer Jewell Well in the US online.
Queensland Pacific Metals Ltd (ASX:QPM) is up 1.89% after delivering its annual report.
Other small cap gainers
- AVZ +10.17%
- ARN +2.27%
- AZI +3.75%
- ARR +2.86%
- AZY +2.13%
- ARU +8.82%
- ARO +25%
- AGC +4.17%
- APC +3.09%
- AVL +6.82%
- BNL +11.11%
- BRK +3.57%
- CE1 +2.50%
- CPT +3.45%
- CRL +20%
- CMP +2.5%
- EPM +3.23%
- EUR +12.5%
- GEV +2.47%
- GBR +8.33%
- HMI +2.2%
- HRZ +2.38%
- IMU +2.02%
- INF +4%
- KPT +3.83%
- KKO +2.04%
- KNM +7.69%
- LKE +8.62%
- LRS +2.13%
- LOT +4.81%
- MEU +2.08%
- NOX +4.63%
- OCC +4.17%
- PAB +2.44%
- PEN +2.94%
- PXS +4.17%
- SHP +14.86%
- STK +11.70%
- SUD +2.04%
- TSC +10%
- WAK +2.33%
- WKT +2.5%
- WWI +2.04%
- XTE +2.7%
- ZLD +10%