All that excited talk about the ASX carrying its momentum through morning trading fizzled pretty quickly, with the market lower today.
The S&P/ASX200 dropped 11.80 points or 0.16% to 7,445.10 after setting a new 20-day high.
Over the last five days, the index has gained 1.01% and is currently 2.46% off its 52-week high.
The bottom performing stocks at time of writing were Polynovo Limited down 7.69% and Clinuvel Pharmaceuticals (ASX:CUV) Ltd down 7.15%.
The company to watch this morning was Siteminder, which made its debut on the ASX, surging 36%.
The hotel bookings provider is capped at $1.4 billion, following its oversubscribed $627 million IPO, which saw the issue of 123 million shares at $5.06.
"Today serves as yet another reminder that the world's innovators and market leaders can emerge from Australia," SiteMinder managing director and CEO Sankar Narayan said.
"We are grateful to our people, customers, partners and investors for supporting us on our 15-year journey so far.
"In particular, I am thrilled with the extremely high quality of shareholders who have joined us for our journey ahead."
SiteMinder achieved total annual revenue of A$101.0 million in FY2021 and total annual recurring revenue of A$104.9 million in June 2021. The company’s revenue remained resilient through the height of COVID-19, even as SiteMinder supported its tens of thousands of hotel customers to navigate the pandemic.
“In many ways, we’re just getting started. We are very excited to have taken this step, which represents the next stage of the SiteMinder business and our ongoing evolution,” Narayan said.
“The global hotel industry has experienced evolution like never before in recent times. The need for technology like SiteMinder’s hotel commerce platform is of substantial relevance as hotels have had to digitally transform with haste, while adjusting to their customers’ changing needs and behaviours.”
Speaking of being on the boards …
Invigor Group (ASX:IVO) has received commitments to raise $8.6 million, at $0.10 per share, for the issue of 86 million additional shares ahead of its application for the resumption of trading, for which the ASX has communicated its approval, conditional on the planned restructure.
Read: Invigor Group looks to re-commence trading as data analytics sector rapidly expands
Invigor is a B2B data intelligence and solutions company that turns data analytics into dollars for the retail and service industries.
We expect to see it back on the boards in the coming weeks.
On the small cap front
Golden Rim Resources Ltd (ASX:GMR) is up 16.67%, kicking off its second round of resource definition drilling at the Kada Gold Project in Guinea ahead of a maiden resource estimate.
Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) is up 12.59% after wholly-owned, Canadian-based psychedelics company, Halucenex Life Sciences Inc. received results described as "exceptional" from laboratory testing initiatives, highlighting the quality of Halucenex’s psilocybin API.
OzAurum Resources Ltd (ASX:OZM) is up 9.38%. OZM has encountered widespread gold hits during reverse circulation (RC) drilling at Mulgabbie North Project, northeast of Kalgoorlie in Western Australia.
Elementos Ltd (ASX:ELT, OTC:ELTLF) is up 8%. ELT exceeded initial expectations with a 50% increase in the total mineral resource estimate (MRE) at its 100%-owned Oropesa Tin Project in Spain to 18.86 million tonnes at 0.40% tin at a 0.15% tin cut-off.
Red 5 Ltd (ASX:RED) is up 2.86% as it moves closer to gold production.
Volt Resources Ltd (ASX:VRC) is up 3.57%, establishing proof-of-concept for the use of Bunyu Project large flake graphite in battery anodes, confirming successful lithium-ion battery cell cycle testing results using coated spheronised purified graphite (CSPG).