Commodities are up and so is the ASX today. The benchmark S&P/ASX200 gained 37.20 points or 0.55% to 6,743.20. Over the last five days, the index has gained 3.36% but is down 9.42% for the last year to date.
The top-performing stocks in this index were Collins Food Ltd up 11.86% and Polynovo Ltd (ASX:PNV) up 6.87%.
Investors must have liked the fact that Collins Food's fast food outlet KFC intends to raise the prices of its burgers and chicken meals to combat inflation. Or, they reacted well to the secret herbs and spices in what were strong full-year results across its KFC, Taco Bell and Sizzler chains in Australia, Asia and Europe.
In other news:
- The 2021 Australian Census has found that mortgages in Australia have doubled. Australia’s deputy statistician Teresa Dickinson said, "Over the last 25 years the number of homes owned outright has increased by 10%, while the number owned with a mortgage has doubled."
- Household cash flows will be at record lows in 2023. Interest rates and inflation will push household cash flows to record lows next year, according to analysis led by UBS economist George Tharenou. "The recent rate hikes, plus more to come, will double household interest payments, that is the fastest rise on record, amid the highest household leverage in the world. The transmission mechanism of hikes to borrowing rates and the economy remains the most direct in the world."
- ASX downgrade warning. UBS has also given its two cents about corporate profits, saying Australian investors should expect a 20% fall in the next six months. “The divergence seen between prices and earnings estimates over recent weeks has sent a clear signal to investors that equity markets are at a transition point,” Richard Schellbach, equity strategist at UBS, said. “Earnings are now on course to follow equity prices lower, and it appears as though we now have to assume that we will be facing cuts to earnings estimates through to early next year.”
Here’s a look at some of day's top small-cap stories.
Golden Rim higher on selling Burkina Faso projects for US$15.5 million to concentrate on gold at Kada
Golden Rim Resources Ltd (ASX:GMR) is divesting gold assets in Burkina Faso as it looks to accelerate work at its flagship Kada project in Guinea.
Nova Minerals hits continuous mineralisation and visible gold at RPM North
Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has confirmed continuous mineralisation and visible gold at the RPM gold camp, part of the cornerstone Estelle Gold Project in Alaska.
American Rare Earths returns high-grade rare earth assays from Halleck Creek in Wyoming
American Rare Earths Ltd (ASX:ARR) has fielded highly promising first assay results from recent exploration drilling at the Halleck Creek Rare Earth Project in Wyoming, USA.
Orthocell soars on securing exclusive A$23.1 million global licence and manufacturing agreement with BioHorizons
“The agreements with BioHorizons represent a significant milestone for Orthocell and provide further external commercial and technical validation of the CelGro™ collagen scaffold platform, from which the Striate+ dental products were developed," Orthocell Ltd (ASX:OCC) MD Paul Anderson said.
Bindi hits the boards following $4.8 million IPO
Bindi Metals Ltd (ASX:BIM)'s Cameron McLean introduces the company on its first day of trade.
On your Six – The bonus read
Innovation in the medtech space has ramped up in recent times, as companies look for new technologies to combat age-old diseases.
A theatre of human innovation
For medtech entrepreneur and Artrya Ltd (ASX:AYA) CEO John Barrington, every good solution to a problem starts with a clean sheet of paper and a little bit of human ingenuity.
The one for good luck
Crypto holds steady as the Metaverse looks to create governing standards
What happened in crypto, blockchain and the metaverse this week. eToro's market analyst and crypto expert Simon Peters gives us his weekly take.