Sat. May 28th, 2022

Definitely not England (appropriate headline for cricket: Who will be buried under the ashes this morning?)

To ash of a more serious nature – assessment flights are underway while authorities try to measure the damage from the massive underwater volcanic eruption that took place over the weekend off the coast of Tonga.

Damage to a submarine cable has disrupted the country’s global communications routes, making it harder to get a final reading of the fallout from tsunami waves and huge clouds of ash over the Pacific island, which is home to about 100,000 people.

It is not the first recent eruption of the Hunga Tonga-Hunga Ha Ľapai volcano, which also erupted in 2015 – an event that created the formation of a new regional island that rose from the water.

Scientists initially thought it would dive back down, but seven years later it is still going strong. In fact, a separate eruption in December resulted in falling ash, which significantly increased its size (by up to 50%).

The easiest segue to that intro would be to advise readers that ASX is also on the rise. And technically, it’s true – though hardly.

Local equities achieved a Monday rise of ASX 200 fraction higher in midday trading, following a more positive session for major US technology stocks on Friday night.

The mood is towards “risk-off”, with defensive sectors such as healthcare and utilities doing better with energy stocks as Brent crude rises to over $ 85 / barrel.

Technology stocks are trading unchanged after coming under pressure last week, while a new technology debutant – the BNPL-adjacent BeforePay (ASX: B4P), which gives customers pre-financing to get their pay early – fell by more than 30% in the wake on its listing at 11.00.

In crypto markets, Bitcoin continues to consolidate in the range of US $ 40-US $ 45,000 after hitting its recent lows last week.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for January 17th [intraday]:

Swipe or scroll to view the entire table. Click on headings to sort:

Explorer Lunnon Metals (ASX: LM8) led at the opening bell, holding its winnings for dinner trading.

Investors responded to a positive drilling update, which showed strong results, including 7m @ 9.22% nickel just 120m below the surface of their Baker Shoot prospect, a new discovery within the Kambalda nickel project.

Among stocks with news, Monday’s winner list was dominated by resource stocks. Get the full overview in today’s edition of Resources Top 5.

Elsewhere, fintech lender Prospa (ASX: PGL) rejected recent lows below $ 1 after delivering a December quarterly trade update.

The B2B lender said it had recorded record-breaking quarterly loans of $ 186.6 million, a 45% increase over the December quarter, when it reserved $ 128.5 million.

Prospa said it will flow through to a core income of about $ 9 million. for the first half year, up from $ 4.1 million. and H1FY21.

At over 90c this morning, the PBL shares are still far away from their listing price in June 2019, when the company raised 109.6 million. USD to 3.78 USD.

ASX SMALL CAP TABERE

Here are the worst performing ASX small cap stocks for January 17th [intraday]:

Swipe or scroll to view the entire table. Click on headings to sort:

BeforePay comfortably followed today’s laggards as the pay-on-demand platform dropped significantly from its listing price after raising $ 35 million from investors to $ 3.41.

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