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ASX May Winners: Mid caps beat large caps; small caps lag. May was tough.

The S&P ASX 200 was down 2.5% in May 2023, with mid caps performing the best and small caps lagging … Read More
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  • The S&P ASX 200 was down 2.5% in May, with mid caps performing the best and small caps lagging blue chips
  • The S&P ASX 200 Information Technology sector performed the best in May, up 11.6% following strong AI interest
  • Wildcat Resources rockets higher after announcing the start of field work at its Tabba Tabba lithium project

After a mini rally in April, markets fell in May. The S&P ASX 200 was down 2.5% for the month, erasing gains for the quarter and YTD.   Mid caps performed the best, while small caps lagged their blue chip peers. The S&P ASX MidCap 50 was flat for May and the S&P ASX Small Ordinaries shed 3.3%.

While the S&P ASX MidCap 50 is up for YTD, the S&P ASX Small Ordinaries and S&P ASX Emerging Companies indices still have some catch-up to do four months into 2023, according to S&P Dow Jones Indices.

Source: S&P Dow Jones Indices

 

US Debt ceiling and inflation impact markets

Several factors impacted markets during May, with the US debt ceiling among the top as experts speculated about what would happen if the world’s largest economy couldn’t pay its debts.

US President Joe Biden and US House of Representatives Speaker Kevin McCarthy held a 90-minute phone call on Saturday evening, after which they reached an deal ‘in principle’ to raise the US government’s $US31.4 trillion debt ceiling.

The House has voted 241-187 and advanced the debt ceiling bill to the Senate with experts confident it will pass despite a revolt among a handful of hard-line Republicans.

In Australia, a shock inflation report released on the last day of May lifted bets the RBA would hike the cash rate further in June.

Australia’s headline inflation came in at 6.8% for April, up from 6.3% the month before and above what experts had generally forecast.

 

Tech leads sector winners on back of AI frenzy

Seven of the 11 sectors finished in the red during May. The S&P ASX 200 Information Technology sector performed the best in May, up an impressive 11.6%, followed by utilities rising 1.12% and energy up 0.19%.

Tech has been having a good run globally, sparked by excitement about the emerging field of artificial intelligence (AI).  Last week the NASDAQ saw one of the biggest companies in the world – graphics card specialist Nvidia – add almost US$200bn to its market cap in a single after hours session.

Upon release of its Q1 FY24 results after market close,  the Nvidia share price spiked 26%. It’s up 164% YTD and now has a market cap of US$934 billion.

READ: As hot AI fuels a rebound in global tech stocks, which ASX plays could benefit?

But for all the good news for tech stocks, there were those sectors in the red. Leading the laggards was consumer discretionary down 6.06%, consumer staples lost 4.57% and the materials sector fell 4.43%.

Source: S&P Dow Jones Indices

 

All S&P reported Australian equity factor indices closed in the red for May, with Low Volatility holding up best, slipping 1.6%. At the other end of the spectrum, Shareholder Yield gave up 5.7%.

Fixed income was also sold off in Australia, however all reported fixed income indices are still holding on to robust YTD gains.

Australian equity implied volatility edged slightly higher in May, with the S&P/ASX 200 VIX Index (known as the fear index) closing May at 13, one point above its level at the previous month end.
 

Here are the 50 best performing ASX stocks for May:

Scroll or swipe to reveal table. Click headings to sort.

CODE COMPANY LAST SHARE PRICE MAY RETURN % MARKET CAP
WC8 Wildcat Resources 0.105 250% $69,512,386
ZLD Zelira Therapeutics 3.05 226% $34,608,823
WA1 WA1 Resources 5.19 189% $203,576,193
WSR Westar Resources 0.075 188% $13,843,314
VSR Voltaic Strategic 0.071 163% $26,231,500
SLM Solis Minerals 0.285 159% $13,268,166
ZEU Zeus Resources Ltd 0.029 142% $12,710,700
INP Incentiapay Ltd 0.013 117% $16,445,827
RR1 Reach Resources Ltd 0.0065 117% $17,907,829
ONE Oneview Healthcare 0.2025 115% $108,027,102
CG1 Carbonxt Group 0.098 96% $26,979,290
C1X Cosmos Exploration 0.485 90% $21,570,375
TPC TPC Consolidated Ltd 4.64 78% $52,759,171
BLZ Blaze Minerals Ltd 0.016 78% $5,880,132
NUC Nuchev Limited 0.26 74% $13,457,793
FFF Forbidden Foods 0.026 73% $3,457,494
ENR Encounter Resources 0.285 73% $112,724,848
LLL Leo Lithium 0.89 70% $878,187,949
KNG Kingsland Minerals 0.325 67% $10,217,949
RDN Raiden Resources Ltd 0.005 67% $9,272,912
CLA Celsius Resource Ltd 0.025 67% $55,276,292
AKP Audio Pixels Ltd 14.65 66% $427,927,965
ILA Island Pharma 0.13 65% $10,564,901
PGY Pilot Energy Ltd 0.018 64% $17,503,697
CLT Cellnet Group 0.026 63% $6,333,460
PRS Prospech Limited 0.039 63% $8,512,832
GSM Golden State Mining 0.053 61% $7,646,003
REC Recharge Metals 0.2 54% $18,959,000
AXE Archer Materials 0.62 53% $158,005,148
TZN Terramin Australia 0.029 53% $61,380,319
LEL Lithenergy 0.885 53% $84,083,850
CHZ Chesser Resources 0.1125 52% $66,217,652
GCR Golden Cross 0.006 50% $6,583,537
MEB Medibio Limited 0.0015 50% $6,471,891
MTB Mount Burgess Mining 0.003 50% $2,649,513
VPR Volt Power Group 0.0015 50% $16,074,312
LYN Lycaon Resources 0.23 48% $7,571,313
SKO Serko 2.84 48% $345,890,393
MGU Magnum Mining & Exp 0.028 47% $20,137,707
ICG Inca Minerals Ltd 0.025 47% $12,087,862
GRE Greentech Metals 0.12 46% $5,029,150
LVE Love Group Global 0.08 45% $3,242,734
GLV Global Oil & Gas 0.013 44% $4,457,436
GW1 Greenwing Resources 0.265 43% $39,726,090
ACS Accent Resources NL 0.01 43% $4,731,273
DLI Delta Lithium 0.65 43% $294,658,536
RTG RTG Mining Inc. 0.064 42% $50,961,619
AZS Azure Minerals 0.54 40% $210,727,479
1TT Thrive Tribe Tech 0.028 40% $6,438,736
NAE New Age Exploration 0.007 40% $10,051,292

 

Leading the winners list in May were several ASX resources stocks including Wildcat Resources (ASX:WC8)  which is rocketing higher after announcing the start of field work at its highly prospective Tabba Tabba lithium project in the WA Pilbara.

The company has completed drone photography and a digital elevation survey to pinpoint which pegmatites it will drill first.

Tabba Tabba was once owned by Sons of Gwalia in the early 2000s, who owned significant projects back then including Pilgangoora, Wodgina and Greenbushes. The project is right next door to where Fortescue Metals Group (ASX:FMG) drilled out a lithium orebody and has since reportedly put in for a mining lease.

The company said 38 outcropping pegmatites have been mapped across the tenement package and have been shown to contain high-grade lithium mineralisation.

WC8 will focus on fast-tracking RC drilling of priority targets and a delineation of pegmatite-hosted LCT mineralisation.

Also up after a strong end to May is Zelira Therapeutics (ASX:ZLD), after an IRB-approved multi-arm head-to-head study of its proprietary diabetic nerve pain drug ZLT-L-007 showed that it outperforms the current go-to drug Lyrica.

It is big news for ZLD with Lyrica (also known as pregabalin) a multi-billion dollar drug, prescribed heavily around the world to tackle pain associated with peripheral neuropathy (nerve damage) brought on by diabetes and other ailments.

Zelira was already up 192.55% by lunchtime after the announcement was made on May 31, and closed more than 220% higher for the day.

 

Here are the 50 worst performing ASX stocks for May:

Scroll or swipe to reveal table. Click headings to sort.

CODE COMPANY LAST SHARE PRICE MARCH RETURN % MARKET CAP
GFN Gefen Int 0.006 -70% $408,601
PYR Payright Limited 0.005 -67% $4,404,426
APC Aust Potash Ltd 0.01 -66% $10,386,791
LRD Lord Resources 0.11 -55% $4,084,533
LVT Livetiles Limited 0.012 -52% $12,565,988
MDX Mindax Limited 0.095 -51% $194,328,084
ARE Argonaut Resources 0.001 -50% $6,361,871
CDX Cardiex Limited 0.18 -50% $25,823,794
CLE Cyclone Metals 0.001 -50% $9,089,248
ROO Roots Sustainable 0.005 -50% $693,611
WEL Winchester Energy 0.003 -50% $3,061,266
TSI Top Shelf 0.23 -49% $19,358,993
OPN Oppenneg 0.03 -48% $6,027,437
DAF Discovery Alaska Ltd 0.026 -48% $6,090,102
CHM Chimeric Therapeutic 0.037 -47% $16,172,492
ETR Entyr Limited 0.014 -46% $24,273,985
LRV Larvotto Resources 0.175 -46% $11,769,576
SRT Strata Investment 0.18 -45% $30,496,244
SIS Simble Solutions 0.005 -44% $3,014,754
TYM Tymlez Group 0.005 -44% $5,460,976
FRB Firebird Metals 0.084 -44% $6,138,300
BFC Beston Global Ltd 0.008 -43% $15,976,375
MRD Mount Ridley Mines 0.002 -43% $15,569,766
LDR Lode Resources 0.205 -42% $13,605,695
EX1 Exopharm Limited 0.011 -42% $4,833,654
TTT Titomic Limited 0.064 -42% $15,295,357
LSA Lachlan Star Ltd 0.007 -42% $9,233,089
LME Limeade Inc. 0.12 -41% $30,904,525
KED Keypath Education 0.28 -41% $59,853,561
29M 29 Metals 0.705 -41% $339,846,725
EQS Equity Story Group 0.033 -40% $1,340,288
MCL Mighty Craft Ltd 0.09 -40% $32,360,799
PUA Peak Minerals Ltd 0.003 -40% $3,124,130
UNI Universal Store 2.83 -40% $217,119,892
RPG Raptis Group Limited 0.02 -39% $1,269,727
CBL Control Bionics 0.091 -39% $8,233,592
YOJ Yojee Limited 0.014 -39% $15,868,474
TTM Titan Minerals 0.038 -39% $53,628,381
DCL Domacom Limited 0.027 -39% $11,758,548
VUL Vulcan Energy 3.66 -39% $603,297,202
RNX Renegade Exploration 0.013 -38% $12,325,609
ICN Icon Energy Limited 0.005 -38% $3,840,068
KNM Kneomedia Limited 0.005 -38% $7,523,927
TKL Traka Resources 0.005 -38% $4,356,646
PGL Prospa Group 0.3 -37% $49,012,667
FFT Future First Tech 0.019 -37% $13,581,895
PET Phoslock Env Tec Ltd 0.019 -37% $11,863,420
PRX Prodigy Gold NL 0.007 -36% $12,257,755
RDS Redstone Resources 0.007 -36% $5,802,149
ALA Arovella Therapeutic 0.048 -36% $36,422,283

 

On the laggards list for May is Lord Resources (ASX:LRD), down 55% despite what appears to be positive news coming through in May.

The share price doesn’t appear to be a concern for LRD executive director Barnaby Egerton-Warburton, who took advantage of the slump to position himself as a substantial holder with nearly 7% voting power after conversion of performance rights.

This comes off a May 11 announcement that LRD had completed the purchase of the Jingjing lithium project in WA’s Eastern Goldfields.

The post ASX May Winners: Mid caps beat large caps; small caps lag. May was tough. appeared first on Stockhead.

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