Closing Bell: US debt ceiling progress sees ASX fare okay; Paladin comes out swinging

• The ASX 200 rose 0.30%, as the day turned out flattish to half decent, rather than deadset flattened
• The fact US Congress types look like reaching a debt-ceiling deal no doubt helped matters
• Healthcare and tech stonks are up, while Paladin Energy makes a recovery

It all happened on the Aussie bourse today. Well, some of it did. And that includes the fact tech and health stocks had a decent day, as did the ASX 200 over all, with Paladin Energy making quite the comeback after a bloody awful day or so.

After poking its head out of its burrow for a very tentative look around this morning, the ASX 200 (+0.27% at closing time) has been content to forage around above ground for the odd half tasty morsel. It found a few here and there in the following couple of standout sectors:

Healthcare: 4D Medical (ASX:4DX) : +5.8%; EBR Systems (ASX:EBR): +5%.

IT: Catapult Group (ASX:CAT) : +5.5%; Appen (ASX:APX): +4.6; Infomedia (ASX:IFM) : +4.4%.

Meanwhile, in the flat-trading Energy sector today, one big name caught some headlines – Paladin Energy (ASX:PDN).

Finishing the daily proceedings up 10.55%, it was a much better day for the large-scale  uranium production company. And that’s because the firm has alleviated fears regarding Namibia’s potential move to nationalise uranium companies.

The future ownership of Paladin’s Langer Heinrich mine in southern Africa was in question, but investors seem to be relatively satisfied with the firm’s soothing of concerns, for now.

Paladin says it is “not aware of any imminent proposed Namibian legislative changes that would affect the ownership of the Langer Heinrich mine”, of which the firm holds a 75% interest.

Red faces

In other news, how’s this? Australia’s riches company, BHP, has made the embarrassing admission it, to quote Stockhead’s Josh Chiat, has essentially become “the latest major Aussie business to dud employees out of millions.

“US$280m to be exact, or 430 million buckaroos in the local parlance.”

Labor Senator Tony Sheldon put it in even starker terms here…

BREAKING: BHP, the richest company in Australia, admits it has stolen over $400 million from almost 30,000 workers.

BHP is spending a lot of time complaining about our Same Job, Same pay reforms to fix their labour hire loophole.

They should be more focused on paying their… pic.twitter.com/ensLRhpQlu

— Senator Tony Sheldon (@TonySheldonNSW) June 1, 2023

That said, how did BHP (ASX:BHP) fare today? Hardly disastrous as it turns out: +0.12%.

TODAY’S ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Some standouts here:

• Redflow (ASX:RFX): +41% on the news the global clean-energy notable is set to supply a 20MWh battery system in California – one of the largest flow battery systems to be deployed in the US. More on that here.

• NeuRizer (ASX:NRZ) : +35% on the also-not-small news that the carbon-neutral energy firm is set to become a hydrogen producer in China. “NRZ has signed a binding contract with Meijin Energy Investments (MEI), part of the Meijin Group (Meijin), the largest integrated hydrogen company in China,” reads a report from the firm today.

• Titan Minerals (ASX:TTM) : +29% on no fresh news today.

• Solis Minerals (ASX:SLM) : +46% on no fresh news today.

• TinyBeans (ASX:TNY) : +50% on news of a new CEO appointment, one Zsofi Paterson.

TODAY’S ASX SMALL CAP LAGGARDS

Here are the least best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

LAST ORDERS

Jaxsta (ASX:JXT) has inked a deal with global B2B music rights and licensing marketplace platform Songtradr to convert the full principal and interest of tranche #1 of its existing convertible note with JXT into ordinary shares, reports Nadine McGrath, who adds:

The world’s largest database of official music credits said the transaction will be completed on or before September 9, the date the note expires.

The conversion considers interest on the note meaning Songtradr will convert a principal and interest balance of $1,774,597 into 84,504,631 ordinary shares in Jaxsta at the conversion price of $0.021 per share.

The resulting equity issue will mean Songtradr will hold 15.99% of the issued ordinary share in JXT following the now finalised Vampr transaction.

“This conversion is a reflection of Songtradr’s ongoing confidence in Jaxsta’s future,” Songtradr CEO Paul Wiltshire said.

Tranche #2 for a principal balance of $3 million is not due until June 29, 2025.

TRADING HALTS

Sequoia Financial Group (ASX:SEQ)  – A delay by New Quantum in meeting a settlement obligation of stage 1 of its acquisition of 80% of Morrison Securities. Bit of a mouthful, that. Dine out more on it here.

Develop Global (ASX:DVP): Pending announcement, request for clarification re ‘significant increase to Sulphur Springs fresh ore resource’.

Noble Helium (ASX:NHE): Capital raising.

IDT Australia (ASX:IDT): Capital raising.

The post Closing Bell: US debt ceiling progress sees ASX fare okay; Paladin comes out swinging appeared first on Stockhead.

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