Hike funding

ASX Small Cap Lunch Wrap: Who got their funding (again) today?

  • Stocks plunge after treading water for most of the week
  • ASX tracks US markets lower as bond yields rise again
  • Small-cap resource stocks find demand, alongside big fintech gainer

After holding firm all week, the ASX finally gave way (slightly) on Friday as bond market gremlins continue to rattle investors.

By midday, the ASX 200 fell more than 1% as emerging microcaps are on course for their third consecutive losing session.

These losses followed similar falls on Wall Street, after the United States strengthened its commitment to a double rate hike by 50 basis points in May, and bond yields started moving again (up). .

While public markets were jittery, Elon Musk took center stage in the overnight financial news cycle with his preference for the private sphere.

Four years after his infamous ‘funding secured’ tweet to take Tesla private, Musk this time says he’s raised $46.5 billion to do the same for Twitter, after taking a large stake in the company earlier This year.

About half of this amount is made up of debt commitments from a group of major lenders. Musk has also secured approval for a $12.5 billion margin loan, which will be held against a portion of his Tesla stock.

The latest development follows Musk’s hostile US$43 billion bid for the social media platform, and if he can finalize the numbers it will force Twitter’s board to the negotiating table with the mercurial billionaire.

Back in the local (public) markets, it was a sea of ​​red with large cap mining stocks leading the way.

Gold stocks have also been under pressure, while tech stocks continue to come under pressure amid rising rates.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for April 22 [intraday]:

Swipe or scroll to view the full table. Click on the headers to sort:

Automated tax processing fintech Way2Vat (ASX:W2V) surged at the opening bell and was the pick of the pack in morning trading, doubling down after confirming the successful launch of its Smart Spend Debit Mastercard in partnership with Railsbank .

Using the card, W2V corporate clients can process payments for taxes such as VAT and GST automatically, rather than completing the process manually.

W2V said it was focusing on a rollout of the product in the UK and Europe, before expanding to Australia and North America.

The ASX-listed company last August and its backers include billionaire businessman Alex Waislitz.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for April 22 [intraday]:

Swipe or scroll to view the full table. Click on the headers to sort:


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