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Sluggish ASX can’t keep pace with Wall Street’s gains

MGC Pharmaceuticals Ltd is up 11.67% having achieved a new landmark for the UK cannabis market as CannEpil+, a cannabis-based treatment for epilepsy, has been approved for import by the UK authorities.

Sluggish ASX can’t keep pace with Wall Street’s gains

The S&P/ASX 200 opened lower this morning, despite Wall Street’s rebound from last week’s negative performance.

The ASX dropped 0.13% to 7,415.80.

The bottom performing stocks were Brambles (ASX:BXB) Ltd down 10.73% and Resmed Inc, down 3.87%.

Some of the better performing stocks include Beach Energy Limited up 6.73%, Woodside Petroleum Ltd up 6.18% and AGL Limited up 5.11%.

And one of the best performing CEOs is BHP Group’s Mike Henry, whose annual pay has more than doubled to $US14.5 million (A$19.7 million) for the 2021 financial year after a raft of long-term incentives vested, making him one of Australia's best-paid bosses.

The index has lost 1.52% for the last five days but sits 2.84% below its 52-week high.

Meanwhile, the S&P 500 ended 0.2% higher, the Dow rose 0.8% and the Nasdaq declined less than 0.1%.

The European markets were also higher overnight.

Aluminium stocks would have been celebrating after the metal reached $US3,000 a tonne for the first time in 13 years.

The numbers

  • Iron ore was down $US6.15 or 4.8% to $US122.60 per tonne.
  • Brent crude gained 1.1% to $US73.72 a barrel
  • US oil increased 1.5% to $US70.73 a barrel
  • The Australian dollar is at 73.72 US cents earlier this morning

On the small cap front

Predictive Discovery Ltd (ASX:PDI) is up 13.04% after taking a further step towards de-risking its flagship Bankan Project in Guinea with “excellent” gold recoveries from initial metallurgical test-work.

Brookside Energy Ltd (ASX:BRK) is up 3.33% after it passed a major milestone with commercial production and sales established at the high-impact Jewell 13-12-1S-3W SXH1 well in the SWISH Area of Interest (AOI) in the world-class Anadarko Basin of Oklahoma, USA.

FAR Ltd (ASX:FAR) is up 3.51% riding the high of its half yearly report.

Castillo Copper Ltd (LSE:CCZ, FRA:7OR, ASX:CCZ) is up 3.23% after announcing it is mobilising its drilling crew to the Arya Prospect in the final week of September 2021.

MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, FRA:H5O, ASX:MXC) is up 11.67% having achieved a new landmark for the UK cannabis market as CannEpil+, a cannabis-based treatment for epilepsy, has been approved for import by the UK authorities.

Other small caps of note (all percentages correct at time of writing)

  • AIS is up 5.56%
  • ALY is up 7.14%
  • AQX is up 4.76%
  • ASN is up 4.55%
  • AON is up 3.09%
  • ARU is up 3.45%
  • ARE is up 6.25%
  • AMD is up 8.33%
  • BNL is up 3.85%
  • CV1 is up 6.25%
  • CXO is up 7.14%
  • CPH is up 4.17%
  • DNK is up 4.94%
  • GAL is up 3.33%
  • GGG is up 11.54%
  • HHR is up 4.17%
  • HAV is up 7.69%
  • HMI is up 4.44%
  • HRZ is up 9.09%
  • KWR is up 6.59%
  • NXM is up 16.95%
  • OBM is up 10%
  • PNX is up 14.29%
  • PXS is up 3.57%
  • RED is up 5%
  • RVR is up 5.88%
  • SGQ is up 10%
  • SRN is up 3.57%
  • TMT is up 6.41%
  • TEM is up 12.5%
  • VRC is up 3.23%

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