As expected, the Australian stock market dipped this morning, down 0.9% at time of writing.
Rio Tinto Limited, Afterpay Ltd (ASX:APT) and Fortescue Metals Group (ASX:FMG) Limited were all down and the banking sector is also struggling
However, there was good news with GDP jumping more than expected. In fact, AMP’s Shane Oliver tweeted, “Australia is one of few major countries to see GDP well above pre-COVID levels. Unfortunately, it will see a setback this quarter.
ABS figures show GDP increased 0.7% in the June quarter, noting the easing of COVID restrictions and the recovery in the labour market. It is up 9.6% on a year ago.
Looking at the states, NSW had the fastest economic momentum, however, its September quarter figures will be impacted due to prolonged stay-at-home orders.
Queensland posted growth of 2%, South Australia grew 1.8%, Victoria and Tasmania posted growth of 1.4% and WA delivered 1.2% growth.
Of the territories, NT delivered growth of 5.3% and ACT posted 0.9%.
That is robust growth all around, let’s see if it lasts.
On the small cap front
Oar Resources Ltd (ASX:OAR) was up 15.39% at time of writing after returning a composite sample grading 53% halloysite, which the company believes to be the highest grade halloysite observed in any project in Australia.
Element 25 Ltd (ASX:E25) was up 2.91% after it made its second commercial shipment of high-quality manganese concentrate from the Butcherbird Manganese Project in Western Australia's Pilbara region.
Read Full Story: https://www.proactiveinvestors.com.au/companies/news/959112/asx-dips-but-one-small-cap-is-up-over-50-959112.html
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