ASX April winners and losers: ASX shows resilience to rally 3.62% despite Trump blows

• Australia’s S&P/ASX 200 rallies 3.62% in April, showing resilience to global geopolitical and economic uncertainty
• Ten out of 11 sectors post gains in April, led by communications up 6.47% followed by a 6.37% comeback from tech
• DY6 Metals soars 371% higher in April after review of historical drill results identifies high-grade gallium at Tundulu project in Malawi

Australia’s S&P/ASX 200 rallied 3.62% in April following a 3.39% fall in March and 3.79% decline in February, showing resilience to global geopolitical and economic forces and recouping all its losses from last month, according to S&P Dow Jones Indices (S&P DJI).

US President Donald Trump softened his stance on tariffs that threatened to tank markets at the start of April, dulling a brewing trade war with China.

That wasn’t the only market ruction, with Trump continuing to take aim at US Federal Reserve chairman Jerome Powell for not cutting rates fast enough.

The Don dubbed Powell a “major loser”, before walking back language that suggested he would try to fire America’s top banker.

Then came this from the US Prez:

“He should reduce interest rates,” he said.

“I think I understand interest a lot better than him, because I’ve had to really use interest rates.” No wonder markets are a little jumpy.

They have see-sawed in recent months. US stocks just recorded their worst first 100 days under a president since Richard Nixon’s second term in 1973, while the dollar index has fallen nearly 10% over the same period and US treasury bonds have also seen large swings.

The S&P 500 ended April with a  ~0.8% loss, while the Dow was down 3.2% for the month. It was the third straight losing month for US both. The tech-heavy Nasdaq managed to advance nearly 0.9% in April.

Back home, Australia’s latest inflation data came out this week and came in a little hotter than expected. Headline inflation rose 0.9% in the March quarter, exceeding the 0.8% forecast, while annual CPI remained steady at 2.4%.

However in some good news, for the first time since 2021 core inflation – the RBA’s preferred measure – has narrowly come back in the target range of 2 to 3% at 2.9% year-on-year.

Aussie midcaps rose 3.35% in April, while small caps rose 1.84%. Emerging companies was in the red, falling 0.38% in April.

Communication services tops winning sectors

Ten out of 11 sectors posted gains in April led by communication services, up 6.47%. Unlike March, where it sustained a 9.66% loss, technology rose by 6.37%.

S&P DJI reported energy was the only sector to report a loss, as oil prices plummeted. The S&P GSCI Crude Oil fell by 18% over concerns of a economic slowdown, reportedly the largest monthly loss since November 2021.

Momentum recovers, while fix income indices advance

All reported Australian factor indices remained in positive territory. Momentum – the best-performing factor in 2024 – recovered after ending March in correction, declining by 7% for two consecutive months.

Momentum and growth were among the best performing factors, while enhanced value and equal weight lagged.

S&P DJI reported volatility remained elevated, especially in US equities, with the VIX (known as the fear index) closing near 25 after soaring above 50 earlier in the month.

In contrast, the S&P/ASX 200 VIX came back down quickly, closing below 12 from 14.9 at the end of April.

Most fixed income indices advanced as rates declined on weaker economic growth expectations. The S&P/ASX iBoxx Australian Government 0+ was among the best performers, rising by 2% for the month, with the index’s yield falling to 4%.

Without further ado here are …

The 50 best performing ASX stocks in April

DY6 Metals (ASX:DY6) rocketed 371% higher in April after a review of historical drill results identified high-grade gallium at the Tundulu project in Malawi. The company struck broad intersections of up to 74m at 93.26 g/t gallium, as well as 1.56% total rare earth oxides, with grades peaking at 310.46 g/t gallium and 5.68% TREO over about a metre.

DY6 Metals also announced in April it was acquiring two highly prospective rutile and heavy mineral sands projects in Cameroon.

Jindalee Lithium (ASX:JLL) surged 176% in April, buoyed by the US Government’s critical minerals policy and solid progress at its 100%-owned McDermitt lithium project, straddling the Oregon and Nevada border as outlined in a positive quarterly report.

McDermitt was named one of just 10 resource projects under the US FAST-41 framework, streamlining federal permitting and enabling faster, more predictable approvals.

Sunrise Energy Metals (ASX:SRL), backed by mining billionaire Robert Friedland, jumped 100% in April after receiving high-grade scandium assays from its Syerston project in central NSW.

Assays of drill pulps from 1997 that were not previously assayed for scandium returned up to 6m at 553ppm Sc from 4m, including 2m at 760ppm from 8m, and 12m at 458ppm from 12m. SRL is now planning a new drill campaign to expand the high-grade zones and also announced a $7.5 million capital raise.

Redstone Resources (ASX:RDS) was also up 100% in April after announcing diamond drilling had resumed at the Tollu copper project over in WA’s remote West Musgrave region.

RDS has exploration incentive scheme co-funding from the WA Government up to $220,000 to drill a single 1200m diamond hole at Tollu, where high-grade copper has already been struck in results stretching down to around 400m below the surface.

The 50 worst performing ASX stocks in April

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