ASX Lunch Wrap: ASX edges up on Wall Street's record high, as Trump’s oil push stirs markets

Aussie shares edge up after Wall Street’s rally
Trump calls for more oil production
IGO shares climb after nixing Kwinana refinery expansion

The ASX ticked up in early trading on Friday, up by 0.35% following a rally on Wall Street overnight.

Wall Street hit record highs after Trump’s speech at the World Economic Forum in Davos, where he urged OPEC (Organization of the Petroleum Exporting Countries) to increase oil production in order to bring down prices.

Trump also suggested that if oil prices were reduced, it would accelerate the end of the Russia-Ukraine war.

The S&P 500 rose 0.5%, hitting a fresh all-time high, but oil stocks struggled after his comments.

On the ASX this morning, oil giants Woodside Energy Group (ASX:WDS) and Beach Energy (ASX:BPT) both dropped about 0.7%.

Consumer stocks, meanwhile, led the gainers, with Aussie retailers putting on a show. Both Wesfarmers (ASX:WES) and Harvey Norman Holdings (ASX:HVN) were up 3%.

Interest-rate sensitive real estate stocks also gained, largely on the back of Goodman Group (ASX:GMG)’s 1.5% jump.

In large caps news, IGO (ASX:IGO) announced that its joint venture partner Tianqi Lithium had decided to suspend the expansion of the Kwinana lithium refinery.

This decision has led to a reassessment of the project’s future, with IGO saying it will recognise a substantial impairment in its half-year results. IGO’s shares still rose 3%, with investors cheering its capital discipline as the first train continues to consume cash in a protracted ramp-up.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for January 24 [intraday]:

Security	Description	Last	%	Volume	MktCap
FHS	Freehill Mining Ltd.	0.004	33%	778,200	$9,235,583
SFG	Seafarms Group Ltd	0.002	33%	5,529,919	$7,254,899
AQN	Aquirianlimited	0.240	33%	452,123	$14,535,715
CLU	Cluey Ltd	0.050	32%	460,171	$13,407,302
IMI	Infinitymining	0.013	30%	441,476	$4,210,158
AQD	Ausquest Limited	0.031	29%	52,876,001	$27,118,433
CTQ	Careteq Limited	0.014	27%	155,033	$2,608,306
14D	1414 Degrees Limited	0.030	25%	116,905	$6,780,030
BNL	Blue Star Helium Ltd	0.005	25%	95,811	$10,779,541
GMN	Gold Mountain Ltd	0.003	25%	106,379	$9,158,446
PRS	Prospech Limited	0.026	24%	101,956	$6,905,344
AMD	Arrow Minerals	0.054	23%	4,770,815	$29,091,953
SM1	Synlait Milk Ltd	0.440	22%	447,763	$217,151,315
AOK	Australian Oil.	0.003	20%	2,590,798	$2,504,457
MRD	Mount Ridley Mines	0.003	20%	3,017,890	$1,946,223
CND	Condor Energy Ltd	0.032	19%	5,834,282	$15,831,009
CPO	Culpeominerals	0.020	18%	55,000	$3,739,358
NRX	Noronex Limited	0.014	17%	943,307	$5,996,249
RGL	Riversgold	0.004	17%	1,139,777	$5,051,138
SPQ	Superior Resources	0.007	17%	70,409	$13,019,183

Synlait Milk (ASX:SM1) skyrocketed 22% after the company bumped up its H2 guidance, and said it’s expecting a return to profitability this year, with an EBITDA forecast of $58-63 million.

Western Energetics (WE), the subsidiary of mining services company Aquirian (ASX:AQN), has just landed a juicy three-year, $20 million supply deal with Aurenne’s Mt Ida Goldmine in WA. The agreement will see WE deliver a tailored energetics and tech package, including its innovative Collar Keeper drill tech, helping to cut costs and boost efficiency.

Drilling is now underway at Noronex (ASX:NRX)’s Damara Copper Project in Namibia to test some high-potential targets in unexplored territory. Funded by South32 (ASX:S32) under an earn-in agreement, the project is set to explore the Kalahari Copper Belt’s gravity-magnetic bullseye features.

AusQuest (ASX:AQD) shares continue to climb after announcing the discovery of a copper-rich porphyry in Peru on Thursday. Read our interview with managing director Graeme Drew here.

Clarity Pharmaceuticals (ASX:CU6)’s shares jumped after US regulators fast-tracked its prostate cancer detection drug. The FDA’s decision will speed up the development process, allowing for quicker approval and more frequent communication during the development phase.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for January 24 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
LNU	Linius Tech Limited	0.001	-33%	206,666	$9,226,824
VML	Vital Metals Limited	0.002	-33%	226,184	$17,685,201
H2G	Greenhy2 Limited	0.003	-25%	55,000	$2,392,737
ERA	Energy Resources	0.002	-20%	2,398,274	$1,013,490,602
PKO	Peako Limited	0.004	-20%	125,000	$5,475,708
RLG	Roolife Group Ltd	0.004	-20%	150,000	$5,980,156
TMK	TMK Energy Limited	0.002	-20%	31,486,627	$23,313,913
FNR	Far Northern Res	0.125	-19%	38,581	$5,621,203
GLA	Gladiator Resources	0.009	-18%	5,340,093	$8,341,265
HFY	Hubify Ltd	0.009	-18%	1,557,069	$5,622,499
S66	Star Combo	0.120	-17%	25,000	$19,587,032
ASP	Aspermont Limited	0.005	-17%	792,772	$14,820,070
CRR	Critical Resources	0.005	-17%	310,000	$14,591,779
EE1	Earths Energy Ltd	0.010	-17%	2,570,901	$6,359,571
KLI	Killiresources	0.062	-15%	408,834	$10,236,333
HYD	Hydrix Limited	0.023	-15%	2,653,906	$7,364,759
EUR	European Lithium Ltd	0.059	-14%	2,655,988	$99,717,521
ADN	Andromeda Metals Ltd	0.006	-14%	485,971	$24,001,094
IPB	IPB Petroleum Ltd	0.006	-14%	7,843	$4,944,821
MKL	Mighty Kingdom Ltd	0.006	-14%	1,111,112	$1,512,444
ROG	Red Sky Energy.	0.006	-14%	1,428,907	$37,955,590
VFX	Visionflex Group Ltd	0.003	-14%	28,916	$11,787,512

Kogan (ASX:KGN) crashed by 14% despite reporting solid revenue growth of 9.9% for the first half of FY25. The retailer’s gross sales rose by 10.3%, but investors weren’t too thrilled with its outlook, showing wider worries about the sector.