ASX Lunch Wrap: ASX up 1pc on oil gains as heavy selling in WiseTech and Megaport drags tech lower

ASX hits strong start, energy sector leads
WiseTech, Megaport drag down tech stocks
DevEx, Energy World, A2M soar on positive news

The ASX had a solid start on Friday, with the S&P/ASX 200 benchmark rising 1%, just shy of its all-time record.

The energy sector led the charge, boosted by a 2% jump in oil prices amid escalating tensions in the Russia-Ukraine war, which have raised concerns about crude supply.

Technology stocks tumbled heavily, weighed down by WiseTech Global (ASX:WTC) which fell by 9% after downgrading its revenue and earnings forecasts for FY25, primarily due to delays in the launch of its Container Transport Optimisation product.

At Wisetech’s AGM this morning, CEO Richard White, who has been under pressure following recent controversies, spoke out.

“While this time has been difficult and challenging, I want to assure you, that this has not diminished my passion and dedication for WiseTech and what this business will achieve in the long-term.”

Megaport (ASX:MP1), another tech giant, also crashed 10% despite affirming its earnings guidance of $57 million to $65 million for FY25.

In other large caps news, A2 Milk (ASX:A2M) soared 16% after lifting its revenue guidance and announcing plans to start paying dividends, driven by a strong rise in sales and global dairy prices.

And, Resolute Mining (ASX:RSG) rebounded 0.5% after its executives, including CEO Terry Holohan, were released from jail in Mali following a tense couple of weeks during which the company faced significant pressure from the local government and was compelled to pay $160 million.

Overnight, Nvidia’s rally stalled after a disappointing forecast but ended the day in positive territory.

Meanwhile Bitcoin continues its march higher, trading above $US98,000 after news that Gary Gensler, the highly unpopular US Securities and Exchange Commission chairman, known for his tough stance on crypto, will step down in January.

ASX SMALL CAP WINNERS

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

Swipe or scroll to reveal full table. Click headings to sort:

Code	Name	Price	% Change	Volume	Market Cap
SFG	Seafarms Group Ltd	0.002	33%	555,769	$7,254,899
TMK	TMK Energy Limited	0.002	100%	40,979,707	$9,325,565
VPR	Voltgroupltd	0.002	50%	3,241,666	$10,716,208
DEV	Devex Resources Ltd	0.150	36%	2,741,387	$48,585,974
1TT	Thrive Tribe Tech	0.004	33%	13,819	$2,110,085
RML	Resolution Minerals	0.002	33%	54,039	$2,415,033
IFG	Infocusgroup Hldltd	0.051	28%	20,693,771	$4,351,041
SP3	Specturltd	0.019	27%	825,566	$4,484,350
BUY	Bounty Oil & Gas NL	0.005	25%	1,203,000	$5,994,004
CUL	Cullen Resources	0.005	25%	500,000	$2,773,607
ERA	Energy Resources	0.003	25%	6,850,384	$810,792,482
EWC	Energy World Corpor.	0.020	25%	1,462,400	$49,262,740
ROG	Red Sky Energy.	0.010	25%	9,488,380	$43,377,818
VFX	Visionflex Group Ltd	0.005	25%	250,000	$13,421,298
HRE	Heavy Rare Earths	0.036	24%	138,173	$2,443,979
PCL	Pancontinental Energ	0.017	21%	20,814,437	$113,842,202
AZ9	Asianbatterymet PLC	0.071	20%	17,490,005	$17,830,684
G11	G11 Resources Ltd	0.018	20%	1,728,253	$14,499,332
BEL	Bentley Capital Ltd	0.012	20%	100,000	$761,279
SBW	Shekel Brainweigh	0.024	20%	200,000	$4,561,225
A2M	The A2 Milk Company	5.660	18%	5,613,300	$3,482,531,958
GRV	Greenvale Energy Ltd	0.035	17%	356,231	$14,211,867
TMB	Tambourahmetals	0.029	16%	76,000	$2,764,751
FTL	Firetail Resources	0.085	15%	524,551	$24,512,350
EMD	Emyria Limited	0.040	14%	97,961	$14,538,629

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DevEx Resources (ASX:DEV) surged after Chairman Tim Goyder’s comments at the company’s AGM sparked investor optimism.

Goyder highlighted the resurgence of the uranium sector, driven by growing global demand for clean energy and nuclear power’s crucial role in the energy transition. He outlined DevEx’s strategic focus on uranium exploration in the Northern Territory, alongside recent progress at its Nabarlek and Murphy West projects, which have yielded promising results.

Goyder also discussed the company’s ongoing restructuring efforts and the appointment of new managing director, Todd Ross.

Energy World Corporation (ASX:EWC) surged after the company responded to an ASX query about the significant impairment of assets related to its gas projects, including the Sengkang and Gilmore LNG facilities.

Investors reacted positively as the company provided clarity on its financial position, explaining the impairments were based on revised economic assumptions and challenges in its projects.

Asian Battery Metals (ASX:AZ9) has confirmed the discovery of sulphide mineralisation at the North Oval area of its Oval Cu-Ni-PGE Project in Mongolia.

Drillhole OVD025 intercepted 3.6 metres of sulphide, located 500 metres northwest of a previous high-grade find in OVD021. The company said the new discovery suggests that additional massive sulphide zones could exist in the area, supporting the potential for high-grade ore accumulation within the project.

Further drilling and assays are ongoing, with results expected in the coming weeks.

ASX SMALL CAP LOSERS

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

Swipe or scroll to reveal full table. Click headings to sort:

Code	Name	Price	% Change	Volume	Market Cap
88E	88 Energy Ltd	0.002	-25%	17,785,005	$57,867,624
CT1	Constellation Tech	0.002	-25%	4,502,577	$2,949,467
CZN	Corazon Ltd	0.003	-25%	10,698,439	$2,671,622
H2G	Greenhy2 Limited	0.003	-25%	471,091	$2,392,737
KP2	Kore Potash PLC	0.047	-24%	1,908,609	$41,604,316
COY	Coppermoly Limited	0.008	-20%	165,770	$7,076,574
PRM	Prominence Energy	0.004	-20%	75,000	$1,945,882
TSL	Titanium Sands Ltd	0.004	-20%	51,279	$11,058,736
AGD	Austral Gold	0.019	-17%	22,495	$14,083,161
ALM	Alma Metals Ltd	0.005	-17%	176,074	$9,399,133
FIN	FIN Resources Ltd	0.005	-17%	83,821	$3,895,612
ERW	Errawarra Resources	0.061	-16%	26,115	$7,002,209
LYK	Lykosmetalslimited	0.016	-16%	15,000	$3,578,756
GCM	Green Critical Min	0.006	-14%	10,745,334	$13,352,873
JAV	Javelin Minerals Ltd	0.003	-14%	675,000	$18,162,887
SRN	Surefire Rescs NL	0.003	-14%	1,560,000	$6,952,077
GEN	Genmin	0.037	-14%	2,159,701	$36,818,152
BLU	Blue Energy Limited	0.007	-13%	1,628	$14,807,789
LCY	Legacy Iron Ore	0.011	-12%	4,612,440	$122,566,349
WAK	Wakaolin	0.052	-12%	208,437	$30,894,413
E79	E79Goldmineslimited	0.023	-12%	25,000	$2,656,228
JLL	Jindalee Lithium Ltd	0.235	-11%	353,009	$18,911,911
DM1	Desert Metals	0.024	-11%	89,524	$7,166,494
ZGL	Zicom Group Limited	0.057	-11%	109,574	$13,731,841

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IN CASE YOU MISSED IT

Bevis Yeo reported that:

Altech Batteries (ASX:ATC) has finalised a funding invitation document for its 120-megawatt-hour Cerenergy sodium chloride (common salt) solid-state battery project in Saxony, Germany, and has distributed to various financial institutions.

It had previously engaged 10 commercial banks and two venture debt funds in a first market round and received predominantly positive initial feedback with several of the institutions expressing strong interest in participating in the financing.

The company has also engaged several equity advisers to support the equity component of the project’s funding package, which will likely see the divestment of a minor interest in the project to one or two strategic investors.

It is targeting large utility groups, data centre operators, investment funds and corporations that are heavily involved in the green energy transition as they are strongly aligned with the project’s focus on sustainable energy solutions. Financing for the project will be structured into three key areas – debt, equity and grants – that will cover not only capital expenditures but also financing costs, working capital, debt service coverage, and an additional contingency.

The Saxony plant will manufacture batteries using common table salt and ceramic solid-state technology without the use of critical minerals such as lithium, copper, graphite, nickel and cobalt.

They are fire and explosion proof, have a life span of more than 15 years and operate in all but the most extreme conditions. Testing of the prototype using continuous daily charging and discharging cycles under real world conditions has thus far affirmed its efficiency and performance whilst maintaining safe, optimal operating temperatures.

Aurum Resources (ASX:AUE) has declared that its off-market takeover offer for Mako Gold (ASX:MKG) is now unconditional after securing a relevant interest of 39.86% in the company.

It had offered MKG shareholders one AUE share for every 25.1 MKG shares held and option holders one AUE share for every 248 MKG January 2025 options held and one AUE share for every 170 MKG June 2025 options held.

This offer, which represented a 112% premium on the 30-day volume weighted average price of $0.00855, was unanimously recommended by MKG’s directors in the absence of a superior offer.

The offer will close on Wednesday, December 4, 2024.

At Stockhead, we tell it like it is. While Altech Batteries and Mako Gold are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.