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ASX Lunch Wrap: Wall Street-induced ASX rebound scuttled by local jobless rate
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- ASX rebounds on Wall Street optimism
- Tesla stock surges on Trump hopes
- Syrah Resources plunges on Mozambique protests
After starting the session much higher, the ASX retreated by 0.2% after the unemployment rate unexpectedly fell to 3.9% in November, defying expectations of a slowdown.
The ABS reported this morning that 35,600 new jobs were created last month, with a significant increase in full-time employment.
This data sent jitters as it could put pressure on the RBA to maintain or potentially increase interest rates, instead of cutting it.
Overnight, however, Tesla shares climbed to a new all-time high for the first time since November 2021, on optimism the company’s self-driving ambitions can get a boost under Donald Trump.
Tesla’s stock jumped 6%, and has now risen by 70% since the US presidential election on November 5.
This is where things stood on the ASX at around 12:30pm AEDT:
In the large end of town, mining giants were subdued after iron ore prices slid below $US105 a tonne overnight.
Downer EDI (ASX:DOW) fell 1% on news the Australian Competition and Consumer Commission (ACCC) started proceedings against the infrastructure services provider.
The ACCC’s claim relates to how Downer, along with two other companies (BGIS and Ventia), provided maintenance services to the Australian Defence Force between 2019 and 2020.
But the biggest mover today so far has been minerals company Syrah Resources (ASX:SYR), which plunged 28% after declaring force majeure at its Balama Graphite site in Mozambique due to nationwide unrest following a disputed general election.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for December 12 [intraday]:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AXP | AXP Energy Ltd | 0.002 | 50% | 2,040 | $5,824,681 |
| ODE | Odessa Minerals Ltd | 0.007 | 40% | 13,410,001 | $7,997,663 |
| KOB | Kobaresourceslimited | 0.096 | 37% | 1,894,852 | $11,099,313 |
| ARN | Aldoro Resources | 0.345 | 35% | 3,550,789 | $34,329,054 |
| 1TT | Thrive Tribe Tech | 0.002 | 33% | 250,000 | $1,055,042 |
| GTR | Gti Energy Ltd | 0.004 | 33% | 3,650,653 | $8,888,849 |
| SKN | Skin Elements Ltd | 0.004 | 33% | 200,000 | $2,568,458 |
| DUN | Dundasminerals | 0.038 | 31% | 5,003,819 | $3,109,332 |
| EVR | Ev Resources Ltd | 0.003 | 25% | 88,000 | $3,609,007 |
| M2R | Miramar | 0.005 | 25% | 1,600,000 | $1,587,293 |
| T3D | 333D Limited | 0.010 | 25% | 2,500 | $1,409,468 |
| TSL | Titanium Sands Ltd | 0.005 | 25% | 505,733 | $8,846,989 |
| VEN | Vintage Energy | 0.005 | 25% | 1,454,827 | $6,678,125 |
| VMC | Venus Metals Cor Ltd | 0.069 | 23% | 7,143 | $10,983,206 |
| BGE | Bridgesaaslimited | 0.035 | 21% | 15,664,346 | $5,795,917 |
| 14D | 1414 Degrees Limited | 0.036 | 20% | 60,862 | $8,344,602 |
| CCO | The Calmer Co Int | 0.006 | 20% | 9,986,668 | $12,704,262 |
| MEM | Memphasys Ltd | 0.006 | 20% | 5,352,487 | $8,815,407 |
| NVU | Nanoveu Limited | 0.045 | 18% | 10,976,695 | $19,287,472 |
| QFE | Quickfee Limited | 0.130 | 18% | 236,853 | $37,520,093 |
| CLA | Celsius Resource Ltd | 0.013 | 18% | 11,569,543 | $28,281,270 |
Aldoro Resources (ASX:ARN) has received positive assay results for Line 3 of its pre-drill sampling program at the Kameelburg Carbonatite. These results confirm niobium mineralisation across a significant portion of the line, with an average grade of 0.70% Nb2O5. Notably, 128 metres of Line 3 exhibits a higher grade of 0.96% Nb2O5, including a 90-metre section with an impressive 1.12% Nb2O5.
Riversgold (ASX:RGL) has announced significant high-grade rock chip assay results from its Saint John project in New Brunswick, Canada. These results include grades of copper, gold, silver, lead, and antimony, with some samples exceeding 10% copper and 11 grams per tonne gold. The project is strategically located near the US border in a favourable mining jurisdiction.
Koba Resources (ASX:KOB) has announced high-grade uranium mineralisation at its Yarramba Uranium Project in South Australia. Follow-up drilling at the Berber Prospect has extended the zone of high-grade mineralisation to over 700 metres, with recent results including 1.6 metres at 1,026 parts per million uranium oxide. Furthermore, high-grade mineralisation has been discovered at the Chivas Prospect, 700 metres east of the Oban Deposit.
Dundas Minerals (ASX:DUN) has announced highly encouraging initial drill results from its Rockland project within the Windanya Gold Project in Western Australia. Eleven of the 23 holes drilled intersected gold grades exceeding 1 gram per tonne, surpassing expectations for this early-stage exploration. These results, including intercepts such as 12 metres at 1.9 grams per tonne gold, indicate a potential 1-kilometre-long mineralised trend within the granted mining lease.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for December 12 [intraday]:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NES | Nelson Resources. | 0.002 | -33% | 501,000 | $6,515,783 |
| SYR | Syrah Resources | 0.190 | -28% | 27,369,035 | $274,246,318 |
| 88E | 88 Energy Ltd | 0.002 | -25% | 1,803,626 | $57,867,624 |
| EDE | Eden Inv Ltd | 0.002 | -25% | 445,000 | $8,216,419 |
| TX3 | Trinex Minerals Ltd | 0.002 | -25% | 6,000 | $3,657,305 |
| TYX | Tyranna Res Ltd | 0.003 | -25% | 144,160 | $13,151,701 |
| SIO | Simonds Grp Ltd | 0.140 | -22% | 9,304 | $64,783,161 |
| VNT | Ventiaservicesgroup | 3.415 | -21% | 5,662,874 | $3,678,583,114 |
| MTB | Mount Burgess Mining | 0.004 | -20% | 5 | $1,622,687 |
| POS | Poseidon Nick Ltd | 0.004 | -20% | 258,233 | $21,019,377 |
| VML | Vital Metals Limited | 0.002 | -20% | 2,303,926 | $14,737,667 |
| AER | Aeeris Ltd | 0.061 | -20% | 14,160 | $5,559,313 |
| CDD | Cardno Limited | 0.165 | -18% | 134,822 | $7,812,133 |
| CZN | Corazon Ltd | 0.003 | -17% | 15,000 | $2,303,717 |
| SER | Strategic Energy | 0.005 | -17% | 5,307,424 | $4,026,200 |
| RDG | Res Dev Group Ltd | 0.021 | -16% | 198,228 | $73,771,453 |
| EMH | European Metals Hldg | 0.145 | -15% | 1,500 | $35,265,600 |
| GRE | Greentechmetals | 0.065 | -14% | 132,740 | $7,097,828 |
| SBW | Shekel Brainweigh | 0.018 | -14% | 713,623 | $4,789,286 |
| ASR | Asra Minerals Ltd | 0.003 | -14% | 14,286 | $8,094,109 |
| AVE | Avecho Biotech Ltd | 0.003 | -14% | 736 | $11,092,540 |
| PWR | Peter Warren | 1.460 | -13% | 794,142 | $289,390,194 |
| COI | Comet Ridge Limited | 0.135 | -13% | 2,864,097 | $172,131,287 |
IN CASE YOU MISSED IT
Neurizon Therapeutics (ASX:NUZ) has received an additional $650,707 in R&D tax incentives from the Australian government for overseas R&D expenses in FY23/24, boosting its cash position to fund ongoing clinical trials and research.
James Bay Minerals (ASX:JBY) has received a $605,000 cash injection from the Quebec government for 2023 exploration tax credits and mining duties. The company expects to also receive an additional $550,000 in Q1 2025 for 2024 exploration expenses, with the new funds to go toward exploration efforts at its newly acquired Independence project in Nevada.
Elevate Uranium (ASX:EL8) subsidiary, Northern Territory Uranium, holds a 20.8% stake in the Bigrlyi Joint Venture with EME. Recent drilling results, now confirmed by chemical assays, revealed strong uranium intersections, including a standout 10.5m at 1.1% U3O8, which will be used to update the Bigrlyi MRE in Q1 2025.
EZZ Life Sciences’ (ASX:EZZ) director Mark Qin has further demonstrated his confidence in the company’s high-demand, high-margin products by investing an additional $230,000 in EZZ shares this week during the trading window.
At Stockhead, we tell it like it is. While Neurizon Therapeutics, James Bay Minerals, Elevate Uranium and EZZ Life Sciences 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
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