Closing Bell: ASX breaks to new 50-day high; gold stocks surge
The ASX has powered to a new 50-day high, rallying broadly across 9 of 11 sectors. Pic: Getty Images.
- ASX jumps 0.52pc to hit new 50-day high
- Market broadly higher, with 9 of 11 sectors firmly in the green
- Gold Index surges 4.99pc, with ASX gold companies following suit
It was a day of strength for the ASX, rising 0.52% to hit a new 50-day high. We’re now sitting just 2.63% off our all-time high.
The rally was broad enough that it’s difficult to pick out which sectors of the market were the strongest drivers, but gold stocks certainly made their presence known.
Oil has also made a small recovery, pushed up by fears of escalating conflict in the Middle East.
CNN reported that US intelligence suggests Israel may be preparing to strike Iranian nuclear facilities, although it’s unclear if any decisions have been finalised.
Iran is the third-largest oil producer within OPEC, having produced 3.99 million of barrels of oil or 4% of the world’s oil in 2024.
Crude prices rose around 0.2%, with Brent hitting US$65.54 a barrel.
That drove the Energy and Utilities sectors higher, among broad gains across most sectors.
Will gold continue its bull run?
The ASX All Ords Gold Index surged almost 5% today, rising in step with a 0.88% increase to gold futures.
Analysts from international firms such as Goldman Sachs and JP Morgan are betting gold will continue its meteoric rise in 2025, climbing past US$3300 to hit highs of near US$3700-$4000 per ounce.
Our gold-heavy resources index is enjoying the spotlight, lifting 1.05%.
A handful of mid-caps have taken full advantage, with some rising double digits.
Adriatic Metals (ASX:ADT) surged 25.27%, Predictive Discovery (ASX:PDI) jumped 10.39% and Perseus Mining (ASX:PRU) climbed almost 10%.
They weren’t the only ones. Pantoro Gold (ASX:PNR) gained 8.89%, Antipa Minerals (ASX:AZY) 8.62%, Ora Banda Mining (ASX:OBM) 7.61% and Turaco Gold (ASX:TCG) 7.5%.
Let’s take a look at who else is making good on the ASX’s progress…
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
| Security | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AOA | Ausmon Resorces | 0.002 | 100% | 2645457 | $1,311,213 |
| OCN | Oceanalithiumlimited | 0.054 | 64% | 4764390 | $4,537,381 |
| BP8 | Bph Global Ltd | 0.003 | 50% | 3299 | $2,101,969 |
| LNR | Lanthanein Resources | 0.0015 | 50% | 1126541 | $2,443,636 |
| SKN | Skin Elements Ltd | 0.003 | 50% | 163084 | $2,150,428 |
| OLI | Oliver'S Real Food | 0.007 | 40% | 120000 | $2,703,660 |
| RLT | Renergen Limited | 0.82 | 36% | 299719 | $18,347,215 |
| SFG | Seafarms Group Ltd | 0.002 | 33% | 954907 | $7,254,899 |
| TMK | TMK Energy Limited | 0.004 | 33% | 89932275 | $30,667,149 |
| BOC | Bougainville Copper | 0.5 | 32% | 354140 | $152,403,750 |
| MKL | Mighty Kingdom Ltd | 0.009 | 29% | 2152039 | $3,402,992 |
| RPG | Raptis Group Limited | 0.018 | 29% | 105555 | $2,454,794 |
| ADT | Adriatic Metals | 4.71 | 25% | 2633346 | $1,142,706,131 |
| APC | APC Minerals | 0.01 | 25% | 2171504 | $2,343,467 |
| BYH | Bryah Resources Ltd | 0.005 | 25% | 28421567 | $3,479,814 |
| ERA | Energy Resources | 0.0025 | 25% | 202618 | $810,792,482 |
| SPD | Southernpalladium | 0.28 | 24% | 509568 | $20,463,750 |
| MGA | Metalsgrovemining | 0.078 | 24% | 298105 | $6,641,460 |
| NYR | Nyrada Inc. | 0.135 | 23% | 4476881 | $23,200,874 |
| WC1 | Westcobarmetals | 0.017 | 21% | 2769274 | $2,903,313 |
| BXN | Bioxyne Ltd | 0.029 | 21% | 5945413 | $51,955,890 |
| BUX | Buxton Resources Ltd | 0.042 | 20% | 3107103 | $9,341,823 |
| PPY | Papyrus Australia | 0.018 | 20% | 2117096 | $8,590,226 |
| FBR | FBR Ltd | 0.006 | 20% | 14111473 | $28,447,261 |
| JAV | Javelin Minerals Ltd | 0.003 | 20% | 1903349 | $15,115,373 |
Making news…
Oceana Lithium (ASX:OCN) is trading higher despite launching a share placement to raise $667,000 at a 21% discount to its 15-day VWAP.
The funds will go to developing the Solonopole lithium project in Brazil, and the Napperby project in Australia, hosted within the same province as Core Lithium’s (ASX:CXO) Finniss project.
Lanthanein Resources (ASX:LNR) has tapped Peter Pawlowitsch as chair and non-executive director of the company, effective immediately. Pawlowitsch specialises in sourcing and evaluating businesses, ideas and projects, and developing solutions to enable growth.
David Frances will remain on the board as a non-executive director while Anees Sabet has resigned from the company with the board’s thanks for his efforts.
Renergen (ASX:RLT) received a takeover offer from US-listed ASPI, which wants to snap up all its shares in an all-stock deal. If approved, Renergen holders will swap their shares for ASPI stock as part of a push to build a global critical materials giant with operations from Pretoria to the US. ASPI’s already making advanced isotopes for semiconductors, medicine and clean energy, and it’s eyeing uranium enrichment next.
Bryah Resources (ASX:BYH) has pegged a high-grade gold project in Canada, locking in a two-month option to buy Golden Pike from Globex Mining. The site’s got a historical (non-JORC) resource of 66,000oz at nearly 10g/t, plus rock chips grading as high as 244g/t. If due diligence checks out, Bryah will pay in cash and shares over three years, and with gold at record highs, said it was keen to get drills running soon.
Adriatic Metals (ASX:ADT) surged after confirming it’s in early-stage takeover talks with Canada’s Dundee Precious Metals. The silver miner granted due diligence, backing media reports that a deal north of $1.5 billion might be in the works.
ASX SMALL CAP LAGGARDS
Today’s worse performing small cap stocks:
| Security | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| BMO | Bastion Minerals | 0.001 | -67% | 24895976 | $2,710,883 |
| CRB | Carbine Resources | 0.003 | -50% | 2004438 | $3,310,427 |
| IS3 | I Synergy Group Ltd | 0.002 | -50% | 1200000 | $2,002,920 |
| AM5 | Antares Metals | 0.008 | -33% | 25421808 | $6,178,235 |
| GGE | Grand Gulf Energy | 0.002 | -33% | 216000 | $8,461,275 |
| NUF | Nufarm Limited | 2.81 | -30% | 9973444 | $1,539,592,014 |
| MYX | Mayne Pharma Ltd | 4.55 | -30% | 4910347 | $526,472,959 |
| OVT | Ovanti Limited | 0.003 | -25% | 4414271 | $11,174,060 |
| YRL | Yandal Resources | 0.13 | -24% | 607257 | $52,569,947 |
| ZNO | Zoono Group Ltd | 0.05 | -23% | 3016335 | $23,103,198 |
| E79 | E79Goldmineslimited | 0.02 | -20% | 7403479 | $3,960,316 |
| BLZ | Blaze Minerals Ltd | 0.002 | -20% | 2500000 | $3,917,370 |
| CUL | Cullen Resources | 0.004 | -20% | 489052 | $3,467,009 |
| IPB | IPB Petroleum Ltd | 0.004 | -20% | 2295506 | $3,532,015 |
| RGL | Riversgold | 0.004 | -20% | 3658520 | $8,418,563 |
| VFX | Visionflex Group Ltd | 0.002 | -20% | 4000000 | $8,419,651 |
| 8CO | 8Common Limited | 0.017 | -19% | 458091 | $4,705,993 |
| DUB | Dubber Corp Ltd | 0.017 | -19% | 41579929 | $55,090,717 |
| HMD | Heramed Limited | 0.009 | -18% | 4842193 | $9,631,630 |
| IR1 | Irismetals | 0.12 | -17% | 85129 | $25,006,610 |
| CP8 | Canphosphateltd | 0.02 | -17% | 10000 | $7,362,253 |
| KPO | Kalina Power Limited | 0.005 | -17% | 3542641 | $17,597,818 |
| PIL | Peppermint Inv Ltd | 0.0025 | -17% | 666777 | $6,712,918 |
| ERW | Errawarra Resources | 0.051 | -16% | 1691556 | $7,548,462 |
| VMT | Vmoto Limited | 0.092 | -16% | 337393 | $42,777,874 |
Mayne Pharma (ASX:MYX) dropped like a stone, down 30% after takeover partner Cosette accused the company of a “material adverse change” and kicked off a 10-day consultation period that could end in the merger deal being scrapped. Mayne hit back, saying the claim didn’t stack up, but markets weren’t convinced. The court-approved scheme is still technically alive, but trust between the two seems shaky at best.
IN CASE YOU MISSED IT
Blue Star Helium (ASX:BNL) has finished spudding the State 9 SWSE 3054 development well at its Galactica helium project in Las Animas County, Colorado.
The shallow conductor section has been set, and after casing the base of the intermediate section, BNL will target the Lyons Formation, targeted a total depth within the upper Lyons gas reservoir.
Koba Resources (ASX:KOB) is raising up to $1.7m to pursue a phase 2 drilling program at the Yarramba uranium project in South Australia. This will consist of a $600,000 placement to sophisticated and professional investors and non-renounceable rights issue for up to $1.1m to all eligible shareholders.
The company will use the funding to follow-up on three new uranium prospects (Everest, Berber, and Chivas) which have produced grades of up to 1.6m at 1026 parts per million uranium.
Antipa Minerals (ASX:AZY) is now the bearer of a 2.5Moz gold resource at its Minyari project in Western Australia after returning a 100koz uplift.
Buxton Resources (ASX:BUX) has awarded contracts for earthworks and drilling services for its maiden drilling program at the Centurion iron-oxide copper-gold project.
LTR Pharma (ASX:LTP) has appointed associate professor Darren Katz to its scientific advisory board to spearhead consultancy for Spontan, LTR’s innovative nasal spray treatment for erectile dysfunction.
Island Pharmaceuticals (ASX:ILA) completed the enrolment of all subjects in the phase 2b arm of its ISLA-101 phase 2a/b PROTECT clinical trial in dengue fever in January. Managing director David Foster provides updates on the company’s latest developments.
Trading Halts
Auric Mining (ASX:AWJ) – cap raise
EBR Systems (ASX:EBR) – cap raise
New World Resources (ASX:NWC) – potential change of control transaction
Catalyst Metals (ASX:CYL) – cap raise
Orbminco (ASX:OB1) – cap raise
Streamplay Studio (ASX:SP8) – agreement with a gaming platform
At Stockhead, we tell it like it is. While Lanthanein Resources, Blue Star Helium, Koba Resources, Antipa Minerals, Buxton Resources, LTR Pharma and Island Pharmaceuticals 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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