• Oil prices lift almost 2pc, boosting energy sector
• Gold reaches all-new highs of $US3,332 per ounce, pushing ASX Gold index higher
• Strength in rare earths lifts small cap index and materials sector

Energy and resources stocks have been the hero of the ASX today, resisting the tug of global market rip currents to push the ASX up 0.78% in trading.

All but one sector is in the green, led by energy (+3.82%), real estate (+1.18%) and materials (+1.45%).

Big cap energy stocks enjoyed the reprieve, having taken quite a bit of damage the last few days. Woodside Enegry (ASX:WDS) gained 3.88%, Santos (ASX:STO) 2.91%, Ampol (ASX:ALD) 7.70% and Whitehaven Coal (ASX:WHC) 4.3%.

Despite some heavy losses in the US, ASX Resources, Small Cap and Gold indices are also climbing, fuelled by a recovery in oil prices overnight and a fresh new high for gold, hitting $US3,332 per ounce overnight.

Standouts include rare earth stocks Meteoric Resources (ASX:MEI), up 18.18%, Arafura Resources (ASX:ARU) up 13.16% and Northern Minerals (ASX:NTU) which lifted 8.11%.

Gold stocks lifted alongside their commodity. Small cap Southern Hemisphere Mining (ASX:SUH) soared 33.33%, Empire Resources (ASX:ERL) jumped 25% and Gorilla Gold Mines (ASX:GG8) 22.35%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Making news…

A $10m contract with Procurement Australia has lifted Traffic Technologies (ASX:TTI) shares. The intelligent traffic control equipment supplier will furnish Procurement Australia with directional and instruction signs and safety traffic products intended for local councils across Victoria.

InhaleRx (ASX:IRX) has executed a study order with iNGENū CRO Pty Ltd as a contract research organisation to oversee a Phase 1 clinical trail of IRX-616a, a drug candidate designed to treat Panic Disorder.

Bonanza gold peaking at 446 g/t gold has boosted Advance Metals (ASX:AVM) shares in early trading, rewarding the company’s drilling efforts at the Myrtleford project in the Victorian Goldfields.

Burley Minerals (ASX:BUR) stock jumped on launching a share placement and entitlement offer to raise up to $1m. The new funding will support a maiden drilling program at the Cane South target at the Cane Bore Iron Ore project.

ASX SMALL CAP LAGGARDS

Today’s worse performing small cap stocks:

IN CASE YOU MISSED IT

In a bid to streamline its Australian portfolio and sharpen focus on the Rio Grande Sur project in Argentina, Pursuit Minerals (ASX:PUR) has offloaded the Commando and Warrior projects for total consideration of $300,000. Pursuit has already begun lithium carbonate production at Rio Grande Sur.

“This transaction clears the path to accelerate that momentum, sharpen our development focus, and strengthen our position as an emerging lithium producer in Argentina,” PUR managing director and CEO Aaron Revelle said.

Recce Pharmaceuticals (ASX:RCE) has added $5m to the war chest with a share placement with a private Australian investor. The funds will support the Phase 3 diabetic foot infection Registrational Topical Clinical Trial in Indonesia, and the Phase 3 acute bacterial skin and skin-structure infections (ABSSSI) Registrational Topical Clinical Trial in Australia.

Victory Metals (ASX:VTM) has boosted its critical mineral resource estimate at the North Stanmore clay-hosted rare earths project to 247.5Mt, hosting 4,788 tonnes of contained gallium oxide. The estimated in-ground value of the resource approaches the realm of $3.69Bn without accounting for recovery rates and other input costs.

Preparing for the European commercial launch of its second-generation Vision-MR Ablation Catheter and new Advantage-MR system beginning in June, Imricor Medical Systems (ASX:IMR) has locked-in a CE Mark certification for its Advantage-MR system under the European Union’s new Medical Device Regulation

Neurizon Therapeutics (ASX:NUZ) has welcomed three new executives with high levels of regulatory and neurodegenerative disease experience as it focuses on lifting the clinical hold for NUZ-001’s investigational new drug application. The greenlight will facilitate entry into the HEALEY ALS Platform Trial in H2 CY2025.

Trading Halts

CZR Resources (ASX:CZR) – offer from the Robe River Joint Venture

Peninsula Energy (ASX:PEN) – completion of a review which may cut production guidance

At Stockhead, we tell it like it is. While Pursuit Minerals, Victory Metals, Recce Pharmaceuticals, Imricor Medical Systens and Neurizon Therapeutics 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.