Things weren’t looking good ahead of the opening bell today, after a rough session for US stocks following another rise in bond yields overnight.
And that bearish momentum flowed through to the ASX 200, which posted its second +1% fall in four days.
Across sectors, large-cap tech stocks fell sharply while the ASX 200 Energy index was the one of the few sectors in positive territory, as the near-term outlook for oil prices grows increasingly bullish.
But amid the sea of red, there was still another stack of junior resources stocks that outperformed with big gains, including a red-hot battery metals IPO.
Oh, and Brainchip (ASX:BRN) is still mooning into the stratosphere, with another huge rally after announcing it had received an additional patent in the US market.
TODAY’S BIGGEST SMALL CAP WINNERS
(Stocks highlighted in yellow rose after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume |
|---|---|---|---|---|
| NC1 | Nico Resources | 0.375 | 87.5% | 6,751,639 |
| FGL | Frugl Group Limited | 0.029 | 45.0% | 3,137,612 |
| CLE | Cyclone Metals | 0.004 | 33.3% | 1,120,183 |
| T3D | 333D Limited | 0.004 | 33.3% | 786,590 |
| BNR | Bulletin Res Ltd | 0.145 | 26.1% | 6,812,249 |
| IQ3 | Iq3Corp Limited | 0.145 | 26.1% | 655 |
| DLM | Dominion Minerals | 0.087 | 26.1% | 538,541 |
| PRM | Prominence Energy | 0.0125 | 25.0% | 56,411,202 |
| GTG | Genetic Technologies | 0.005 | 25.0% | 18,630,059 |
| MLS | Metals Australia | 0.0025 | 25.0% | 28,078,084 |
| PCL | Pancontinental Energ | 0.0025 | 25.0% | 5,809,187 |
| SE1 | Sensera Ltd | 0.0225 | 25.0% | 14,410,753 |
| YPB | YPB Group Ltd | 0.0025 | 25.0% | 3,824,702 |
| TGH | Terragen | 0.185 | 23.3% | 186,500 |
| G88 | Golden Mile Res Ltd | 0.059 | 22.9% | 6,373,987 |
| ZAG | Zuleika Gold Ltd | 0.043 | 22.9% | 16,184,133 |
| LEX | Lefroy Exploration | 0.38 | 22.6% | 520,465 |
| ARO | Astro Resources NL | 0.0055 | 22.2% | 22,929,852 |
| HLX | Helix Resources | 0.022 | 22.2% | 56,098,242 |
| AZL | Arizona Lithium Ltd | 0.17 | 21.4% | 49,340,610 |
| IMC | Immuron Limited | 0.145 | 20.8% | 1,884,687 |
| CMX | Chemxmaterials | 0.24 | 20.0% | 3,217,555 |
| ASO | Aston Minerals Ltd | 0.125 | 19.0% | 9,297,144 |
| MRC | Mineral Commodities | 0.19 | 18.8% | 1,587,251 |
| ARR | American Rare Earths | 0.355 | 18.3% | 7,824,699 |
Cobalt-nickel play Nico Resources (ASX:NC1) led the market, after an auspicious IPO debut which saw the company’s stock price almost double on day one.
A spinout from tin producer Metals X (ASX:MLX), NC1 raised $12m from investors at 20c per share and closed at 37.5c.
The company will now focus on its Wingellina nickel/cobalt project, where a pre-feasibility study by Metals X indicated the project should support an initial 40-year mine life at production rate of 40,000tpa Ni and 3,000tpa Co.
AI-based medical diagnostics company Genetic Technologies (ASX:GTG) ticked higher following the release of its December quarter 4C filing, reporting a cash balance of $13.5m and a lift in operating receipts to $1.8 million, flowing through to net operating cash outflows of $2.15m.
Also rising strongly was retail intelligence platform Frugl Group (ASX:FGL), which bounced off recent lows to climb by 45% on no news.
Among stocks with announcements, most of the midday winners in resources held their gains through to the closing bell. Get the full resources wrap here.
TODAY’S BIGGEST SMALL CAP LOSERS
(Stocks highlighted in yellow fell after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume |
|---|---|---|---|---|
| MYG | Mayfield Group Ltd | 0.28 | -28% | 20,000 |
| OEX | Oilex Ltd | 0.003 | -25% | 8,638,597 |
| WOO | Wooboard Tech Ltd | 0.0015 | -25% | 1,423,809 |
| EN1 | Engage:Bdr Limited | 0.002 | -20% | 115,295,345 |
| CGB | Cann Global Limited | 0.0025 | -17% | 6,005,661 |
| VPR | Volt Power Group | 0.0025 | -17% | 1,000,000 |
| MP1 | Megaport Limited | 15.31 | -16% | 2,482,540 |
| DXN | DXN Limited | 0.006 | -14% | 16,856,541 |
| LNY | Laneway Res Ltd | 0.006 | -14% | 2,638,910 |
| OKJ | Oakajee Corp Ltd | 0.06 | -14% | 150,000 |
| TYX | Tyranna Res Ltd | 0.006 | -14% | 77,224 |
| AMT | Allegra Orthopaedics | 0.14 | -13% | 67,119 |
| POL | Polymetals Resources | 0.14 | -13% | 140,349 |
| NYR | Nyrada Inc. | 0.22 | -12% | 721,266 |
| ID8 | Identitii Limited | 0.097 | -12% | 2,769,341 |
| JPR | Jupiter Energy | 0.038 | -12% | 359,802 |
ANNOUNCEMENTS YOU MAY HAVE MISSED
Junior explorer Torian Resources (ASX:TRN) edged higher in afternoon trade, following an update shortly after midday where it said new drilling results had continued to extend the gold system at its Mt Stirling project in WA.
Base metals player Aeon Metals (ASX:AML) responded to an ASX query after jumping +10% on no news. The company said it wasn’t aware of any news that would have prompted the demand.
Consumer finance company Harmoney Corp (ASX:HMY) provided a half-year trading update, where it said it loan book expanded by 19% on the prior comparative period to $557m. HMY said it expects that to flow through to a preliminary cash net profit for the half year, although it didn’t specify what the profit figure would be.
Australian Rare Earths (ASX:AR3) said results from another 174 drill holes — part of an 899 drill hole program for 9,921m — had confirmed “shallow rare earth mineralised clayey sediments across a wide region” of its Koppamurra in SA and Victoria. Shares in AR3 fell by around 7% in afternoon trade.
TRADING HALTS
The following companies went into a halt on Wednesday and are expected to recommence trading over the next few days.
Bulletin Resources (ASX:BNR) — exploration update
Hannan Ltd (ASX:HNR) — response to ASX price query
Carnavon Energy (ASX:CVN) — drilling result for Buffalo-10 well
European Metals Holdings (ASX:EMH) — PFS update (Cinovec project)
Centaurus Metals (ASX:CTM) — capital raising
Venus Metals (ASX:VMC) — resource upgrade
Rox Resources (ASX:RXL) — resource upgrade