Closing Bell: ASX edges ahead as Trump’s tariffs news awaits

• The ASX 200 got over the line again for another daily win, despite curbed afternoon enthusiasm
• Traders, investors, companies and pretty much anyone who cares about the economic state of the world await the next highwire act in The Trump Tariffs Circus 
• Sectors-wise on the local bourse, property stocks propped up the market while big miners dragged

After a strong rally early doors on Wednesday, the ASX faded but still managed to scrape over the line with a 0.12% gain. That came largely thanks to a bounce in property stocks, which helped offset some losses in the big mining players. The overall uptick follows on from a 1% jump on Tuesday.

Trading was a bit subdued in the afternoon, with uncertainty around Trump’s tariff announcements still causing a few upset stomachs.

US President Trump’s team has been scrambling to finalise the details of his reciprocal tariffs, which are expected to hit markets hard (in either direction).
These tariffs, set to be revealed later today US time, could be the trigger for major shifts in the global trade landscape.

What has  traders on edge is the unpredictability of how aggressive these new levies will be.

We’re talking about tariffs that could potentially cover more ground than what was seen with the infamous Smoot-Hawley tariffs from the 1930s – an event that’s still cited as a cautionary tale about protectionism.

In fact, there’s talk that the tariffs could drive inflation, which is only making things more volatile.

US and ASX stocks, however, have been riding that wave of hope, with the Nasdaq climbing overnight, and even Bitcoin was up [Ed: Whaddaya mean ‘even’?], earlier breaking the $US85,000 mark.

On the ASX, the property sector was the star performer today. But big names in mining including BHP (ASX:BHP), Fortescue (ASX:FMG), and Rio Tinto (ASX:RIO) took a hit.

In large caps news, casino operator Star Entertainment Group (ASX:SGR) is in hot water after failing to secure a much-needed $750 million lifeline, leaving it facing a potential third brush with administration this year.

Mineral Resources (ASX:MIN) also had a rough day after its CEO Chris Ellison was hit with a class action in Victoria’s Supreme Court. The action alleges that he and the company misled investors about MIN’s corporate practices, causing shares to be artificially inflated.

Westpac (ASX:WBC) , meanwhile, appointed a new chief people officer, which saw its shares climb by 1%.

Across Asia, it’s clear that the mood is cautious. Countries like Japan and South Korea, which rely heavily on exports, are at the mercy of what happens next.

There’s real concern about how these tariffs will impact trade in the region, especially for economies that have been deeply integrated into the global supply chain.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Kula Gold’s (ASX:KGD) drilling at the Mt Palmer Gold Mine in WA’s Southern Cross Goldfields has returned solid results, including 12m at 3.4g/t gold, building on previous hits like 7m at 3g/t, including 1m at 10.6g/t. Drilling is still going with more results due, and Kula’s now met the requirements to earn 80% of the Mt Palmer JV. This project fits into Kula’s strategy of focusing on exploration near existing operations.

Koonenberry Gold’s (ASX:KNB) first drill at the Enmore gold project in NSW has also been impressive – see below for details.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

IN CASE YOU MISSED IT

Koonenberry Gold’s (ASX:KNB) first Sunnyside diamond hole has struck a 170m intersection grading 1.75g/t gold from 77m, including a high-grade interval of 18.3m at 9.95g/t gold. This high-grade find lines up with previous visible gold zones and shows the system’s got serious gold potential. Results from a further three holes are pending, with drilling ongoing. The company believes the gold is open for more discovery both up-dip and along strike.

Pure Hydrogen (ASX:PH2) has secured a landmark US$28 million Master Supply and Distributor Agreement (MSDA) with Mexico-based GreenH2 LATAM to supply hydrogen equipment, including electrolysers, refueling, storage, and transport solutions. The partnership aligns with Mexico’s shift toward renewable energy under its new government.

Terra Metals (ASX:TM1) has confirmed high-grade polymetallic mineralisation at its Dante project in WA, highlighting the potential for open-cut mining. The company is now focussed on metallurgical optimisation and a maiden resource estimate.

Ovanti (ASX:OVT) is selling 15.75% of its 21% stake in Malaysian finance firm i-Destinasi Sdn Bhd for ~A$10.8 million, retaining a 5.25% interest. The company sees strategic value in holding a stake while also advancing its US market entry through a licensing deal with BNPLPay Protocol.

At Stockhead, we tell it like it is. While Koonenberry Gold, Pure Hydrogen, Terra Metals and Ovanti are Stockhead advertisers, they did not sponsor this article.