Closing Bell: ASX ends day under water; potential mega mining merger turns heads

Banks fall, mining stocks rise
Rio Tinto in mega merger talks, suggests Bloomberg
China hits 5pc growth but property struggles

After a day of zigzagging, the ASX closed lower by 0.2% on Friday as losses in the financials and comms sectors took their toll.

For the week, too, the benchmark ASX200 index ended in the red by about 0.2%.

Yesterday’s champs – the major banks – became today’s chumps, leading the selloff.

But it wasn’t all bad news.

Mining stocks picked up some bids after gold jumped to US$2,715 an ounce, while copper and iron ore also gained some ground.

Meanwhile, the market’s keeping an eye on Rio Tinto (ASX:RIO), which slipped 0.5% after a report that first appeared on Bloomberg suggesting that it was in talks with Glencore about a mega merger.

“It would be the world’s biggest mining deal and create the world’s biggest mining company, overtaking BHP,” said Jessica Amir at Moomoo.

Now read: Rio Tinto and Glencore merger talks could create the biggest dog in the mining yard

Elsewhere, CC Capital is turning the screws on its takeover bid for Insignia Financial (ASX:IFL). The private equity firm has now upped its bid to $4.60 per share from $4.30, bringing the deal value to $3 billion. IFL’s shares jumped 6%.

And, Telix Pharmaceuticals (ASX:TLX) has scored a huge win with European regulators, getting the green light for its prostate cancer imaging agent, Illuccix. This sets the stage for a commercial launch in Europe. Shares climbed 2.5%.

This is where things stood leading up to Friday’s close:

And we’ll close the week with some rather good news coming out of China.

Today’s data shows that its GDP expanded 5% in 2024, nailing Beijing’s headline target.

But the country’s property sector, once a key driver of growth, is still in the doldrums, weighing on the economy.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Description	Last	%	Volume	MktCap
EDE	Eden Inv Ltd	0.002	50%	6,000,000	4,109,876
8IH	8I Holdings Ltd	0.013	44%	120,260	3,133,448
CTO	Citigold Corp Ltd	0.004	33%	411,004	9,000,000
RGL	Riversgold	0.004	33%	625,689	5,051,138
SKK	Stakk Limited	0.008	33%	733,302	12,450,478
IXU	Ixup Limited	0.010	25%	1,282,356	16,255,887
VML	Vital Metals Limited	0.003	25%	17,435	11,790,134
L1M	Lightning Minerals	0.081	23%	1,908,234	6,819,669
EQS	Equitystorygroupltd	0.023	21%	25,000	2,785,203
HVY	Heavymineralslimited	0.180	20%	182,727	10,056,539
1TT	Thrive Tribe Tech	0.003	20%	39,801,985	5,079,308
CRR	Critical Resources	0.006	20%	448,601	12,159,816
GLA	Gladiator Resources	0.012	20%	360,324	7,582,968
IS3	I Synergy Group Ltd	0.006	20%	196,667	1,781,089
CND	Condor Energy Ltd	0.032	19%	33,378,617	15,831,009
WGR	Westerngoldresources	0.064	19%	318,811	9,266,673
APC	APC Minerals	0.013	18%	346,172	1,123,904
AZL	Arizona Lithium Ltd	0.013	18%	6,050,137	49,211,960
SMM	Somerset Minerals	0.013	18%	871,431	2,880,817
SCN	Scorpion Minerals	0.020	18%	1,483,739	6,960,755

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Lightning Minerals (ASX:L1M) has confirmed spodumene at its Esperança Project in Brazil’s Lithium Valley, with high-grade lithium soil samples returning up to 429ppm at Caraíbas and 320ppm at Canabrava. These results are building momentum for L1M’s upcoming 2,000m drill program at Esperança, set for Q1 2025. The strong assays bolster confidence in the area’s potential as a major lithium hotspot.

Immuron’s (ASX:IMC) Travelan, a supplement targeting harmful bacteria in the gut, is on fire, with sales soaring in the December 2024 quarter. Global sales hit $2.5 million, up 70% on the prior quarter and 249% from last year. Australia’s sales jumped 83% quarter-on-quarter, while North America grew 43%. The growth is driven by new listings in Australian pharmacies, expanded distribution in Canada and the US, and a strong presence on Amazon.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
AXP	AXP Energy Ltd	0.002	-25%	5,490,000	$11,649,361
CR9	Corellares	0.003	-25%	45,161	$1,870,974
RAN	Range International	0.003	-25%	18,425,450	$3,757,161
NUZ	Neurizon Therapeutic	0.135	-21%	4,671,849	$83,691,980
GES	Genesis Resources	0.004	-20%	323,152	$3,914,206
MEL	Metgasco Ltd	0.004	-20%	3,230,786	$7,287,934
SIS	Simble Solutions	0.004	-20%	1,500,000	$4,181,652
TMX	Terrain Minerals	0.004	-20%	27,371,939	$9,053,477
YOW	Yowie Group	0.018	-18%	15,000	$5,046,094
CDR	Codrus Minerals Ltd	0.014	-18%	136,823	$2,811,588
BEO	Beonic Ltd	0.250	-17%	130,826	$20,269,666
ADG	Adelong Gold Limited	0.005	-17%	175,000	$6,707,934
AOK	Australian Oil.	0.003	-17%	4,706	$3,005,349
ASR	Asra Minerals Ltd	0.003	-17%	299,057	$6,937,890
BP8	Bph Global Ltd	0.003	-17%	6,000	$1,419,924
ERA	Energy Resources	0.003	-17%	28,642	$1,216,188,722
GMN	Gold Mountain Ltd	0.003	-17%	1,300,000	$13,737,670
LML	Lincoln Minerals	0.005	-17%	1,574,851	$12,337,557
MRD	Mount Ridley Mines	0.003	-17%	180,000	$2,335,467
KKO	Kinetiko Energy Ltd	0.061	-16%	81,603	$104,578,713
VRL	Verity Resources	0.016	-16%	196,468	$2,817,046
OLH	Oldfields Holdings	0.055	-15%	49,092	$13,848,843

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IN CASE YOU MISSED IT

Health technology company Singular Health Group Ltd (ASX:SHG) flexed today with a successful proof of concept demonstration for its 3Dicom software with MoU partner Provider Network Solutions (PNS) – based in Florida, US.

3Dicom helps compartmentalise patient information so practitioners can easily access medical imaging data from across the industry. Today’s successful technical proof of concept with PNS marks Phase 1 of the MoU between the two companies.

PNS CEO Dr Jose Pelayo said he was “blown away by the speed of the DICOM retrievals”. PNS established in Florida in 1998 and today connects payors with more than 3,200 specialty providers, managing roughly 3.5 million lives across the southern US state.

At Stockhead, we tell it like it is. While Singular Health group is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.