Closing Bell: ASX jumps 1pc as bond yields fall and traders buy the dip

• ASX up 1pc on broad market gains
• Strong movement in big banks, lift almost 2pc
• Profit taking in gold stocks drives All Ords Gold lower

Investors devour the dip

It was a story of swift recovery on the ASX 200 today as falling bond yields overnight, a jump in Wall Street’s fortunes and some opportunistic dip-buying lifted it 1%.

Adding 87.7 points to climb back above 8800, the ASX enjoyed broad strength across the sectors, with 9 of 11 moving higher.

While tech stocks definitely jumped, it was the major banks that did most of the heavy lifting.

Fitting, since they did much of the damage yesterday.

The major seven banks added between 1.32% and 2.27% each. ZIP Co (ASX:ZIP) added to the financial sector’s momentum, climbing 3.6%.

ZIP was granted special leave by the Australian High Court to appeal a Federal Court decision that favoured Firstmac Limited in a trademark infringement case.

It’s a big deal for the BNPL company – it means Zip can continue its operations undisrupted in Australia in the meantime, and the court proceedings won’t affect its business in the US or New Zealand.

Other big cap movements included Wesfarmers (ASX:WES), adding 2.5%, Woolworths (ASX:WOL) climbing 1.92% and CSL (ASX:CSL) staging a minor recovery to climb 2%.

Hope traders bought some sturdy chips, because there’s a good chance there’ll be more dips to get stuck into through the rest of September.

ASX Leaders

Today’s best performing stocks (including small caps):

In the news…

Lithium Universe (ASX:LU7) has had a major technology win with its Jet Electrochemical Silver Extraction technology in lab-scale trials, extracting 95% of silver from old solar cells.

The technology demands less power and acid reagents than standard extraction processes, producing less waste while also reducing costs and preserving the silicon wafer itself. LU7 says the next step will be to test the purity levels of the silver.

Dart Mining (ASX:DTM) hit up to 0.4m at 34.6 g/t gold and 15 g/t silver from 258.6m in diamond drilling at its Triumph project’s New Constitution resource, highlighting potential for more gold below 180m – the resource estimate’s current depth boundary.

Metallium (ASX:MTM) has enriched its board with the appointment of a former US deputy secretary of defense, Travis Langster, who joins MTM’s US advisory board.

MTM is pioneering a low-carbon, high-efficiency approach to recovering critical and precious metals from mineral concentrates and high-grade waste streams.

The company will leverage Langster’s global network to align itself with US defense and industrial priorities.

Pearl Gull Iron (ASX:PLG) is $4.5 million richer after offloading its Cockatoo Island project to a cohort of three companies.

Under the agreement with Buccaneer Resources, Crestlink and JCA WA Nominees PLG will also receive a milestone royalty and a 4% equity interest in Crestlink.

Thor Energy (ASX:THR) has inked a term sheet with DISA Technologies to recover uranium and other critical minerals from historically abandoned waste dumps at Thor’s Colorado uranium claims.

DISA will be the operator of the Colorado projects, covering all associated costs for economic evaluation, permitting, processing and ongoing remediation, while THR receives a 2.5%–4% gross revenue share.

ASX Laggards

Today’s worst performing stocks (including small caps):

Code	Name	Price	% Change	Volume	Market Cap
AGN	Argenica	0.28	-57%	9835053	$82,854,579
OILR	Optiscan Imaging	0.001	-50%	900000	$417,670
LML	Lincoln Minerals	0.006	-33%	39282646	$19,148,128
RLC	Reedy Lagoon Corp.	0.002	-33%	2362995	$2,330,120
SFG	Seafarms Group Ltd	0.001	-33%	16717812	$7,254,899
COY	Coppermoly Limited	0.01	-29%	297400	$12,357,204
1AD	Adalta Limited	0.003	-25%	8553500	$5,285,266
AUK	Aumake Limited	0.003	-25%	37473	$12,093,435
AYT	Austin Metals Ltd	0.003	-25%	3867662	$6,336,765
AX8	Accelerate Resources	0.007	-22%	5033138	$7,354,698
ADG	Adelong Gold Limited	0.004	-20%	407495	$11,584,182
ASP	Aspermont Limited	0.008	-20%	4602021	$25,131,768
VEN	Vintage Energy	0.004	-20%	41546	$10,434,568
SMM	Somerset Minerals	0.013	-19%	17286495	$12,901,610
COD	Coda Minerals Ltd	0.14	-18%	1110902	$42,492,343
NTM	Nt Minerals Limited	0.0025	-17%	13281	$3,632,709
RLG	Roolife Group Ltd	0.005	-17%	2339682	$11,270,973
TMK	TMK Energy Limited	0.0025	-17%	15115354	$30,667,149
VBS	Vectus Biosystems	0.073	-16%	11348	$4,640,000
EQR	Eq Resources Limited	0.035	-15%	17962302	$126,753,289
PVW	PVW Res Ltd	0.018	-14%	5269	$4,177,000
AKN	Auking Mining Ltd	0.006	-14%	962017	$5,627,975
MRD	Mount Ridley Mines	0.003	-14%	78690	$3,133,418
MSG	Mcs Services Limited	0.006	-14%	920847	$1,386,698
ROG	Red Sky Energy.	0.003	-14%	163	$18,977,795

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In Case You Missed It

Tanbreez drilling has delivered REE goods for European Lithium (ASX:EUR) with some extras.

Greenvale Energy (ASX:GRV) has confirmed high-grade uranium at its Oasis project in Queensland in both assay and spectral gamma logging results.

West Australian gold explorer  Verity Resources (ASX:VRL) is set to top up its treasury with the support of a $3 million raising.

Brightstar Resources’ (ASX:BTR) confidence in the Yunndaga deposit at Menzies has been boosted by infill and extensional drilling returning high-grade gold hits.

Metallium’s (ASX:MTM) efforts to penetrate the US market have been bolstered with the appointment of a former Deputy Assistant Secretary of Defense.

Ora Banda’s (ASX:OBM) high-grade gold hits from the Waihi deposit back up another Davyhurst gold dig.

Trading halts

Alterity Therapeutics (ASX:ATH) – cap raise
Asra Minerals (ASX:ASR) – cap raise
Coda Minerals (ASX:COD) – cap raise
Elixinol Wellness (ASX:EXL) – cap raise
Kuniko (ASX:KNI) – underwriting entitlement offer

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