Closing Bell: ASX pares back losses on energy sector gains as healthcare drags
The energy sector came to the ASX’s rescue today, making up for some of the losses in healthcare and gold stocks. Pic: Getty Images.
- ASX recovers from 0.7pc plunge to lose just 0.13pc
- Gains in energy offset larger losses in gold and healthcare
- IEL and GYG power consumer discretionary higher
ASX makes staged recovery
Things weren’t looking great on the ASX 200 this morning, down 0.7% with every sector bar consumer discretionary deep in the red.
It was all up from there, thankfully, although not quite far enough to tip into the positive. The market fell 0.13% or 11.9 points today, settling at 8853.
Most of the damage came from healthcare – again – and a gold mining sector with a bit of a profit-taking bug.
CSL (ASX:CSL) dipped another 1.6%, now down 24% since the stock took a hard drive on August 18.
The ASX biggest fallers list was a bit of a who’s who of gold mining companies.
Ranging in size from $5 billion market cap Capricorn Metals (ASX:CMM), which fell 4.3%, all the way down to $251m Challenger Gold (ASX:CEL), which slid 4%, the gold sector did not have a great day.
It had little to do with commodity prices – spot gold is still hovering near all-time highs at US$3643 an ounce – and everything to do with the market’s mercurial currents.
On the bright side of the ledger, IDP Education (ASX:IEL) and Guzman y Gomez (ASX:GYG) combined forces to give the consumer discretionary sector a nice boost, gaining 6.9% and 4.9% respectively.
A handful of uranium stocks alongside a tidy 2% uptick for Whitehaven Coal (ASX:WHC) gave the energy sector some momentum, although it wasn’t enough to outweigh materials sector losses.
Paladin Energy (ASX:PDN) gained 1.8%, Deep Yellow (ASX:DYL) 2.4% and Boss Energy (ASX:BOE) 7.9%.
ASX Leaders
Today’s best performing stocks (including small caps):
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| T3D | 333D Limited | 0.16 | 103% | 7158639 | $14,919,451 |
| PAB | Patrys Limited | 0.002 | 100% | 788821 | $4,583,757 |
| ALM | Alma Metals Ltd | 0.006 | 50% | 2702687 | $7,428,948 |
| BMO | Bastion Minerals | 0.0015 | 50% | 678000 | $2,204,953 |
| PRX | Prodigy Gold NL | 0.003 | 50% | 1580032 | $13,483,725 |
| L1M | Lightning Minerals | 0.055 | 38% | 12085043 | $7,568,133 |
| LKY | Locksleyresources | 0.485 | 35% | 42041747 | $90,687,827 |
| TG1 | Techgen Metals Ltd | 0.036 | 33% | 4086782 | $8,139,551 |
| BMM | Bayanminingandmin | 0.2 | 25% | 7042064 | $21,324,260 |
| DTM | Dart Mining NL | 0.0025 | 25% | 5007311 | $2,749,052 |
| MEL | Metgasco Ltd | 0.0025 | 25% | 500000 | $3,674,173 |
| RLG | Roolife Group Ltd | 0.005 | 25% | 923404 | $7,513,982 |
| SER | Strategic Energy | 0.005 | 25% | 1699999 | $3,346,767 |
| TKL | Traka Resources | 0.0025 | 25% | 750000 | $4,844,278 |
| VEN | Vintage Energy | 0.005 | 25% | 996639 | $8,347,655 |
| BSA | BSA Limited | 0.13 | 24% | 8596312 | $7,906,527 |
| LTP | Ltr Pharma Limited | 0.575 | 24% | 2999518 | $52,062,778 |
| AT1 | Atomo Diagnostics | 0.022 | 22% | 13190281 | $14,583,155 |
| THB | Thunderbird Resource | 0.017 | 21% | 1916505 | $5,456,380 |
| OLL | Openlearning | 0.023 | 21% | 1890073 | $9,173,352 |
| ABE | Ausbondexchange | 0.036 | 20% | 59643 | $3,380,043 |
| ASE | Astute Metals NL | 0.018 | 20% | 1467537 | $10,663,061 |
| AOA | Ausmon Resorces | 0.003 | 20% | 7475887 | $3,278,034 |
| FIN | FIN Resources Ltd | 0.006 | 20% | 200000 | $3,474,442 |
| KGD | Kula Gold Limited | 0.012 | 20% | 11571150 | $10,366,383 |
In the news…
Andromeda Metals (ASX:ADN) fended off a “please explain” from the ASX today, pointing out the company had commissioned a report from East Coast Research to explain its share price movement.
East Coast reckons ADN is about 348% undervalued, pitching a price target at $0.054 per share over 12 months. The research broker highlights a A$75 million debt facility with Merricks Capital for the de-risked Great White kaolin project, which is construction-ready with an ore reserve of 15.1 million tonnes.
Travel technology company Jayride (ASX:JAY) has rolled out its software as a service mobility platform to the first 500 vehicles in Thailand.
JAY is treating the roll out as a strategic pilot, looking to gain valuable insights ahead of an expansion into Malaysia and Australia later this year.
Moho Resources (ASX:MOH) has extended the strike of a high-grade gold vein at the Bush Chook gold project to over 130m.
Using drone surveys and geo mapping, MOH has sketched out a 130-metre by 20-metre gold vein. The company is following up with rock chip sampling and expects to have results in hand within the next 3-4 weeks.
Kaili Resources (ASX:KLR) has wrapped up an aircore drilling campaign at its Limestone Coast project, targeting rare earth elements with 54 holes drilled over a total of 973 metres.
KLR expects to get the assays back from the lab in mid-October this year, having spaced the drill holes out over a large area to get a better idea of where areas of REE mineralisation may lie.
ASX Laggards
Today’s worst performing stocks (including small caps):
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NES | Nelson Resources. | 0.003 | -25% | 2011033 | $8,687,711 |
| HFR | Highfield Res Ltd | 0.068 | -24% | 3162656 | $42,192,857 |
| AN1 | Anagenics Limited | 0.004 | -20% | 2000 | $2,481,602 |
| CTN | Catalina Resources | 0.004 | -20% | 9872534 | $12,130,095 |
| MQR | Marquee Resource Ltd | 0.0105 | -19% | 32840492 | $9,534,187 |
| ADR | Adherium Ltd | 0.005 | -17% | 92215 | $11,179,048 |
| M2R | Miramar | 0.0025 | -17% | 480001 | $3,584,770 |
| TEG | Triangle Energy Ltd | 0.0025 | -17% | 3000016 | $6,567,702 |
| KLR | Kaili Resources Ltd | 0.28 | -16% | 816983 | $49,379,122 |
| H2G | Greenhy2 Limited | 0.011 | -15% | 738946 | $8,942,854 |
| GRV | Greenvale Energy Ltd | 0.051 | -15% | 298047 | $32,707,401 |
| AX8 | Accelerate Resources | 0.006 | -14% | 223618 | $5,720,321 |
| DTI | DTI Group Ltd | 0.006 | -14% | 325090 | $6,279,720 |
| MMR | Mec Resources | 0.006 | -14% | 1689347 | $13,103,929 |
| BDG | Black Dragon Gold | 0.068 | -13% | 780815 | $24,924,853 |
| AM5 | Antares Metals | 0.007 | -13% | 1671943 | $4,118,823 |
| E25 | Element 25 Ltd | 0.295 | -12% | 1047289 | $76,585,154 |
| SUM | Summitminerals | 0.037 | -12% | 954951 | $3,720,195 |
| AAJ | Aruma Resources Ltd | 0.008 | -11% | 295393 | $2,951,465 |
| CAV | Carnavale Resources | 0.004 | -11% | 1151518 | $18,405,983 |
| JAY | Jayride Group | 0.004 | -11% | 12044067 | $6,425,501 |
| OEL | Otto Energy Limited | 0.004 | -11% | 418017 | $21,577,544 |
| JLL | Jindalee Lithium Ltd | 0.53 | -11% | 239234 | $47,523,153 |
| ILA | Island Pharma | 0.295 | -11% | 641097 | $83,746,331 |
| MKR | Manuka Resources. | 0.034 | -11% | 2929934 | $40,484,624 |
In Case You Missed It
DY6 Metals (ASX:DY6) has acquired a major historical rutile producing area in central Cameroon and cemented its status as a regional player.
Ballard Mining (ASX:BM1) has hit paydirt at Neptune, unlocking serious gold potential along the Ballard Fault in WA.
Resolution Minerals (ASX:RML) has increased the mineralised footprint of the Antimony Ridge target at the Horse Heaven antimony-silver-gold project with soil sampling.
Heavy Rare Earths (ASX:HRE) is advancing multiple exploration workstreams across its combined South and Western Australian portfolio.
Caspin Resources (ASX:CPN) has signed a deal to earn in up to 80pc of the historic Weethalle gold project in NSW.
Nordic Resources’ (ASX:NNL) ground magnetic survey has identified several new targets and at least one should be tested in ongoing drilling.
Future Battery Minerals (ASX:FBM) recorded up to 4m at 1.6g/t gold in first phase drilling at its Miriam project near Coolgardie in WA.
West Wits Mining (ASX:WWI) is accelerating the Qala Shallows gold project in South Africa toward production with $17.5m from a placement.
HyTerra Limited (ASX:HYT) reviews seismic data at its Nemaha project in Kansas, understanding of the extent of hydrogen and helium at play.
Codeifai (ASX:CDE) is gearing up for the global transition to 2D barcodes with the addition of GSI Digital Link functionality to its ConnectQR platform.
ASX-lister Felix Gold (ASX:FXG) has strengthened its case to become the first new domestic antimony producer in the US in years with stunning Treasure Creek drill hits.
Belararox (ASX:BRX) pulls in $8.5 million from strongly backed placement to ramp up copper exploration in Botswana and Argentina.
Theta Gold Mines (ASX:TGM) has started bulk earthworks and civil works at its TGME gold project, which will lead to commissioning of the processing plant by end of 2026.
Australia is in the middle of a construction crunch with housing affordability at crisis levels and new projects taking longer and costing more.
Last Orders
Alterity Therapeutics (ASX:ATH) presented a poster on data from its TH434-201 randomized, double-blind Phase 2 clinical trial in Multiple System Atrophy (MSA) at the 50th Annual Meeting of the American Neurological Association (ANA), held in Baltimore, MD.
Management says the data continues to demonstrate meaningful clinical impact, reducing disease severity and reinforcing the potential of ATH434 as a disease modifying therapy.
Riversgold (ASX:RGL) has teamed up with TSX-listed AIS Resources for a farm-in agreement over the Saint John project in Canada.
AIS will issue 2.86m AIS shares at C$0.05 each to RGL, earning up to 75% based on exploration and drilling expenditure as well as early development milestones. RGL will retain a 25% free-carried interest through to FID.
Trading halts
Aldoro Resources (ASX:ARN) – pending announcement
Althea Group Holdings (ASX:AGH) – cap raise
BPH Global (ASX:BP8) – cap raise
EMVision Medical Devices (ASX:EMV) – cap raise
Investigator Resources (ASX:IVR) – potential asset divestment
Javelin Minerals (ASX:JAV) – material contract and cap raise
Lord Resources (ASX:LRD) – exploration results (Ilgarari Project)
Sultan Resources (ASX:SLZ) – gold/strategic metals acquisition and placement
Thor Energy (ASX:THR) – potential project disposal
At Stockhead, we tell it like it is. While Alterity Therapeutics and Riversgold 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.
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