Closing Bell: ASX pulls back as war tensions ramp up; gold at new record high

ASX dips after US futures drop and Israel strikes
Gold hits new high, coal stock New Hope soars
BYD’s five-minute battery charge sparks buzz

The ASX made solid gains before pulling back in the afternoon after US stock futures went into reverse in Asian hours.

As US futures dipped, so did the ASX’s mood. The trigger was when Israel launched a fresh wave of airstrikes across Gaza this afternoon.

The benchmark S&P/ASX 200 Index was swinging like a pendulum as it happened, and in the end, it managed to nudge up 0.08%.

The big banks were the ones that really felt the pinch. Consumer stocks weren’t much better.

But Origin Energy (ASX:ORG) and AGL Energy (ASX:AGL) were both up by about 1.5%. It’s clear that when market nerves start showing, investors love the steady hand of utilities.

The price of gold also shot to a new high, pushing past US$3,000 an ounce. Newmont Corporation (ASX:NEM) was up by 2.75%.

In the large caps space, coal miner New Hope Corp (ASX:NHC) had a ripper of a day, surging 9% after posting a healthy profit bump and promising a juicy $100 million share buyback.

Woolworths (ASX:WOW) got a lift too, up 1.3%, after Macquarie gave it an “outperform” rating.

Over in New Zealand, things weren’t looking too rosy for Contact Energy (ASX:CEN). The company’s plan for a 300-megawatt wind farm in Southland was knocked back after environmental concerns, with the panel ruling that the project could harm local flora and fauna. Shares were still up 1.3%.

And, in a move that’s got the market talking, South Korea’s Hanwha has come out swinging with a bid for a 9.9% stake in shipbuilder Austal (ASX:ASB), to the tune of $180 million. Austal shares jumped by 4%.

And finally, on a bit of a different note, BYD – the Chinese electric vehicle maker – is causing a stir in the market after unveiling a new battery that charges a car in just five minutes.

BYD’s shares jumped as much as 6% in Hong Kong, sending its market value to around $161 billion, which is now more than Ford, GM and Volkswagen combined.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Description	Last	%	Volume	MktCap
AXP	AXP Energy Ltd	0.002	50%	7,350,000	$6,574,681
GMN	Gold Mountain Ltd	0.002	50%	931,804	$4,579,223
MRD	Mount Ridley Mines	0.003	50%	338,258	$1,556,978
RLT	Renergen Limited	0.740	35%	111,720	$16,679,287
WTM	Waratah Minerals Ltd	0.190	31%	561,949	$29,346,187
TKM	Trek Metals Ltd	0.035	30%	2,237,895	$14,086,517
DVL	Dorsavi Ltd	0.009	29%	4,942,585	$5,118,665
SPX	Spenda Limited	0.009	29%	926,882	$32,306,508
NIM	Nimy Resources	0.054	26%	1,609,989	$8,949,498
BCB	Bowen Coal Limited	0.005	25%	7,842,003	$43,102,561
BP8	Bph Global Ltd	0.003	25%	449,845	$1,216,616
FGH	Foresta Group	0.010	25%	488,833	$21,223,252
KGD	Kula Gold Limited	0.005	25%	10,061,513	$3,685,015
RMI	Resource Mining Corp	0.005	25%	100,982	$2,609,391
FAL	Falconmetalsltd	0.135	23%	420,189	$19,470,000
EGR	Ecograf Limited	0.195	22%	1,437,681	$72,661,091
PL3	Patagonia Lithium	0.079	22%	83,822	$4,251,049
CR9	Corellares	0.003	20%	27,325	$1,169,312
AUR	Auris Minerals Ltd	0.006	20%	179,712	$2,383,130
AYT	Austin Metals Ltd	0.006	20%	14,625,620	$6,620,957
CUL	Cullen Resources	0.006	20%	4,417	$3,467,009
HLX	Helix Resources	0.003	20%	1,666,666	$8,410,484
ROG	Red Sky Energy.	0.006	20%	1,131,539	$27,111,136

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AXP Energy (ASX:AXP) has successfully completed a 14-day trial of gas-to-power operations at its Pathfinder hub, generating 1.5MW/hour of electricity with 85% uptime, now improved to over 90%. The company has teamed up with NASDAQ-listed BitFuFu to expand Bitcoin mining operations, with plans to scale up to 25MW of electricity by the end of 2025. BitFuFu will supply more mining equipment, and AXP will focus on providing the power and site services, all while exploring other opportunities in North America.

Trek Metals (ASX:TKM) has identified visible gold in drill chips from its Martin prospect at the Christmas Creek project in WA. With high-grade intercepts of up to 12.66g/t gold, the company plans to fast-track drilling in May to expand on this promising discovery.

Dorsavi (ASX:DVL) has just launched a 3D motion analysis tool to help prevent ACL injuries in athletes. Using its FDA-approved wearable sensors and AI, the tool tracks knee movements in real-time, identifying risky movement patterns that lead to ACL tears. This new tech is way better than the old 1D force plates, it said, capturing crucial rotational torque forces.

Nimy Resources (ASX:NIM) has signed a non-binding MoU with Curtin University to team up on gallium research and development. The partnership aims to boost Australia’s position in the global gallium market, focusing on areas like production, processing and applications. With Nimy’s high-grade gallium discovery and Curtin’s research expertise, the plan is to create a secure supply chain for industries like tech, renewable energy and defence.

Kula Gold’s (ASX:KGD) drilling program at the Mt Palmer gold mine is heating up, with an Aircore drill done and results coming soon. Later this week, Kula will kick off an RC drill targeting shallow gold prospects along a 10km belt, including promising spots like Bryant and El Dorado. With gold prices pushing $4,800 an ounce, Kula’s eyeing growth and cashflow from the Mt Palmer project, which has a rich history of gold production.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
PCL	Pancontinental Energ	0.009	-50%	126,470,012	$138,321,960
GES	Genesis Resources	0.006	-33%	289,779	$7,045,572
VFX	Visionflex Group Ltd	0.002	-33%	200,000	$10,103,581
NTM	Nt Minerals Limited	0.002	-25%	4,906,666	$2,421,806
RLG	Roolife Group Ltd	0.003	-25%	500,000	$5,684,125
AUK	Aumake Limited	0.004	-20%	2,058,705	$15,053,461
ERA	Energy Resources	0.002	-20%	2,836,723	$1,013,490,602
LEG	Legend Mining	0.008	-20%	3,424,710	$29,094,772
LNR	Lanthanein Resources	0.002	-20%	57,975	$6,109,090
MTB	Mount Burgess Mining	0.004	-20%	374,378	$1,697,687
SNS	Sensen Networks Ltd	0.019	-17%	376,666	$18,239,862
GUL	Gullewa Limited	0.054	-17%	323,903	$14,171,441
HOR	Horseshoe Metals Ltd	0.015	-17%	49,999	$12,060,120
ALR	Altairminerals	0.003	-17%	167,000	$12,890,233
ECT	Env Clean Tech Ltd.	0.003	-17%	421,526	$10,940,431
HE8	Helios Energy Ltd	0.010	-17%	3,856,330	$31,248,593
NWM	Norwest Minerals	0.010	-17%	247,000	$5,821,434
TFL	Tasfoods Ltd	0.005	-17%	413,658	$2,622,573
NFL	Norfolkmetalslimited	0.115	-15%	100,240	$5,523,651
BIT	Biotron Limited	0.003	-14%	74,152	$3,158,340
BLU	Blue Energy Limited	0.006	-14%	413,206	$12,956,815
FFF	Forbidden Foods	0.006	-14%	1,657,086	$4,984,714
GLL	Galilee Energy Ltd	0.006	-14%	221,802	$3,900,350
IXR	Ionic Rare Earths	0.006	-14%	867,344	$36,668,998

IN CASE YOU MISSED IT

Akora Resources (ASX:AKO) will soon release a pre-feasibility study for its Bekisopa iron ore project in Madagascar. Test results show the DSO is easy to process and upgrade. With a 6.6Mt resource at 59.7% iron and a US$125 million NPV, the project has strong profit potential.

Scorpion Minerals (ASX:SCN) will begin RC drilling in late March at its Pharos project and Jungar Flats JV to follow up high-grade gold targets. The company is looking to capitalise on record gold prices, supported by its significant landholding in WA’s Dalgaranga-Big Bell shear corridor.

Antares Metals (ASX:AM5) has outlined multiple new high-priority copper targets at its Mt Isa North project following high-definition geophysical surveys. Drilling is set to begin in April, targeting subsurface extensions in an area known for IOCG mineralisation and offering discovery potential.

New World Resources (ASX:NWC) is strengthening its leadership team to advance the development and financing of its Antler copper project in Arizona, USA. The company has appointed experienced mining engineer Kyle Lindahl as chief operating officer and seasoned investment banker Warwick Amos as chief financial officer. New World has also named Pat Siglin as vice president of exploration.

Blue Star Helium (ASX:BNL) has completed drilling the intermediate hole section of the Jackson 4 well at its Galactica project in Colorado, USA, with casing set and cementing underway. Once the cement bond log confirms bonding, drilling will continue into the target Lyons formation to total depth.

At Stockhead, we tell it like it is. While Akora Resources, Trek Metals, Scorpion Minerals, Antares Metals, New World Resources and Blue Star Helium 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.