Closing Bell: ASX rebounds on dip buying; TikTok eyes Musk sale as US ban looms
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The ASX made a modest rebound on Tuesday, up by 0.48% as dip buyers seized the opportunity after a two-week low.
The bourse was led by energy and mining stocks, with higher iron ore prices boosting Fortescue (ASX:FMG) and BHP (ASX:BHP), and Brent crude’s gains lifting Ampol (ASX:ALD).
Meanwhile, the big winner of the day was Star Entertainment Group (ASX:SGR), jumping 12% after a mysterious Macau investor, Wang Xingchun, gobbled up another 28 million shares.
His growing stake of 6.52% comes just as Star fights to stay afloat amid a rocky period and ongoing negotiations with lenders.
In the retail space, City Chic Collective (ASX:CCX) was a bright spot, rising 15% after showing strong holiday trading results.
The day ended with Mesoblast (ASX:MSB) taking a hit, as its $216 million capital raise couldn’t excite investors, sending shares down 7%.
This is where things stood leading into closing time:
Meanwhile, in a twist that has tech world tongues wagging, reports have emerged that Chinese officials are considering selling TikTok’s US operations to Elon Musk if the app fails to fend off a looming ban in the US.
The story, which first appeared on Bloomberg, suggested that as ByteDance fights back a forced shutdown on January 19, a Musk acquisition could be the lifeline TikTok needs.
Today’s best performing small cap stocks:
Security Description Last % Volume MktCap WLD Wellard Limited 0.150 105% 6,485,754 $38,781,273 LNR Lanthanein Resources 0.003 50% 500,655 $4,887,272 CMD Cassius Mining Ltd 0.015 36% 6,437,220 $5,962,049 LNU Linius Tech Limited 0.002 33% 507,754 $9,226,824 NPM Newpeak Metals 0.017 31% 3,896,983 $4,186,933 FFG Fatfish Group 0.013 30% 13,116,379 $15,475,730 LMG Latrobe Magnesium 0.015 25% 3,190,587 $28,182,449 AUK Aumake Limited 0.005 25% 271,070 $12,042,769 MEU Marmota Limited 0.058 23% 8,835,097 $51,069,183 KLI Killiresources 0.059 23% 513,730 $6,730,740 PLN Pioneer Lithium 0.215 23% 216,968 $5,562,232 TFL Tasfoods Ltd 0.017 21% 1,024 $6,119,337 AI1 Adisyn Ltd 0.084 20% 5,855,835 $43,210,121 ASR Asra Minerals Ltd 0.003 20% 31,637 $5,781,575 AVE Avecho Biotech Ltd 0.003 20% 270,350 $7,923,243 BDG Black Dragon Gold 0.063 19% 1,153,819 $16,057,201 SHG Singular Health 0.255 19% 1,572,949 $53,151,195 NYM Narryermetalslimited 0.061 17% 578,517 $9,154,850 ROC Rocketboots 0.070 17% 68,335 $6,823,375 ADY Admiralty Resources. 0.007 17% 910,585 $15,776,876
Lakes Blue Energy (ASX:LKO) has received the final $3.5 million payment from the sale of its 49% stake in Victorian Petroleum Exploration Permit 169 (PEP 169), completing the $6.5 million deal. The sale includes ongoing royalty payments based on production from the permit, with Lakes set to receive around 4% of the wellhead value.
Marmota Energy (ASX:MEU)‘s test results from its Muckanippie Titanium discovery are showing top-tier heavy mineral (HM) concentrations, with bonanza grades over thick, wide intervals from surface. Key drill holes are reporting good results, including 28m at 19.2% HM and 36m at 13.5% HM.
Agribusiness firm Wellard (ASX:WLD) doubled after striking a deal to sell its last livestock vessel, the M/V Ocean Drover, for US$50 million. The buyer is Meteors Shipping, a Turkish agribusiness Wellard has worked with before. After the sale, Wellard said it plans to wind down its ship operations.
Linius Technologies (ASX:LNU) has appointed Ben Taverner as its new CEO, starting February 1, 2025. With over 20 years’ experience in sports and tech, Taverner has worked with big names like IMG, Juventus, and KORE. Current CEO James Brennan will step down but stay on during the transition.
MRG Metals (ASX:MRQ) has secured the Corridor Central 11142 Heavy Mineral Sands (HMS) mining licence, approved by Mozambique’s Mineral Resources Minister. The licence covers the high-grade Koko Massava deposit, with a JORC Resource of 103Mt at 6.6% total heavy minerals. The Corridor South HMS licence is almost finalised, with a JORC Resource of 257Mt at 6.0% THM. This sets the stage for mining to begin in 2025.
Energy Transition Minerals (ASX:ETM) saw a nice 7% lift after announcing a trip of its management team to Greenland to “foster relationships” with the local government.
Today’s worst performing small cap stocks:
Code Name Price % Change Volume Market Cap PSL Paterson Resources 0.010 -33% 1,631,218 $6,840,568 CR9 Corellares 0.003 -25% 6,495 $1,870,974 EDE Eden Inv Ltd 0.002 -25% 172,270 $8,219,752 OB1 Orbminco Limited 0.002 -25% 9,597,766 $4,333,180 H2G Greenhy2 Limited 0.004 -20% 376,274 $2,990,921 LM1 Leeuwin Metals Ltd 0.100 -17% 3,632 $5,622,201 1TT Thrive Tribe Tech 0.003 -17% 79,983 $6,095,169 BP8 Bph Global Ltd 0.003 -17% 85,995 $1,419,924 CYQ Cycliq Group Ltd 0.005 -17% 120,000 $2,763,100 ENV Enova Mining Limited 0.005 -17% 401,000 $5,909,576 ERA Energy Resources 0.003 -17% 309,206 $1,216,188,722 GLA Gladiator Resources 0.010 -17% 3,801,929 $9,099,562 IPB IPB Petroleum Ltd 0.005 -17% 502,000 $4,238,418 LML Lincoln Minerals 0.005 -17% 30,319 $12,337,557 MRD Mount Ridley Mines 0.003 -17% 304,582 $2,335,467 ADR Adherium Ltd 0.012 -14% 347,714 $10,620,119 SKK Stakk Limited 0.006 -14% 4,662,933 $14,525,558 AAU Antilles Gold Ltd 0.004 -13% 2,432,843 $7,431,504 EPM Eclipse Metals 0.007 -13% 195,000 $18,302,844 MKL Mighty Kingdom Ltd 0.007 -13% 91,735 $1,728,507 SBW Shekel Brainweigh 0.022 -12% 532,176 $5,701,531 FUL Fulcrum Lithium 0.150 -12% 3,000 $12,835,000
Gold, critical metals and base metals explorer Everest Metals Corporation (ASX:EMC) has received an R&D cash refund of $128,000 today from the Australian Taxation Office. The refund relates to the company’s work in FY2024 on rubidium and lithium extraction at its Mt Edon critical minerals project south of Paynes Find in Western Australia.
Everest plans to use the cash rebate for ongoing test works and a planned scoping study. The company is also currently conducting metallurgical research and development test work in collaboration with Edith Cowan University’s Mineral Recovery Research Centre.
Silver market darling Sun Silver (ASX:SS1) has flexed its value today after sharing with the market a 102m at 111g/t silver equivalent intercept from its Maverick Springs silver-gold project in Nevada, US.
The drill result comes from hole MR24-199, which is located outside of the current resource boundary – signalling the potential for growth at the project. Maverick Springs today commands an inferred resource of 195.7Mt at 40.25g/t silver and 0.32g/t gold for 253.3Moz contained silver and 2Moz contained gold.
South American explorer Brazilian Critical Minerals (ASX:BCM) says it is laying the foundation for an anticipated scoping study at its Ema project after releasing an updated resource estimate of 350Mt at 778ppm TREO.
More than 30% of this starter zone resource – 126Mt at 772ppm TREO, to be exact – sits in the indicated category. BCM plans to release the scoping study this quarter alongside continued conversion drilling results. This starter zone resource also only represents 14% of the available tenement area, giving the explorer plenty of confidence for potential future growth.
Argent Minerals (ASX:ARD) is beating its chest after identifying new drilling target zones at its Trunkey Creek project in New South Wales after flaunting high-grade rock chips measuring up to 63.1g/t gold. As well, reinterpreted IP and new detailed ground IP has earmarked high resistivity areas coincident with historical workings.
“We are extremely pleased to have received further high-grade geochemical results, highlighting significant gold mineralisation potential at Trunkey Creek,” ARD managing director Pedro Kastellorizos said.
At Stockhead, we tell it like it is. While Everest Metals, Sun Silver, Brazilian Critical Minerals and Argent Minerals 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.