• ASX edges up, Trump’s return on the radar
  • Bitcoin dips after hitting $106k, Star Entertainment Group tanks
  • Banks push ASX higher, Karoon Energy struggles

 

The ASX saw a small but steady rise on Monday, up 0.45% as traders nervously eyed Trump’s upcoming return to the White House and what that could mean for the global markets. 

With Trump being sworn in as the 47th US president on Tuesday morning AEDT, investors are wondering if his next set of policies will send the market flying or crashing.

“Trump’s proposed tariffs are likely to make exports more expensive to import into the US,” said Josh Gilbert at eToro.

“Sectors such as energy and healthcare are expected to experience some volatility,” he added. 

In Washington D.C., Trump held his final rally before the inauguration, telling the crowd that the “American decline” was over and that his second term would usher in a “new day of American strength and prosperity”. 

He made it clear that he would hit the ground running with a series of executive orders, including some aimed at trade and tariffs that could rock global markets.

The rally was attended by a who’s who of business moguls, with Elon Musk and Jeff Bezos rubbing shoulders with politicians and other celebrities alike. 

 

 

But with the US still on holiday for Martin Luther King Day, many traders were sitting on the sidelines, staying cautious.

Over in crypto world,  Bitcoin had a mixed day. 

After a strong rally that saw it break through the $US106,000 mark overnight, BTC started to retreat by midday, but still managed to kick back above $US102,000 at the time of writing. 

Meanwhile, the ASX had a broad rally, but tech and retail stocks were really doing the heavy lifting to drive the index higher.

Star Entertainment Group (ASX:SGR), however, copped a massive hit, falling 11%. This comes amid concerns that the casino giant might not be able to stay afloat with its mounting financial problems. 

Over in energy, Karoon Energy (ASX:KAR) also had a rough day, dropping 4% after it reported no major hydrocarbon discoveries from its Mississippi exploration well. A dud result that didn’t exactly inspire confidence.

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

Source: Market Index

 

Source: Market Index

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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Ioneer (ASX:INR) rocketed 17% after it secured a record-breaking $US996 million loan from the US Department of Energy for its lithium-boron project in Nevada. That loan could be a “game changer” for Ioneer, the company said, with the US looking to get serious about its lithium mining operations in a bid to compete with China. It’s also the first new lithium mine to be approved in the US in nearly 100 years.

Astute Metals (ASX:ASE) has just hit a major milestone at its Red Mountain lithium project in Nevada, with a standout drill hole (RMDD002) showing 86.9 metres of solid lithium mineralisation, including 32.1 metres at a high-grade 2,050ppm Li. This marks the thickest intersection so far at the site, extending the lithium deposit a further 375 metres north of previous drilling.

Agrimin (ASX:AMN) has received Western Australia’s environmental approval for its Mackay potash project after thorough assessments and public reviews. The approval follows years of environmental and heritage surveys, with conditions set by the WA Environmental Protection Authority. Agrimin now aims to secure Commonwealth approval and continue progressing the project. 

Findi (ASX:FND) has agreed to acquire BankIT Services for $30 million, marking a major step towards becoming a fully fledged payments bank in India. BankIT, a digital financial products distributor, will help accelerate Findi’s growth with its extensive merchant network and tech solutions. The acquisition brings Findi closer to its goal of reaching 200,000 merchant locations by March.

 

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

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IN CASE YOU MISSED IT

CuFe (ASX:CUF) has appointed David Palmer to its board as a non-executive director. Palmer is a geologist by trade and has nearly 40 years’ experience in the global exploration industry, having spent the majority of his career with Rio Tinto Exploration searching for copper, gold, base metals, industrial minerals, uranium, iron ore and diamonds.

Palmer’s work with Rio Tinto has taken him across Australia and the Asia/Pacific regions, including working in the management team that discovered the world-class Winu copper-gold deposit in the Pilbara.

Regenerative medicine company Orthocell (ASX:OCC) has received a $3.18m R&D tax incentive refund from the Australian Government. Following today’s rebate, Orthocell now holds roughly $33m cash in the bank, putting it in a favourable position to continue the commercialisation strategy of its Remplir product – designed to assist in peripheral nerve repair.

Orthocell is expecting US FDA clearance for sales of Remplir by late March or early April this year, allowing it to tap into a US$1.6bn market.

Explorer Belararox (ASX:BRX) has kicked off maiden drilling at its Toro-Malambo-Tambo project in Argentina’s San Juan province, testing a large porphyry copper-gold target identified by 3D modelling. The first hole is planned to burrow roughly 1,300m deep as part of a total 6,000m drill program expected to finish by the end of April this year.

The Belararox team say fieldworks at the Tambo South target have identified encouraging signs of porphyry-style veining within zoned hydrothermal alteration – coincident with “classic porphyry-style geochemical anomalies”.

 

At Stockhead, we tell it like it is. While CuFe, Orthocell and Belararox 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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