Closing Bell: ASX rolls back yesterday’s gains as info tech stages recovery
Traders are reeling under the weight of losses in financial and materials, with only info tech making any progress of note. Pic: Getty Images.
- ASX beats hasty retreat from new record high, down 0.79pc
- Info tech rises against the tide, adding 0.85pc
- Banks and financial stocks struggle alongside materials sector, leading losses
Info tech fires up despite dour market
The ASX unwound all its progress from yesterday, ending the day down 0.79% with nine sectors falling.
It was again responding to chaos in US markets. US CPI came in hotter than desired, putting a damper on a potential rate cut from the Fed Reserve.
US markets were also shaken by Treasury secretary Scott Bessent announcing the White House had initiated a formal process to remove Fed chair Jerome Powell before his term expires next year.
Adding to the mix, Trump threw around some fresh rhetoric about pharmaceutical and semiconductor tariffs, but as usual we’ll have to wait and see what comes of that.
In the meantime, the financial sector led losses, shedding 1.36% alongside a depleted materials sector.
The info tech sector staged a strong recovery though, rising 0.85% after falling 0.35% in the first half hour of trade. It was the only index to climb, adding 0.64%.
Tech stocks were one of the few silver linings in an otherwise difficult day of trading.
Payment management company Tyro (ASX:TYR) shot up 7.2%, analytics and intelligence firm Nuix (ASX:NXL) added 7.5%, SaaS software provider Infomedia (ASX:IFM) climbed 4.4% and big cap Megaport (ASX:MP1) added 6.2%.
Banks sold down as market struggles
One of the bigger victims of today’s sell down was the seven major banking stocks. Their index plunged 1.6%.
National Australian Bank (ASX:NAB) has been under fire in recent days, as major shareholders raise concerns about chief executive Andrew Irvine’s management style and lifestyle choices.
Not surprising then that NAB led banking losses, down 3.18%.
Retail investor favourite Commonwealth Bank (ASX:CBA) slid 1.2%, ANZ Group (ASX:ANZ) 0.79%, Westpac (ASX:WBC) 1.57%, Macquarie (ASX:MQG) 0.77%, QBE (ASX:QBE) 1% and Suncorp (ASX:SUN) 0.49%.
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MIOR | Macarthur Minerals | 0.003 | 200% | 447404 | $99,833 |
| FTC | Fintech Chain Ltd | 0.004 | 100% | 1592539 | $1,301,539 |
| KNG | Kingsland Minerals | 0.145 | 53% | 290323 | $6,893,287 |
| ERL | Empire Resources | 0.006 | 50% | 1546439 | $5,935,653 |
| EEL | Enrg Elements Ltd | 0.002 | 33% | 1912486 | $4,880,668 |
| AKN | Auking Mining Ltd | 0.006 | 33% | 37340109 | $3,096,523 |
| PV1 | Provaris Energy Ltd | 0.017 | 31% | 4193417 | $10,101,617 |
| OEQ | Orion Equities | 0.195 | 30% | 28466 | $2,347,384 |
| AX8 | Accelerate Resources | 0.009 | 29% | 2097369 | $5,720,321 |
| CPM | Cooper Metals Ltd | 0.048 | 26% | 294686 | $2,977,515 |
| PR1 | Pure Resources Limited | 0.125 | 25% | 440609 | $4,600,879 |
| ASN | Anson Resources Ltd | 0.09 | 25% | 14901420 | $99,845,031 |
| CUL | Cullen Resources | 0.005 | 25% | 250433 | $2,773,607 |
| MEG | Megado Minerals Ltd | 0.04 | 25% | 1909655 | $20,661,864 |
| PIL | Peppermint Inv Ltd | 0.0025 | 25% | 343838 | $4,602,180 |
| PPG | Pro-Pac Packaging | 0.02 | 25% | 352939 | $2,907,003 |
| PPY | Papyrus Australia | 0.01 | 25% | 136062 | $4,581,454 |
| RLG | Roolife Group Ltd | 0.005 | 25% | 2019881 | $6,371,125 |
| LKY | Locksley Resources | 0.115 | 24% | 26061959 | $17,050,000 |
| CP8 | Canphosphateltd | 0.074 | 23% | 187789 | $18,405,632 |
| SNS | Sensen Networks Ltd | 0.037 | 23% | 20027 | $23,791,124 |
| IBX | Imagion Biosys Ltd | 0.017 | 21% | 27940131 | $2,818,780 |
| RPG | Raptis Group Limited | 0.12 | 20% | 140947 | $35,068,485 |
| AYT | Austin Metals Ltd | 0.003 | 20% | 181536 | $3,960,478 |
| BNL | Blue Star Helium Ltd | 0.006 | 20% | 145568 | $13,474,426 |
Making news…
Lumos Diagnostics (ASX:LDX) has cleared a path to enter US markets, inking a six-year exclusive deal for the distribution of FebriDx with PHASE Scientific, valued at up to US$317 million.
There are still some hurdles to clear – the company will need to secure a CLIA waiver classification from the FDA – but LDX has already enrolled 105 of 120 patients in its CLIA study and expects to have the paperwork in hand within the next three months.
Noxopharm (ASX:NOX) has administered the first dose of SOF-SKN in its HERACLES trial, a first-in-human study evaluating SOF-SKN as a novel drug candidate for autoimmune diseases.
Currently at the safety and tolerability stage of clinical testing, NOX will dose four cohorts of four patients each in progressively higher dosages, with the goal of targeting the US$3 billion lupus market.
Catalina Resources (ASX:CTN) is chasing up a stellar rare earth drill hit at the Laverton project that closely mirrors mineralisation found at the nearby Mt Weld mine (ASX:LYC), one of the most valuable rare earth deposits in the world.
On top of following up on the 9m at 7565 parts per million total rare earth oxide result, CTN is also exploring for gold in the Barnicoat Shear Zone at Laverton, host to several existing gold deposits.
Javelin Minerals (ASX:JAV) has lifted the grade and confidence levels of its Eureka gold project resource estimate, increasing the overall resource grade 16% to 1.69 g/t gold for 110,687 ounces.
The update also added more tonnes to the indicated category, lifting it to 1.36Mt at 1.8 g/t gold for 78,678 ounces, a 27% increase.
ASX SMALL CAP LAGGARDS
Today’s worst performing small cap stocks:
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AOA | Ausmon Resorces | 0.001 | -50% | 1226988 | $2,622,427 |
| SFG | Seafarms Group Ltd | 0.001 | -50% | 6000 | $9,673,198 |
| SKN | Skin Elements Ltd | 0.002 | -33% | 55557 | $3,225,642 |
| CTN | Catalina Resources | 0.003 | -25% | 1743751 | $9,704,076 |
| FAU | First Au Ltd | 0.003 | -25% | 16503 | $8,305,165 |
| GTR | Gti Energy Ltd | 0.003 | -25% | 3176612 | $14,835,762 |
| BCB | Bowen Coal Limited | 0.075 | -25% | 2076944 | $10,775,756 |
| APC | APC Minerals | 0.008 | -24% | 10585499 | $3,075,800 |
| X2M | X2M Connect Limited | 0.014 | -22% | 1532537 | $7,831,023 |
| AMS | Atomos | 0.004 | -20% | 55022 | $6,075,092 |
| M2R | Miramar | 0.004 | -20% | 13877015 | $4,984,116 |
| MRD | Mount Ridley Mines | 0.002 | -20% | 3700 | $1,946,223 |
| PRM | Prominence Energy | 0.002 | -20% | 891688 | $1,216,176 |
| RNX | Renegade Exploration | 0.004 | -20% | 150000 | $6,441,817 |
| SLZ | Sultan Resources Ltd | 0.004 | -20% | 639757 | $1,157,350 |
| SPQ | Superior Resources | 0.004 | -20% | 2402254 | $11,854,914 |
| RDG | Res Dev Group Ltd | 0.009 | -18% | 68225 | $32,459,439 |
| THB | Thunderbird Resource | 0.009 | -18% | 2384348 | $4,287,156 |
| RMI | Resource Mining Corp | 0.014 | -18% | 2369600 | $12,485,707 |
| ARV | Artemis Resources | 0.005 | -17% | 1637579 | $15,214,033 |
| AZL | Arizona Lithium Ltd | 0.005 | -17% | 18139597 | $31,621,887 |
| CC9 | Chariot Corporation | 0.059 | -16% | 525881 | $8,354,764 |
| AJL | AJ Lucas Group | 0.006 | -14% | 156934 | $9,630,107 |
| BLU | Blue Energy Limited | 0.006 | -14% | 20000 | $12,956,815 |
| BYH | Bryah Resources Ltd | 0.006 | -14% | 3574 | $6,789,675 |
IN CASE YOU MISSED IT
The Hong Kong Electrical and Mechanical Services Department has produced a glowing report on a trial installation of ClearVue Technologies (ASX:CPV) solar façade products, sketching out a payback period of less than 3 years.
Trigg Minerals (ASX:TMG) has locked in the Bernhardt Group to lead engagement with US officials at Antimony Canyon.
Bryah Resources (ASX:BYH) has highlighted the antimony potential of the Golden Pike gold project in New Brunswick, Canada, during a due diligence review.
Prescient Therapeutics (ASX:PTX) initiates first US site for the Phase 2a trial of PTX-100 in patients with relapsed/refractory Cutaneous T-Cell Lymphoma.
European Lithium (ASX:EUR) has applauded Critical Metals Corp’s drilling at the Tanbreez rare earth project in Greenland.
Tryptamine Therapeutics (ASX:TYP) has bolstered its clinical development team with two key appointments as it progresses lead drug candidate IV-infused psilocin TRP-8803.
Pure Hydrogen Corporation (ASX:PH2) has sold its first hydrogen-powered truck to Riverview International Trucks in California.
Axel REE (ASX:AXL) says assays from auger drilling at its Caladão project in Brazil have delivered strong gallium and rare earths results.
TRADING HALTS
- Andean Silver (ASX:ASL) – cap raise
- Burgundy Diamond Mines (ASX:BDM) – operational update
- SIPA Resources (ASX:SRI) – cap raise
At Stockhead, we tell it like it is. While Lumos Diagnostics and Javelin 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.
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