Black Friday sales comes into focus for investors. Picture via Getty Images
Closing Bell: ASX slips from record highs, but Black Friday sales could be catalyst for next week
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- ASX retreats from record highs
- Focus now on Black Friday sales
- Resolute Mining settles Mali dispute, shares rise
Yesterday’s ASX rally, which pushed the index to record highs, stalled with investors lacking direction following Wall Street’s closure for Thanksgiving.
The benchmark S&P/ASX 200 finished lower by about 0.1% on Friday. For the week, it was up by around 0.3%.
But Jessica Amir at Moomoo Australia believes that while the ASX has retreated from record highs, sentiment could still improve further if there is a surge in consumer spending during today’s Black Friday sales.
“This means the focus for investors will be on those key benefactors that could see their revenue rise markedly and help support their share price,” said Amir.
This is where the ASX stood at around 15:40 AEST:
Stocks in the spotlight today included almond producer, Select Harvests (ASX:SHV). The company reported a surprising turnaround, posting a net profit of $1.5 million for the full-year results, following a shocker of a loss last year, when it posted a net loss of $114.7 million. Select’s shares were, however down 3.5%.
Resolute Mining (ASX:RSG), meanwhile, has paid US$130m of a US$160m settlement with Mali’s junta, allowing continued operations at its Syama gold mine. Shares rose 4%.
Star Entertainment Group (ASX:SGR) meanwhile hit an all-time low, after it it flagged challenging operating conditions, near-term liquidity challenges and deteriorating earnings, according to a Reuters report.
Across the region, the yen strengthened after Japan’s inflation data surpassed expectations, while other Asian stock markets fluctuated.
Investors are weighing news that the US might ease export restrictions on semiconductor sales to China next week. While the measures may still limit sales of key components and AI chips, the Bloomberg report suggested they could be less severe.
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PPG | Pro-Pac Packaging | 0.042 | 147% | 2,804,875 | $3,088,691 |
| MTB | Mount Burgess Mining | 0.002 | 50% | 2,452,572 | $1,298,147 |
| CRR | Critical Resources | 0.007 | 40% | 4,260,382 | $12,159,816 |
| AOK | Australian Oil. | 0.004 | 33% | 150,000 | $3,005,349 |
| AVE | Avecho Biotech Ltd | 0.004 | 33% | 12,901,345 | $9,507,891 |
| LNU | Linius Tech Limited | 0.002 | 33% | 362,000 | $9,226,824 |
| TYX | Tyranna Res Ltd | 0.004 | 33% | 2,350,000 | $9,863,776 |
| WNR | Wingara Ag Ltd | 0.008 | 33% | 921,967 | $1,053,255 |
| ERW | Errawarra Resources | 0.080 | 33% | 1,040,389 | $5,755,240 |
| 1AI | Algorae Pharma | 0.009 | 29% | 12,692,366 | $11,811,763 |
| MEG | Megado Minerals Ltd | 0.015 | 25% | 941,502 | $3,509,467 |
| MOV | Move Logistics Group | 0.175 | 25% | 16,981 | $17,865,963 |
| ATH | Alterity Therap Ltd | 0.005 | 25% | 62,769,347 | $21,281,344 |
| COY | Coppermoly Limited | 0.010 | 25% | 50,000 | $5,661,259 |
| TSL | Titanium Sands Ltd | 0.005 | 25% | 44,200 | $8,846,989 |
| SCP | Scalare Partners | 0.210 | 24% | 7,398 | $5,930,076 |
| MHI | Merchant House | 0.160 | 23% | 1,151,717 | $12,254,644 |
| MTM | MTM Critical Metals | 0.083 | 22% | 32,541,903 | $23,660,777 |
| HMG | Hamelingoldlimited | 0.074 | 21% | 398,548 | $9,607,500 |
| CAE | Cannindah Resources | 0.060 | 20% | 2,522,937 | $35,153,998 |
| ADD | Adavale Resource Ltd | 0.003 | 20% | 20,832,538 | $3,059,413 |
| BMO | Bastion Minerals | 0.006 | 20% | 181,602 | $4,223,623 |
| OCT | Octava Minerals | 0.130 | 18% | 742,617 | $6,516,906 |
| PTR | Petratherm Ltd | 0.195 | 18% | 1,435,509 | $50,074,580 |
Mount Burgess Mining (ASX:MTB) has received shareholder approval to consolidate its shares, converting every four existing shares into one. This will reduce the total number of shares from 1.3 billion to around 324 million, effectively increasing the value of each share. The same ratio will apply to options, with their exercise price adjusted accordingly. This move will not affect shareholders’ percentage ownership, the company said.
Algorae Pharmaceuticals -1AI (ASX:) said its drug candidate AI-168 has shown strong cardioprotective effects in preclinical tests, outperforming FDA-approved beta blockers in three cardiovascular cell lines. These promising results have led to the filing of an international patent application. AI-168 will be further tested in animal studies for cardiovascular disease in collaboration with Monash University.
Adavale Resources (ASX:ADD) has acquired a 72.5% stake in the Parkes gold and copper project in New South Wales, which covers 395km² in a highly prospective area for gold and copper deposits. The project includes the London-Victoria Gold Mine, with a historical estimate of 124,000 oz of gold, and other promising exploration targets.
Asra Minerals (ASX:ASR) has completed 2,400m of air-core and 1,310m of reverse circulation drilling at the Diorite East Prospect, part of the Mt Stirling Gold Project. The drilling confirmed gold mineralisation in the bedrock, with highlights including 4m at 1.69 g/t Au and 4m at 1.68 g/t Au. Strong gold anomalies were also found at Yttria and Mt Stirling Viserion, with a peak grade of 1.2 g/t Au. Further testing will follow with a larger RC drilling program in 2025.
MTM Critical Metals (ASX:MTM) has teamed up with Indium Corporation to develop a US-based solution for recovering critical metals. (See below for further details.)
Imricor Medical Systems (ASX:IMR) continues to rise, up by another 12% today after the announcement yesterday that it has signed a licensing agreement with Swiss software company ADIS for the commercialisation of AI modules integrated into its NorthStar 3D mapping system. The agreement covers upfront licence payments and ongoing fees, with plans for a commercial launch in Europe, the US, and the Middle East in 2025.
ASX SMALL CAP LAGGARDS
Today’s worst performing small cap stocks:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| EXL | Elixinol Wellness | 0.004 | -33% | 475,407 | $10,520,427 |
| VML | Vital Metals Limited | 0.002 | -33% | 2,809,173 | $17,685,201 |
| 88E | 88 Energy Ltd | 0.002 | -25% | 27,681,114 | $57,867,624 |
| JAV | Javelin Minerals Ltd | 0.003 | -25% | 20,206,741 | $20,757,585 |
| FND | Findi Limited | 5.900 | -24% | 952,217 | $379,953,213 |
| APCDA | Aust Potash Ltd | 0.031 | -23% | 3,616,887 | $4,070,224 |
| BNL | Blue Star Helium Ltd | 0.004 | -20% | 433,709 | $13,474,426 |
| BUY | Bounty Oil & Gas NL | 0.004 | -20% | 52,735 | $7,492,505 |
| GGE | Grand Gulf Energy | 0.002 | -20% | 1,233,352 | $6,125,968 |
| EGY | Energy Tech Ltd | 0.025 | -19% | 300,943 | $13,531,622 |
| MCM | Mc Mining Ltd | 0.125 | -19% | 59,932 | $73,797,879 |
| G50 | G50Corp Ltd | 0.195 | -17% | 629,213 | $36,208,895 |
| ADG | Adelong Gold Limited | 0.005 | -17% | 1,006,770 | $6,707,934 |
| ALM | Alma Metals Ltd | 0.005 | -17% | 677,563 | $9,399,133 |
| AUK | Aumake Limited | 0.005 | -17% | 380,034 | $17,719,446 |
| ERA | Energy Resources | 0.003 | -17% | 1,143,016 | $1,216,188,722 |
| LML | Lincoln Minerals | 0.005 | -17% | 65,750 | $12,337,557 |
| LIS | Lisenergylimited | 0.135 | -16% | 1,884,096 | $102,432,037 |
| ALY | Alchemy Resource Ltd | 0.006 | -14% | 11,097,292 | $8,246,534 |
| IPB | IPB Petroleum Ltd | 0.006 | -14% | 1,322,253 | $4,944,821 |
| KGD | Kula Gold Limited | 0.006 | -14% | 10,663,539 | $4,502,483 |
| OAK | Oakridge | 0.060 | -14% | 7,338 | $1,889,854 |
| GTE | Great Western Exp. | 0.025 | -14% | 442,824 | $16,047,416 |
| SMMDA | Somerset Minerals | 0.013 | -13% | 414,883 | $3,092,996 |
IN CASE YOU MISSED IT
Green Technology Metals (ASX:GT1) is enjoying success with the first two deep extension holes striking high-grade lithium over significant widths at its Root project in Canada’s Ontario province.
The company is moving toward a Root resource upgrade at a prominent time with plenty of M&A heating up across the sector.
MTM Critical Metals (ASX:MTM) is making waves, inking a strategic partnership with specialty technology metals supplier Indium Corporation to reduce US reliance on foreign metal sources by creating a local processing solution.
Under the agreed MoU, MTM will process ultra-high value scrap provided by Indium that contains up to 20% indium, 15% gallium and 18% germanium with a focus on developing advanced recovery methods using FJH technology.
Asra Minerals (ASX:ASR) has added high-priority gold targets to its Mt Stirling flagship in the Eastern Goldfields, thanks to the most recent AC and RC drill program covering gold in soil and geophysical targets at the project’s Diorite East prospect.
Follow-up RC drilling is being planned to test the high priority anomalies.
Indiana Resources (ASX:IDA) has acquired the services of experienced mining exec Lindsay Owler as its newest CEO.
Owler will be based in IDA’s South Australia office and, with extensive experience in mineral exploration across the Gawler Craton region, will help Indiana unlock the potential of its assets in the area.
An initial site visit is planned for December, during which Owler will oversee the company’s ongoing drilling and geochemical sampling campaigns.
At Stockhead, we tell it like it is. While Green Technology Metals, MTM Critical Metals, Imricor Medical Systems, Asra Minerals and Indiana Resources 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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