• Local markets end slightly higher
  • IT Sector slumps 1.2pc
  • Small Caps led by AT1


The ASX 200 traded sideways again today, closing the day +0.1% higher as gains in Financials and Real Estate were offset by losses in Tech and Mining stocks.

Traders mulled over the GDP data dropped earlier today which shows that the Australian economy grew at just 0.2% last quarter – meeting expectations – and +1.5% over the past 12 months.

It was the weakest growth rate since the 1990s, providing evidence that the RBA’s persistent rate hikes have been effective.

“Another rate rise would cruel the economy – and we expect to see 100 basis points of cuts in 2024-25,” said Deloitte Access’ partner, Stephen Smith.

 “Monetary and fiscal policy need to pivot away from containing inflation to stimulating economic growth.”

To stocks, Tech dragged the ASX lower today, while gold mining stocks tracked the bullion price rally overnight. 

Big bank stocks like the Commonwealth Bank (ASX:CBA) and National Australia Bank (ASX:NAB) also rose.

Bitcoin meanwhile is trading within a narrow range in Asian hours of around US$63k, after resetting all time highs overnight of US$69k overnight.


ASX Sectors on Wednesday

Via MarketIndex


Jerome Powell’s testimony preview

Fed Reserve chairman Jerome Powell will give his semi annual testimony to Congress later today (US time).

He faces lawmakers and market participants intent on getting more clarity about how he intends on proceeding with rate cuts this year.

“The question now for the market is to glean any information on when the Fed will begin employing rate cuts and how many,” said Quincy Krosby at LPL Financial. 

Prior message from Powell indicates the“danger of moving too soon” and that the Fed should have a “cautious approach”.

But the market seems to be getting ahead of itself as gold and Bitcoin touched record highs.

“Speculation over a Fed rates pivot and continued geopolitical tensions keep gold shining,” said Ewa Manthey at ING Groep. 



Today’s best performing small cap stocks:

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Code Name Price % Change Volume Market Cap
NME Nex Metals Explorat 2.20 69.23 719,580 $4,582,923
SLZ Sultan Resources Ltd 2.30 64.29 4,250,180 $2,074,661
M4M Macro Metals Limited 0.45 50.00 117,486,556 $8,436,233
1AD Adalta Limited 3.20 28.00 64,473,613 $13,145,102
ASV Assetvisonco 1.40 27.27 676,590 $7,984,202
AT1 Atomo Diagnostics 3.40 25.93 44,741,154 $17,258,462
DXB Dimerix Ltd 27.50 25.00 9,201,144 $96,255,826
NVQ Noviqtech Limited 0.50 25.00 15,959,142 $5,237,781
TMX Terrain Minerals 0.50 25.00 790,000 $5,726,683
ARV Artemis Resources 1.80 20.00 5,080,535 $25,367,942
ADD Adavale Resource Ltd 0.60 20.00 100,000 $5,055,861
AL8 Alderan Resource Ltd 0.60 20.00 4,333,333 $5,534,307
MSG Mcs Services Limited 0.60 20.00 584,509 $990,498
OAU Ora Gold Limited 0.60 20.00 12,459,224 $28,700,004
UCM Uscom Limited 2.70 17.39 8,846 $5,625,515
AUZ Australian Mines Ltd 1.75 16.67 38,054,129 $19,597,666
ODY Odyssey Gold Ltd 2.10 16.67 797,367 $16,179,680
OPN Oppenneg 0.70 16.67 500,000 $6,775,078
RNX Renegade Exploration 0.70 16.67 1,896,028 $6,010,343
DEL Delorean Corporation 6.50 16.07 278,496 $12,080,371
PLT Plenti Group Limited 75.00 15.38 1,200,411 $113,507,930
IPT Impact Minerals 1.50 15.38 24,058,429 $37,241,151
TTM Titan Minerals 3.00 15.38 3,289,990 $44,092,003
CR1 Constellation Res 9.80 15.29 872,175 $4,241,961
ALA Arovella Therapeutic 15.50 14.81 2,564,747 $124,896,092
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Atomo Diagnostics (ASX:AT1)  rocketed by as much as 90% this morning after announcing that it has secured a significant order for its HIV Self-Tests.

Atomo said it secured purchase orders from US-based Viatris Healthcare for approximately $970k worth of HIV Self-Tests, manufactured by Atomo under the Mylan brand, for supply to a number of Low- and Middle-Income Countries (LMICs).

AdAlta (ASX:1AD) announced key results from its Phase 1 extension study of lead asset AD-214, a drug for fibrotic diseases.

AdAlta says the results have positively answered key partnering discussion questions to support progressing AD-214 to Phase II clinical studies in Idiopathic Pulmonary Fibrosis (IPF).

Metalicity (ASX:MCT) says drilling approvals at its 80% owned Yundamindra Gold Project (20% owned by JV partner Nex Metals Exploration (ASX:NME) have been lodged for the first drilling program in over a decade. MCT says following favourable Wardens Court decisions regarding the Yundamindra tenements the company has been undertaking extensive internal and external review of all historical data and activities at the highly prospective gold project.

Constellation Resources (ASX:CR1) announced that it has been conditionally accepted as the preferred applicant for six Special Prospecting Authorities with an Acreage Option (SPA-AO) applications over the Edmond-Collier and Yerrida Basin area. The application areas are considered to be prospective for helium and associated gases. The six SPA-AOs cover a total of 712 graticular blocks (56,192km2) over the Edmond-Collier and Yerrida Basins.

Zoono Group (ASX:ZNO) announced that it has entered into an Exclusive Agency Agreement with OSY Group to promote the sale of Zoono products for the food supply chain sector. OSY is a leading-edge provider of technologies in the hygiene technology sector. The company was recently awarded an Innovate UK Award granting funding to support its food shelf-life extension work.

Artemis Resources (ASX:ARV)’s gound reconnaissance sampling from its 100% owned Artemis tenement E47/1746 delivered assay results from the Mt Marie prospect including:

  • 24AR01-14 – 4.67% Li2O
  • 24AR01-15 – 2.11% Li2O
  • 24AR01-02 – 1.74% Li2O
  • 24AR01-06 – 1.68% Li2O
  • 24AR01-11 – 1.46% Li2O

Aruma Resources (ASX:AAJ) rose on the back of high-grade rare earths discovered at its Salmon Gums project in the Eastern Gold Fields of Western Australia. Maiden REE-focused drilling there has returned multiple high-grade clay rare earths of “significant thickness”, including: 11m at 904ppm TREO from 18m; 6m at 770pmm TREO from 24m; 18m at 638ppm TREO from 12m and more.

Magellan Financial Group (ASX:MFG) rose after after reporting the funds under management (FUM) in February rose to $37.2bn from $36.3bn in January.



Today’s best performing small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Name Price % Change Volume Market Cap
CNJ Conico Ltd 0.20 -33.33 425,840 $4,710,285
ABE Ausbondexchange 1.10 -26.67 333,320 $1,690,022
1AG Alterra Limited 0.30 -25.00 104,426 $3,482,763
XST Xstate Resources 1.50 -25.00 959,550 $6,430,383
WHK Whitehawk Limited 3.70 -24.49 19,461,936 $16,565,465
EDE Eden Inv Ltd 0.20 -20.00 433,725 $9,195,678
ESR Estrella Res Ltd 0.40 -20.00 5,003,586 $8,796,859
ROG Red Sky Energy. 0.40 -20.00 828,556 $27,111,136
SEG Sports Ent Grp Ltd 19.00 -19.15 2,200 $62,215,872
GCM Green Critical Min 0.50 -16.67 2,066,940 $6,819,510
IBG Ironbark Zinc Ltd 0.50 -16.67 1,507,200 $9,563,236
INP Incentiapay Ltd 0.50 -16.67 70,175 $7,463,580
VAL Valor Resources Ltd 0.25 -16.67 18,909 $13,767,040
ICR Intelicare Holdings 1.60 -15.79 199,844 $4,461,665
MXC Mgc Pharmaceuticals 42.50 -15.00 75,602 $21,925,816
REY REY Resources Ltd 8.50 -15.00 900 $21,168,754
FRS Forrestaniaresources 1.80 -14.29 200,055 $3,397,501
HFY Hubify Ltd 1.20 -14.29 17,094 $6,945,908
T3D 333D Limited 0.60 -14.29 3,333 $836,115
TTI Traffic Technologies 0.60 -14.29 6,320 $5,303,691
LVH Livehire Limited 3.35 -14.10 86,714 $14,157,116
CTT Cettire 405.00 -13.09 13,811,191 $1,776,570,105
SRX Sierra Rutile 10.00 -13.04 121,857 $48,787,191
AKN Auking Mining Ltd 2.00 -13.04 2,548,279 $5,413,135
ASQ Australian Silica 4.00 -13.04 246,876 $12,965,577
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Dicker Data (ASX:DDR) has announced founder, chairman and CEO has David Dicker has sold down ~8.3 million shares  representing ~10.2% of the company’s issued capital due to a recent divorce settlement and restructuring of his portfolio. The sale was undertaken at a price of $10.90 per share by way of an underwritten block trade equating to ~$90.47 million.

Cettire (ASX:CTT) dropped -13% after a report by the AFR suggested the company was not paying duties to Australian customs.

Cettire denied the allegations, telling the ASX:

“Cettire believes that all applicable duties and other import charges are paid to the relevant authorities at the point of customs clearance. Goods are unable to clear customs unless the applicable duties are paid.”



Zinc of Ireland (ASX:ZMI) has acquired a 1,380km2 lithium exploration project in Manitoba, Canada, just 40km west of the Tanco LCT mine which has been in production for more than 50 years.

Australia’s first potential producer of manufactured zeolite Zeotech (ASX:ZEO) has signed a MoU for potential offtake with Protekta, which is looking to source the molecular sieves for its signature product targeting the prevention of milk fever in cows.

Viridis Mining and Minerals (ASX:VMM) has secured a further 9.98km2 of licences which extend and adjoin the Cupin South prospect within its flagship Colossus ionic adsorption clay REE project in Brazil.

OD6 Metals (ASX:OD6) was gifted a nice surprise this morning with better than expected recoveries of up to 86% magnet rare earths from recent metallurgical test work on its Grass Patch project near Esperance.

With funding support from mining giant Rio Tinto, Sultan Resources (ASX:SLZ) has started drilling the Calesi magmatic nickel prospect near Kulin in WA’s Wheatbelt region.

Miramar Resources (ASX:M2R) plans to drill the emerging Mount Vernon and Trouble Bore targets at its Bangemall nickel-copper-PGE project in WA’s Gascoyne region by mid-year after identifying another set of strong electromagnetic conductors.

And Raiden Resources (ASX:RDN) will soon carry out a heritage survey with the Ngarluma Aboriginal Corporation, allowing it to conduct maiden drilling over priority lithium-bearing pegmatite targets at its 80%-owned Andover South project in the Pilbara.



Flynn Gold (ASX:FG1)– Pending further announcement

Belararox (ASX:BRX) – Material cap raise

Aurumin (ASX:AUN)– Cap raise

Strike Resources (ASX:SRK)Potential disposal of the company’s Paulsens East Iron Ore Project

Si6 Metals (ASX:SI6) – Cap raise

Gold Mountain (ASX:GMN) – Cap raise


At Stockhead, we tell it like it is. While AdAlta, Miramar Resources, OD6 Metals, Raiden Resources, Sultan Resources, Viridis Mining and Minerals, Zeotech and Zinc of Ireland are Stockhead advertisers, they did not sponsor this article.