Closing Bell: Cettire rejects AFR claims, GDP's gone back to the 90's and ASX200 ends above the ice

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

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.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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

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

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.

ASX SMALL CAP LAGGARDS

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

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.”

IN CASE YOU MISSED IT – PM Edition

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.

TRADING HALTS

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.