Closing Bell: Energy and financial stocks fall sharply as the ASX starts the week on a downer

The ASX started the week lower as a result of a drop in the energy and financial sectors.

Energy shares fell by over 3%, as surging cases of the Omicron variant raised fears that new restrictions may hit fuel demand.

Financials meanwhile were dragged lower by Magellan (ASX:MFG) which confirmed it had lost its mandate with St James’s Place, which accounts for 12% of its current annual revenues.

The ASX 200 meanwhile only lost 0.16%, closing at 7,292 and there were some positive sectors – the best being healthcare which gained 0.83%.

TODAY’S BIGGEST SMALL CAP WINNERS

(Stocks highlighted in yellow rose after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

In the small cap space, takeovers reigned supreme today. Angel Seafood (ASX:AS1) rose with a binding takeover bid while Humm (ASX:HUM) rose after telling shareholders it received interest from potential suitors and OFX (ASX:OFX) announced it was buying Firma – a Canadian forex provider.

In resources, Torrens Mining (ASX:TRN) rose off the back of a mineral resource estimate for the Emmie Bluff Copper-Cobalt deposit in South Australia, where it owns 30% of a joint venture with Coda Minerals (ASX:COD).

1414 Degrees (ASX:14d) entered into an MoU with Jemena subsidiary Ovida to explore partnering on the development of the Aurora Energy project.

TODAY’S BIGGEST SMALL CAP LOSERS

(Stocks highlighted in yellow fell after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

After ~2 years suspended, software company Transendence Technologies (ASX:TTL) relisted as a gold exploration company called Redcastle Resources (ASX:RC1) and fell sharply upon commencement of trade.

ANNOUNCEMENTS YOU MAY’VE MISSED

Greenland Minerals (ASX:GGG) told shareholders it was losing hope that it would be able to pursue its Kvanefjeld project, in light of the country’s ban on uranium exploration. The company, which has $31.6 million in cash, said it has begun a strategic review in which it would consider new opportunities in technology metals.

Lumos Diagnostics (ASX:LDX) reported its initial orders, worth US$250,000, for its rapid antigen COVID-19 test in Canada. The company expects to ship the first orders this month and expects demand to grow in 2022.

Fuel supplier Viva Energy (ASX:VEA) told shareholders it expects earnings for 2021 to come in between $470 million and $490 million. This is up 96% from 2020 and comes despite fuel sales volume only rising 6%.

Global Oil and Gas (ASX:GLV) had its Environment Plan to manage activities at its Sasaof-1 exploration well, off the coast of Western Australia, accepted. Drilling is scheduled to commence in March/April 2022 following the relocation of a nearby rig.

Cazaly Resources (ASX:CAZ) and Woomera Mining (ASX:WML) announced the return of nickel-copper mineralisation at the Mt Venn project with assays up to 22m at 0.19% & 0.28% copper. The company says it is planning follow up drilling in the March quarter of 2022.

Iris Metals (ASX:IR1) also gave its shareholders an exploration update noting an air-core drill program was successfully complete. Although assay results are expected in the next quarter the company said it’s hopeful of positive results given that its next program will be more comprehensive than its first forecast due to improved rig efficiency.

TRADING HALTS

Tuesday

Mamba Exploration (ASX:M24) – drilling update
Coda Minerals (ASX:COD) – Mineral Resource Estimate
Torrens Mining (ASX:TRN) – Mineral Resource Estimate
Pantera Minerals (ASX:PFE) – asset acquisition
Sacgasco (ASX:SGC) – asset disposal and farm out agreement

Wednesday

Midas Minerals (ASX:MM1) – exploration results