Closing Bell: Macquarie drags down bank stocks; Ironbark Zinc soars as Zelenski takes the chair

ASX opens November lower, led by financial sector sell-off
Macquarie Group fell after profit decline
Ironbark Zinc jumps 75% on new leadership

The ASX kicked off November with a thud, sliding about 0.5%. This follows a tough session on Wall Street overnight where major tech shares faced significant sell-offs.

On the ASX today, Energy stocks didn’t budge much despite crude prices rising by 3% amid escalating tensions in the Middle East.

Financial stocks were hit hardest after Macquarie Group’s (ASX:MQG) 2.5% drop.

Despite reporting a 14% year-on-year increase in net profit, this figure was a 23% decline compared to the previous half. Also, revenue from Macquarie’s markets-facing businesses, which includes Macquarie Capital, fell 10% from the prior period and 34% from the same time last year.

Miners struggled, too, with iron ore prices dipping despite some hopeful signs from the Chinese real estate market.

Still in large caps, Fletcher Building (ASX:FBU) gained slightly despite facing a lawsuit from the New Zealand Commerce Commission over alleged unfair supply deals involving its Winstone Wallboards unit.

Packaging giant Amcor (ASX:AMC) slumped 4.5%, even after reaffirming its FY25 outlook and slightly increasing its quarterly dividend.

Insurance group Tower (ASX:TWR) dropped 4% following the announcement of CEO Blair Turnbull’s departure, while Pengana Capital Group (ASX:PCG) fell 6% as it sought approval to increase its buyback limit.

Elsewhere, gold miner Capricorn Metals (ASX:CMM) raised $200 million to fund upcoming projects.

The biggest drop today, however, came from AFT Pharmaceuticals (ASX:AFP), which plummeted over 10% after revealing an expected operating loss of nearly $2 million for the first half of 2024, attributed to weaker sales in international markets and Asia.

US election, Fed in focus next week

In China, data today showed unexpected growth in manufacturing activity last month, with the Caixin manufacturing purchasing managers index rising to 50.3.

This follows a recent stimulus package from Beijing aimed at bolstering the economy.

Next week, market attention will focus on the US Presidential Election on Tuesday, which is expected to create some volatility in the market.

Alongside the election, key economic events include global PMI data and the crucial monetary policy announcements from the US and UK.

On Thursday, the Federal Open Market Committee (FOMC) and the Bank of England (BOE) are both anticipated to announce a 25-basis point rate cut.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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Code	Name	Price	% Change	Volume	Market Cap
EDE	Eden Inv Ltd	0.002	100%	2,732,038	$4,108,209
IBG	Ironbark Zinc Ltd	0.004	75%	16,725,774	$3,667,296
MNC	Merino and Co	0.425	60%	116,682	$14,065,291
BDG	Black Dragon Gold	0.067	52%	5,170,116	$11,770,778
RTG	RTG Mining Inc.	0.036	38%	2,018,851	$28,208,505
BYH	Bryah Resources Ltd	0.004	33%	1,449,425	$1,509,861
DOU	Douugh Limited	0.009	29%	910,401	$7,574,482
ASQ	Australian Silica	0.040	25%	263,199	$9,019,532
BCM	Brazilian Critical	0.010	25%	500,000	$6,953,531
DBO	Diabloresources	0.020	25%	74,183	$1,649,143
WML	Woomera Mining Ltd	0.003	25%	333,597	$4,333,180
NME	Nex Metals Explorat	0.036	20%	67,831	$8,168,339
AHK	Ark Mines Limited	0.210	20%	26,703	$9,703,122
DME	Dome Gold Mines Ltd	0.180	20%	9,177	$56,539,299
HE8	Helios Energy Ltd	0.013	18%	1,061,472	$28,644,544
RR1	Reach Resources Ltd	0.013	18%	1,941,501	$9,618,745
NFL	Norfolkmetalslimited	0.135	17%	44,329	$4,705,332
DGR	DGR Global Ltd	0.014	17%	357,143	$12,524,352
HHR	Hartshead Resources	0.007	17%	13,606,455	$16,852,093
MNB	Minbos Resources Ltd	0.043	16%	494,639	$32,509,031
AHF	Aust Dairy Limited	0.022	16%	1,356,675	$14,123,114
AQX	Alice Queen Ltd	0.008	14%	62,500	$8,028,230
BLU	Blue Energy Limited	0.008	14%	1,198,519	$12,956,815

Ironbark Zinc (ASX:IBG) was flying after revealing two major steps forward for the company – the appointment of highly experienced and accomplished gold industry leader Nikolai Zelenski as the Company’s new executive chair-Elect, and a tranche of firm commitments from institutional and sophisticated investors to raise $10 million in new equity funding.

Read more about it here: Russian gold boss flies into Ironbark

Australian Silica Quartz (ASX:ASQ) was up on news that it has found gold at its 100% owned Koolyanobbing metals project, with assays from the company’s recent RC drilling campaign back from the lab. ASQ reports that it has discovered high-grade gold mineralisation at the Golden Wishbone prospect, with the best of the results coming from near surface, such as 2m at 14.2 g/t gold from 11m including 1m at 27.7g/t gold from 11m from hole ASQRC015, which is a significant upgrade to its previously reported results.

Vection Technologies (ASX:VR1) was climbing on news that it has been awarded a $1.6 million Artificial Intelligence (“AI”) software licences contract for the Brexia Med healthcare project. The contract is set to run for three years, with a further option for an additional two further years at $1 million. Brexia Med will deploy TDB’s Algho AI software as part of an innovative “Hub & Spoke” healthcare model, aiming to meet the increasing demand for localised private healthcare services, incorporating advanced AI technology for patient screening to streamline healthcare delivery.

Australian Silica Quartz(ASX:ASQ) lifted on some ‘high grade’ gold hits at the Koolyanobbing metals project, located near Southern Cross in WA, in a region best known for its long-running iron ore mine.

Hits were indeed high grade though relatively narrow. A 2m section of 14.2g/t from 11m (the first metre at 27.7g/t) came in a re-assay of a hole that struck 4m at 4.44g/t from 8m at the Golden Wishbone prospect, identifying coarse gold greater than 100µm. Over at Emu a hit of 2m at 2.9g/t from 63m with 1m at 3.8g/t from 64m was an upgrade on a previously reported 8m at 0.7g/t from 60m. There’s also a freshly reported 1m at 0.6g/t which didn’t make the list of highlights.

This is all early doors stuff. Aircore drilling is planned for Golden Wishbone in late 2024 following the 16 hole, 1479m reverse circulation program that delivered today’s assays. Golden Wishbone is a 650m-long gold in soil anomaly at the top of what ASQ says it an 8km gold trend, including an abandoned 1930s shaft which produced a reported 204oz at 18g/t from a lone vein.

Magma Mines, a subsidiary of Dome Gold Mines (ASX:DME) ,is entering a Public-Private Partnership with Fiji’s Ministry of Agriculture and Waterways. The Ministry’s Technical Evaluation Committee confirmed that Magma met all criteria for the Emergency Desilting Licence. Once approved, Magma will be able to dredge up to 9km upstream from the Sigatoka River mouth and extract materials under a licence from the Ministry of Lands and Mineral Resources. The company is finalising a feasibility study and will submit an Environmental Impact Study for a Mining Lease application.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

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Code	Name	Price	% Change	Volume	Market Cap
EDE	Eden Inv Ltd	0.001	-50%	927,264	$8,216,419
BCC	Beam Communications	0.095	-37%	1,091,517	$12,963,288
MDR	Medadvisor Limited	0.225	-36%	16,847,908	$192,957,673
EEL	Enrg Elements Ltd	0.002	-33%	1,256,813	$3,135,048
IVX	Invion Ltd	0.002	-33%	2,717,796	$20,449,775
VPR	Voltgroupltd	0.001	-33%	6,652,699	$16,074,312
PPG	Pro-Pac Packaging	0.019	-31%	3,443,028	$4,905,568
M2R	Miramar	0.006	-31%	9,147,181	$3,174,586
ATH	Alterity Therap Ltd	0.003	-25%	20,243,930	$21,281,344
BNL	Blue Star Helium Ltd	0.003	-25%	605,808	$10,779,541
IPB	IPB Petroleum Ltd	0.006	-25%	7,000	$5,651,224
LNR	Lanthanein Resources	0.003	-25%	1,643,890	$9,774,545
MHC	Manhattan Corp Ltd	0.002	-25%	6,750,000	$8,995,940
OAR	OAR Resources Ltd	0.002	-25%	950,000	$6,601,669
PAB	Patrys Limited	0.003	-25%	938,855	$8,229,789
RIE	Riedel Resources Ltd	0.002	-25%	575,000	$4,447,671
AIV	Activex Limited	0.009	-25%	129,000	$2,586,031
EVR	Ev Resources Ltd	0.004	-20%	280,660	$6,981,357
LVH	Livehire Limited	0.028	-18%	124,566	$12,974,895
CXM	Centrex Limited	0.030	-17%	3,578,015	$31,185,578
ESK	Etherstack PLC	0.175	-17%	13,800	$27,690,366

IN CASE YOU MISSED IT

Astral Resources (ASX:AAR) has increased its global gold resources to 1.46Moz after updating resources updating resources at its Feysville project to 5Mt grading 1.2g/t, or 196,000oz of contained gold. This includes maiden resources for the Kamperman and Rogan Josh deposits.

Dimerix (ASX:DXB) is teaming up with the University of Michigan’s Nephrotic Syndrome Study Network of Rare Kidney Diseases (NEPTUNE) for biomarker profiling and prospectively identifying patients with focal segmental glomerulosclerosis (FSGS) for the company’s ACTION3 trial via the University’s proprietary NEPTUNE MATCH network.

The ACTION3 Phase 3 clinical trial aims to recruit approximately 286 patients globally with FSGS, a rare disease categorized within nephrotic syndrome. Biomarker profiling among the NEPTUNE MATCH participants will help identify those FSGS patients who meet the inclusion/exclusion criteria and may benefit from a treatment with a mechanism of action such as the company’s DMX-200 treatment.

TRADING HALTS

Xanadu Mines Ltd (ASX: XAM)
E&P Financial Group Limited (ASX: EP1)
St Barbara (ASX: SBM)
Peak Rare Earths (ASX: PEK)
Bastion Minerals (ASX: BMO)
Haranga Resources (ASX: HAR)
Megado Minerals (ASX: MEG)
Peppermint Innovation (ASX: PIL)
IRIS Metals (ASX: IR1)
Structural Monitoring Systems Plc (ASX: SMN)
Future Battery Minerals (ASX: FBM)
Castle Minerals (ASX: CDT)
FBR (ASX: FBR)
BMG Resources (ASX: BMG)
Bellavista Resources (ASX: BVR)
WIA Gold (ASX: WIA)
Australian Potash (ASX: APC)
Star Minerals (ASX: SMS)
TMK Energy (ASX: TMK)
Alara Resources (ASX: AUQ)

At Stockhead, we tell it like it is. While Astral Resources and Dimerix are Stockhead advertisers, they did not sponsor this article.

Today’s Closing Bell is brought to you by Webull Securities. Webull Securities (Australia) Pty. Ltd. is a CHESS-sponsored broker and a registered trading participant on the ASX.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.