Closing Bell: Real estate, tech, and gold stocks surge as ASX retreats from all-time high

The ASX 200 index has retreated from its all time high levels on Monday after closing -0.15% lower. As a quick reminder, the index touched a record high of 7,769 last Friday.

Sentiment fell after the ABS reported a 1.7% fall in Australian business inventories in December, largely attributed to a $1.6 billion decrease in mining companies’ inventories.

“The fall in inventories presents a substantial downside risk to expectations for GDP ahead of Wednesday’s release,” Taylor Nugent at NAN told the AFR.

On the ASX, interest rates sensitive sectors like Real Estate and Tech were the top performers today after US data on Friday showed soft manufacturing stats.

Manufacturing output in the US fell to 47.8 in February, the 16th straight month of declines, adding to hopes the Fed Reserve will begin cutting rates imminently.

Gold mining stocks caught bids today after a 2% rise in bullion prices. Energy stocks also climbed today after similar moves in crude prices.

“The gold price charts and the gold price catalysts are in agreement – the gold price breakout of 2024 has legs. We expect higher highs in the gold price in the coming months,” informed a report from Investing Haven.

Overseas markets

Meanwhile in America, US treasuries are rallying (bond yields falling) in a sign that the market expects Fed cuts this year.

The bond futures market suggests that traders are ramping up bets the Fed will cut rates by 86 basis points in 2024, from 77 basis points last week.

Across in Europe, the European Central Bank monetary policy meeting is scheduled for Thursday this week.

In China, Premier Li Qiang is set to unveil a new 2024 growth target, and outline its strategy for supporting the slowing economy.

Stocks that went ex-dividends today include:

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
DCX	Discovex Res Ltd	0.20	100.00	344,963	$3,302,568
WHK	Whitehawk Limited	5.70	78.13	64,044,214	$10,818,263
NVQ	Noviqtech Limited	0.50	66.67	120,287,519	$3,928,336
KNB	Koonenberrygold	2.30	53.33	213,298	$1,796,236
CNJ	Conico Ltd	0.30	50.00	1,292,854	$3,140,190
TTM	Titan Minerals	3.00	36.36	6,022,069	$37,308,618
WA8	Warriedarresourltd	3.80	35.71	677,988	$14,921,824
SUH	Southern Hem Min	4.70	34.29	252,333	$20,668,402
IS3	I Synergy Group Ltd	0.80	33.33	1,132,980	$1,824,482
PKO	Peako Limited	0.40	33.33	1,458,333	$1,581,254
VML	Vital Metals Limited	0.40	33.33	17,708,918	$17,685,201
FAL	Falconmetalsltd	16.00	33.33	1,211,906	$21,240,000
GNX	Genex Power Ltd	24.50	32.43	13,339,931	$256,257,771
MMM	Marley Spoon Se	3.80	26.67	101,105	$3,531,732
AVM	Advance Metals Ltd	3.90	25.81	70,000	$1,242,634
MEK	Meeka Metals Limited	3.50	25.00	211,840	$34,571,850
POS	Poseidon Nick Ltd	0.75	25.00	21,152,365	$22,281,209
GES	Genesis Resources	0.50	25.00	152	$3,131,365
IVX	Invion Ltd	0.50	25.00	1,510,582	$25,698,129
NAE	New Age Exploration	0.50	25.00	600,000	$7,175,596
RDS	Redstone Resources	0.50	25.00	375,000	$3,701,514
TMR	Tempus Resources Ltd	0.50	25.00	2,479,335	$2,923,995
QUE	Queste Communication	5.50	25.00	4,700	$1,191,183
PFE	Panteraminerals	5.60	24.44	4,162,448	$6,688,015
CCA	Change Financial Ltd	6.90	23.21	241,441	$35,149,038

Koonenberry Gold (ASX:KNB) has wowed with news of a capital raise led by cornerstone investor Lion Selection Group.

KNB will raise $2.35 million to advance exploration of its Bellagio and Atlantis Projects, including high impact drilling programs planned with “exciting” gold and copper targets.

Cybersecurity stock WhiteHawk (ASX:WHK) jumped 60% today and several hundred per cent last week, on the back of its AI strategy announcement last week.

Queensland renewable energy company Genex Power (ASX:GNX) announced that it has received an indicative bid proposal from Japan’s Electric Power Development, J-Power, valuing its equity at ~$380m or 27.5c a share.

Calix (ASX:CXL) soared after announcing that the Leilac-2 (Low Emissions Intensity Lime And Cement) project will be hosted at Heidelberg Materials’ (FWB: HEI) cement plant in Ennigerloh, Germany. The selection of Ennigerloh as the project’s host plant is the result of a thorough site assessment process that followed Heidelberg Materials’ decision to end clinker production in
Hanover, Germany.

FireFly Metals (ASX:FFM) announced more wide high-grade copper-gold intersections from its drilling program at the Green Bay project in Canada. Results include: 18.0m at 3.3% CuEq within a broader copper zone of 41.1m at 2.3% CuEq, and 18.8m at 3.5% CuEq within a broader copper zone of 47.1m at 2.4% CuEq.

ASX SMALL CAP LAGGARDS

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
1AG	Alterra Limited	0.30	-50.00	1,528,395	$5,224,144
BP8	Bph Global Ltd	0.10	-50.00	754,953	$3,908,232
TD1	Tali Digital Limited	0.10	-33.33	2,810,000	$4,942,733
AQI	Alicanto Min Ltd	2.90	-25.64	186,814	$23,998,135
AVE	Avecho Biotech Ltd	0.30	-25.00	370,000	$12,677,188
CTN	Catalina Resources	0.30	-25.00	26,188	$4,953,948
HLX	Helix Resources	0.30	-25.00	300,462	$9,292,583
EDE	Eden Inv Ltd	0.20	-20.00	4,431,225	$9,195,678
IEC	Intra Energy Corp	0.20	-20.00	11,379,497	$4,226,954
KPO	Kalina Power Limited	0.40	-20.00	500,000	$11,050,640
PUA	Peak Minerals Ltd	0.20	-20.00	100,000	$2,603,442
ROG	Red Sky Energy.	0.40	-20.00	2,599,992	$27,111,136
SRH	Saferoads Holdings	6.50	-18.75	864	$3,496,432
ESK	Etherstack PLC	23.00	-17.86	76,930	$36,956,361
FSG	Field Solu Hldgs Ltd	2.90	-17.14	683,683	$26,730,956
ACE	Acusensus Limited	65.00	-16.67	905,262	$98,591,981
88E	88 Energy Ltd	0.50	-16.67	18,865,911	$150,744,375
EMT	Emetals Limited	0.50	-16.67	3,000	$5,100,000
ID8	Identitii Limited	1.00	-16.67	2,486,109	$5,162,856
PAT	Patriot Lithium	6.50	-16.67	413,582	$5,430,136
AGY	Argosy Minerals Ltd	13.50	-15.63	6,746,496	$224,705,200
PFT	Pure Foods Tas Ltd	6.50	-14.47	59,866	$8,382,398
ABE	Ausbondexchange	1.80	-14.29	60,378	$2,366,030
ADY	Admiralty Resources.	0.60	-14.29	5,385	$9,125,054
FGL	Frugl Group Limited	0.60	-14.29	900,331	$10,371,817

Articore Group (ASX:ATG) fell -10% after the Federal Court of Australia has reduced damages initially awarded to ATG in a case initiated by Hells Angels Motorcycle, regarding Hells Angels-related material uploaded by third-party sellers to the Redbubble (now ATG) marketplace. The trademark damages have been reduced from $78,000 to just $100.

In Case You Missed It – PM Edition

Recharge Metals (ASX:REC) is acquiring the Newnham Lake uranium project in Canada’s Athabasca Basin – one of the world’s premier yellowcake districts currently producing about 20% of global supply – from DG Resource Management and Kalt Industries for a consideration of C$300,000 in cash and C$200,000 worth of shares priced at 6c each.

Brazilian rare earths hopeful Viridis Mining and Minerals (ASX:VMM) has received support from the State of Minas Gerais and the local municipality of Poços De Caldas via two non-binding MoUs which pave the way for its flagship Colossus project to clear upcoming regulatory and infrastructure hurdles.

QEM (ASX:QEM) has increased the vanadium endowment at its Julia Creek project in Queensland by 28%, while 2C oil content has jumped 32%, following an update to the petroleum resources management system.

Spartan Resources (ASX:SPR) has reported the deepest assay to date – and its third best gram x metre intersection so far – of 11.55m @ 36.77 g/t gold at the impressive Never Never deposit, increasing the likelihood of more high-grade ounces being added to the existing 952,000oz resource in WA’s Murchison region.

And infill underground drilling which returned high-grade hits of up at 14.5m @ 8.93% zinc and 0.5% lead has helped Variscan Mines (ASX:VAR) validate the resource model for its San Jose mine in Spain.

TRADING HALTS

Kalamazoo Resources (ASX:KZR)

Magnum Mining (ASX:MGU)

Rare Foods Australia (ASX:RFA)

Adelong Gold (ASX:ADG)

Celsius Resources (ASX:CLA)

Gladiator Resources (ASX:GLA)

Nyrada (ASX:NYR)

Southern Cross Gold (ASX:SXG)

At Stockhead, we tell it like it is. While QEM, Recharge Metals, Spartan Resources, Variscan Resources and Viridis Mining and Minerals are Stockhead advertisers, they did not sponsor this article.