• Materials and Info Tech drive today’s market gains
  • ASX200 wraps a reasonable week, up nearly 1%
  • Firefinch feels the pinch as demerger reality sets in

The ASX200 (XJO) has ended the session up just under 1%, thanks to a lift from the miners who towed the market to a modest overall gain for the week.

Flag-bearers for today’s march up the charts largely came in the form of some supercharged gains for miners big and small. Southern Cross Gold (ASX:SXG) turned out to be a grower and a shower, packing on more pounds to add to the week’s impressive progress.

Southern Cross flew up ~18% today, with its price hitting $0.70 in the afternoon – a +250.0% shift in a week – which should have anyone holding it happier than happy hour on a sunny Friday arvo.

Horseshoe Minerals (ASX:HOR) posted a similar percentage gain on super-low volume, and the rest of the day’s Top 20 was a sea of Materials sector joy.

Bucking that trend was Firefinch (ASX:FFX), as the market digested the reality of its demerger and Leo Lithium spin-off and found it was causing some severe intestinal distress.

Firefinch shares plummeted, with talk of a sell-off sparked by investors who only really loved it for its lithium – and now the ball is rolling to take that off the table, they’ve decided that it’s time to move on, too.

The precipitous fall from $0.95 to around $0.34 this morning appears to have tapered off, with Firefox shares holding steady around where the market clearly sees its value now that Lady Lithium has left the building.

Asian markets remained mixed, with the Nikkei up (+1.18%), Hong Kong down (1.00%) and Shanghai inching forward (0.42%). Oil prices oozed down further (-0.43%), gold crept up (+0.10%) and the Aussie Dollar was as flat as a mill pond against the USD.



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

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CardieX (ASX:CDX) is the stand-out trophy-hoisting success for the day, bolting to the top of the charts with a monstrous ~63% leap.

We mentioned CardieX at lunchtime – we knew when they’d only put on ~40% – and the story remais the same, with its continued rocket ride is happening largely on the back of a hugely positive independent evaluation by MST Access reaffirmed its value at $1.50, 5 times higher than where it was when the MST took a look at it.



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

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Aurumin Limited (ASX: AUN) joined the list of unlikely diggers that failed to move with the market today, despite announcing that its 100% owned Mt Palmer Project is looking like a winner.

Its recent orientation reverse circulation program showed up to 370ppm Li, returned across multiple holes, and XRF results also returned anomalous pathfinder elements commonly used for targeting lithium mineralisation, including tantalum, (up to 105ppm Ta), rubidium (up to 3,612ppm Rb) and niobium (up to 79ppm Nb).

But that news wasn’t enough to stop it falling nearly 14%, down to $0.155, even though it had all the magic words in the press release.

Meanwhile, Biotron (ASX:BIT) has slid deeper into the doldrums, down ~13% today, despite positive news for the company via the US FDA late last week that flagged its lead antiviral drug BIT225 as a potential treatment of Coronavirus Disease 2019 (COVID-19) infection in adults.



The therapeutic antibody development peeps at Patrys (ASX:PAB) landed a $250,000 cash injection from the inaugural Clinical Accelerator fund of Cure Brain Cancer Foundation to support research on potential therapeutic applications for Patrys’ PAT-DX1 and PAT-DX3 deoxymabs in the treatment and management of brain cancers – great news in anyone’s books.

And last up, Lycaon Resources Ltd (ASX:LYN) has been out shopping, bringing home an agreement to acquire the Bow River and Salt Lick) nickel, copper, cobalt ± PGE Projects in the East Kimberley region of Western Australia. Lycaon says the area covers two known nickel-copper-cobalt sulphide prospects, and both intrusives are sulphide-bearing and similar in style and setting to Panoramic Resources’ Savannah mine.



Caeneus Minerals Limited (ASX:CAD) – pending the release of assay results

Alterra Limited (ASX: 1AG)– pending the announcement of a capital raising