The ASX 200 still struggled for clear direction on Thursday, but a bit of risk appetite returned in afternoon trade that saw the index close in positive territory with a gain of 0.14%.

The resources and materials indexes did all of the heavy lifting, in connection with ongoing strength for gold and iron ore prices.

Australia’s big-three iron ore majors all jumped by more than 3%, while large cap gold stocks were especially prevalent on the winner’s list following a sharp jump in USD-prices for the precious metal overnight.

Those gains offset more falls for the big banks and large cap tech stocks, as the commodity rally extends its run while investors look to pivot out of stocks facing headwinds from the changing interest rates outlook.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
NST Northern Star 9.75 11.4% 11,738,925 $10,190,347,991
EVN Evolution Mining Ltd 4.13 8.4% 12,477,468 $6,983,759,272
CHN Chalice Mining Ltd 8.79 7.5% 1,660,902 $2,903,683,017
SLR Silver Lake Resource 1.85 7.2% 5,250,904 $1,527,427,461
WAF West African Res Ltd 1.36 6.7% 6,338,405 $1,301,486,652
NCM Newcrest Mining 25.55 6.6% 4,657,091 $19,606,457,359
RRL Regis Resources 2.11 6.6% 8,907,268 $1,494,457,070
BFL Bsp Financial Group 4.27 6.5% 1,098 $1,873,565,926
DEG De Grey Mining 1.425 6.3% 7,584,395 $1,884,607,524
GOR Gold Road Res Ltd 1.515 6.3% 3,159,609 $1,256,733,030
PRU Perseus Mining Ltd 1.57 6.1% 3,801,335 $1,824,905,964
CMM Capricorn Metals 3.56 6.0% 1,932,810 $1,244,226,255
RMS Ramelius Resources 1.55 5.8% 3,396,851 $1,270,719,185
CRN Coronado Global Res 1.51 5.6% 3,230,280 $2,397,328,834

With gold pushing further above US$1,800/oz in a changing interest rates environment, Northern Star Resources (ASX:NST) walked into a hot market this morning as higher prices coincided with the company’s latest production update, which on the whole was well-received by investors.

Market darling Chalice Mining (ASX:CHN) was also among the leaders, following the release of a corporate presentation alongside an update advising that diamond drilling has now commenced at the Hartog target within its now-famous Julimar nickel-copper-PGE project in WA.

Other large cap gold stocks to outperform included ~$20bn major Newcrest (ASX:NCM) and WA-based De Grey Mining (ASX:DEG), which climbed back above $1.40 for the first time since May last. year.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SNZ Summerset Grp Hldgs 11.18 -9.9% 11,653 $2,856,972,692
DDR Dicker Data Limited 13.31 -5.9% 169,032 $2,444,589,149
BRN Brainchip Ltd 2.005 -5.9% 45,660,254 $3,651,325,117
KLS Kelsian Group Ltd 6.85 -5.3% 282,096 $1,579,025,117
CXL Calix Limited 6.42 -4.9% 254,952 $1,088,883,857
ASM Ausstratmaterials 8.88 -4.6% 488,014 $1,298,800,916
UWL Uniti Group Ltd 3.96 -3.9% 2,025,007 $2,836,012,906
CCX City Chic Collective 5.04 -3.6% 1,057,262 $1,212,942,050
CEN Contact Energy Ltd 7.37 -3.5% 22,401 $1,880,873,929
WEB Webjet Limited 5.21 -3.5% 3,639,620 $2,054,753,023
NCK Nick Scali Limited 14.37 -3.4% 114,518 $1,205,280,000
PMV Premier Investments 27.725 -3.3% 132,765 $4,556,740,412
INA Ingenia Group 5.77 -3.2% 920,499 $2,422,292,917
ACL Au Clinical Labs 5.38 -3.1% 514,807 $1,120,178,783
PPH Pushpay Holdings Ltd 1.125 -3.0% 606,998 $1,323,073,965
JHG Janus Henderson 53.18 -3.0% 81,206 $1,406,101,582
ELD Elders Limited 11.55 -2.9% 348,175 $1,862,071,231
SKC Skycity Ent Grp Ltd 2.77 -2.8% 159,682 $2,166,584,846

The hottest stock on the ASX — AI chip technology company Brainchip (ASX:BRN) — cooled off (slightly) with a fall of around 6%.

However, the largely pre-revenue company still closed near $2 with a market cap of more than $3.5bn.