Lunch Wrap: ASX dragged down by sinking China steel and flying missiles
ASX sinks as China steel sinks miners. Picture via Getty Images
- ASX falls as China steel sinks miners
- Iran hits Israeli labs with cluster bombs
- Oil jumps then eases on Trump’s comments
The ASX was down 0.55% at around lunch time in the east on Friday, and you can’t blame Wall Street for this one.
The Yanks were out celebrating Juneteenth with the markets shut. But Europe was wide awake, and the headlines coming out of the Middle East were enough to wipe the smile off any trader’s face.
Iran is apparently lobbing missiles with cluster bombs into Israeli suburbs. These things burst mid-air and scatter mini-bombs over a wide area, with one landing in someone’s backyard in Azor.
Tehran also targeted Israel’s scientific crown jewel, the Weizmann Institute of Science. Years of research in life sciences and physics gone up in smoke.
With that as the backdrop, Brent crude spiked as punters braced for a possible US strike on Iran.
But then Trump walked it back a bit. His team now reckons there’s a “substantial chance” of negotiation, with a decision “within two weeks”.
Those comments took the edge off, with oil prices coming back down a tad.
Elsewhere, the Bank of England kept rates on hold at 4.25% last night. Three policy members wanted a cut, and there’s now a decent chance of a trim come August.
Over in Russia, the Kremlin’s economy minister just admitted the country’s “on the brink” of recession, pointing to weakening indicators. Not something you usually hear from Putin’s camp.
Back home, the ASX was already on the ropes before the opening bell thanks to China’s steel numbers.
Steel production slumped nearly 7% in May, way below expectations, and that sent our iron ore stocks tumbling once again.
Rio Tinto (ASX:RIO) fell 0.5% and Bluescope Steel (ASX:BSL) dropped 1% this morning.
And, Web Travel Group (ASX:WEB) slipped 1.5%, though it wasn’t all bad. Former Virgin Australia boss Paul Scurrah is joining the board alongside retail veteran Melanie Wilson from JB Hi-Fi and Oroton.
This is where things stood at around 12:40pm, AEST:
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 20 [intraday]:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| GMN | Gold Mountain Ltd | 0.002 | 50% | 442,562 | $5,619,759 |
| JAV | Javelin Minerals Ltd | 0.003 | 50% | 270,825 | $12,252,298 |
| PV1 | Provaris Energy Ltd | 0.014 | 40% | 2,589,991 | $6,980,013 |
| RNX | Renegade Exploration | 0.004 | 33% | 321,227 | $3,865,090 |
| BMO | Bastion Minerals | 0.002 | 27% | 986,000 | $1,419,960 |
| CAZ | Cazaly Resources | 0.025 | 25% | 3,014,837 | $9,226,060 |
| ALM | Alma Metals Ltd | 0.005 | 25% | 707,408 | $6,345,381 |
| AOK | Australian Oil. | 0.003 | 25% | 17,657 | $2,003,566 |
| AUK | Aumake Limited | 0.003 | 25% | 176,755 | $6,046,718 |
| CR9 | Corellares | 0.003 | 25% | 3,635 | $2,011,213 |
| EDE | Eden Inv Ltd | 0.003 | 25% | 1,150,129 | $8,219,762 |
| FIN | FIN Resources Ltd | 0.005 | 25% | 100,000 | $2,779,554 |
| FLC | Fluence Corporation | 0.045 | 25% | 1,830,658 | $39,071,613 |
| GGE | Grand Gulf Energy | 0.003 | 25% | 1,458,526 | $5,640,850 |
| MEM | Memphasys Ltd | 0.005 | 25% | 1,004,099 | $7,934,392 |
| SRJ | SRJ Technologies | 0.005 | 25% | 113,950 | $2,422,312 |
| ALR | Altairminerals | 0.003 | 20% | 312,349 | $10,741,860 |
| BLU | Blue Energy Limited | 0.006 | 20% | 3,122,353 | $9,254,868 |
| BGE | Bridgesaaslimited | 0.014 | 17% | 61,111 | $2,398,310 |
| NAE | New Age Exploration | 0.004 | 17% | 50,877 | $8,117,734 |
| W2V | Way2Vatltd | 0.007 | 17% | 500,000 | $10,196,818 |
| E79 | E79Goldmineslimited | 0.023 | 15% | 473,530 | $3,168,253 |
| MCA | Murray Cod Aust Ltd | 1.000 | 15% | 59,465 | $92,023,850 |
| BPH | BPH Energy Ltd | 0.008 | 14% | 625,500 | $8,527,630 |
| MPR | Mpower Group Limited | 0.008 | 14% | 70,398 | $2,405,923 |
Provaris Energy (ASX:PV1) has signed an MOU with global shipping heavyweight “K” LINE to help commercialise its hydrogen transport vessels, the H2Neo and H2Leo. The tie-up gives Provaris access to technical and commercial know-how as it pushes into Europe, where demand for hydrogen is set to boom.
The two will spend the next 12 months working on ship development, cost models and possible commercial deals. It also supports Provaris’ supply chain plans in Norway and its earlier hydrogen delivery deals with German utilities. Compressed hydrogen is gaining traction as a cheap, scalable way to ship gas across short marine distances.
Bastion Minerals (ASX:BMO) has appointed John Ribbons as its new company secretary, following the resignation of Justin Clyne. Ribbons will take on the role alongside his CFO duties, bringing over 25 years of experience in governance, compliance, and the resources game. The company says the move will streamline operations and save costs.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 20 [intraday]:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ADD | Adavale Resource Ltd | 0.001 | -50% | 61,313 | $4,574,558 |
| BP8 | Bph Global Ltd | 0.001 | -50% | 3,216,693 | $2,101,969 |
| BCB | Bowen Coal Limited | 0.195 | -44% | 1,764,116 | $37,715,145 |
| RPG | Raptis Group Limited | 0.090 | -44% | 298,705 | $56,109,577 |
| BEL | Bentley Capital Ltd | 0.008 | -33% | 7,851 | $913,535 |
| PKO | Peako Limited | 0.002 | -33% | 925,298 | $4,463,226 |
| RLC | Reedy Lagoon Corp. | 0.001 | -33% | 135,000 | $1,165,060 |
| SHP | South Harz Potash | 0.002 | -33% | 310,000 | $3,308,186 |
| EEL | Enrg Elements Ltd | 0.002 | -25% | 532,818 | $6,507,557 |
| WEC | White Energy Company | 0.035 | -20% | 133 | $13,711,276 |
| ATX | Amplia Therapeutics | 0.195 | -17% | 20,968,141 | $91,168,877 |
| AMS | Atomos | 0.005 | -17% | 58,076 | $7,290,111 |
| DRE | Dreadnought Resources | 0.010 | -17% | 43,202,725 | $60,954,000 |
| ECT | Env Clean Tech Ltd. | 0.003 | -17% | 5,705,686 | $12,020,306 |
| 3PL | 3P Learning Ltd | 0.560 | -16% | 34,796 | $182,847,370 |
| ADR | Adherium Ltd | 0.006 | -14% | 100,000 | $5,307,296 |
| AS2 | Askarimetalslimited | 0.006 | -14% | 400,000 | $2,829,195 |
| ASP | Aspermont Limited | 0.006 | -14% | 350,000 | $17,312,314 |
| AXI | Axiom Properties | 0.030 | -14% | 30,000 | $15,144,978 |
| AYT | Austin Metals Ltd | 0.003 | -14% | 100,000 | $5,509,670 |
| EV1 | Evolutionenergy | 0.012 | -14% | 1 | $5,077,107 |
| M24 | Mamba Exploration | 0.012 | -14% | 30,000 | $4,132,319 |
| IR1 | Irismetals | 0.100 | -13% | 6,342 | $19,832,829 |
| ODY | Odyssey Gold Ltd | 0.020 | -13% | 2,769,548 | $20,674,036 |
| BNR | Bulletin Res Ltd | 0.054 | -13% | 107,527 | $18,204,026 |
Bowen Coking Coal (ASX:BCB) collapsed 45% after warning it might have to pause its flagship Burton Mine. BCB said coal prices are in the gutter, and Queensland’s royalty regime is, in Bowen’s words, flat-out “unsustainable”.
IN CASE YOU MISSED IT
QMines (ASX:QML) is in the final stages of acquiring the Mount Mackenzie gold-silver project after completing due diligence.
Anson Resources (ASX:ASN) has built a static and dynamic Petrel model for its Green River lithium project in Utah that will help determine the location, design and depth of extraction and disposal wells.
Western Gold Resources (ASX:WGR) is transitioning from explorer to producer after inking a binding milling agreement to fast track the Gold Duke mine.
Magnetic Resources (ASX:MAU) has signed a native title agreement for its Lady Julie gold project near Laverton, WA, clearing the way for mining leases to be issued.
Nimy Resources (ASX:NIM) is on track to unveil its maiden Block 3 gallium resource in the December quarter after completing phase 2 and 3 reverse circulation drill campaigns.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Related Topics
Related Stories
UNLOCK INSIGHTS
Discover the untold stories of emerging ASX stocks.
Daily news and expert analysis, it's free to subscribe.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
