• ASX tumbles below 8000, tech stocks hammered
  • Walmart fights tariffs, begs Chinese suppliers to cut prices
  • Westpac faces leadership shake-up, Cyclone Alfred hits Queensland

 

It’s a rough ride again for the ASX on Friday, with the market slipping below the 8000 mark as it mirrored Wall Street’s struggles overnight.

The benchmark S&P/ASX 200 Index slumped by 1.5% at about lunch time, which marked a continuation of a losing streak.

Overnight, Wall Street was having its own meltdown, particularly in the tech sector.

The tech-heavy Nasdaq 100, which had been flying high on the back of AI hype, tumbled by almost 3%. US chip stocks were hit hard, with companies like Nvidia losing significant ground.

The uncertainty in the market was palpable, with traders now focusing on what to sell rather than buy.

“There’s been a real unwinding of the momentum trade,” said Joe Saluzzi at Themis Trading.

“The high-flyers are getting hit first and foremost. It certainly doesn’t feel good, but this is a headline-driven market, and things could change at any moment, the way they did a couple days ago.”

To add to the global financial chaos, Walmart found itself caught up in the US-China trade war, with the retail giant pushing its suppliers for major price cuts to offset the tariffs.

But many Chinese suppliers have pushed back, and it’s clear that this geopolitical tug-of-war will only add to the cost pressures already faced by American consumers.

 

Back on the ASX, real estate, banks and tech took the brunt of the damage.

Source: Market Index

 

Source: Market Index

 

Now, while all this was unfolding, there was some action behind the scenes.

The bidding war for Insignia Financial (ASX:IFL) heated up again, with private equity firms Bain and CC Capital upping their offers to $5 a share, pushing the value of the wealth manager to a massive $3.4 billion. Insignia has now entered into an exclusivity agreement with Bain and CC Capital, locking out other suitors for now. IFL’s shares jumped 11.5%.

Still in large caps news, gold miner Spartan Resources (ASX:SPR) found itself struggling as losses almost doubled to $42m for the half-year, mainly due to higher royalties and heavy investments in exploration. Spartan’s shares were down 2.5%.

Burns specialist PolyNovo (ASX:PNV), on the other hand, had its own drama, as talks about its CEO’s potential exit came to light, sparked by bullying allegations by chairman David Williams.

PolyNovo confirmed it had requested CEO Swami Raote’s resignation, with a final departure expected in June, following an article in the ‘Margin Call’ column in The Australian newspaper. PNV’s shares tumbled 6%.

Finally, just as the ASX was battling its own issues, Queensland was getting hit by Cyclone Alfred, which is causing a lot of chaos on the Gold Coast and parts of northern New South Wales.

 

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 7 [intraday]:

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Elph Investments, part of the Elphinstone Group, has made a cash offer to buy all shares in engineering company Engenco (ASX:EGN) for $0.305 per share, representing a significant premium of up to 63% above the recent share price. Elph already owns over 68% of Engenco and believes there’s strong potential for synergies by fully integrating Engenco into its operations.

European Metals (ASX:EMH) said the Czech government has officially declared its Cinovec’s mineral deposit a “Strategic Deposit,” which will speed up permitting for the project. This means quicker approvals, less red tape, and faster environmental reviews. This move highlights how important the project is for the EU’s green transition and car industry, said EMH.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 7 [intraday]:

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BPH Global’s (ASX:BP8) seaweed research is showing promising results, with gold and copper found in the seaweed grown in clean, filtered seawater from Sentosa Island. Initial tests revealed gold levels up to 14.85 mg/kg and copper at 10.88 mg/kg, adding to previously identified cobalt and silver. The next phase of the research will test seaweed grown in polluted waters in Malaysia to see if it absorbs more minerals, like a “sponge” effect.

BPH is keen to explore this potential further. The idea behind finding gold, silver, and other metals in seaweed is based on the way certain types of seaweed can absorb metals from the surrounding water. This is called “bioaccumulation”.

Lucapa Diamond Company’s (ASX:LOM) shares fell after the company announced findings from its EM survey in the Northern Territory. While the survey identified 16 new kimberlite targets and boosted the potential of two big targets, the market seemed unimpressed, possibly expecting quicker, more tangible results. Despite the promising data, Lucapa’s next steps include further testing and exploration.

 

IN CASE YOU MISSED IT

Ora Banda (ASX:OBM) has strengthened its balance sheet with a $50 million syndicated revolving credit facility from ANZ and CBA for an initial two-year term. The company has also secured put options for 100,000 oz of gold in FY26 at $4400/oz, ensuring cash flow stability while retaining upside exposure.

Cannindah Resources (ASX:CAE) has appointed Cameron Switzer as technical advisor and exploration manager. With over 35 years in the industry and a strong track record in porphyry copper-gold systems, he’s set to play a key role in driving the Mt Cannindah project forward.

Medical device company ReNerve (ASX:RNV) has received an additional $139,537 in R&D tax incentive refund, bringing its total refund to $516,606. The company is advancing its portfolio of peripheral nerve repair solutions and is preparing to launch its next product, the NervAlign Nerve Conduit, while also developing a full suite of nerve repair and replacement technologies.

 

At Stockhead, we tell it like it is. While Ora Banda Mining, Cannindah Resources and ReNerve are Stockhead advertisers, they did not sponsor this article.

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

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