Lunch Wrap: ASX smacked as tech stumbles; mining tech stock RPM rockets on Cat bid

• ASX dragged down by tech, as Nasdaq wobbles
• Mining software stock RPMGlobal rockets on Caterpillar bid
• Pro Medicus clears US cloud hurdle

The ASX was sitting 0.6% lower by Monday lunchtime in the east, a wobbly start to the week after Wall Street handed us a weak lead.

The Nasdaq copped the biggest bruise on Friday, down 1% as Big Tech once again reminded us it can bleed like mere mortals.

Traders are still clutching at the September Fed rate-cut dream, but judging by the tone, it feels more like hope than conviction.

That uncertainty spilled straight into the local session, and our own tech sector was the biggest loser this morning.

Miners were also dragged down, with Fortescue (ASX:FMG) losing nearly 5% as it traded ex-dividend.

The fireworks in the morning session, though, were lit by RPM Global (ASX:RUL).

The mining software group ripped 23% higher after global giant Caterpillar lobbed a $5-a-share non-binding takeover offer, valuing it at more than $1billion.

RPM’s board has handed Cat six weeks of exclusivity to kick the tyres and rummage under the bonnet. Nothing’s certain yet, but the market is already acting like the cheque’s in the mail.

In large caps news, Pro Medicus (ASX:PME) ticked 0.5% lower despite its US arm Visage Imaging finally clearing a tough approval to operate its Visage 7 platform inside the Veteran Affairs Enterprise Cloud.

A long slog, a bureaucratic maze, but another stamp from the US that only strengthens PME’s story.

Now for the shipping news…

Shipbuilding, that is – Austal (ASX:ASB) slipped 2% as founder John Rothwell officially exited after 38 years.

From cray boats in WA to pumping out warships for the US Navy, his run has been nothing short of epic. The company itself still looks seaworthy, but following his act would be no small gig.

Still in large caps, Insurance Australia (ASX:IAG) added 1% after finalising its $855 million purchase of RACQ’s underwriting business.

With the deal comes a 25-year distribution alliance, effectively chaining Queensland motorists to IAG for a generation.

And … A2 Milk (ASX:A2M) has finally pocketed the keys to its Pokeno factory in New Zealand, a licence to two prized China-label infant formula slots. Shares were flat.

ASX LEADERS

Today’s best performing stocks (including small caps) intraday:

4D Medical (ASX:4DX) has pulled off a big milestone, with the FDA clearing its CT:VQ technology, the world’s first non-contrast scan that can measure both ventilation and perfusion straight from a standard chest CT. With more than 14,500 CT scanners already installed across the US, the addressable market is worth over US$1.1 billion a year, and 4DX reckons it’s now in a position to rapidly replace nuclear VQ scans altogether.

Austral Gold (ASX:AGD) has locked in a fresh US$1 million short-term loan from Banco San Juan in Argentina, adding to the US$7 million facility it secured last December. The cash will cover working capital as the Casposo plant moves from refurbishment into commissioning. The loan runs 180 days at 8.5% interest, repayable in one hit from export proceeds.

Dreadnought Resources (ASX:DRE) has lit up the Star of Mangaroon project with some standout gold hits, including 7m at 46.7 g/t from 27m and 12m at 20.6 g/t from just 3m. The shallow, high-grade intercepts are expected to give a material boost to the current 23,300 oz resource, mine plan and project economics.

ASX LAGGARDS

Today’s worst performing stocks (including small caps) intraday:

IN CASE YOU MISSED IT

Bayan Mining and Minerals (ASX:BMM) is closer to unlocking the potential of the Desert Star rare earth discovery in the US, after recording up to 26,286ppm TREO in reconnaissance sampling.

Uvre’s (ASX:UVA) maiden drill program in early October 2025 will test the top priority Jubilee prospect at its Waitekauri project in New Zealand.

Cancer diagnostics company Imagion Biosystems (ASX:IBX) has strengthened its board with the appointment of prominent industry leader Dr Nina Webster.

Silver’s expected placement on America’s critical minerals list and a looming supply squeeze has Australia’s Silver Mines (ASX:SVL) in the slipstream of rising investor interest as the owner of Australia’s largest undeveloped silver project.

Ovanti (ASX:OVT) has boosted its US BNPL leadership team by appointing three new senior executives with vast experience spanning major global companies.

LAST ORDERS

Anson Resources (ASX:ASN) is preparing to drill a production-scale disposal well at the Green River lithium project, having submitted a drilling permit proposal. The additional data will feed into Flow and Petrel models to determine locations for further extraction and disposal wells.

Cyclone Metals (ASX:CLE) has kicked off a prefeasibility study for its Iron bear magnetite project in Canada, appointing engineering firm Hatch to lead the study.

CLE intends to develop Iron Bear as a large-scale iron ore project and become a sustainable supplier of high-grade magnetite concentrate into the global steel market. Cyclone is targeting Q2 CY26 for the study’s completion.

At Stockhead, we tell it like it is. While Anson Resources and Cyclone Metals 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.