Lunch Wrap: ASX steady despite CPI surprise, MinRes sinks again on iron downgrade

ASX holds firm as inflation sticks at 2.4pc. Picture via Getty Images

ASX holds firm as inflation sticks at 2.4pc
MinRes cops another whack on fresh iron ore downgrade
Web Travel flies, Myer goes glam

The ASX managed to hold its ground on Wednesday morning despite April CPI coming in a touch hotter than forecast.

Fresh numbers from the ABS showed consumer prices rose 2.4% over the year to April, steady on March, but above market hopes of a dip to 2.3%.

It’s still within the RBA’s 2-3% target band.

Investors have been banking on a smooth descent in inflation following the RBA’s rate cut last week, but today’s stickiness could be enough to make the RBA glance twice.

Over on Wall Street last night, sentiment was upbeat after a pop in US consumer confidence, lifting the S&P 500 and Nasdaq by more than 2%.

Investors are also watching for Nvidia’s earnings later tonight (AEST), hoping for signs that the AI chip boom is still powering ahead. A strong print here could light a fire under the sector.

Now back home where the wave from Wall Street rippled into the ASX this morning.

Aussie tech names like NextDC (ASX:NXT) and WiseTech Global (ASX:WTC) tracked the US surge.

Energy stocks rebounded on the back of higher crude prices.

But a 6.5% sell-off in mining heavyweight Mineral Resources (ASX:MIN) has deepened a rout that’s seen the stock shed over 70% in the past year.

The selling accelerated after MinRes cut its iron ore guidance for the second time in a month, now expecting between 7.8 million and 8 million tonnes, down as much as 10%.

In other large cap news, Web Travel Group (ASX:WEB) soared 15% after telling investors it’s “recalibrated and back on track.” WEB’s transaction values jumped 22% to $4.9 billion, and bookings rose 20% over the year to March.

Property giant Goodman Group (ASX:GMG) rose 0.6% after sticking to its full-year outlook, though it did warn that some global tenants are dragging their feet on lease decisions.

Fisher & Paykel Healthcare (ASX:FPH) fell 5% despite delivering a 43% jump in full year net profit to NZ$377.2 million.

And, Myer (ASX:MYR) climbed 1% after holding an Investor Day and announced a fresh push into in-store beauty.

Myer said it will be rolling out blow-dry bars, nail stations, and revamping its loyalty program to reel in younger shoppers.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for May 28 [intraday]:

Security	Description	Last	%	Volume	MktCap
A1G	African Gold Ltd.	0.16	19%	1,423,317	$64,802,677
AAU	Antilles Gold Ltd	0.006	100%	14,488,082	$6,379,103
AUG	Augustus Minerals	0.029	16%	408,484	$2,979,786
BMO	Bastion Minerals	0.0015	50%	3,500,000	$903,628
BVR	Bellavista Resources	0.35	13%	16,993	$31,273,592
CVR	Cavalier Resources	0.19	15%	62,666	$9,543,966
D3E	D3 Energy Limited	0.115	15%	25,000	$7,947,501
DTM	Dart Mining NL	0.004	33%	14,968,168	$3,594,167
DTR	Dateline Resources	0.072	31%	102,352,401	$155,089,566
DXN	DXN Limited	0.035	17%	2,032,316	$8,961,109
FBM	Future Battery	0.018	13%	536,953	$10,700,895
HIO	Hawsons Iron Ltd	0.019	19%	1,979,893	$16,264,022
IFG	Infocus Group	0.011	120%	58,368,339	$1,312,134
OIL	Optiscan Imaging	0.125	14%	247,732	$91,887,488
PCK	Painchek Ltd	0.054	13%	1,635,674	$88,412,102
SHN	Sunshine Metals Ltd	0.0085	21%	8,287,232	$14,613,514
SRI	Sipa Resources Ltd	0.0135	13%	4,952,177	$4,996,780
STK	Strickland Metals	0.135	13%	12,916,873	$271,483,176
SYA	Sayona Mining Ltd	0.017	13%	55,151,481	$173,149,440
TAT	Tartana Minerals Ltd	0.045	13%	44,444	$8,565,836
TKL	Traka Resources	0.002	33%	500,000	$3,188,685
TMK	TMK Energy Limited	0.0035	17%	251,278	$30,667,149
VPR	Voltgroupltd	0.002	33%	650,000	$16,074,312
YAR	Yari Minerals Ltd	0.007	17%	2,803,749	$3,328,269

Pivotal Metals (ASX:PVT) said it has uncovered bonanza-grade gold at its Lorraine prospect in Quebec, with one historical channel sample hitting 28 metres at 45.2g/t gold. A deeper drill hole pulled 0.97m at 56.2g/t, including a spicy 0.15m at 233.9g/t. The gold sits in a 600-metre corridor of copper-gold quartz veins, just 12km from the historic Belleterre mine. It’s largely untouched ground for gold, with previous efforts focused on copper and nickel. Pivotal’s now launching a full-blown field program to line up fresh drill targets. It reckons this could be the next big hit in its BAGB project, already home to high-grade copper and nickel.

Locksley Resources (ASX:LKY) has locked in $1.47 million through a well-supported placement at 4 cents a share to fund drilling at its Mojave Project in California. The cash will go straight into boots-on-ground exploration, with the team already mobilising. Drilling’s planned for the September quarter, targeting rare earths at El Campo (up to 12.1% TREO) and high-grade antimony at the Desert Antimony Mine (up to 46% Sb), pending final permits.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for May 28 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
ADG	Adelong Gold Limited	0.007	-13%	2,094,296	$11,179,890
ADO	Anteotech Ltd	0.007	-13%	1,544,048	$21,642,403
ALM	Alma Metals Ltd	0.003	-25%	325,110	$6,345,381
AN1	Anagenics Limited	0.006	-14%	1,223,965	$3,474,243
AOK	Australian Oil	0.002	-33%	726,153	$3,005,349
ARV	Artemis Resources	0.006	-14%	1,051,327	$17,699,705
AW1	American West Metals	0.04	-22%	3,835,385	$30,382,869
AX8	Accelerate Resources	0.007	-13%	110,300	$6,377,510
BUS	Bubalusresources	0.11	-15%	257,500	$7,330,047
CBE	Cobre	0.036	-14%	1,404,782	$18,464,878
CML	Connected Minerals	0.14	-15%	70,873	$6,824,105
CZN	Corazon Ltd	0.001	-33%	460,000	$1,776,858
FAU	First Au Ltd	0.003	-14%	250,000	$7,251,976
FCT	Firstwave Cloud Tech	0.014	-18%	258,457	$29,129,818
GLL	Galilee Energy Ltd	0.006	-14%	1,271,297	$4,950,350
HLX	Helix Resources	0.002	-20%	465,000	$8,410,484
JAV	Javelin Minerals Ltd	0.002	-20%	100,000	$15,115,373
LNR	Lanthanein Resources	0.001	-50%	113,750	$4,887,272
MEL	Metgasco Ltd	0.0025	-17%	373,000	$4,372,760
OVT	Ovanti Limited	0.0025	-17%	4,133,795	$8,380,545
RDN	Raiden Resources Ltd	0.006	-14%	2,037,572	$24,156,240
TYX	Tyranna Res Ltd	0.003	-14%	57,308	$11,509,489
VEN	Vintage Energy	0.005	-17%	863,620	$11,982,791
VML	Vital Metals Limited	0.0025	-17%	700,000	$17,685,201

Predictive Discovery’s (ASX:PDI) shares fell after Guinea’s government unexpectedly revoked over 100 exploration permits, including PDI’s Argo and Bokoro tenements. The company hadn’t been formally notified, but the permits were up for extension and PDI plans to appeal. The Bankan Gold Project though, home to the bulk of PDI’s 5.53Moz resource, wasn’t affected. Its exploitation permit is still progressing through the Guinean approval system.

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

Small Caps