Lunch Wrap: ASX swings flat as iron ore drags and energy stocks sink

• ASX flattish as iron ore tumbles again
• Fed holds rates but warns inflation is heating up
• Wisetech board members quit

The ASX opened lower, briefly clawed its way into positive territory during the first hour, but was flat by lunchtime in the east.

The lack of direction came after a flat session in the US overnight.

As expected, the Fed Reserve kept interest rates steady for a fourth straight meeting. But the message wasn’t exactly bullish.

Officials now expect US inflation to rise to 3% by year-end, up from 2.1%. Growth is expected to slow to just 1.4%, down sharply from 2.5% last year. Unemployment is tipped to rise, too.

Even so, experts are still forecasting two rate cuts before the end of 2025. But only one next year, not two, as the market had previously flagged.

Trump, as expected, took aim at Fed chair Jerome Powell, calling his performance “poor” and even joking that he should take the top Fed job himself.

“Am I allowed to appoint myself? I’d do a much better job than these people.”

Back home on the ASX, banks and retailers led.

Energy names had a rough morning. Both Origin Energy (ASX:ORG) and AGL Energy (ASX:AGL) lost 2%.

Iron ore continues its slide with futures in Singapore down 0.3% this morning, dragging down iron ore stocks again.

Many gold stock names also slipped. Perseus Mining (ASX:PRU) slid 5%.

In the large end of town, WiseTech Global (ASX:WTC) shares dipped 2% after the logistics tech giant confirmed two long-time directors, Charles Gibbon and Michael Gregg, will step down from the board.

Both are early investors and major shareholders of WTC, and have been closely linked to founder Richard White, who’s faced media scrutiny in recent months.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 19 [intraday]:

Amplia Therapeutics (ASX:ATX) has achieved a second complete response in its 55-patient Accent trial evaluating FAK inhibitor narmafotinib in combination with chemotherapy in advanced pancreatic cancer.

It’s big news, as complete responses are very rare in patients with advanced pancreatic cancer. A complete response (CR) means a disappearance of all tumour lesions has been maintained for more than two months.

A seminal study demonstrating the effect of chemotherapies gemcitabine and Abraxane in advanced pancreatic cancer reported only one complete response out of 431 patients.

Peak Minerals (ASX:PUA) reckons it’s sitting on a monazite-heavy mineral assemblage at Minta Est, part of the Minta rutile project in Cameroon.

The company’s sampling has revealed monazite content levels of up to 73%, alongside 35% rutile and 28% zircon. Monazite is valued at about 3-fold rutile and zircon, offering a potentially lucrative opportunity. PUA also averaged 2.4% heavy mineral content over 47 drill holes covering 121 square kilometres, with every hole returning mineralisation.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 19 [intraday]:

KMD Brands (ASX:KMD), the company behind Kathmandu and Rip Curl, slid after the it warned warmer-than-usual weather had dented sales. Autumn was Victoria’s warmest on record, and jackets stayed on shelves.

IN CASE YOU MISSED IT

Javelin Minerals (ASX:JAV) is charging ahead with its strategy to mine the ~34,000 recoverable ounces at its Eureka gold project near Kalgoorlie in WA.

The strategic importance of Everest Metals’ (ASX:EMC) Mt Edon rubidium project in WA’s Mid West region has allowed it to secure entry into a US Department of Defense initiative that could accelerate project development.

Early study results show Orthocell’s (ASX:OCC) flagship nerve repair product, Remplir, helps nerves heal faster and better than traditional suture methods.

Arika Resources (ASX:ARI) has launched a 10,000m drill program at its Yundamindra gold project in WA’s northeastern Goldfields region to follow up on recent wide, high-grade intersections at the Landed at Last and Pennyweight Point prospects.

A landmark US$1.3 million deal with PNS will position  Singular Health Group (ASX:SHG) for a first nation-wide American deployment.

At Stockhead we tell it like it is. While Javelin Minerals, Everest Metals, Orthocell, Arika Resources and Singular Health Group are Stockhead advertisers at the time of publishing, they did not sponsor this article.