Lunch Wrap: ASX wobbles, Musk lands a trillion-dollar vote of faith
Musk lands trillion-dollar performance bonus. Hang on, that's not a Tesla… Pic: Getty Images
- ASX crawls higher early, then gives up gains
- Qantas slips while miners rally; gold shines
- Musk reels in a trillion-dollar package
After rallying earlier this morning, the ASX has nudged down by around 0.30% by lunchtime in the east.
Wall Street had limped in overnight with a jobs shocker – the weakest October US labour report in two decades.
And while America was debating whether robots were stealing jobs, Elon Musk was busy proving capitalism still pays handsomely.
In the last few hours, Tesla shareholders have handed him the largest pay package in history, up to US$1 trillion – effectively crowning him the world’s first trillionaire.
The package is technically tied up to a US$878 billion in stock options and a series of performance milestones for Tesla over the next decade.
Back on the ASX, healthcare and telco stocks were doing the heavy lifting this morning.
Energy stocks also lifted as Beach Energy (ASX:BPT) finally hit its long-awaited Ready for Start-Up milestone at the Waitsia gas plant in WA, a key step towards pumping 250 terajoules a day into the local grid.
Investors liked that it’s one of the few projects in WA that’s both on schedule and functional – two rare words in Australian energy.
BPT shares rose by 2% and sent a ripple of optimism across the sector.
Gold stocks also came to play, shimmering again as the metal flirted with US$4000 an ounce. Newmont Corporation (ASX:NEM) was up nearly 2% this morning.
Tech stocks, however, flinched after the Nasdaq’s overnight 1.5% slide.
In large cap news, News Corp (ASX:NWS) jumped 4.5% after reporting first-quarter revenue of US$2.14 billion, up 2% year-on-year, thanks to Dow Jones and its digital real estate empire which includes REA Group (ASX:REA).
REA posted $429 million in quarterly revenue, up 4%. Realestate.com.au hit a record 12.6 million monthly visitors, proving scrolling house prices is still the national sport. Shares however, got clipped 1%.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| BMO | Bastion Minerals | 0.002 | 50% | 2,500,049 | $2,236,450 |
| EEL | Enrg Elements Ltd | 0.002 | 33% | 125,000 | $7,921,002 |
| SDV | Scidev Ltd | 0.375 | 21% | 3,293,354 | $58,927,460 |
| SUH | Southern Hem Min | 0.041 | 21% | 848,277 | $25,032,161 |
| ERA | Energy Resources | 0.003 | 20% | 584,243 | $1,013,490,602 |
| LNQ | Linqmineralslimited | 0.215 | 19% | 1,097,897 | $11,133,000 |
| LU7 | Lithium Universe Ltd | 0.013 | 18% | 6,226,614 | $17,749,651 |
| ROG | Red Sky Energy. | 0.004 | 17% | 494,500 | $16,266,682 |
| BEZ | Besragoldinc | 0.058 | 16% | 257,070 | $20,775,199 |
| X2M | X2M Connect Limited | 0.015 | 15% | 3,882,217 | $13,170,791 |
| ESK | Etherstack PLC | 0.690 | 15% | 448,578 | $79,693,201 |
| SER | Strategic Energy | 0.008 | 14% | 125,000 | $7,797,533 |
| SGA | Sarytogan | 0.120 | 14% | 153,814 | $19,003,249 |
| HCL | Highcom Ltd | 0.325 | 14% | 550,938 | $29,264,562 |
| OKJ | Oakajee Corp Ltd | 0.042 | 14% | 100,000 | $3,383,503 |
| PSL | Paterson Resources | 0.034 | 13% | 451,446 | $15,784,589 |
| PHO | Phosco Ltd | 0.130 | 13% | 209,310 | $52,869,386 |
| ARV | Artemis Resources | 0.009 | 13% | 6,685,686 | $30,167,377 |
| CNJ | Conico Ltd | 0.009 | 13% | 240,219 | $2,177,166 |
| EMD | Emyria Limited | 0.072 | 13% | 4,824,401 | $42,758,334 |
| FBR | FBR Ltd | 0.005 | 13% | 3,628,705 | $26,747,890 |
| FIN | FIN Resources Ltd | 0.009 | 13% | 2,048,786 | $6,948,708 |
| AR3 | Austrare | 0.275 | 12% | 1,709,586 | $53,986,754 |
| NSB | Neuroscientific | 0.140 | 12% | 209,099 | $41,571,963 |
| CZN | Corazon Ltd | 0.150 | 11% | 30,347 | $6,778,623 |
Lithium Universe (ASX:LU7) has inked an MOU with Taiwan-based RePV Tech to test how well its Microwave Joule Heating (MJHT) and Jet Electrochemical Silver Extraction (JESE) systems can pull high-purity silver from recycled solar cells.
Under the deal, RePV Tech will supply silicon wafers from its PV recycling operations to be tested at Macquarie University, where LU7’s team is refining its cleaner, more energy-efficient silver extraction tech. The goal is to recover “Britannia-grade” silver (about 95.95% pure) from solar waste while cutting environmental impact.
Red Sky Energy (ASX:ROG) says completion work at its Yarrow 1 well in South Australia’s Cooper Basin is on schedule, with first gas expected by November 18. Operated by Santos (80%), the project hit solid flow rates of around 1.8 million cubic feet a day after successful fracture stimulation of the Patchawarra and Tirrawarra formations.
Etherstack (ASX:ESK) has secured a $2.5 million contract with the Commonwealth of Australia to supply advanced defence communications systems, a move that takes its total defence business with Canberra to around $15 million since 2021.
The revenue is expected to be fully recognised before 31 December 2026, with updated FY25-26 guidance due next week.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| HLX | Helix Resources | 0.001 | -50% | 1,073,992 | $10,692,581 |
| AQZ | Alliance Aviation | 1.590 | -37% | 2,745,204 | $407,398,505 |
| MTL | Mantle Minerals Ltd | 0.001 | -33% | 500,000 | $10,849,672 |
| AUH | Austchina Holdings | 0.002 | -25% | 135,714 | $6,050,767 |
| PIL | Peppermint Inv Ltd | 0.003 | -25% | 38,151,843 | $10,036,083 |
| ATH | Alterity Therap Ltd | 0.008 | -20% | 6,200,515 | $108,754,163 |
| TMX | Terrain Minerals | 0.004 | -20% | 28,275,197 | $13,409,071 |
| FZR | Fitzroy River Corp | 0.140 | -18% | 496,828 | $18,352,223 |
| GPR | Geopacific Resources | 0.033 | -18% | 817,098 | $127,915,813 |
| AAJ | Aruma Resources Ltd | 0.015 | -17% | 2,674,988 | $7,430,855 |
| AOA | Ausmon Resorces | 0.003 | -17% | 100,000 | $3,933,640 |
| NTM | Nt Minerals Limited | 0.003 | -17% | 25,000 | $3,632,709 |
| BEL | Bentley Capital Ltd | 0.022 | -15% | 100,000 | $1,979,326 |
| 1AD | Adalta Limited | 0.003 | -14% | 45,000 | $6,622,686 |
| GES | Genesis Resources | 0.006 | -14% | 530,000 | $5,479,889 |
| NAG | Nagambie Resources | 0.012 | -14% | 1,815,386 | $12,553,646 |
| TON | Triton Min Ltd | 0.006 | -14% | 964,426 | $10,978,721 |
| VRC | Volt Resources Ltd | 0.006 | -14% | 337,851 | $32,793,946 |
| XYZ | Block Inc | 97.270 | -14% | 106,034 | $4,549,772,922 |
| YRL | Yandal Resources | 0.260 | -13% | 129,910 | $111,908,376 |
| AXN | Alliance Nickel Ltd | 0.041 | -13% | 956,681 | $35,054,462 |
| ALM | Alma Metals Ltd | 0.007 | -13% | 2,500,000 | $14,857,897 |
| HPC | Thehydration | 0.007 | -13% | 73,101 | $3,446,407 |
| RNX | Renegade Exploration | 0.004 | -13% | 204,928 | $8,279,187 |
One of the big dramas of the morning came from the tarmac.
Alliance Aviation (ASX:AQZ) , the Qantas-backed regional carrier, nosedived 37% after lifting its trading halt, warning FY26 profits would fall well short thanks to surging maintenance and aircraft costs.
CEO Scott McMillan promptly left the board, and the CFO has quit.
Qantas (ASX:QAN) still holds a 20% stake in AQZ, which probably explains why its own shares dipped 2% despite announcing the appointment of Alison Watkins (of RBA and Wesfarmers fame) as an independent director.
IN CASE YOU MISSED IT
Magmatic (ASX:MAG) has restarted drilling at its Weebo gold project, launching Phase 2 off the back of a successful initial program.
Perpetual’s (ASX:PEC) latest assays from Morro Grande add weight to a growing discovery story in Brazil.
A new wave of ASX-listed and Australian-founded companies are reshaping the future of military aviation through drone technology.
Argent Minerals (ASX:ARD) is gearing up for a multi-target drill program testing high priority zones at its Kempfield and Trunkey Creek projects.
Magnetic Resources (ASX:MAU) has found a potential fourth core zone at the LJN4 deposit and is now drilling holes to define the new discovery.
Fresh gold assays from Geopacific Resources’ (ASX:GPR) extensive drill campaign at its 1.67Moz Woodlark project have confirmed multiple new mineralised zones.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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