Lunch Wrap: Coles drags down ASX, but MinRes runs smoking hot
MinRes was smoking hot today. Pic: Getty Images
- ASX eases as Wall Street wobbles
- MinRes jumps 11% on record shipments
- Retail and property stocks take a hit
The ASX was down around 0.11% by Thursday lunchtime in the east, a modest stumble after yesterday’s CPI shock wiped out any hope of an Aussie rate cut this year.
Overnight, Wall Street had a bit of a wobble, too.
The Fed delivered a 0.25% rate cut, but then killed the mood instantly when Jerome Powell made it clear that another cut in December isn’t guaranteed.
The Dow slipped and the Nasdaq barely held on, mostly thanks to Nvidia, which has climbed to a staggering US$5 trillion market cap, now worth more than the entire GDP of Japan and India combined.
Back home, traders were still nursing an inflation-induced headache.
The Discretionary sector was the day’s punching bag, down almost 3%, with Coles Group (ASX:COL) doing most of the damage after investors took its quarterly update as a sign that shoppers are tightening belts.
The supermarket giant fell nearly 2% after posting 4.6% sales growth – solid, but a touch shy of expectations at 4.7%.
Liquor sales slipped, too, a reminder that even beer budgets are feeling the squeeze as households stretch every dollar. COL’s shares were down 3%.
Real estate stocks got hit, too, as higher-for-longer rates turned sentiment sour again.
In the large caps space, Mineral Resources (ASX:MIN) stole the show this morning, rocketing 11.5% after posting record iron ore shipments and solid earnings that smashed expectations.
MinRes reported a strong September quarter with Onslow iron ore shipments up 48% from the June period and 9% ahead of expectations.
Lithium operations at Mt Marion and Wodgina also outperformed, while mining services volumes stayed on track.
Costs were largely within guidance despite lower-grade ore, and the company’s balance sheet tightened with net debt steady at $5.4 billion after $400 million in capex.
MinRes’s shares are up 130% in the last six months.
IGO (ASX:IGO) also managed a grin.
Its September quarter was operationally soft, but free cash flow came in better than expected thanks to a chunky JV dividend. Group sales landed at $105 million, down 17% on the quarter, with underlying EBITDA of $19.3 million.
Even so, IGO stuck with its FY26 guidance.
Lynas (ASX:LYC) reported a strong September quarter, with $200 million in sales and record shipments of NdPr.
JB HiFi (ASX:JBH) was one of the day’s biggest drags, tumbling 5% after growth in its Australian division plateaued at 6%.
And, Appen (ASX:APX) lost 6% despite an impressive 81% jump in China revenue during the quarter.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| 8IH | 8I Holdings Ltd | 0.049 | 308% | 717,905 | $4,177,930 |
| BEL | Bentley Capital Ltd | 0.036 | 80% | 1,207,415 | $1,522,558 |
| SNM | Sentinel Metals | 0.300 | 50% | 3,753,121 | $10,877,666 |
| MOM | Moab Minerals Ltd | 0.003 | 50% | 6,900,000 | $3,749,332 |
| PHO | Phosco Ltd | 0.115 | 35% | 3,209,290 | $37,257,324 |
| CVB | Curvebeam Ai Limited | 0.110 | 34% | 26,973,735 | $38,364,336 |
| CHM | Chimeric Therapeutic | 0.004 | 33% | 426,750 | $10,926,409 |
| ADG | Adelong Gold Limited | 0.014 | 27% | 24,464,313 | $28,235,200 |
| FTI | Fortifai Ltd | 0.175 | 25% | 120,924 | $20,536,301 |
| CAV | Carnavale Resources | 0.005 | 25% | 132,000 | $19,789,445 |
| ERA | Energy Resources | 0.003 | 25% | 3,487,489 | $810,792,482 |
| NTM | Nt Minerals Limited | 0.003 | 25% | 2,421,645 | $2,421,806 |
| SRN | Surefire Rescs NL | 0.003 | 25% | 3,679,203 | $8,051,219 |
| MRD | Mount Ridley Mines | 0.021 | 24% | 45,633,924 | $20,292,588 |
| AR9 | Archtis Limited | 0.100 | 23% | 1,906,672 | $38,529,649 |
| MBH | Maggie Beer Holdings | 0.115 | 20% | 552,529 | $39,102,567 |
| PVT | Pivotal Metals Ltd | 0.026 | 18% | 14,745,363 | $19,958,969 |
| REE | Rarex Limited | 0.043 | 18% | 15,679,690 | $36,521,359 |
| ATR | Astron Ltd | 0.835 | 18% | 169,496 | $297,885,831 |
| CBE | Cobre | 0.105 | 17% | 2,934,444 | $42,155,096 |
| CHL | Camplifyholdings | 0.350 | 17% | 1,093,544 | $21,531,692 |
| FRE | Firebrickpharma | 0.074 | 16% | 68,625 | $16,100,568 |
| AUR | Auris Minerals Ltd | 0.023 | 15% | 1,993,212 | $10,962,397 |
8I Holdings (ASX:8IH), a Singapore-based investment and education group, went absolutely vertical, surging more than 300% before the stock hit the brakes with a trading halt. The company said it wasn’t aware of any reason for the wild move, pending a response to a price and volume query.
Sentinel Metals (ASX:SNM) has made its ASX debut after a $10m IPO at 20c a share, valuing it at $20m. It’s led by ex-Red 5 boss Mark Williams and former FMG exec Matthew Herbert, and its Columbia Gold Project in Montana holds an Inferred 920,000oz resource at 1.3g/t.
With drilling showing hits up to 106g/t gold, the project offers strong upside in a Tier-1 US jurisdiction – a solid start for the new gold explorer.
PhosCo (ASX:PHO) has landed a €1 million (A$1.8 million) grant from the EBRD to speed up work on its Gasaat phosphate project in Tunisia.
Managing director Taz Aldaoud is also tipping in $1.1 million via option exercises, with the combined funds to optimise the project and fold in the high-grade KM discovery ahead of the bankable feasibility study.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CNJ | Conico Ltd | 0.008 | -27% | 1,645,554 | $2,993,603 |
| C7A | Clara Resources | 0.003 | -25% | 500,000 | $3,393,180 |
| GGE | Grand Gulf Energy | 0.002 | -20% | 30,000 | $7,051,062 |
| BLU | Blue Energy Limited | 0.005 | -17% | 1,402,080 | $18,071,842 |
| BUY | Bounty Oil & Gas NL | 0.003 | -17% | 1,009,826 | $4,684,416 |
| UNT | Unith Ltd | 0.010 | -17% | 7,344,035 | $18,229,305 |
| GLA | Gladiator Resources | 0.025 | -14% | 3,071,535 | $23,601,719 |
| LRM | Lion Rock Minerals | 0.033 | -13% | 7,561,025 | $116,428,852 |
| CTE | Cryosite Limited | 1.130 | -13% | 226 | $63,452,432 |
| PBL | Parabellumresources | 0.100 | -13% | 12,308 | $7,164,500 |
| IPD | Impedimed Limited | 0.040 | -13% | 2,083,485 | $93,662,784 |
| THR | Thor Energy PLC | 0.014 | -13% | 1,144,774 | $11,540,977 |
| TON | Triton Min Ltd | 0.007 | -13% | 500,675 | $12,547,110 |
| TAT | Tartana Minerals Ltd | 0.042 | -13% | 81,357 | $10,279,003 |
| COS | Cosol Limited | 0.523 | -12% | 144,138 | $108,283,334 |
| BEO | Beonic Ltd | 0.185 | -12% | 26,898 | $14,195,066 |
| EGR | Ecograf Limited | 0.575 | -12% | 616,536 | $296,807,039 |
| FMR | FMR Resources Ltd | 0.360 | -11% | 130,887 | $19,889,456 |
| RKB | Rokeby Resources Ltd | 0.004 | -11% | 120,000 | $8,219,525 |
| TSL | Titanium Sands Ltd | 0.008 | -11% | 1,364,762 | $21,102,725 |
| DTZ | Dotz Nano Ltd | 0.049 | -11% | 217,653 | $35,436,568 |
| KSN | Kingston Resources | 0.125 | -11% | 2,457,019 | $117,605,654 |
| SOP | Synertec Corporation | 0.025 | -11% | 719,105 | $14,541,364 |
IN CASE YOU MISSED IT
Strata Minerals (ASX:SMX) has exercised its option to acquire the Zelica gold project in WA’s Eastern Goldfields and aims to get on the ground as soon as possible.
True North Copper (ASX:TNC) drilling in northwest Queensland has intersected mineralisation consistent with the halos of major IOCG systems such as Ernest Henry.
Latrobe Magnesium (ASX:LMG) has detailed a transformative quarter marked by financing momentum, Pentagon alignment, and more.
Greenvale Energy’s (ASX:GRV) spectral gamma logging at Oasis points to extensions of high-grade uranium, with the last six holes showing consistent signals along known structures.
Norfolk Metals (ASX:NFL) has upped the ante at an ongoing RC drilling program at its Carmen copper project in Chile – now including previously planned diamond collars. As of today, the 30th of a total 50 planned holes was being drilled.
AI-focused small cap Straker (ASX:STG) is expanding its global partnership with IBM via a three-year deal worth NZ$28 million. This renewal will see STG accelerate the deployment of its AI translation and co-develop new language models on IBM cloud.
Hillgrove Resources (ASX:HGO) has delivered a major lift in both mineral resources and ore reserves at its flagship Kanmantoo project.
Auravelle Metals (ASX:AUV) has completed an initial drilling program at its Crown gold project near Kalgoorlie.
LAST ORDERS
Miramar Resources (ASX:M2R) is gearing up for a drilling program at the Chain Pool Sedex project after securing approvals for a program of work.
The company is looking to drill with an auger and reverse circulation rig at the Joy Helen prospect, targeting copper, lead and zinc as well as gold and copper mineralisation over a 300m strike.
St George Mining (ASX:SGQ) will be presenting a showcase on its rare earths-niobium Araxa project to investors and government representatives at the EXPOSIBRAM 2025 – one of the largest mining events in Latin America.
Ausgold (ASX:AUC) has struck an ‘agreement in principle’ with the Shire of Katanning for the site of a proposed 250-bed workforce accommodation facility for its Katanning gold project.
The long-term, non-binding lease agreement on the Shire-owned land at the edge of town runs for 12-years as of January next year, and carries two five-year extension options.
Kaolin developer Andromeda Meals (ASX:ADN) says new testwork results confirms product from its Great White project in South Australia is suitable for high-value commercial ceramic hotelware and glaze formulations – and is highly competitive against established kaolins in this sector.
At Stockhead, we tell it like it is. While Miramar Resources, Ausgold, Andromeda Metals, and St George Mining 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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