Lunch Wrap: Goldies march, silver smashes US$40 for first time since 2011

Gold and silver stocks have rallied on Tuesday. Picture via Getty Images

ASX drifts as gold and silver shine
Collins rallies, Wesfarmers and Woolies sink
PolyNovo rockets, Platinum takes a hit

The ASX mostly traded sideways on Tuesday, before settling at around 0.2% lower at lunchtime in the east.

Discretionary and real estate were the big drags this morning.

But gold miners were walking tall.

Stocks such as Perseus Mining (ASX:PRU) and Newmont Corporation (ASX:NEM) edged higher, all riding the yellow metal’s charge toward US$3,500.

But silver stole the spotlight, blasting through US$40 overnight for the first time since 2011.

Then came the bruisers.

Wesfarmers (ASX:WES) and Woolworths (ASX:WOW) both shed 2% after going ex-dividend.

This reminds investors that most of the time, you can’t get your dividend cheque and expect the share price to look pretty on the same day.

Meanwhile, Australian consumer confidence edged up 2 points to 88, but with the index still stuck below 90 it’s hardly the stuff of champagne corks.

Elsewhere in the large caps space, Collins Foods (ASX:CKF) actually bucked the gloom, jumping 8% after reporting a 6.7% lift in sales across its KFC empire.

But let’s be honest, guidance in the “low-to-mid teens” growth range is more finger-lickin’ cautious than good.

Platinum Asset Management (ASX:PTM) fell off the perch by 6% after news a client is yanking $580 million from its funds. Just what you want before a merger with L1 Capital.

Wound-care biotech, PolyNovo (ASX:PNV), which is now capped above $1 billion, rocketed as much as 20% out of a trading halt after flagging it could benefit from changes to US Medicare reimbursements.

Sure, the numbers look juicy, but the optimism rests on bureaucrats in Washington not moving the goalposts again.

And while the index muddled along, Westpac (ASX:WBC) told the market it had grown its business lending 15% year-on-year. But it’s at tighter margins.

ASX LEADERS

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

Security	Description	Last	%	Volume	MktCap
MDI	Middle Island Res	0.035	75%	30,188,729	$5,864,679
FBM	Future Battery	0.037	54%	22,709,288	$16,191,865
MTL	Mantle Minerals Ltd	0.002	50%	13,233,333	$6,447,446
COD	Coda Minerals Ltd	0.160	45%	2,031,681	$27,495,045
TEM	Tempest Minerals	0.007	40%	1,931,809	$5,508,975
MEM	Memphasys Ltd	0.004	33%	890,000	$5,950,794
EV1	Evolutionenergy	0.015	25%	894,090	$4,351,806
AQX	Alice Queen Ltd	0.005	25%	200,000	$5,538,785
ERA	Energy Resources	0.003	25%	255,907	$810,792,482
FRX	Flexiroam Limited	0.010	25%	5,142,714	$12,139,189
SIS	Simble Solutions	0.005	25%	373,733	$4,329,321
NIM	Nimyresourceslimited	0.081	24%	2,902,880	$15,631,251
HMX	Hammer Metals Ltd	0.032	23%	1,701,043	$23,081,726
HMG	Hamelingoldlimited	0.089	22%	348,061	$14,476,161
VRX	VRX Silica Ltd	0.140	22%	4,682,501	$85,939,878
DUG	DUG Tech	1.905	21%	1,565,414	$212,759,010
AIS	Aeris Resources Ltd	0.265	20%	8,779,087	$213,712,877
T92	Terrauraniumlimited	0.065	20%	4,926,709	$7,041,743
ALM	Alma Metals Ltd	0.006	20%	2,299,050	$9,253,686
OSX	Osteopore Limited	0.012	20%	1,161,365	$2,372,600
PLG	Pearlgullironlimited	0.012	20%	50,000	$2,045,418
GL1	Globallith	0.280	19%	947,855	$61,507,049

Middle Island Resources (ASX:MDI) is making a big swing into Europe, snapping up Konstantin Resources and its 620km² copper-gold portfolio in Serbia’s Western Tethyan Belt, one of the world’s richest mining provinces. The deal hands Middle Island three main projects – Bobija, Priboj and Timok – with Bobija already boasting some serious historical drill hits including 45m at 1.71g/t gold and chunky silver, lead and zinc grades. To help fund the push, Middle Island has locked in a $3.4m placement at 1.7c a share, with Cygnet Capital running the raise.

Future Battery Minerals (ASX:FBM) has struck thick, high-grade gold at the Forrest prospect within its Miriam project near Coolgardie, with the first ten holes of a 21-hole program exceeding expectations. Best hits included 33m at 1.57g/t gold from 35m, with multiple high-grade intervals extending known lodes westward and uncovering fresh rock gold zones still open along strike.
The company is well funded with $6.4m in cash and no debt, and assays from the remaining 11 holes at the nearby Canyon prospect are due within weeks.

Hammer Metals (ASX:HMX) has hit visible gold just 40 metres south of Northern Star’s Bronzewing mine lease, a tantalising find given the 3Moz history next door. The gold showed up in a 6.8m zone of quartz veining from 416m downhole at Bronzewing South, with assays due mid-September to confirm the grade. RC drilling also pulled up encouraging numbers in the boundary zone, and diamond drilling is ongoing with follow-ups already in the works.

ASX LAGGARDS

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

Code	Name	Price	% Change	Volume	Market Cap
DY6	Dy6Metalsltd	0.220	-27%	2,860,085	$27,414,806
AYM	Australia United Min	0.003	-25%	8,443	$7,370,310
BUY	Bounty Oil & Gas NL	0.003	-25%	327,478	$6,245,887
HLX	Helix Resources	0.002	-25%	1,000,000	$6,728,387
BKT	Black Rock Mining	0.022	-22%	8,651,643	$40,690,422
ADG	Adelong Gold Limited	0.004	-20%	32,472	$11,584,182
TMX	Terrain Minerals	0.002	-20%	33,434,075	$6,454,536
RWL	Rubicon Water	0.150	-17%	86,264	$43,325,118
1CG	One Click Group Ltd	0.010	-17%	5,050,000	$14,187,434
M2R	Miramar	0.003	-17%	17,378,607	$3,029,566
MGU	Magnum Mining & Exp	0.010	-17%	27,882,944	$27,816,446
NTM	Nt Minerals Limited	0.003	-17%	133,272	$3,632,709
PRX	Prodigy Gold NL	0.003	-17%	5,070,000	$20,225,588
IFG	Infocusgroup Hldltd	0.026	-16%	4,447,115	$9,050,115
ITM	Itech Minerals Ltd	0.054	-16%	2,579,719	$10,933,465
OIL	Optiscan Imaging	0.090	-14%	586,776	$87,710,784
BIT	Biotron Limited	0.003	-14%	50,000	$4,645,360
BNL	Blue Star Helium Ltd	0.006	-14%	1,044,159	$23,575,197
CR1	Constellation Res	0.120	-14%	6,666	$11,255,223
ECS	ECS Botanics Holding	0.007	-13%	2,527,594	$10,368,397