Lunch Wrap: Oil and gold stocks surge following reports of Israeli strikes on Iran
ASX turns red as Israel hits Iran. Picture via Getty Images
- ASX turns red as Israel hits Iran and oil surges
- Gold jumps and Aussie dollar sinks on war jitters
- Accent crashes 20pc as weak sales spook market
The ASX started the morning with a bit of pep in its step, but that optimism didn’t last long. By around lunch in the eastern states, the market had reversed course and was down 0.3%.
The turning point was reports that Israel had launched airstrikes on Iran and its nuclear facilities, jolting global markets and sending investors running for cover.
The news sparked an instant reaction across the board.
Oil prices spiked as expected, given how much of the world’s oil flows through the Strait of Hormuz, right in the crosshairs of this conflict.
Gold also popped, briefly touching US$3410/oz, as investors piled into safe havens.
And while those surges might sound like good news for certain stocks of the ASX, the broader market didn’t love it.
Risk sentiment has taken a punch to the gut with this news, and traders are starting to close the books early ahead of what could be a tense weekend.
The big question now: does the conflict escalate from here? If it does, we’re in for a rougher ride next week.
The Aussie dollar also took a hit, dropping nearly 1% in less than an hour after the strikes were confirmed, to around US64.3 cents.
This is where things stood at about 1pm AEST:
In the large end of town, the biggest thud came from Accent Group (ASX:AX1), the retail group behind Hype DC, Platypus and Glue Store.
Accent’s shares crashed over 21% this morning after the company flagged weak sales post-Christmas and warned that full-year earnings will likely come in flat.
That’s not what the market wanted to hear, especially after the stock had already lost more than 20% this year.
And, Dalrymple Bay Infrastructure (ASX:DBI) also felt the pinch, dropping 5% after reports surfaced that Brookfield Infrastructure had offloaded a 23.2% chunk of its stake in the Queensland coal port.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 13 [intraday]:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| SRN | Surefire Rescs NL | 0.002 | 100% | 2,004,907 | $2,486,445 |
| ENT | Enterprise Metals | 0.003 | 50% | 1,000,000 | $2,362,635 |
| ICU | Investor Centre Ltd | 0.003 | 50% | 200,328 | $609,023 |
| JNO | Juno | 0.036 | 44% | 326,919 | $5,230,926 |
| EM2 | Eagle Mountain | 0.007 | 40% | 1,554,948 | $5,675,186 |
| PRM | Prominence Energy | 0.004 | 33% | 2,527,297 | $1,167,529 |
| 8CO | 8Common Limited | 0.024 | 33% | 1,279,353 | $4,033,708 |
| EAT | Entertainment | 0.005 | 25% | 10,000 | $5,235,144 |
| MRD | Mount Ridley Mines | 0.003 | 25% | 1,000,000 | $1,556,978 |
| MSG | Mcs Services Limited | 0.005 | 25% | 175,000 | $792,399 |
| OEL | Otto Energy Limited | 0.005 | 25% | 8,555,899 | $19,180,039 |
| SIS | Simble Solutions | 0.003 | 25% | 10,999 | $1,752,661 |
| UBI | Universal Biosensors | 0.042 | 24% | 68,082 | $10,134,293 |
| PHO | Phosco Ltd | 0.077 | 22% | 95,588 | $27,614,252 |
| A11 | Atlantic Lithium | 0.165 | 22% | 218,948 | $93,574,887 |
| ICG | Inca Minerals Ltd | 0.006 | 20% | 5,675,253 | $7,881,950 |
| OLI | Oliver'S Real Food | 0.006 | 20% | 15,000 | $2,703,660 |
| RC1 | Redcastle Resources | 0.006 | 20% | 700,000 | $3,717,835 |
| PVW | PVW Res Ltd | 0.013 | 18% | 315,106 | $2,187,953 |
| YAR | Yari Minerals Ltd | 0.013 | 18% | 5,986,573 | $6,101,826 |
| JCS | Jcurve Solutions | 0.047 | 18% | 343,790 | $13,213,738 |
| CDE | Codeifai Limited | 0.041 | 17% | 2,110,842 | $15,065,346 |
Juno Minerals (ASX:JNO) has handed over its Mount Mason iron ore project to Gold Valley Yilgarn (GVY) in a $6 million deal, plus a 2% royalty on future production. GVY plans to fire up mining in mid-2026, using Juno’s existing infrastructure and a new haul road crossing Juno’s nearby Mount Ida site, which isn’t part of the sale. Juno keeps its key Mount Ida magnetite project and pockets cash plus future royalties.
Terra Metals (ASX:TM1) has locked in a $4m cap raise to fast-track work at its Dante critical minerals project in WA. The cash is coming from strategic backers GEAR, part of Indonesian giant Sinar Mas, and Matthew Latimore of M Resources. Existing top shareholder Tribeca will also chip in to hold its 15% stake. The funds will fuel more drilling, and prep for a maiden resource estimate, as Terra ramps up what it reckons is a district-scale find.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 13 [intraday]:
Code Name Price % Change Volume Market Cap AOK Australian Oil. 0.002 -33% 15,000 $3,005,349 AXP AXP Energy Ltd 0.001 -33% 50,000 $10,027,021 BMO Bastion Minerals 0.002 -33% 1,310,000 $2,710,883 OVT Ovanti Limited 0.002 -33% 1,006,466 $9,016,545 NAE New Age Exploration 0.003 -25% 401,015 $10,637,596 AX1 Accent Group Ltd 1.400 -22% 9,237,398 $1,085,140,142 AUK Aumake Limited 0.002 -20% 12 $7,558,397 ERA Energy Resources 0.002 -20% 204,755 $1,013,490,602 JAV Javelin Minerals Ltd 0.002 -20% 122,699 $15,315,373 THR Thor Energy PLC 0.009 -18% 10,000 $7,818,688 PL3 Patagonia Lithium 0.041 -18% 80,519 $5,970,518 AD1 Adneo Limited 0.045 -17% 123,182 $7,905,975 BSN Basinenergylimited 0.015 -17% 977,951 $2,210,928 ENV Enova Mining Limited 0.008 -17% 18,790,631 $12,721,507 ERL Empire Resources 0.005 -17% 347,579 $8,903,479 FBR FBR Ltd 0.005 -17% 2,952,279 $34,136,713 GGE Grand Gulf Energy 0.003 -17% 350,926 $8,461,275 TMK TMK Energy Limited 0.003 -17% 916,212 $30,667,149 ODA Orcoda Limited 0.068 -16% 133,877 $15,188,651 CTT Cettire 0.270 -16% 21,305,436 $121,996,230 MRR Minrex Resources Ltd 0.009 -14% 1,938,452 $11,391,109 AM5 Antares Metals 0.006 -14% 1,110,000 $3,603,970 BYH Bryah Resources Ltd 0.012 -14% 14,030,546 $12,179,349
IN CASE YOU MISSED IT
Dimerix Limited (ASX:DXB) has reached 70pc of total adult patients to be dosed in its ACTION3 phase III clinical trial of DMX-200 in patients with focal segmental glomerulosclerosis.
LAST ORDERS
Antimony metallurgist David Fourie has joined the Trigg Minerals (ASX:TMG) team as a technical advisor for its net zero antimony strategy, centred on the Antimony Canyon project in the US.
Fourie played a central role in the design and ESG elements of the first “clean plant” antimony smelter built by SPMP to European environmental standards in Oman. SPMP is the largest antimony roaster outside of China, set to produce 20,000 tonnes of antimony products a year once the smelter reaches full capacity.
At Stockhead, we tell it like it is. While Trigg Minerals is a Stockhead advertiser, it 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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