Lunch Wrap: Trump's metals tariff drags ASX; WiseTech addresses new allegations

Trump’s fresh tariff talk hits ASX, US stocks tumble
Star casino jumps after rejecting takeover offer
Pilbara warns of losses while WiseTech sinks on scandal

The ASX dropped 0.3% this morning, with mood in the market dampening after a rise in US job growth and President Trump’s decision to slap a 25% tariff on steel and aluminium imports.

Speaking aboard Air Force One as he headed to the NFL Super Bowl in New Orleans, Trump said,”Any steel coming into the United States is going to have a 25 per cent tariff. Aluminium, too.”

Trump also told reporters he’ll announce reciprocal tariffs, meaning if other countries charge the US, they’ll get a taste of their own medicine.

During his first term, Trump had slapped hefty tariffs on steel and aluminium, but later made some deals to grant a few countries, like Canada and Mexico, some duty-free leeway.

The tariff news had local investors, in particular uneasy, as it could impact Aussie exports. The US dollar jumped, while the Aussie and Canadian dollars took a hit following Trump’s comments.

Meanwhile, data on Friday showed that US job growth slowed down in January, but the unemployment rate stayed steady at 4%.

“This report cements the view that the Fed could be on hold for a considerable time before cutting rates again,” said Scott Anderson at BMO Capital Markets.

The S&P 500 lost ground by 1%, and the tech-heavy Nasdaq by 1.4% on Friday.

Back home, Tech and Telco sectors led the laggards this morning:

In the large caps space, Star Entertainment Group’s (ASX:SGR) stock surged by 15.5% after it rejected takeover proposals from Chow Tai Fook Enterprises and Far East Consortium for its stake in the Queen’s Wharf complex in Brisbane.

Pilbara Minerals (ASX:PLS) warned of a potential net loss of between $5 million and $7 million for its upcoming half-year results. Shares were down 1%.

JB HiFi (ASX:JBH) gained 1% after reporting nearly 10% growth in sales during the first half, defying market expectations.

Protective wear company, Ansell (ASX:ANN), soared over 6% after announcing price hikes to deal with rising US tariffs.

Meanwhile, WiseTech Global (ASX:WTC) dropped 4% after founder Richard White got slammed with fresh allegations of inappropriate conduct.

Two new complaints, one from an employee and another from a supplier, have been made against him. The company’s board is looking into it, but for now, both WiseTech and White are sticking to their plan from October 2024, which included him taking on a new consultancy role in the firm.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for February 10 [intraday]:

Security	Description	Last	%	Volume	MktCap
GRL	Godolphin Resources	0.025	56%	45,843,746	$5,745,578
DTR	Dateline Resources	0.004	33%	48,420	$7,548,781
MMR	Mec Resources	0.004	33%	77,248	$5,549,298
CRS	Caprice Resources	0.026	24%	4,007,083	$9,303,773
EMU	EMU NL	0.032	23%	928,405	$5,001,859
NVU	Nanoveu Limited	0.058	21%	8,670,377	$26,603,689
TEM	Tempest Minerals	0.006	20%	1,045,847	$3,172,649
MYX	Mayne Pharma Ltd	5.590	19%	406,269	$380,230,470
OZM	Ozaurum Resources	0.155	19%	7,465,408	$25,637,500
SGA	Sarytogan	0.071	18%	629,043	$9,974,453
OKJ	Oakajee Corp Ltd	0.013	18%	54,500	$1,005,906
CCX	City Chic Collective	0.135	17%	1,268,769	$44,293,146
EVR	Ev Resources Ltd	0.004	17%	256,225	$5,797,510
STM	Sunstone Metals Ltd	0.007	17%	1,612,802	$30,900,022
OMX	Orangeminerals	0.036	16%	493,755	$3,444,171
SGR	The Star Ent Grp	0.128	16%	28,416,031	$315,554,896
AAJ	Aruma Resources Ltd	0.011	16%	1,052,734	$2,109,553
MM8	Medallion Metals.	0.150	15%	1,344,422	$53,224,128
HOR	Horseshoe Metals Ltd	0.015	15%	1,154,356	$8,622,662
SRR	Sarama Resources	0.031	15%	345,133	$6,995,253

Godolphin Resources’ (ASX:GRL) Lewis Ponds Gold & Silver Project is looking promising after the first two drill holes of a new program showed solid results. Hole GLPDD006 hit 49.6m at 3.53g/t gold equivalent (AuEq) from 210m, with a high-grade core of 28.2m at 5.76g/t AuEq. The drilling has also uncovered more mineralisation in the Torphy’s Lode.

Mayne Pharma (ASX:MYX) expects 1H FY25 revenues between $210-$215 million, marking 12-14% growth from the same period last year. The company also anticipates a significant 275-300% increase in underlying EBITDA. For the second half of FY25, Mayne predicts continued growth but also some seasonal cost impacts.

PYC Therapeutics (ASX:PYC) has just received the green light from the US FDA to start human trials for its promising drug candidate, PYC-003, aimed at treating Polycystic Kidney Disease (PKD). PKD, a condition affecting over 5 million people globally, causes kidney cysts that grow over time, leading to kidney failure. There are currently no current treatments targeting the disease’s root cause.

Nanoveu has sealed the deal on its acquisition of Embedded A.I. Systems (EMASS), a leading semiconductor design firm. With the integration of EMASS’s technology, Nanoveu aims to innovate in wearables, drones, IoT devices and more, while reducing energy use and carbon footprints.

Sarytogan Graphite (ASX:SGA) received $2.36 million from the European Bank for Reconstruction and Development (EBRD) as part of its Tranche 2 equity investment, raising the bank’s stake to 17.3% of the company. The investment, made at $0.16 per share, is a 166% premium on last week’s closing price. This follows a previous $2.64 million investment in November 2024. EBRD also conducted a positive peer review of the Pre-Feasibility Study for Sarytogan’s graphite project, identifying some risks but concluding the project holds significant promise.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for February 10 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
LNU	Linius Tech Limited	0.001	-50%	50,000	$12,302,431
AOK	Australian Oil.	0.002	-33%	30,131	$3,005,349
AOA	Ausmon Resorces	0.002	-25%	200,000	$2,179,455
GGE	Grand Gulf Energy	0.002	-25%	6,971,011	$4,900,774
MOM	Moab Minerals Ltd	0.002	-25%	859,233	$3,133,999
NRZ	Neurizer Ltd	0.002	-25%	3,807,516	$6,129,741
OB1	Orbminco Limited	0.002	-25%	350,000	$4,333,180
AAU	Antilles Gold Ltd	0.004	-20%	2,997,852	$9,289,380
WNX	Wellnex Life Ltd	0.735	-19%	97,326	$28,872,873
ANX	Anax Metals Ltd	0.009	-18%	510,000	$9,640,969
TRM	Truscott Mining Corp	0.074	-18%	29,000	$17,230,370
ASP	Aspermont Limited	0.005	-17%	100,000	$14,820,070
BGE	Bridgesaaslimited	0.020	-17%	10,003	$4,796,621
ERA	Energy Resources	0.003	-17%	352,178	$1,216,188,722
FTC	Fintech Chain Ltd	0.005	-17%	9,523	$3,904,618
GES	Genesis Resources	0.005	-17%	250,933	$4,697,048
ODE	Odessa Minerals Ltd	0.005	-17%	63,094	$9,597,195
SPQ	Superior Resources	0.005	-17%	25,000	$13,019,183
TIG	Tigers Realm Coal	0.003	-17%	3,176	$39,200,107
E79	E79Goldmineslimited	0.033	-15%	12,516,779	$3,984,343
ZAG	Zuleika Gold Ltd	0.011	-15%	658,876	$9,644,439
BUX	Buxton Resources Ltd	0.034	-15%	43,932	$8,891,299

IN CASE YOU MISSED IT

Summit Minerals (ASX:SUM) has appointed Dr Matthew Cobb as CEO to lead the company’s Equador niobium and rare earths project in Northeast Brazil. Cobb is a geologist by trade with 20 years of experience in the mining industry – including in exploration, project development and mines operation.

Cobb has previously worked in senior roles across multiple commodities in Australia, Africa and South America, including positions with Fortuna Mining, Silver Lake Resources, CSA Global and Consolidated Minerals where he has contributed to significant discoveries.

At a time of record gold prices, West Australian explorer Star Minerals (ASX:SMS) has reiterated its commitment to advancing the Tumblegum South gold project. By the end of this year, SMS intends to complete exploration drilling, infill drilling, a feasibility study and engage contractors at Tumblegum. Longer term goals include permitting and environmental and heritage surveying.

Trigg Minerals (ASX:TMG) has appointed Andre Booyzen to its board as a non-executive director. Booyzen previously served as vice president for Mandalay Resources and has already been working with Trigg as a strategic advisor. Booyzen’s work with Mandalay helped lead the Costerfield gold-antimony mine in Victoria – currently Australia’s only producer of antimony concentrate.

At Stockhead, we tell it like it is. While Summit Minerals, Star Minerals and Trigg minerals 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.