Lunch Wrap: ASX up as Trump tariffs tossed by court, Nvidia fuels data centre rally
ASX data centre stocks surge after Nvidia's earnings
Trump tariffs blocked by court
Oil jumps on tariff call
The ASX spent most of Thursday morning stuck in neutral gear, despite a roaring start from US futures.
The ASX 200 swung back and forth before settling higher by midday, up by 0.2%.
Overnight on Wall Street, the vibe was very different.
Nvidia fired up the after-hours circuit, jumping over 5% thanks to a blockbuster earnings print: a 69% surge in Q1 sales as it ramps up production of its next-gen Blackwell chips.
CEO Jensen Huang turned up the volume too, talking up exponential AI demand, fresh investment flowing in from the Middle East, and a thaw in US-China trade tensions.
That was more than enough to jolt Nasdaq futures 1.7% higher this morning.
Market sentiment also turned positive after Federal judges in Oregon ruled Trump's sweeping global tariffs were illegally imposed.
Turns out you can't just call a trade deficit a national emergency and start slapping on levies.
The judges rejected it outright and Trump is now appealing the decision. But for now, markets are breathing a sigh of relief.
Oil prices got a boost from the ruling. WTI immediately climbed past US$62 a barrel, Brent crude also cruised above US$65.
That mix of bullish tech and tariff relief also spilled over to ASX data centre stocks this morning.
Megaport (ASX:MP1) and DigiCo Infrastructure REIT (ASX:DGT) climbed 2%, and NextDC (ASX:NXT) followed suit, up 1%.
In large cap news, Champion Iron (ASX:CIA) flexed its muscle, rising 2.1% after posting a 44% jump in quarterly earnings. The EBITDA print of C$127.4m was 50% higher YoY and backed a 10 Canadian cents per share semi-annual dividend.
Woodside Energy Group (ASX:WDS) kept climbing, up another 3% after the Albanese government signed off on extending the life of its North West Shelf gas project to 2070. Two strong sessions in a row for the energy giant.
On the downside, Elders (ASX:ELD) slipped 1% after the ACCC flagged its $475 million play for Delta Agribusiness could crimp competition in rural supply chains.
And ... Resolute Mining (ASX:RSG) got smacked 2% after it said it was chasing clarification from the Guinean government amid reports that some of its permits might be in jeopardy.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for May 29 :
Security Description Last % Volume MktCap
EDE Eden Inv Ltd 0.003 150% 80,138,982 $4,109,881
TM1 Terra Metals Limited 0.037 42% 8,643,506 $10,793,512
IVX Invion Ltd 0.115 35% 963,243 $7,201,936
MTB Mount Burgess Mining 0.004 33% 1,000,000 $1,055,108
OB1 Orbminco Limited 0.002 33% 5,000,000 $3,596,352
TEM Tempest Minerals 0.004 33% 228,000 $2,203,590
RMI Resource Mining Corp 0.030 30% 6,006,280 $15,304,332
EDU EDU Holdings Limited 0.260 30% 1,017,540 $30,110,682
TMG Trigg Minerals Ltd 0.088 28% 41,222,053 $63,747,023
RCL Readcloud 0.140 27% 112,860 $16,898,174
ENL Enlitic Inc. 0.030 25% 268,231 $17,313,813
BP8 Bph Global Ltd 0.003 25% 336,421 $2,101,969
RDS Redstone Resources 0.005 25% 2,118,012 $3,701,514
ROG Red Sky Energy. 0.005 25% 6,167,424 $21,688,909
COB Cobalt Blue Ltd 0.068 23% 2,240,911 $24,688,556
VPRDB Voltgroupltd 0.120 20% 15,266 $16,074,312
EM2 Eagle Mountain 0.006 20% 19,843 $5,675,186
TEG Triangle Energy Ltd 0.003 20% 2,465,660 $5,223,085
AKN Auking Mining Ltd 0.007 17% 2,370,782 $3,448,673
AX8 Accelerate Resources 0.007 17% 1,559,649 $4,783,132
LSR Lodestar Minerals 0.007 17% 357,142 $1,910,543
TMS Tennant Minerals Ltd 0.007 17% 200,000 $5,735,342
PLC Premier1 Lithium Ltd 0.011 16% 228,638 $3,496,576
RPG Raptis Group Limited 0.030 15% 250,000 $4,558,903
PTR Petratherm Ltd 0.310 15% 1,339,332 $93,315,988
Eden Innovations (ASX:EDE) has captured momentum with its EdenCrete Pz7 concrete additive, a product that makes standard concrete mixes stronger. Over the past three months, sales topped US$567k. In April and May alone, sales were 86% higher than the same quarter last year. Holcim US also ordered US$91k worth of Pz7 for a 22-storey high-rise in Denver, Eden's first major commercial project.
Invion (ASX:IVX) just got the thumbs-up from the safety committee after treating the first six patients in its skin cancer trial. There are early signs the drug is shrinking tumours after one dose. INV043 also makes cancer cells glow under violet light, hinting it could double as a diagnostic tool. Invion is now gearing up for a second study with Peter Mac, combining the treatment with immunotherapy.
Trigg Minerals (ASX:TMG) has kicked off its first exploration campaign at Antimony Canyon in Utah, a site with a rich mining history but no modern exploration. The team is targeting old antimony mines and scouting spots for a potential smelter as part of its push to become a US-based supplier of critical minerals. Trigg said it's in talks with US agencies about federal funding.
Almond grower Select Harvests (ASX:SHV) is back in profit territory, swinging from a $2.4 million loss to a $28.7 million net profit in the half. Earnings more than tripled to $60.7 million. Debt came down, cash flow turned positive, and the company reckons demand's still strong. No interim dividend this time, but the crop's clearly ripening.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for May 29 :
Code Name Price % Change Volume Market Cap
MOM Moab Minerals Ltd 0.001 -33% 500,000 $2,600,499
RLL Rapid Lithium Ltd 0.002 -33% 147,966 $3,734,834
CTQ Careteq Limited 0.009 -31% 1,344,453 $3,082,543
GMN Gold Mountain Ltd 0.002 -25% 239,339 $10,267,776
MGU Magnum Mining & Exp 0.007 -22% 100,000 $10,094,858
NPM Newpeak Metals 0.011 -21% 317,020 $4,509,004
TGH Terragen 0.024 -20% 415,001 $15,150,515
AAU Antilles Gold Ltd 0.004 -20% 177,945 $10,631,838
AQX Alice Queen Ltd 0.004 -20% 12,800,280 $5,734,450
BYH Bryah Resources Ltd 0.004 -20% 598,062 $4,349,768
CR9 Corellares 0.002 -20% 1,500 $2,514,016
ERA Energy Resources 0.002 -20% 1,273,540 $1,013,490,602
JAV Javelin Minerals Ltd 0.002 -20% 97,024,174 $15,115,373
PRX Prodigy Gold NL 0.002 -20% 13,334 $7,937,639
SHP South Harz Potash 0.004 -20% 41,501 $5,513,644
OLL Openlearning 0.015 -17% 99,553 $8,688,144
EPM Eclipse Metals 0.005 -17% 1,100,000 $17,194,914
GLL Galilee Energy Ltd 0.005 -17% 7,500 $4,243,157
LU7 Lithium Universe Ltd 0.005 -17% 302,360 $4,715,878
NES Nelson Resources. 0.003 -17% 80,000 $6,515,783
OVT Ovanti Limited 0.003 -17% 1,956,528 $8,380,545
RC1 Redcastle Resources 0.005 -17% 2,856,728 $4,461,401
CDE Codeifai Limited 0.006 -14% 262,000 $2,282,222
EMT Emetals Limited 0.003 -14% 1,849,999 $2,975,000
FGH Foresta Group 0.006 -14% 6,741,238 $18,570,345
IN CASE YOU MISSED IT
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At Stockhead, we tell it like it is. While Altech Batteries is a Stockhead advertiser, it did not sponsor this article.
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