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News.com.au
an hour ago
- News.com.au
Lunch Wrap: Stocks slip lower at lunch, market operator ASX plunges as monopoly under threat
Market operator ASX plunges as monopoly days look numbered Tech and real estate perk up on rate cut whispers Rio and Fortescue wobble as China property hopes fade By Thursday lunchtime in the east, the ASX was slipping a bit further into the red, down by 0.25%. Banks lagged, but retailers and real estate led the winners – those rate-sensitive beasts that perk up fast when rumours of rate cuts start floating in from Wall Street. And float in they did. Overnight, the Fed Reserve's Neel Kashkari cracked the door open, saying a rate cut might arrive 'soon'. In the mining space, iron ore names like Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) came under pressure after UBS walked back its call on China's property rebound. Analyst John Lam now reckons the turnaround won't hit until mid-to-late 2026, later than the early 2026 bounce he tipped just a few months ago. Without fresh stimulus, the sales slump is likely to linger. That's bad news for iron ore demand, and markets know it. This is where things stood at about 12:50pm AEST: In the large caps space, the embattled market operator, ASX (ASX:ASX), took a spectacular nosedive, down 9%, after Treasurer Jim Chalmers suggested he would move to end its long-standing monopoly. The timing couldn't have been worse. ASX had just told investors it's about to book up to $35 million in unexpected compliance and legal costs next financial year, as ASIC pokes deeper into its governance and systems. And to add insult to injury, it just came off a bungled announcement yesterday that mistakenly linked TPG Telecom (ASX:TPG) to a takeover bid, causing chaos and a $400 million hit to its market cap. Australia's corporate cop, ASIC, already said it was in the 'final stages' of weighing up a move that could finally let US exchange giant Cboe go toe-to-toe with the ASX. This would give local companies the option to list somewhere that isn't, well… the ASX. Still in large caps, AMP (ASX:AMP) rose 1% despite revealing a statutory net profit of $98 million, down nearly 5% year-on-year. One notable move this morning was gaming giant Light & Wonder (ASX:LNW), which announced it will officially delist from Nasdaq and go all-in on the ASX. After mulling it over for months, the Las Vegas-based company says the ASX will become its sole listing by November 2025. LNW's shares plunged 5%. ASX LEADERS Today's best performing stocks (including small caps) intraday: Security Description Last % Volume MktCap AYM Australia United Min 0.003 50% 60,959 $3,685,155 MOM Moab Minerals Ltd 0.002 50% 500,000 $1,874,666 RLC Reedy Lagoon Corp. 0.003 50% 300,000 $1,553,413 EDEDA Eden Inv Ltd 0.044 33% 456,555 $6,781,304 BLZ Blaze Minerals Ltd 0.004 33% 690,000 $5,335,392 XRG Xreality Group Ltd 0.041 32% 14,188,502 $23,049,973 PFT Pure Foods Tas Ltd 0.025 25% 188,405 $2,808,512 AUQ Alara Resources Ltd 0.040 25% 3,392,548 $25,698,801 BIT Biotron Limited 0.003 25% 239,090 $2,654,492 MOH Moho Resources 0.005 25% 600,982 $2,981,656 PER Percheron 0.010 25% 838,751 $8,699,501 ERD Eroad Limited 1.795 25% 1,628,836 $269,956,591 MQR Marquee Resource Ltd 0.014 23% 17,340,817 $6,453,911 4DX 4Dmedical Limited 0.480 22% 3,548,357 $183,888,487 AMS Atomos 0.006 20% 36,646 $6,075,092 AOK Australian Oil. 0.003 20% 20,000 $2,594,457 IMI Infinitymining 0.012 20% 606,928 $4,230,158 RAS Ragusa Minerals Ltd 0.024 20% 475,984 $3,563,976 OEC Orbital Corp Limited 0.190 19% 512,941 $26,364,755 AN1 Anagenics Limited 0.007 17% 81,674 $2,977,922 GTR Gti Energy Ltd 0.004 17% 652,112 $11,167,964 TSL Titanium Sands Ltd 0.007 17% 169,905 $14,068,483 CC5 Clever Culture 0.036 16% 6,801,427 $55,271,853 EOS Electro Optic Sys. 5.085 15% 6,956,139 $850,918,757 XReality Group (ASX:XRG) has scored a $5.7m contract with the Texas Department of Public Safety, its biggest Operator XR order yet. The deal covers VR training systems, rollout, and support, with delivery due in Q2 FY26. Back home, XRG has also picked up a $2.1m government grant to ramp up AI across the platform. Alara Resources (ASX:AUQ) has flicked the switch on new tailings filter presses at its Al Wash-hi Majaza copper-gold plant in Oman, boosting production capacity from around 65% to a projected 85-90%. The interim units, sourced from China, are already lifting output, with monthly concentrate expected to hit 3000-3200 dry tonnes. A permanent press is on the way, which should push the plant closer to full throttle. Marquee Resources (ASX:MQR) has struck antimony in every hole from its first drill campaign at Mt Clement, confirming extensions and uncovering new structures. The project sits next to Australia's largest undeveloped antimony resource, and a maiden mineral resource estimate is due by August-end, with phase 2 drilling to kick off this quarter. Infinity Mining (ASX:IMI) has confirmed more high-grade gold at its Sir Walter Scott prospect in northern NSW, with nine out of 12 rock chips grading over 1 g/t, including a standout 68.6 g/t. The samples were taken along a 1km corridor, building on earlier results and aligning with historical high-grade production from the late 1800s. ASX LAGGARDS Today's worst performing stocks (including small caps) intraday: Code Name Price % Change Volume Market Cap SRN Surefire Rescs NL 0.001 -50% 578,000 $6,457,219 MTL Mantle Minerals Ltd 0.001 -33% 22,040,000 $9,671,169 GGE Grand Gulf Energy 0.002 -25% 20,565 $5,640,850 RPG Raptis Group Limited 0.123 -21% 27,636 $54,356,152 WBE Whitebark Energy 0.004 -20% 28,334 $3,502,788 SRJ SRJ Technologies 0.005 -17% 10,484 $4,168,480 TOU Tlou Energy Ltd 0.022 -15% 467,000 $33,763,192 IDT IDT Australia Ltd 0.077 -14% 1,144,398 $38,593,518 ANX Anax Metals Ltd 0.006 -14% 100,000 $6,179,653 NAE New Age Exploration 0.003 -14% 20,347,856 $9,470,690 RGL Riversgold 0.003 -14% 337,000 $5,892,994 UNT Unith Ltd 0.006 -14% 4,949,609 $10,351,498 SLX Silex Systems 4.010 -13% 3,225,219 $1,102,429,502 TMG Trigg Minerals Ltd 0.096 -13% 29,704,429 $124,836,991 BLU Blue Energy Limited 0.007 -13% 48,206 $14,807,789 BNL Blue Star Helium Ltd 0.007 -13% 8,254,343 $21,559,082 CHM Chimeric Therapeutic 0.004 -13% 3,312,305 $12,996,494 ASE Astute Metals NL 0.015 -12% 9,877,115 $10,508,545 SMM Somerset Minerals 0.015 -12% 2,301,278 $10,966,369 SRK Strike Resources 0.031 -11% 210,733 $9,931,250 HYD Hydrix Limited 0.016 -11% 19,797 $4,909,839 BCK Brockman Mining Ltd 0.017 -11% 56,742 $176,324,410 IN CASE YOU MISSED IT Maronan Metals (ASX:MMA) has entered into an MoU with Austral Resources (ASX:AR1) to toll treat ore at Austral's Rocklands processing facility. Green Technology Metals (ASX:GT1) and partner EcoPro Innovation have produced lithium hydroxide averaging more than 94% recoveries using ore from the company's Seymour project in Canada. Gold producer Ariana Resources is looking to dual-list on the ASX with plans to raise between $10-15 million.
Herald Sun
3 hours ago
- Herald Sun
StockTake: Norfolk Metals
Stockhead's Tylah Tully looks at news from Norfolk Metals (ASX:NFL), who is gearing up to drill its maiden campaign at the Carmen copper project in Chile. After the company's recent capital raise, it has the funds to make it a big one. Watch the video to learn more. This video was developed in collaboration with Norfolk Metals, a Stockhead advertiser at the time of publishing. This video does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as StockTake: Norfolk gets drill-ready for Chilean copper at Carmen
Sky News AU
3 hours ago
- Sky News AU
Australian stocks sink on Thursday as the ASX itself nosedives after TPG blunder wipes more than $400m off major telco
The ASX 200 is down on Thursday as investors watch the market operator following a blunder where its mistake wiped more than $400m off the value of a major telco. The index fell 0.2 per cent after the first hour of trading following a two-day surge where it rose about two per cent. The ASX - the market operator which facilitates stock trading - has plunged about eight per cent after it mixed up telecommunications company TPG Telcom with private equity firm TPG Capital Asia on Wednesday - wiping about $400m from the telco's value. The market operator put a $651m deal between the private equity firm and software company Infomedia under the telco's ticker – a unique identifier for each company. Another wrinkle in the ASX fiasco was that TPG Capital was referred to as only 'TPG' in the first instance of the operator's public announcement. This marks another blow for the market operator as it faces enquiries by the Australian Securities and Investments Commission over governance failures, including a trading outage late last year. The corporate watchdog has also revealed it is in the 'final stages' of considering an application for US market operator Cboe to compete with the ASX in Australia, effectively ending the exchange's monopoly. Meanwhile, superannuation and banking giant AMP is down 2.1 per cent after its profits rose 9.2 per cent to $131m during the 2025 financial year but came in below market expectations of $137m. TPG Telcom is up about two per cent after it sank approximately four per cent on Wednesday following the ASX's mistake. Wall Street rose on Wednesday in part due to a strong performance by Apple amid reports the iPhone-maker will avoid tariffs on imports from India after it vowed to invest US$100b into the US. The Dow Jones added 0.2 per cent, the S&P 500 rose 0.7 per cent and the Nasdaq jumped 1.2 per cent. London's FTSE 250 surged 0.1 per cent, Germany's DAX added 0.3 per cent and the STOXX Europe 600 sank about 0.1 per cent on Wednesday. New Zealand's NZX 50 Index is up 0.2 per cent since trading began on Thursday while Japan's Nikkei 225 has jumped 0.5 per cent.
