Closing Bell: ASX slips as falling oil prices undercut energy and utilities stocks

News.com.au

2 days ago

ASX slips 0.24pc in trade
Falling oil prices drive energy and utilities stocks lower
Gold ticks up, lifting ASX All Ords Gold Index 0.85pc
The ASX fell 0.24% during the session, experiencing broad weakness on the back of renewed tariff war concerns.
The market's trajectory also took a hit from an announcement from OPEC+ that it would continue to increase oil production.
Brent crude oil has fallen more than 12% over the past six months, and more than 19% over the last year.
The oil price dip cut the feet out from under our energy stocks, driving the sector down 1.39%.
Utilities, usually less sensitive to the whims of crude pricing, also fell 0.82%.
There was little movement in the positive at all on the ASX today, with only three sectors in the green.
While gold prices fell to US$3315.40 an ounce last night, they recovered more than 1% today, rising to US$3326.25 an ounce as Trump started banging the tariff drum yet again.
Still, the uptick offered one of the few bright spots for the ASX, lifting the All Ords Gold Index 0.85%.
China signals it's considering 'forceful measures'
As Stockhead's Eddy Sunarto wrote this morning, Trump has re-ignited tensions over US-China trade relations, accusing Beijing of failing to hold up its end of the deal in a post on Truth Social.
While he signalled a desire to resolve the trade spat via a conversation with China's President Xi Jinping, Chinese officials are already voicing their displeasure.
"China, with a responsible attitude, has earnestly addressed, strictly implemented, and actively upheld the consensus of the trade talks in Geneva," a Chinese Ministry of Commerce official stated.
The official has accused the US of introducing 'multiple discriminatory restrictions against China' pointing to controls on AI chip exports, restrictions on sales of chip design software, and the revocation of visas for Chinese students.
'The US has continuously provoked new trade frictions, exacerbating uncertainty and instability in bilateral trade relations,' the official statement read.
"China firmly rejects these unwarranted accusations."
US car makers are deeply concerned about losing access to rare earth magnets, as China currently dominates the market, controlling about 90% of rare earth processing globally.
Uncertainty is running rampant as traders wait to see how far China and Trump will take this new stoush.
Section 899 'revenge' tax draws ire
Already widely criticised for drastically increasing government deficits and reducing the US judicial system's ability to enforce orders on the government, Trump's new tax bill also contains a 'revenge' tax measure that has alarmed international traders.
While the full scope of the proposed changes and their application is unclear, the bill would give the administration powers to impose a tax of up to 20% on foreigners with US-based investments.
It's designed to be used in cases where the administration believes other countries are imposing unfair or discriminatory taxes against US companies, thus the 'revenge tax' moniker.
'We see this legislation as creating the scope for the US administration to transform a trade war into a capital war,' Deutsche Bank analyst George Saravelos said.
If the bill passes, the provision could make foreign investors think twice about parking their money in US assets.
Considering trust in US government bonds is shaky at present, the bill could contribute to a marked pull-back of foreign investment in the country.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Name Last % Change Volume Market Cap
BYH Bryah Resources Ltd 0.011 120% 49647577 $4,349,768
CRI Criticalim 0.022 69% 84430831 $34,949,832
OSL Oncosil Medical 0.003 50% 100000 $9,213,164
RNX Renegade Exploration 0.0035 40% 9101121 $3,220,909
OB1 Orbminco Limited 0.002 33% 3580335 $3,596,352
DXN DXN Limited 0.0475 32% 4679906 $10,753,331
LKY Locksleyresources 0.105 31% 30947300 $11,733,333
IIQ Inoviq Ltd 0.57 30% 2628030 $49,118,433
BCC Beam Communications 0.155 29% 495488 $10,370,631
FTL Firetail Resources 0.075 25% 5820054 $22,801,679
8CO 8Common Limited 0.02 25% 446928 $3,585,518
BLZ Blaze Minerals Ltd 0.0025 25% 168753 $3,133,896
FHS Freehill Mining Ltd. 0.005 25% 5048301 $12,934,111
IS3 I Synergy Group Ltd 0.005 25% 101989 $2,002,920
KPO Kalina Power Limited 0.005 25% 10300784 $11,731,879
TEM Tempest Minerals 0.005 25% 332524 $2,938,119
VFX Visionflex Group Ltd 0.0025 25% 2854782 $6,735,721
SRJ SRJ Technologies 0.016 23% 180380 $7,872,515
BSN Basinenergylimited 0.017 21% 252751 $1,719,610
BPP Babylon Pump & Power 0.006 20% 5624300 $13,852,835
EAT Entertainment 0.006 20% 28943 $6,543,930
EE1 Earths Energy Ltd 0.006 20% 32378 $2,649,821
GLL Galilee Energy Ltd 0.006 20% 185049 $3,535,964
TEG Triangle Energy Ltd 0.003 20% 1349753 $5,223,085
PEX Peel Mining Limited 0.08 19% 2529078 $38,932,664
Making news…
Inoviq (ASX:IIQ) has unveiled breakthrough results for its early ovarian cancer screening test, showing 77% sensitivity and 99.6% specificity across all stages, with no early-stage cancers missed in the study.
The AI-powered blood test, which uses exosome tech and runs on high-throughput lab instruments, was presented this week at the big ASCO cancer conference in Chicago. There's currently no screening test on the market.
Firetail Resources (ASX:FTL) has locked in options to acquire two high-grade gold projects in the US, one in Nevada's massive Walker Lane belt and the other near the legendary Homestake Mine in South Dakota.
The Excelsior Springs project comes with strong drill hits like 51.8m at 4g/t gold and historic production of over 19,000oz at 41g/t, while the Bella project boasts rock chip samples over 100g/t and sits just 20km from the 42Moz Homestake deposit. FTL is spending just under a million bucks in cash and issuing shares to get the exploration going.
DXN (ASX:DXN) has scored a $4.6 million deal to deliver three modular data centre units to Globalstar in Hawaii by the end of 2025. It won the contract after a competitive tender.
The company said the deal puts DXN deeper into the booming satellite and LEO (Low Earth Orbit) comms space, and marks another step in its push into edge-ready data centres.
Babylon Pump and Power (ASX:BPP) has built out its specialist pumping and hydrotesting offering with the acquisition of BPY Holdings Pty Ltd, a WA-based specialist provider.
The company reckons the move will give it greater rental scale, strengthening its geographic reach and adding a profitable dry hire business to the platform.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Security Name Last % Change Volume Market Cap
ASR Asra Minerals Ltd 0.002 -33% 9409622 $8,299,608
HLX Helix Resources 0.002 -33% 42791991 $10,092,581
ADD Adavale Resource Ltd 0.0015 -25% 4120010 $4,574,558
CZN Corazon Ltd 0.0015 -25% 1333 $2,369,145
EEL Enrg Elements Ltd 0.0015 -25% 2296906 $6,507,557
NAE New Age Exploration 0.003 -25% 176721 $10,637,596
SFG Seafarms Group Ltd 0.0015 -25% 159652 $9,673,198
SRN Surefire Rescs NL 0.0015 -25% 1825999 $4,972,891
TYX Tyranna Res Ltd 0.003 -25% 901582 $13,153,701
EVEDA EVE Health Group Ltd 0.03 -25% 956258 $5,274,483
MIO Macarthur Minerals 0.015 -25% 18000 $3,993,310
HWK Hawk Resources. 0.013 -24% 2923444 $4,605,801
CVR Cavalierresources 0.215 -23% 127355 $16,195,821
GTE Great Western Exp. 0.01 -23% 2804919 $7,380,853
VBS Vectus Biosystems 0.047 -22% 539982 $3,196,699
BTM Breakthrough Minsltd 0.1 -20% 2576443 $5,982,437
AVE Avecho Biotech Ltd 0.004 -20% 392525 $15,867,318
AYT Austin Metals Ltd 0.004 -20% 1000000 $7,870,957
BP8 Bph Global Ltd 0.002 -20% 19757302 $2,627,462
CDE Codeifai Limited 0.008 -20% 1118215 $3,260,318
HPC Thehydration 0.008 -20% 1419763 $3,833,009
RGL Riversgold 0.004 -20% 14854729 $8,418,563
VRC Volt Resources Ltd 0.004 -20% 1896263 $23,423,890
1AI Algorae Pharma 0.005 -17% 1478761 $10,124,368
ALY Alchemy Resource Ltd 0.005 -17% 4137997 $7,068,458
IN CASE YOU MISSED IT
Singular Health Group (ASX:SHG) has completed a share issue for a placement with Marin and Sons, fulfilling the terms of a follow-on investment from SHG's largest shareholder.
Marin and Sons invested $773k at $0.16 per share on May 15, 2024, with the issue of shares approved by SHG shareholders on March 19, 2025.
In today's Break It Down, host Tylah Tully explains the latest developments in Sweden, where the country is looking at potentially removing a ban on uranium mining. Aura Energy (ASX:AEE) has interest in uranium projects in Sweden, and is working with the coalition to get the ban lifted.
Trading halts
Challenger Gold (ASX:CEL) – cap raise
Eclipse Metals (ASX:EPM) – resource upgrade
Estrella Resources (ASX:ESR) – exploration update
New Frontier Minerals (ASX:NFM) – cap raise
Patriot Resources (ASX:PAT) – copper discovery
QuickFee (ASX:QFE) – debt refinancing and cap raise
Sunshine Metals (ASX:SHN) – drilling results
At Stockhead, we tell it like it is. While Singular Health Group and Aura Energy are Stockhead advertisers, they did not sponsor this article.