Lunch Wrap: ASX rides oil surge, but Cettire sinks 30pc as luxury demand tanks
Cettire crashes 26% as luxury demand tanks
Monash IVF climbs after CEO steps down
The ASX 200 opened higher this morning and by lunchtime AEST it was still clinging onto a 0.20% gain.
But while the rest of the market was lethargic, energy stocks were wide awake and charging this morning.
Oil jumped over 4% overnight, driven by shrinking US stockpiles and fresh Middle East tension bubbling back to the surface.
The US is apparently pulling embassy staff as Iran threatens to hit US bases in the region if nuclear negotiations fall through.
The news has lit a fire under the local names this morning, with Woodside Energy Group (ASX:WDS) jumping over 2% and Santos (ASX:STO) tacking on 1.5%.
Meanwhile, Trump said last night the US and China had struck a deal, with China expected to send over rare earths and magnets, and in return, the US will let Chinese students back into unis.
But markets weren't exactly reassured.
'The uncertainty doesn't help,' said Nick Twidale at AT Global Markets Australia.
'And his overall comments overnight have led to more uncertainty for the market rather than the clarity we were hoping for.'
Back home, this is where things stood at about 12:40pm AEST:
In the large caps space, Cochlear (ASX:COH) was up 1.5% despite downgrading earnings guidance. It's now expecting between $390m and $400m, down from its earlier forecast, citing softer growth in developed markets. Implants, however, are still tipped to grow 10% this year.
AGL Energy (ASX:AGL) dipped 1.5% after confirming it's having an early poke around what to do with its 20% stake in Tilt Renewables. Just 'preliminary investigations", said the company.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 12 :
Security Description Last % Volume MktCap
ADD Adavale Resource Ltd 0.002 50% 1,261,565 $2,287,279
SFG Seafarms Group Ltd 0.002 50% 2,704,629 $4,836,599
RML Resolution Minerals 0.028 47% 71,723,563 $9,989,950
BLZ Blaze Minerals Ltd 0.004 33% 186,000 $4,700,843
DGR DGR Global Ltd 0.004 33% 1,922,063 $3,131,088
RAN Range International 0.002 33% 250,030 $1,408,935
RLC Reedy Lagoon Corp. 0.002 33% 599,068 $1,165,060
SRN Surefire Rescs NL 0.002 33% 5,580,186 $3,729,668
CDE Codeifai Limited 0.030 30% 2,400,533 $9,900,084
CTN Catalina Resources 0.005 25% 44,131 $9,704,076
EDE Eden Inv Ltd 0.003 25% 1,331,868 $8,219,762
HFY Hubify Ltd 0.010 25% 233,332 $4,089,090
JAV Javelin Minerals Ltd 0.003 25% 753,793 $12,252,298
MEM Memphasys Ltd 0.005 25% 88,464 $7,934,392
MMR Mec Resources 0.005 25% 897,010 $7,399,063
BXN Bioxyne Ltd 0.032 23% 24,279,435 $56,285,547
CLV Clover Corporation 0.500 22% 4,223,205 $68,469,730
SPD Southernpalladium 0.605 21% 210,309 $45,475,000
AHN Athena Resources 0.006 20% 91,054 $11,329,785
GGE Grand Gulf Energy 0.003 20% 714,148 $7,051,062
KPO Kalina Power Limited 0.006 20% 11,576 $14,664,849
JBY James Bay Minerals 0.655 19% 1,019,396 $39,523,424
Medicinal cannabis company Bioxyne (ASX:BXN) has upgraded its full-year revenue forecast to $28m (up from $25m), after a big first half and an even stronger second half expected. BXN says it see big growth locally, as well as in Germany and the UK. It says FY26 should see even more momentum as it pushes further into Europe.
Nutritional ingredients supplier Clover Corp (ASX:CLV) expects its FY25 profit to come in around 20% above consensus, with sales also topping the $79 million forecast. It reckons the momentum will carry into FY26, with full results due out in September.
Southern Palladium (ASX:SPD) has locked in $8 million from a share placement at 50 cents to help fast-track its Bengwenyama PGM project in South Africa. The raise was led by one of its biggest shareholders, who tipped in $4.6 million. The cash will go towards finalising its Definitive Feasibility Study.
Meanwhile, Monash IVF Group (ASX:MVF) tried to hit the reset button. CEO Michael Knaap has stepped down after a second embryo mix-up this week, this time at its Clayton lab. Two bungles in three months is rough going for a company dealing in life's most sensitive business. MVF's shares rose 6% on the news.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 12 :
Code Name Price % Change Volume Market Cap
ALV Alvo Minerals 0.021 -46% 2,632,293 $5,972,315
OB1 Orbminco Limited 0.001 -33% 2,151,730 $4,796,352
CTT Cettire 0.328 -30% 31,367,200 $177,275,772
HLX Helix Resources 0.002 -25% 2,002,454 $6,728,387
CLG Close Loop 0.052 -22% 2,772,694 $35,633,941
ARC ARC Funds Limited 0.096 -20% 5,500 $6,174,261
TGH Terragen 0.020 -20% 20,000 $12,625,429
1AD Adalta Limited 0.002 -20% 12,000 $2,516,766
AAU Antilles Gold Ltd 0.004 -20% 1,032,221 $11,556,840
OVT Ovanti Limited 0.002 -20% 8,595,935 $6,983,788
RGL Riversgold 0.004 -20% 35,000 $8,418,563
ROG Red Sky Energy. 0.004 -20% 55,000 $27,111,136
TMX Terrain Minerals 0.002 -20% 100,023 $5,621,392
EVE EVE Health Group Ltd 0.033 -18% 1,219,896 $5,274,509
BMO Bastion Minerals 0.003 -17% 4,529,092 $2,710,883
GES Genesis Resources 0.005 -17% 108,549 $4,697,048
ICG Inca Minerals Ltd 0.005 -17% 799,600 $9,458,340
IFG Infocusgroup Hldltd 0.005 -17% 531,286 $1,655,771
TON Triton Min Ltd 0.005 -17% 45,000 $9,410,332
KKO Kinetiko Energy Ltd 0.042 -16% 18,420 $71,629,255
AM5 Antares Metals 0.006 -14% 4,253,015 $3,603,970
AQX Alice Queen Ltd 0.003 -14% 991 $4,373,740
AS2 Askarimetalslimited 0.006 -14% 3,125,202 $2,829,195
Online luxury fashion retailer Cettire (ASX:CTT) crashed after it revealed soft sales, sliding margins, and a nasty FX hit, with US demand dropping off and the June quarter already looking grim. The company said luxury isn't flying like it used to. With cash burning fast and the balance sheet looking thinner by the week, investors reckon a cap raise might be imminent.
IN CASE YOU MISSED IT
A QMines (ASX:QML) drilling campaign at Develin Creek is rapidly advancing to expand high-grade copper mineralisation and convert inferred resources near Rockhampton in Queensland.
Rhythm Biosciences (ASX:RHY) Rhythm Biosciences (ASX:RHY) has published a study in peer-reviewed open access journal PLoS One, validating its colorectal cancer risk assessment model and marking a major step forward in predictive cancer diagnostics.
Silver Mines (ASX:SVL) is adding high-prospectivity, low-risk US precious metals exploration assets to complement its Australian portfolio.
LAST ORDERS
Melody Gold has exercised an option to process surface gold materials at the Horseshoe Metals (ASX:HOR) Horseshoe Lights copper-gold project in Western Australia, providing both tonnage-based payments and a fixed monthly $50,000 from the start of processing.
Horseshoe retains its full rights to copper, mixed surface materials, and all subsurface materials at the project, and director Kate Stoney said it was a strategic step forward to capture early cash flow to help expedite the asset's redevelopment as the company ramps up activity.
Titanium Sands (ASX:TSL) has confirmed the progress on environmental studies over its Mannar heavy mineral project in Sri Lanka with a recent site visit and advancements in addressing items raised earlier this year.
TSL managing director Dr James Searle said the impact assessment was a very real and detailed study of the project area, and that each and every environmental concern would be addressed.
'It is expected the project will generate significant employment opportunities and long-term wealth for the community not just during the project but also ongoing post rehabilitation,' Dr Searle said.
Golden Mile Resources (ASX:G88) has added close to $380,000 to the coffers from the ATO through a research and development tax incentive for work over its Quicksilver nickel-cobalt project near Lake Grace in WA in developing laterite processing technology.
G88 managing director Damon Dormer welcomed the refund, saying it provides more funding for exploration over its Pearl copper project in Arizona, where it now awaits assays after wrapping up a maiden 10-hole RC campaign.
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