Lunch Wrap: ASX slips as Bapcor blows a tyre; Fortescue hits record shipping volume

News.com.au

5 days ago

Trump unleashes AI and tariffs while Tesla tanks
Bapcor crashes, Fortescue fires up
Macquarie cops heat, Northern Star dumps its gold hedge
The ASX was feeling a bit woozy by Thursday lunchtime in the eastern states, drifting 0.15% lower.
Over in the United States, President Trump has just unveiled his AI master plan. Basically, scrap the guardrails and let the machines run.
'America is going to win the AI race,' he declared, painting the battle with China as a tech arms race for the ages.
Elsewhere, Tesla reported an awful quarter last night.
Elon Musk tried to keep things chill, but with revenue down 12%, earnings missing estimates, and free cashflow basically vanishing, investors weren't exactly applauding.
In an earnings call, Musk warned of 'a few rough quarters ahead', and said fading EV incentives were going to sting.
Tesla's shares sank 5% in extended trade, because when Elon sounds subdued, investors often get spooked.
Back home on the ASX, real estate lagged while healthcare led this morning.
But for for automotive parts group Bapcor (ASX:BAP), it was carnage.
The Autobarn and Burson owner plunged 25% after confessing to weak May-June trading, a $50 million post-tax writedown, and the sudden exit of three directors.
At the other end, Fortescue (ASX:FMG) lit it up, rising 4% after shipping a record 198.4 million tonnes of iron ore in FY24.
Founder Andrew 'Twiggy' Forrest, whose wealth now clocks in at $12.7 billion, said volumes could climb another 3% this year, even as problems linger at Iron Bridge.
This is where things stood close to 1pm AEST:
In other large caps news, Macquarie Group (ASX:MQG) dropped 5% after CFO Alex Harvey said he's stepping down at year's end.
Boss Energy (ASX:BOE) slid 2.5% after CEO Duncan Craib announced he's stepping down. He'll return in January as a non-executive director, but for now, COO Matt Dusci is next in line to steer the uranium ship.
Lynas (ASX:LYC), meanwhile, gained 3.5% after selling its rare earths at their highest price in three years, and that might just be the start.
CEO Amanda Lacaze reckons the US Department of Defense's $400 million play into the space could drive prices even higher.
Still in the large end of town, Northern Star Resources (ASX:NST) gave up on its gold-hedging policy to chase the bullion rally, even as it admitted production at Kalgoorlie's Super Pit is still a bit of a dog's breakfast.
It now expects to sell 1.63 million ounces in FY25, well shy of the 1.8 million it had been aiming for.
And, Treasury Wine Estates (ASX:TWE) signed Breakthru as its new California distributor after its old partner pulled out.
Big news, given California is the crown jewel of the US wine market. TWE's shares rose 1%.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 24 :
Security Description Last % Volume MktCap
IS3 I Synergy Group Ltd 0.018 50% 29,187,798 $20,475,599
SFG Seafarms Group Ltd 0.002 50% 2,610,068 $4,836,599
VEN Vintage Energy 0.006 50% 2,722,582 $8,347,655
FTC Fintech Chain Ltd 0.004 33% 19,604 $1,952,309
HLX Helix Resources 0.002 33% 1,500,000 $5,046,291
M2R Miramar 0.004 33% 997,500 $2,990,470
NSB Neuroscientific 0.245 32% 4,195,656 $61,526,506
KGD Kula Gold Limited 0.009 29% 1,747,965 $6,448,776
BIT Biotron Limited 0.003 25% 36,365 $2,654,492
PKO Peako Limited 0.003 25% 250,100 $2,975,484
CXL Calix Limited 0.655 25% 1,144,400 $112,704,551
BOC Bougainville Copper 0.800 24% 120,042 $258,685,313
RMI Resource Mining Corp 0.016 23% 3,808,935 $9,547,894
RLF Rlfagtechltd 0.069 21% 82,966 $21,198,574
PV1 Provaris Energy Ltd 0.023 21% 2,291,924 $14,782,901
AHN Athena Resources 0.009 20% 4,125,000 $16,994,678
AUK Aumake Limited 0.003 20% 26,762,073 $7,558,397
WA8 Warriedarresourltd 0.143 19% 10,737,228 $141,157,047
GT1 Greentechnology 0.032 19% 5,843,482 $12,829,591
FBM Future Battery 0.026 18% 1,097,727 $14,809,543
BDG Black Dragon Gold 0.048 17% 222,989 $13,036,609
FRS Forrestaniaresources 0.140 17% 678,412 $37,322,691
BLU Blue Energy Limited 0.007 17% 871,138 $11,105,842
BNL Blue Star Helium Ltd 0.007 17% 5,517,477 $16,169,312
iSynergy Group (ASX:IS3) has inked a non-binding MoU with Treasure Global (NASDAQ:TGL) to explore a strategic collaboration on AI infrastructure in Malaysia. The plan includes the potential sale of up to $600k worth of AI-grade GPUs over 12 months, and joint efforts to design and deploy AI cloud systems. IS3 says the move supports its broader push into digital infrastructure and regional AI innovation.
Helix Resources (ASX:HLX) says its White Hills project in northern Arizona is showing strong signs of large-scale porphyry-style copper-gold mineralisation. Historic rock chips show copper grades up to 5.7%, alongside a 1km gold anomaly zone, but past drilling never tested for copper. White Hills sits next to Helix's Gold Basin JV, covers 23km², and is just 1.5 hours from Las Vegas with top-tier infrastructure nearby.
Calix (ASX:CXL) has secured a $44.9 million grant from ARENA to build a ZESTY green iron demonstration plant targeting 30,000 tonnes a year of hydrogen-reduced iron. The project aims to prove its zero-emissions steel tech at scale, and pave the way for a commercial plant, with final investment decision expected in FY26 and operations starting from 2028.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for July 24 :
Code Name Price % Change Volume Market Cap
BAP Bapcor Limited 3.650 -29% 13,755,254 $1,734,397,875
LOC Locatetechnologies 0.078 -26% 3,941,326 $24,693,305
AOA Ausmon Resorces 0.002 -25% 500,000 $2,622,427
DTM Dart Mining NL 0.003 -25% 4,590,829 $4,792,222
LPM Lithium Plus 0.069 -22% 606,036 $11,689,920
CHM Chimeric Therapeutic 0.004 -20% 43,088,590 $10,075,971
CRR Critical Resources 0.004 -20% 991,806 $13,850,427
CTO Citigold Corp Ltd 0.004 -20% 3,599,672 $15,000,000
ENT Enterprise Metals 0.002 -20% 1 $3,428,293
ERL Empire Resources 0.004 -20% 1,027,763 $7,419,566
MOH Moho Resources 0.004 -20% 107,177 $3,727,070
PRX Prodigy Gold NL 0.002 -20% 600,000 $15,875,278
WBE Whitebark Energy 0.004 -20% 2,707,500 $3,502,788
PEC Perpetual Res Ltd 0.019 -17% 10,964,081 $20,084,249
AAU Antilles Gold Ltd 0.005 -17% 735,596 $14,274,408
ASP Aspermont Limited 0.005 -17% 85,700 $15,079,061
CF1 Complii Fintech Ltd 0.020 -17% 677,108 $13,717,872
FAU First Au Ltd 0.005 -17% 16,391,621 $12,457,748
BNR Bulletin Res Ltd 0.049 -16% 2,009,516 $17,029,573
ARR American Rare Earths 0.345 -15% 2,523,402 $206,518,936
CCO The Calmer Co Int 0.003 -14% 226,689 $10,539,736
NAE New Age Exploration 0.003 -14% 49,450 $9,470,690
SER Strategic Energy 0.006 -14% 219,514 $4,697,233
IN CASE YOU MISSED IT
Hillgrove Resources (ASX:HGO) is looking to grow its mining inventory at the Kanmantoo project in South Australia, flagging several targets of interest after a geological survey.
LAST ORDERS
Nordic Resources (ASX:NNL) has tapped Northgold AB veteran Simo Piippo as exploration manager, leveraging his previous experience managing exploration and drilling programs at the Kopsa gold-copper project.
NNL is poised to put drills to ground at Kopsa, testing for potential near-surface resources along strike and deeper extensions to the known 814koz resource.
Core Energy Minerals (ASX:CR3) had brought extensive commercial experience in mining and mineral processing sectors into the fold in the form of incoming chief financial officer Rachel Kogiopoulos. She most recently served as finance and business services manager for gold developer De Grey Mining, which was acquired by Northern Star Resources (ASX:NST) for $6 billion.
Continuing the board appointment theme for today, Argent Minerals (ASX:ARD) has welcomed Warrick Hazeldine as non-executive director, effective immediately. Hazeldine boasts more than 20 years' experience in capital markets, working with a range of ASX-listed companies in the investor relations arena with particular experience in the natural resources sector.
And rounding them out, Orange Minerals (ASX:OMX) has also added a new non-executive director, welcoming experiencing board director Nadia Abdul Aziz to the team. Fluent in French, English, and Hausa, Aziz most recently served as non-executive director for Asante Gold Corporation, a gold exploration and development company with operations in Ghana.
At Stockhead, we tell it like it is. While Nordic Resources, Core Energy Minerals, Argent Minerals and Orange Minerals are Stockhead advertisers, they did not sponsor this article.