Closing Bell: ASX surges as missiles fly ahead of Iran-Israel ceasefire

News.com.au

5 hours ago

ASX surges 1pc as Iran and Israel approach ceasefire
Materials and financials lead gains, adding more than 1.8pc each
Energy sector drags, shedding 3.89pc as oil slumps
ASX on the rise as missiles keep firing
The ASX shot up 1% today, with traders springing quickly into action as soon as the dust seemed to settle over the Israel-Iran-US conflict.
US President Trump insists he's negotiated an official ceasefire between the two nations, to be enacted in 12-hour stages.
The announcement came after a token attack by Iran on a US base in Qatar resulted in zero casualties.
While that seems to have reassured the global audience that the US won't be escalating its involvement anytime soon, the missiles have certainly not ceased.
Iran has reportedly fired six separate waves of attacks at Israel in the intervening hours, killing at least three people.
Tehran's state-run TV broadcaster noted the ceasefire had officially begun at about 2:30 pm AEST.
Both sides have acknowledged the ceasefire agreement, but warn the fighting will only end if the other party doesn't violate it.
If all goes to President Trump's plan, Israel will also cease its military operations within the next 12 hours, ending the conflict.
Here's hoping.
In the meantime, the market was roaring, with eight sectors on the up. Materials (+1.98%) and financials (+1.89%) led the way, with info tech (+1.09%) not far behind.
The ASX 200 Banks and All Tech indices are also on a tear, adding more than 2% and 1% respectively.
The ASX 200 Resources index is also having a look in, up 0.8%
Commonwealth Bank nabs new record high
Shares in Commonwealth Bank (ASX:CBA) jumped 2.31% in trade and are now worth $188.60 each, totalling a market capitalisation of $315 billion as the biggest stock on the ASX.
Now worth more than Westpac (ASX:WBC) and National Australia Bank (ASX:NAB) combined, CBA must be doing something special… right?
Maybe.
Morgan Stanley analyst Richard Wiles says CBA's price-to-earnings ratio has hit 28, a price point he considers 'very difficult to justify' given the bank's potential forward profit growth.
That said, Nvidia's price-to-earnings ratio is 46.4, and that Magnificent 7 darling has surged more than 1400% over the past five years, so a lopsided P/E isn't exactly a death knoll for a stock – not if traders keep buying it, anyway.
CBA isn't the only stock among its banking brethren making gains. NAB has also added 2.2%, WBC 2.6%, ANZ (ASX:ANZ) 1.3% and Macquarie Group (ASX:MQG) 2.4%.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Name Last % Change Volume Market Cap
GBZ GBM Rsources Ltd 0.014 133% 68637883 $7,026,420
OLY Olympio Metals Ltd 0.08 86% 2212203 $3,786,894
OLH Oldfields Holdings 0.025 56% 324319 $3,408,946
AXP AXP Energy Ltd 0.0015 50% 5007393 $6,684,681
JAY Jayride Group 0.0015 50% 300001 $1,427,889
OVT Ovanti Limited 0.003 50% 26950886 $6,011,030
TMK TMK Energy Limited 0.003 50% 10552679 $20,444,766
CDE Codeifai Limited 0.048 41% 5524235 $15,059,907
SRL Sunrise 0.91 40% 922202 $71,647,874
HLX Helix Resources 0.002 33% 2500000 $5,046,291
PGY Pilot Energy Ltd 0.008 33% 18033735 $12,951,960
SFG Seafarms Group Ltd 0.002 33% 2779483 $7,254,899
SPQ Superior Resources 0.004 33% 1272638 $7,112,948
AM5 Antares Metals 0.009 29% 13633211 $3,603,970
VAR Variscan Mines Ltd 0.009 29% 5510600 $5,480,004
RML Resolution Minerals 0.051 28% 73528751 $26,325,061
FIN FIN Resources Ltd 0.005 25% 205254 $2,779,554
LMG Latrobe Magnesium 0.01 25% 5097110 $21,012,720
MEL Metgasco Ltd 0.0025 25% 5721209 $3,665,173
SRJ SRJ Technologies 0.005 25% 5635496 $2,422,312
NH3 Nh3Cleanenergyltd 0.032 23% 957453 $14,679,724
LOC Locatetechnologies 0.165 22% 3688363 $30,865,953
IVG Invert Graphite Ltd 0.033 22% 1828732 $9,247,976
PSL Paterson Resources 0.018 20% 344830 $6,840,568
AJL AJ Lucas Group 0.006 20% 369982 $6,878,648
Making news…
GBM Resources (ASX:GBZ) will soon be well-funded and debt-free, if the company's fundraising and reconsolidation plans resolve as expected.
GBZ is looking to raise $13m through a placement that will see incoming chair Ian Middlemas subscribe for $1.2m in shares. The funds will be used to strike out a $6.2m convertible note debt facility with Collins St Asset Management.
The company has also reached an agreement with farm-in partner Wise Walkers to reconsolidate full ownership of the Twin Hills gold asset, converting $2m already spent on the farm-in into equity in GBZ.
If all goes to plan, GBZ will be unencumbered by debt, with full ownership of its 1.84-million-ounce gold inventory across the Twin Hills and Yandan projects.
Olympio Metals (ASX:OLY) has kicked off a maiden drilling program at the Bousquet gold project with a glitter, hitting visible gold in the first drill hole.
The 9m mineralised zone hasn't been assayed for an official gold grade yet, but Olympio reckons the geology there is already showing a lot of promise, with strong alteration apparent all the way down to 286 metres of depth. OLY expects to have assays in hand by mid-July.
It's a great start for a project sitting in a particularly fertile fault zone at the Cadillac-Larder Lake Break, which has produced over 100 million ounces of gold over the decades.
Antares Metals (ASX:AM5) is after a different kind of glow at its Mt Isa North project, where a data review has highlighted 49 individual uranium targets.
AM5 has picked out 10 it thinks are particularly promising, demonstrating characteristics similar to the Valhalla uranium deposit 40km to the northwest of Mt Isa.
Valhalla, owned by Paladin Energy (ASX:PDN), held a JORC resource of 34,550 tonnes of uranium in 2023; a yellowcake bounty AM5 will hope to mirror.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Security Name Last % Change Volume Market Cap
AN1 Anagenics Limited 0.004 -33% 9020000 $2,977,922
ERA Energy Resources 0.002 -33% 7871287 $1,216,188,722
GMN Gold Mountain Ltd 0.001 -33% 1.39E+08 $8,429,639
TEG Triangle Energy Ltd 0.002 -33% 6698891 $6,267,702
ANX Anax Metals Ltd 0.005 -29% 21916830 $6,179,653
AMS Atomos 0.003 -25% 8503915 $4,860,074
ASR Asra Minerals Ltd 0.0015 -25% 34498500 $7,983,396
HCD Hydrocarbon Dynamics 0.0015 -25% 2185 $2,156,219
WBE Whitebark Energy 0.003 -25% 1773408 $2,749,334
COY Coppermoly Limited 0.011 -21% 688940 $12,357,204
BRU Buru Energy 0.024 -20% 12012602 $23,382,288
ADG Adelong Gold Limited 0.004 -20% 1652605 $10,343,383
CUL Cullen Resources 0.004 -20% 1643867 $3,467,009
EE1 Earths Energy Ltd 0.004 -20% 808300 $2,649,821
RLG Roolife Group Ltd 0.004 -20% 60000 $7,963,906
SKK Stakk Limited 0.004 -20% 23035 $10,375,398
AQC Auspaccoal Ltd 0.044 -20% 3308771 $38,525,718
TGH Terragen 0.017 -19% 11756 $10,605,361
BEZ Besragoldinc 0.047 -19% 3795570 $24,098,824
CML Connected Minerals 0.11 -19% 25245 $5,583,359
BEL Bentley Capital Ltd 0.009 -18% 31765 $837,407
HCL Highcom Ltd 0.27 -17% 981821 $33,371,868
AZL Arizona Lithium Ltd 0.005 -17% 6033122 $31,621,887
CTQ Careteq Limited 0.01 -17% 500162 $2,845,425
CYQ Cycliq Group Ltd 0.0025 -17% 233333 $1,381,550
IN CASE YOU MISSED IT
Brightstar Resources' (ASX:BTR) ongoing infill and extensional drill campaign at the 1.5Moz Sandstone hub in WA's East Murchison region has highlighted significant potential for bulk-tonnage gold.
White Cliff Minerals (ASX:WCN) has bolstered its board with John Hancock as it looks to capitalise on a large-scale Canadian copper opportunity.
Many Peaks Minerals' (ASX:MPK) diamond drilling has further enhanced the scale potential of its Ferké gold project in Côte d'Ivoire after all holes drilled to date returned significant gold intersections.
DigitalX (ASX:DCC) backs US stablecoin breakthrough as turning point for global crypto adoption.
Brookside Energy (ASX:BRK) fifth drilling spacing unit (DSU).
Victory Metals (ASX:VTM) North Stanmore rare earths project.
European Lithium (ASX:EUR) subsidiary Critical Metals Corp will start diamond drilling shortly at the Tanbreez rare earths project in Greenland.
Antares Metals (ASX:AM5) has defined priority uranium targets for follow-up exploration at its Mt Isa North project in Queensland.
RareX (ASX:REE) has struck high-grade gallium mineralisation at its Cummins Range project, placing it as one of Australia's most 'geopolitically relevant' mineral deposits.
Surface geochemical sampling at Koonenberry Gold's (ASX:KNB) Enmore gold project has grown the Sunnyside gold system to a potential strike length of ~2km.
St George Mining (ASX:SGQ) is deepening ties with local government and the community in Minas Gerais, Brazil, as it moves to develop the Araxá niobium-REE project.
Rhythm Biosciences (ASX:RHY) has secured full reinstatement of NATA accreditation for the Genetype cancer risk assessment portfolio, acquired from Genetic Technologies' administrators.
TRADING HALTS
Adherium Limited (ASX:ADR) – cap raise
Bannerman Energy Ltd (ASX:BMN) – cap raise
Bowen Coking Coal Ltd (ASX:BCB) – funding operations update
Develop Global Ltd (ASX:DVP) – cap raise
Firebrick Pharma Ltd (ASX:FRE) – cap raise
MTM Critical Metals Ltd (ASX:MTM) – cap raise
Rapid Critical Metals Ltd (ASX:RCM) – cap raise
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