Lunch Wrap: ASX dips as Xero dives; Neuren soars after US patent nod
Xero tanks on $3.9b Melio acquisition
Nvidia back on top as AI chips soar
Neuren jumps on US patent nod
The ASX was wobbling at lunchtime in the eastern states on Thursday, down 0.2% with the tech sector underperforming others.
Tech was dragged down after accounting software heavyweight Xero (ASX:XRO) came out of trading halt and took a tumble of more than 5%.
Investors winced at Xero's $3.9-billion proposed buyout of US fintech Melio Payments, with the cap raise set to water down their slice of the company.
Overnight in the US, Wall Street shrugged off nerves. The Nasdaq closed up 0.50%, and the real headline there was once again, Nvidia.
The AI chip king jumped 4% to an all-time high of US$154.31, reclaiming its throne as the world's most valuable listed company with a market cap of US$3.77 trillion.
Gold, meanwhile is steady, sitting just under US$3,335 an ounce. Traders are still feeling out whether the Israel-Iran flare-up is truly over or just on pause.
On the ASX, the large caps headline this morning came from market darling Neuren Pharmaceuticals (ASX:NEU), which soared 11% after landing a major win from the US Patent Office.
The agency has green-lit Neuren's patent for NNZ-2591, its experimental treatment for Pitt Hopkins syndrome, a rare and brutal childhood neurodevelopmental disorder with no approved treatment options. The patent will run through to 2040, giving Neuren a long runway.
Elsewhere on the ASX, DroneShield (ASX:DRO) kept buzzing higher, up another 6% after Wednesday's 20% rocket ride. The reason is the juicy $61.6 million deal with a European military customer for its handheld anti-drone tech.
And finally, a bit of boardroom musical chairs over at Australia and New Zealand Banking Group (ASX:ANZ).
New CEO Nuno Matos has claimed his second scalp, with tech boss Gerard Florian calling it quits just a week after retail exec Maile Carnegie said goodbye. Florian had been at ANZ since 2017. ANZ's shares rose 1.3%.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 26 :
Security Description Last % Volume MktCap
VML Vital Metals Limited 0.002 100% 7,665,358 $5,895,067
ALR Altairminerals 0.003 50% 168,333 $8,593,488
EEL Enrg Elements Ltd 0.002 50% 354,475 $3,253,779
PAB Patrys Limited 0.002 50% 513,085 $2,365,810
RCM Rapid Critical 0.003 50% 19,855,666 $2,831,556
OVT Ovanti Limited 0.011 38% 229,967,526 $24,044,120
AMS Atomos 0.004 33% 4,718,113 $3,645,055
BP8 Bph Global Ltd 0.002 33% 100,000 $1,576,477
VN8 Vonex Limited. 0.024 33% 360,256 $13,546,863
WWG Wisewaygroupltd 0.185 32% 140,498 $23,429,447
OPL Opyl Limited 0.025 32% 7,623,322 $4,464,398
LKY Locksleyresources 0.073 26% 10,041,926 $10,633,333
LOC Locatetechnologies 0.220 26% 4,163,255 $40,307,564
ANX Anax Metals Ltd 0.005 25% 1,939,566 $3,531,230
JAV Javelin Minerals Ltd 0.003 25% 4,377,333 $12,252,298
TEG Triangle Energy Ltd 0.003 25% 2,243,226 $4,178,468
XPN Xpon Technologies 0.010 25% 4,324,811 $3,314,026
EUR European Lithium Ltd 0.061 24% 11,643,657 $70,813,892
TMG Trigg Minerals Ltd 0.100 20% 31,507,295 $77,297,250
CCO The Calmer Co Int 0.003 20% 3,553,651 $7,528,383
CUF Cufe Ltd 0.006 20% 350,000 $6,732,874
FCT Firstwave Cloud Tech 0.012 20% 1,143,882 $17,135,187
GLL Galilee Energy Ltd 0.006 20% 1,013,119 $3,535,964
LML Lincoln Minerals 0.006 20% 7,410,000 $10,512,849
TSL Titanium Sands Ltd 0.006 20% 250,000 $11,723,736
Rapid Critical Metals (ASX:RCM) has locked in $10.5 million from a strongly backed placement to fund its full takeover of the Webbs and Conrad silver projects up in NSW's New England Fold Belt. It raised the cash at 2.4 cents a share. Major shareholder Strata Investment is tipping in $500k, subject to a vote. Once the deal's done, Rapid will own 100% of both projects and plans to kick off drilling and geophysics at Webbs in June.
Opyl (ASX:OPL), the AI outfit re-wiring drug discovery, has just dipped into crypto, shelling out about $330k for roughly two Bitcoin via the ASX-listed DigitalX Bitcoin ETF (BTXX). The move, flagged in its 10 June strategic review, is meant to bulk up treasury diversification and set it up for future AI-infrastructure plays. The company is also tapping into seasoned crypto punter Tony G, also chair of CSE-listed SOL Strategies (HODL, ~C$375 m), to steer the digital-asset push.
In M&A land, Pointsbet (ASX:PBH) said it's received a fresh takeover offer from Japan's Mixi, after the company's earlier scheme vote with rival bidder Betr Entertainment (ASX:BBT) went sideways. Mixi's pitching an all-cash $1.20 per share offer, looking to take control of the ASX-listed bookie.
Humm (ASX:HUM) also continued its rally after the buy now, pay later (BNPL) company confirmed a takeover offer from the family office of chairman Andrew Abercrombie.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 26 :
Code Name Price % Change Volume Market Cap
AOA Ausmon Resorces 0.001 -50% 515,819 $2,622,427
C7A Clara Resources 0.002 -50% 5,408,687 $2,353,084
CZN Corazon Ltd 0.001 -33% 400,000 $1,776,858
PIL Peppermint Inv Ltd 0.002 -33% 133,692 $6,903,269
QXR Qx Resources Limited 0.002 -33% 1,142,355 $3,930,987
WEL Winchester Energy 0.001 -33% 1,312,051 $2,044,528
TML Timah Resources Ltd 0.024 -31% 10,000 $3,106,592
ASP Aspermont Limited 0.005 -29% 1,191,980 $17,312,314
FHS Freehill Mining Ltd. 0.003 -25% 4,970,168 $13,655,414
HLX Helix Resources 0.002 -25% 350,000 $6,728,387
MGU Magnum Mining & Exp 0.003 -25% 2,481,100 $4,486,603
MTB Mount Burgess Mining 0.003 -25% 4,843,886 $1,406,811
SFG Seafarms Group Ltd 0.002 -25% 2,074,185 $9,673,198
TZL TZ Limited 0.040 -20% 35,356 $14,030,705
ERA Energy Resources 0.002 -20% 1,375,622 $1,013,490,602
ERL Empire Resources 0.004 -20% 100,000 $7,419,566
PKO Peako Limited 0.002 -20% 233,022 $3,719,355
NSB Neuroscientific 0.073 -19% 650,993 $13,014,438
TGH Terragen 0.018 -18% 50,000 $11,110,378
ALY Alchemy Resource Ltd 0.005 -17% 35,000 $7,068,458
DAF Discovery Alaska Ltd 0.010 -17% 39,999 $2,810,816
DTI DTI Group Ltd 0.005 -17% 116,699 $4,976,518
FBR FBR Ltd 0.005 -17% 1,629,009 $34,136,713
TMS Tennant Minerals Ltd 0.005 -17% 450,000 $6,395,342
D3E D3 Energy Limited 0.110 -15% 327 $10,331,751
IN CASE YOU MISSED IT
Verity Resources' (ASX:VRL) scout drilling has intersected bedrock gold mineralisation at the Triton prospect.
Andromeda Metals (ASX:ADN) has wrapped up commercial-scale ceramic glaze pilot trials, proving its Great White CRM to be a reliable, high-performance material for the ceramics industry.
Long Shortz with Rhythm Biosciences (ASX:RHY): Rhythm Biosciences outgoing chair and chair elect discuss the company's strategy moving forward after leadership changes.
Norwest Minerals (ASX:NWM) will launch a drilling campaign in mid-July to grow gold resources at its Bulgera project.
Indiana Resources (ASX:IDA) is moving full steam ahead at the Minos gold project in South Australia where drilling and scoping study programs are progressing.
Albion Resources (ASX:ALB) has kicked off several thousand metres of planned drilling in WA's highly prospective Yandal Greenstone Belt.
Investors have demonstrated their strong support for MTM Critical Metal's (ASX:MTM) US-centric clean tech strategy by backing a $50m placement at 55c per share.
LAST ORDERS
Locksley Resources (ASX:LKY) has listed to the OTCQB market under the ticker LKYRF, broadening exposure to North American investors and accessing a deeper pool of capital for its Mojave project in California.
The company says it's looking forward to building relationships with US investors as it continues to advance its rare earth and antimony project at a time when US domestic demand is growing for critical minerals.
At Stockhead, we tell it like it is. While Locksley Resources is a Stockhead advertiser, it did not sponsor this article.
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