Lunch Wrap: Oil and gold stocks surge following reports of Israeli strikes on Iran
ASX turns red as Israel hits Iran and oil surges
Gold jumps and Aussie dollar sinks on war jitters
Accent crashes 20pc as weak sales spook market
The ASX started the morning with a bit of pep in its step, but that optimism didn't last long. By around lunch in the eastern states, the market had reversed course and was down 0.3%.
The turning point was reports that Israel had launched airstrikes on Iran and its nuclear facilities, jolting global markets and sending investors running for cover.
The news sparked an instant reaction across the board.
Oil prices spiked as expected, given how much of the world's oil flows through the Strait of Hormuz, right in the crosshairs of this conflict.
Gold also popped, briefly touching US$3410/oz, as investors piled into safe havens.
And while those surges might sound like good news for certain stocks of the ASX, the broader market didn't love it.
Risk sentiment has taken a punch to the gut with this news, and traders are starting to close the books early ahead of what could be a tense weekend.
The big question now: does the conflict escalate from here? If it does, we're in for a rougher ride next week.
The Aussie dollar also took a hit, dropping nearly 1% in less than an hour after the strikes were confirmed, to around US64.3 cents.
In the large end of town, the biggest thud came from Accent Group (ASX:AX1), the retail group behind Hype DC, Platypus and Glue Store.
Accent's shares crashed over 21% this morning after the company flagged weak sales post-Christmas and warned that full-year earnings will likely come in flat.
That's not what the market wanted to hear, especially after the stock had already lost more than 20% this year.
And, Dalrymple Bay Infrastructure (ASX:DBI) also felt the pinch, dropping 5% after reports surfaced that Brookfield Infrastructure had offloaded a 23.2% chunk of its stake in the Queensland coal port.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 13 :
Security Description Last % Volume MktCap
SRN Surefire Rescs NL 0.002 100% 2,004,907 $2,486,445
ENT Enterprise Metals 0.003 50% 1,000,000 $2,362,635
ICU Investor Centre Ltd 0.003 50% 200,328 $609,023
JNO Juno 0.036 44% 326,919 $5,230,926
EM2 Eagle Mountain 0.007 40% 1,554,948 $5,675,186
PRM Prominence Energy 0.004 33% 2,527,297 $1,167,529
8CO 8Common Limited 0.024 33% 1,279,353 $4,033,708
EAT Entertainment 0.005 25% 10,000 $5,235,144
MRD Mount Ridley Mines 0.003 25% 1,000,000 $1,556,978
MSG Mcs Services Limited 0.005 25% 175,000 $792,399
OEL Otto Energy Limited 0.005 25% 8,555,899 $19,180,039
SIS Simble Solutions 0.003 25% 10,999 $1,752,661
UBI Universal Biosensors 0.042 24% 68,082 $10,134,293
PHO Phosco Ltd 0.077 22% 95,588 $27,614,252
A11 Atlantic Lithium 0.165 22% 218,948 $93,574,887
ICG Inca Minerals Ltd 0.006 20% 5,675,253 $7,881,950
OLI Oliver'S Real Food 0.006 20% 15,000 $2,703,660
RC1 Redcastle Resources 0.006 20% 700,000 $3,717,835
PVW PVW Res Ltd 0.013 18% 315,106 $2,187,953
YAR Yari Minerals Ltd 0.013 18% 5,986,573 $6,101,826
JCS Jcurve Solutions 0.047 18% 343,790 $13,213,738
CDE Codeifai Limited 0.041 17% 2,110,842 $15,065,346
Juno Minerals (ASX:JNO) has handed over its Mount Mason iron ore project to Gold Valley Yilgarn (GVY) in a $6 million deal, plus a 2% royalty on future production. GVY plans to fire up mining in mid-2026, using Juno's existing infrastructure and a new haul road crossing Juno's nearby Mount Ida site, which isn't part of the sale. Juno keeps its key Mount Ida magnetite project and pockets cash plus future royalties.
Terra Metals (ASX:TM1) has locked in a $4m cap raise to fast-track work at its Dante critical minerals project in WA. The cash is coming from strategic backers GEAR, part of Indonesian giant Sinar Mas, and Matthew Latimore of M Resources. Existing top shareholder Tribeca will also chip in to hold its 15% stake. The funds will fuel more drilling, and prep for a maiden resource estimate, as Terra ramps up what it reckons is a district-scale find.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 13 :
Code Name Price % Change Volume Market Cap
AOK Australian Oil. 0.002 -33% 15,000 $3,005,349
AXP AXP Energy Ltd 0.001 -33% 50,000 $10,027,021
BMO Bastion Minerals 0.002 -33% 1,310,000 $2,710,883
OVT Ovanti Limited 0.002 -33% 1,006,466 $9,016,545
NAE New Age Exploration 0.003 -25% 401,015 $10,637,596
AX1 Accent Group Ltd 1.400 -22% 9,237,398 $1,085,140,142
AUK Aumake Limited 0.002 -20% 12 $7,558,397
ERA Energy Resources 0.002 -20% 204,755 $1,013,490,602
JAV Javelin Minerals Ltd 0.002 -20% 122,699 $15,315,373
THR Thor Energy PLC 0.009 -18% 10,000 $7,818,688
PL3 Patagonia Lithium 0.041 -18% 80,519 $5,970,518
AD1 Adneo Limited 0.045 -17% 123,182 $7,905,975
BSN Basinenergylimited 0.015 -17% 977,951 $2,210,928
ENV Enova Mining Limited 0.008 -17% 18,790,631 $12,721,507
ERL Empire Resources 0.005 -17% 347,579 $8,903,479
FBR FBR Ltd 0.005 -17% 2,952,279 $34,136,713
GGE Grand Gulf Energy 0.003 -17% 350,926 $8,461,275
TMK TMK Energy Limited 0.003 -17% 916,212 $30,667,149
ODA Orcoda Limited 0.068 -16% 133,877 $15,188,651
CTT Cettire 0.270 -16% 21,305,436 $121,996,230
MRR Minrex Resources Ltd 0.009 -14% 1,938,452 $11,391,109
AM5 Antares Metals 0.006 -14% 1,110,000 $3,603,970
BYH Bryah Resources Ltd 0.012 -14% 14,030,546 $12,179,349
IN CASE YOU MISSED IT
Dimerix Limited (ASX:DXB) has reached 70pc of total adult patients to be dosed in its ACTION3 phase III clinical trial of DMX-200 in patients with focal segmental glomerulosclerosis.
LAST ORDERS
Antimony metallurgist David Fourie has joined the Trigg Minerals (ASX:TMG) team as a technical advisor for its net zero antimony strategy, centred on the Antimony Canyon project in the US.
Fourie played a central role in the design and ESG elements of the first 'clean plant' antimony smelter built by SPMP to European environmental standards in Oman. SPMP is the largest antimony roaster outside of China, set to produce 20,000 tonnes of antimony products a year once the smelter reaches full capacity.
At Stockhead, we tell it like it is. While Trigg Minerals is a Stockhead advertiser, it did not sponsor this article.
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