Closing Bell: ASX climbs as courts strike down Liberation Day tariffs, re-energising markets
Energy sector pushes ASX 0.15pc higher
US court has ruled Trump's Liberation Day and fentanyl tariffs are unlawful
Steel, aluminium and auto tariffs remain in place
The ASX has posted another gain today, albeit a small 0.15% lift.
News US courts had blocked Trump's tariff spree gave the market tailwinds, while the Energy sector powered higher.
As has been the story in recent weeks, Info Tech and the Banks contributed handily to the Aussie market's gains, with both indices trending higher.
Woodside Energy (ASX:WDS) continued its gains after receiving the green light for its North West Shelf gas project, climbing 3.05%.
Capstone Copper (ASX:CSC) also continued its ascent, up 5.42% as copper's outlook continues to improve, and Liontown Resources (ASX:LTR) posted a 4.13% recovery today, although still down 3.08% for the trading week.
Markets roar back to life as courts block Trump tariffs
While President Trump has signalled his intention to appeal a court decision to block his Liberation Day tariffs, global markets are already celebrating.
"The law is clear: no president has the power to single-handedly raise taxes whenever they like," New York attorney general Letitia James said.
"These tariffs are a massive tax hike on working families and American businesses that would have led to more inflation, economic damage to businesses of all sizes, and job losses across the country if allowed to continue."
Futures for US markets are sharply higher in after-hours trade. S&P500 Futures are up 1.7%, Dow Jones 1.33% and the Nasdaq 1.97%.
In Asia, the Japanese Nikkei 225 soared 1.91% in trade today, while the Shanghai Composite Index has added 0.72%.
The US dollar has also made a small recovery, lifting the US Dollar Index (comparing it to a basket of major currencies) 0.33% today.
That pushed gold lower, sliding 0.84% to about US$3270.64.
'The Albanese government has been consistent in the view that these tariffs on Australian imports into the US are unjustified,' Australian minister for trade Don Farrell said.
'We will continue to engage and strongly advocate for the removal of tariffs.'
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Name Last % Change Volume Market Cap
EDE Eden Inv Ltd 0.003 200% 99857288 $4,109,881
AOA Ausmon Resorces 0.002 100% 120455 $1,311,213
UCM Uscom Limited 0.019 58% 133012 $3,005,724
BP8 Bph Global Ltd 0.003 50% 786421 $2,101,969
ENL Enlitic Inc. 0.034 42% 908948 $17,313,813
EDU EDU Holdings Limited 0.28 40% 2400082 $30,110,682
TM1 Terra Metals Limited 0.036 38% 17149767 $10,793,512
RPG Raptis Group Limited 0.035 35% 255986 $4,558,903
AX8 Accelerate Resources 0.008 33% 1701649 $4,783,132
MTB Mount Burgess Mining 0.004 33% 1000000 $1,055,108
OB1 Orbminco Limited 0.002 33% 8099104 $3,596,352
TEM Tempest Minerals 0.004 33% 1709348 $2,203,590
IVX Invion Ltd 0.11 29% 1305054 $7,201,936
CDE Codeifai Limited 0.009 29% 392000 $2,282,222
PXX Polarx Limited 0.009 29% 3417728 $16,628,507
RMI Resource Mining Corp 0.029 26% 8415321 $15,304,332
OLY Olympio Metals Ltd 0.05 25% 349363 $3,522,692
C7A Clara Resources 0.005 25% 200000 $2,046,417
RDS Redstone Resources 0.005 25% 6382842 $3,701,514
NGX Ngxlimited 0.16 23% 29831 $11,779,539
RCL Readcloud 0.135 23% 151460 $16,898,174
FAL Falconmetalsltd 0.14 22% 270451 $20,355,000
OEL Otto Energy Limited 0.006 20% 33492247 $23,974,090
CHR Charger Metals 0.048 20% 190732 $3,096,810
JAV Javelin Minerals Ltd 0.003 20% 1.06E+08 $15,115,373
Making news…
Eden Innovations (ASX:EDE) has captured momentum with its EdenCrete Pz7 concrete additive, a product that makes standard concrete mixes stronger and reduces the need for carbon-intensive Portland Cement. Over the past three months, sales topped US$567k.
In April and May alone, sales were 86% higher than the same quarter last year. Holcim US also ordered US$91k worth of Pz7 for a 22-storey high-rise in Denver, Eden's first major commercial project.
BPH Global (ASX:BP8) is preparing its first shipment of Indonesian seaweed biomass under a sales cooperation agreement with PT Kebula Raya Bestari, delivering 60 metric tonnes to South Korea-based food ingredient manufacturer MSC.
Invion (ASX:IVX) just got the thumbs-up from the safety committee after treating the first six patients in its skin cancer trial. There are early signs the drug is shrinking tumours after one dose.
INV043 also makes cancer cells glow under violet light, hinting it could double as a diagnostic tool. Invion is now gearing up for a second study with Peter Mac, combining the treatment with immunotherapy.
After 'constructive discussions with a broad group of shareholders' EDU Holdings (ASX:EDU) has rescinded the proposed delisting of its shares from the ASX and an associated off-market buy-back offer.
The board says it will consider future capital management options, remaining committed to long-term value for shareholders.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Security Name Last % Change Volume Market Cap
SHP South Harz Potash 0.003 -40% 51501 $5,513,644
DMG Dragon Mountain Gold 0.004 -33% 648200 $2,368,030
MOM Moab Minerals Ltd 0.001 -33% 500000 $2,600,499
OVT Ovanti Limited 0.002 -33% 93657480 $8,380,545
WBE Whitebark Energy 0.004 -33% 276226 $4,124,001
ERL Empire Resources 0.003 -25% 199765 $5,935,653
GMN Gold Mountain Ltd 0.0015 -25% 239339 $10,267,776
CTQ Careteq Limited 0.01 -23% 1885218 $3,082,543
AXI Axiom Properties 0.03 -23% 123000 $16,875,833
MGU Magnum Mining & Exp 0.007 -22% 364290 $10,094,858
AAU Antilles Gold Ltd 0.004 -20% 179945 $10,631,838
AMS Atomos 0.004 -20% 372000 $6,075,092
AQX Alice Queen Ltd 0.004 -20% 15937084 $5,734,450
BYH Bryah Resources Ltd 0.004 -20% 610561 $4,349,768
CR9 Corellares 0.002 -20% 1500 $2,514,016
EAT Entertainment 0.004 -20% 1853 $6,543,930
PRX Prodigy Gold NL 0.002 -20% 20001 $7,937,639
NSM Northstaw 0.03 -19% 1686468 $10,126,031
OLL Openlearning 0.015 -17% 99553 $8,688,144
AZL Arizona Lithium Ltd 0.005 -17% 9609192 $31,621,887
EPM Eclipse Metals 0.005 -17% 1788032 $17,194,914
GLL Galilee Energy Ltd 0.005 -17% 7500 $4,243,157
LU7 Lithium Universe Ltd 0.005 -17% 302360 $4,715,878
NES Nelson Resources. 0.0025 -17% 80000 $6,515,783
RC1 Redcastle Resources 0.005 -17% 2906728 $4,461,401
IN CASE YOU MISSED IT
An independent study comparing Altech Batteries' (ASX:ATC) Cerenergy technology to alternatives including lithium-ion, sodium-sulphur and vanadium flow batteries has revealed several areas of superior performance.
The sodium chloride solid state batteries developed by ATC offer comparative energy efficiencies to lithium-ion batteries, exceeding the other two chemistries, and matches or exceeds its rivals in overall lifetime, cycle life, safety, temperature range, and discharge duration.
TG Metals (ASX:TG6) is delving into historical stockpiles at the Van Uden gold project, using a sonic core drill rig to test the gold grades. The drilling will also provide samples for metallurgical testwork as the company transitions toward gold production.
Trigg Minerals (ASX:TMG) looks to uncover more critical minerals at its Antimony Canyon project in Utah.
Trading halts
At Stockhead, we tell it like it is. While Altech Batteries, TG Metals, Hot Chili and Trigg Minerals are Stockhead advertisers, they did not sponsor this article.
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