ASX Runners of the Week: XPON, Locksley, DY6 Metals & Arizona
We shouldn't have been surprised to see a modicum of profit-taking this week after last week's efforts, which saw the United States broad-ranging S&P 500 stock market index go up for nine days in a row to post its longest daily winning streak in 20 years, coupled with the ASX 200 index ending a 12-day winning streak.
US economic data added a fresh twist to market jitters for the week, with first-quarter GDP dipping by 0.3 per cent - a headline drop that at first glance looked like a red flag. Scratch beneath the surface and a different story emerges.
This wasn't about an economy slowing down - it was about businesses going into overdrive, racing to import a flood of goods before new US President Donald Trump's trade tariffs kick in. The result was a 50.9 per cent surge in imports that technically dragged GDP lower, thanks to how the number-crunchers calculate growth.
Amazingly, for all the hand wringing and wailing that came off the back of Trump's 'liberation day' blockbuster tariff announcement at the start of last month, the key Australian index closed out the week at 8231. This was 285 points or 3.4 per cent higher than its close prior to the fateful announcement and the S&P is, by and large, unchanged.
With a rollercoaster week came yet more glory for gold, which hit a high price of $3438 an ounce on Wednesday on the back of a resumption of hostilities between Pakistan and India - two nuclear powers with age-old claims on the disputed state of Kashmir.
XPON TECHNOLOGIES GROUP LTD (ASX: XPN)
up 400% (0.6c – 3.0c)
This week's Bulls N' Bears ASX Runner of the Week is artificial intelligence and technology solutions provider XPON Technologies Group, which saw its share price rocket on Monday after it announced a binding agreement to snap up leading Australian digital marketing outfit Alpha Digital Design Consultants.
XPON's acquisition of Alpha Digital, a long-term channel partner with a crack team of 25 digital marketing specialists, is a savvy attempt to supercharge its revenue growth. The deal is set to bring in an additional $4.6 million in revenue and a $0.7M EBITDA based on last year's financials - plus a cool $1M cash in the bank.
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ABC News
17 minutes ago
- ABC News
Live updates: Wall Street tanks, oil soars, ASX under pressure as Israel and Iran exchange missile fire
Wall Street has fallen sharply in response to the sudden escalation of hostilities between Israel and Iran. While risky assets such as equities were sold off, investors moved into gold as a safe haven and oil, betting on supply disruptions. The ASX looks likely to open lower this morning as tensions mount and ahead of the release of key Chinese economic data. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice.
7NEWS
44 minutes ago
- 7NEWS
World leaders hope G7 summit an opportunity to unite amid Middle East tension
German Chancellor Friedrich Merz says he hopes an upcoming meeting of G7 countries in Canada will show unity and could reach agreement on four key points to help resolve the conflict between Israel and Iran. Speaking as he prepared to fly to Canada for the G7 summit, Merz said the Middle East conflict would be high on the agenda. The four points were: that Iran cannot develop or posses nuclear weapons that Israel has the right to defend itself against existential threats, which he said Iran's nuclear program represented that the conflict should not escalate that scope for diplomacy must be created 'I would like to add that in Germany we are also getting ready in case Iran should target Israeli or Jewish targets in Germany,' Merz told reporters, without going into more detail. G7 leaders gather for a summit in the Canadian Rockies starting on Sunday until Tuesday. As summit host, Canadian Prime Minister Mark Carney has decided to abandon the annual practice of issuing a joint statement, or communique, at the end of the meeting. Leaders who are not part of the G7 but have been invited to the summit by Carney include the heads of state of India, Australia, Ukraine, Brazil, South Africa, South Korea, Mexico and the United Arab Emirates. Merz said that Israel had requested fire extinguishing material, which Germany would provide. Germany's defence minister, Boris Pistorius, told German state television ARD he had not discussed providing military aid to Israel with his Israeli counterpart, nor had he received any such requests. Nothing was being prepared, he added. Separately, German Foreign Minister Johann Wadephul said he had spoken with his Omani counterpart Badr Albusaidi on how Oman's ties could help de-escalate tension in the region between Israel and Iran and Yemen's Houthi rebels. Merz said the G7 would also discuss the war in Ukraine and that more pressure should be put on Russia to bring it to the negotiating table. To that end, European leaders wanted to agree new sanctions on Russia at the end of this month, he said. Merz said economic issues would also be on the agenda at the G7 summit, and said efforts would be directed towards reaching an agreement over tariffs following a decision by US President Donald Trump's administration to impose them on its key trade partners earlier this year. 'Urgent' need for solution Several other world leaders called for diplomatic talks to de-escalate tensions between Israel and Iran on Sunday. Ursula von der Leyen, the president of the European Commission, reiterated Europe's 'commitment to peace, stability, and diplomatic efforts leading to de-escalation' after speaking with Israeli Prime Minister Benjamin Netanyahu. Von der Leyen also expressed concern of Iran's developing nuclear program. 'Europe has always been clear: Iran can never acquire a nuclear weapon,' she said. 'There is an urgent need for a negotiated solution.' Turkish President Recep Tayyip Erdogan welcomed US President Donald Trump's call for Israel and Iran to make a deal, Turkey's state-run Anadolu news agency reported. He also addressed the 'irreversible economic, civilian damage' for both sides and stressed a need for de-escalation, according to Anadolu. Death toll rises Iran's Ministry of Health on Sunday said at least 224 people had been killed in Iran since Israel launched a wave of attacks across the country on Friday, according to the semi-official Iranian media outlet Mehr News, citing health ministry spokesman Hossein Kermanpour. Kermanpour said 1277 people had been injured and treated in university hospitals in the country. The vast majority of those killed and injured, 'more than 90 percent', were civilians, he said. At least 14 people in Israel have died in the hostilities.
Perth Now
an hour ago
- Perth Now
Wall St ends sharply lower amid Iran-Israel conflict
Wall Street has ended sharply lower after Iran launched missiles at Israel in response to intensive Israeli strikes aimed at crippling Iran's ability to build nuclear weapons. Explosions were heard and seen over Tel Aviv and Jerusalem as sirens sounded across Israel following what the country's military spokesman said was the firing of missiles from Iran. That came after Israel struck nuclear facilities and missile factories in Iran, escalating tensions in the Middle East and undermining global investor confidence. Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East. US energy stocks rose in tandem, with Exxon up 2.2 per cent and Diamondback Energy rallying 3.7 per cent. "It looks as though we could be in for a full-blown military conflict," Elias Haddad, senior markets strategist at Brown Brothers Harriman, said earlier on Friday. "If it ends up closing down the Strait of Hormuz, where a third of global oil supply goes through, this could have some pretty nasty effect on global markets." Airline stocks fell on fears that fuel costs could climb. Delta Air Lines lost 3.8 per cent, United Airlines fell 4.4 per cent and American Airlines declined 4.9 per cent. Defence stocks climbed, with Lockheed Martin, RTX Corporation and Northrop Grumman all gaining more than 3.0 per cent. The S&P 500 declined 1.13 per cent to end the session at 5,976.97 points, the Nasdaq declined 1.30 per cent to 19,406.83 points and the Dow Jones Industrial Average declined 1.79 per cent to 42,197.79 points. Ten of the 11 S&P 500 sector indexes declined, led lower by financials, down 2.06 per cent, followed by a 1.5 per cent loss in information technology. Volume on US exchanges was 17.9 billion shares traded compared with an average of 18.2 billion shares over the previous 20 sessions. For the week, the S&P 500 dipped 0.4 per cent, the Nasdaq lost 0.6 per cent and the Dow fell 1.3 per cent. Photoshop maker Adobe fell 5.3 per cent as concerns that the company's pace of AI adoption was too slow overshadowed an increased annual revenue forecast. Oracle jumped 7.7 per cent to a record high, rallying for a second day after the technology company gave an upbeat forecast driven by demand for its AI services. Nvidia dipped 2.1 per cent and Apple lost 1.4 per cent. Visa and Mastercard both fell more than 4.0 per cent after the Wall Street Journal reported that major retailers are exploring cryptocurrencies that could eliminate the need for payment intermediaries. A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures. US Federal Reserve policymakers are widely expected to keep interest rates unchanged at their meeting next week. With investors betting the United States will reach trade agreements that reduce President Donald Trump's steep trade barriers, the S&P 500 is now trading just below its February record highs. The University of Michigan's Surveys of Consumers showed consumer sentiment improved for the first time in six months in June amid trade uncertainty. Declining stocks outnumbered rising ones within the S&P 500 by a 6.1-to-one ratio. The S&P 500 posted 10 new highs and 6 new lows; the Nasdaq recorded 37 new highs and 131 new lows.
