Fund manager Elanor's long road ends in $125m rescue plan
But in a dramatic overhaul, ASX-listed Elanor will lose one of its most valuable mandates, managing Challenger Life's roughly $3 billion real estate portfolio, a move previously foreshadowed by The Australian Financial Review. That mandate is expected to go to Charter Hall.
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News.com.au
an hour ago
- News.com.au
Lunch Wrap: ASX slips heavily, Novonix scraps graphite spin-out
Banks, tech and health take a dive ResMed surged after smashing earnings The ASX 200 was down by 0.75% at lunch time in the eastern states, with investors firmly in risk-off mode. Only miners and utilities put up a fight. Everywhere else, it was a mess. Health stocks were out of breath, tech looked like it had skipped leg day, and the big banks all sagged under the weight of global tariff fears. It's the kind of day where even the good names get dragged through the mud. Commonwealth Bank (ASX:CBA), National Australia Bank (ASX:NAB), WiseTech Global (ASX:WTC) and Xero (ASX:XRO) all retreated. This all followed another tariff tantrum from Donald Trump. Canada just got hit with a jump from 25% to 35%, and new levies were slapped on Thailand, Cambodia, Taiwan and Switzerland. Australia, somehow, managed to dodge the full swing, for now. But with tariffs pushing up import prices, bets on US rate cuts just got punted out to October. In the large caps space, conglomerate Washington H Soul Pattinson (ASX:SOL) nudged lower despite lifting its dividend again - its 27th annual increase, if you don't mind. Downer EDI (ASX:DOW) bagged a fresh $220 million defence deal, and ResMed (ASX:RMD) surged after smashing earnings expectations with a 37% jump in profit. ResMed reckons it will keep growing even with Ozempic and its weight loss-pill mates nipping at the edges of the sleep apnoea market. Gold producer Bellevue Gold (ASX:BGL) climbed after setting bullish production guidance of up to 150,000 ounces in FY26. Meanwhile, Novonix (ASX:NVX) and Lithium Energy (ASX:LEL) have pulled the plug on the Axon Graphite IPO and the Mt Dromedary deal, citing weak market conditions. Novonix is now reviewing next steps for Mt Dromedary, and its directors have resigned from the Axon board. Shares were flat. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for August 1 : Security Description Last % Volume MktCap CYQ Cycliq Group Ltd 0.005 150% 7,878,960 $921,033 DMG Dragon Mountain Gold 0.013 117% 725,258 $2,368,030 1AE Aurora Energy Metals 0.081 62% 1,792,535 $8,953,187 LNR Lanthanein Resources 0.002 50% 17,675,218 $3,734,001 RLG Roolife Group Ltd 0.004 33% 70,872 $4,778,344 AON Apollo Minerals Ltd 0.009 29% 150,000 $6,499,198 4DX 4Dmedical Limited 0.300 25% 9,364,191 $111,729,714 CTN Catalina Resources 0.005 25% 200,000 $9,704,076 GSM Golden State Mining 0.010 25% 252,061 $2,234,965 MEL Metgasco Ltd 0.003 25% 125,337 $3,674,173 PIL Peppermint Inv Ltd 0.003 25% 200,090 $4,602,180 QXR Qx Resources Limited 0.005 25% 5,200,000 $5,241,315 VRC Volt Resources Ltd 0.005 25% 4,040,000 $18,739,398 LKY Locksleyresources 0.130 24% 26,437,175 $19,250,000 8CO 8Common Limited 0.026 24% 1,176,072 $4,705,993 SPG Spc Global Holdings 0.405 23% 75,363 $63,684,021 IR1 Irismetals 0.110 22% 522,009 $16,016,344 DTM Dart Mining NL 0.003 20% 6,303,558 $2,995,139 RAN Range International 0.003 20% 1,846,960 $2,348,226 GBE Globe Metals &Mining 0.052 18% 685,582 $30,564,732 EXL Elixinol Wellness 0.020 18% 340,750 $3,913,254 STM Sunstone Metals Ltd 0.020 18% 23,846,808 $104,874,083 CCO The Calmer Co Int 0.004 17% 143,000 $9,034,060 CHM Chimeric Therapeutic 0.004 17% 768,284 $9,747,370 HPC Thehydration 0.015 15% 116,666 $5,600,412 Dragon Mountain Gold (ASX:DMG) surged after revealing that it has repaid its October 2024 convertible loan and interest in full, using funds from a new loan provided by an unrelated major shareholder. The move clears the slate and gives DMG more flexibility for future capital raising, as well as assessing new or existing project opportunities. Aurora Energy Metals (ASX:1AE) says Eagle Energy Metals, which holds an option over its Aurora Uranium Project (AUP) in Oregon, is planning to list on the Nasdaq via a SPAC merger with Spring Valley Acquisition Corp. II. If the deal goes through, Aurora will receive US$16 million in Eagle shares, with more to come via milestones and a 1% royalty on future uranium production. Locksley Resources (ASX:LKY) has locked in a heavily oversubscribed $5.3 million raise at $0.095 a share, with strong backing from institutional investors led by Tribeca Investment Partners. The fresh funds will go into drilling high-grade antimony and rare earths at its Mojave project in California, progressing downstream processing in the US. LKY says the raise is a big vote of confidence in its US critical minerals strategy, with more than a dozen new institutions joining the register. Settlement is expected around August 6, with the raise split across two tranches – one already approved, and one pending shareholder tick. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for August 1 : Code Name Price % Change Volume Market Cap PAB Patrys Limited 0.002 -25% 74,887 $4,731,620 ROG Red Sky Energy. 0.003 -25% 3,106,371 $21,688,909 SYR Syrah Resources 0.275 -24% 12,731,271 $376,567,220 SPX Spenda Limited 0.006 -20% 32 $34,614,116 1TT Thrive Tribe Tech 0.008 -20% 153,010 $1,015,864 GGE Grand Gulf Energy 0.002 -20% 21,282,858 $7,051,062 KNG Kingsland Minerals 0.105 -19% 127,677 $9,432,918 OKJ Oakajee Corp Ltd 0.048 -17% 349,874 $5,303,870 ALM Alma Metals Ltd 0.005 -17% 1,985,774 $11,104,423 ID8 Identitii Limited 0.005 -17% 890,791 $4,668,081 VEN Vintage Energy 0.005 -17% 2,587,531 $12,521,482 LSR Lodestar Minerals 0.016 -16% 728,056 $7,554,219 AIV Activex Limited 0.011 -15% 383,554 $2,801,534 BDM Burgundy D Mines Ltd 0.028 -15% 1,505,337 $46,903,965 YRL Yandal Resources 0.115 -15% 775,878 $41,746,723 GTR Gti Energy Ltd 0.003 -14% 6,150,000 $13,029,292 PLC Premier1 Lithium Ltd 0.006 -14% 330,372 $2,576,424 USL Unico Silver Limited 0.340 -13% 3,032,364 $170,798,064 OD6 Od6Metalsltd 0.021 -13% 577,267 $3,851,231 TX3 Trinex Minerals Ltd 0.110 -12% 516,223 $5,835,180 BEO Beonic Ltd 0.265 -12% 30,000 $21,258,302 MVP Medical Developments 0.540 -11% 71,639 $68,721,578 IN CASE YOU MISSED IT Pure Hydrogen (ASX:PH2) looks to focus on battery electric and hydrogen fuel cell vehicles along with hydrogen equipment, proposing a name change to Pure One. LAST ORDERS DY6 Metals (ASX:DY6) has welcomed Dr Moses Ndasi as in-country manager for Cameroon, bringing more than 20 years' experience in minerals and mining throughout Africa with him. DY6 has also promoted Troth Saindi to exploration manager for Africa, Geoffrey Banda to project geologist, Africa, and Corné Coetser will transition to senior exploration geologist. HyTerra (ASX:HYT) has drilled the McCoy 1 well at the Nemaha hydrogen and helium project in Kansas to a total depth of 5562 feet, on time, within budget, with no safety incidents. McCoy 1 will be converted to an appraisal well over the coming days with a workover rig to proactively monitor the well and evaluate flow test viability. Arika Resources (ASX:ARI) has tapped geologist Steve Vallance as technical director, leveraging his 35 years' experience in gold and nickel sulphide deposits. He most recently served as chief exploration geologist for Jubilee Mines, where he co-led discoveries that eventually led to a $3.3b acquisition by Xstrata Nickel. Star Minerals (ASX:SMS) has advanced four separate permitting studies to the final draft stage, preparing to submit formal applications for flora and fauna, subterranean fauna, and hydrogeology and hydrology assessments and a geological and geotechnical report. With only a few permits left to obtain, SMS says its mining approval application is nearing completion. At Stockhead, we tell it like it is. While DY6 Metals, HyTerra, Arika Resources and Star Minerals are Stockhead advertisers, they did not sponsor this article.
The Age
an hour ago
- The Age
Banks weigh down ASX, but miners keep head above water
The Australian sharemarket remains in the red at lunchtime with bank stocks among the hardest hit as investors digest the latest developments in Donald Trump's trade wars, despite the US president electing not to increase the 10 per cent base tariff on Australian imports. The ASX200 was 65.5 points, or 0.8 per cent lower, at 8677.3 just after midday, with 9 of 11 sectors in the red, with healthcare and financial stocks the biggest losers. Trump issued an executive order on Thursday night, Washington time, confirming new tariff rates for several trading partners following 'deals' struck with their leaders, as well as revised tariffs for a number of other countries. Australia received the lowest rate, 10 per cent, when the so-called reciprocal tariffs were announced on April 2. Australia was not named among the changes on Friday (AEST), and a White House fact sheet confirmed any countries not on the new list would remain on 10 per cent. Financial stocks slumped, with NAB falling 1.7 per cent, Commonwealth Bank lost 1.5 per cent, Westpac shed 1.3 per cent and ANZ Bank slipped 0.2 per cent in early afternoon trade. Gaming giant Star Entertainment Group was 4.5 per cent lower as it announced a deal to sell its 50 per cent stake in its Queen's Wharf hotel and casino complex had collapsed. Mining stocks are higher. BHP gained 0.9 per cent, Rio Tinto added 0.6 per cent and Fortescue rose 0.4 per cent. Healthcare stocks declined as Trump shook up the industry, after it was revealed the US government sent letters to 17 of the world's largest drugmakers demanding they charge the US what other countries pay for new medicines. CSL was 2.3 per cent lower. The ASX lost 0.2 per cent on Thursday. The Australian dollar was fetching US64.29¢ at 12.12pm.
Perth Now
2 hours ago
- Perth Now
Aussie shares fall as Trump imposes sweeping tariffs
The local share market has fallen even as Australia dodged being hit by higher tariffs imposed by the Trump administration on dozens of its trading partners. Near noon on Friday, the benchmark S&P/ASX200 index had fallen 72 points, or 0.81 per cent, to 8,672.4, while the broader All Ordinaries had dropped 70.6 points, or 0.78 per cent, to 8,928.4. In Washington, the White House said tariffs on Australian exports would remain at the baseline rate of 10 per cent while imposing higher levies on more than 60 other countries including New Zealand, Fiji, Papua New Guinea and Canada. Mexico was granted a 90-day tariff reprieve. Moomoo dealing manager Paco Chow said that the imposition of higher tariffs and more economic uncertainty worldwide was reigniting investor fear, with most markets and asset classes showing declines. Traders were also awaiting the release of monthly US jobs figures known as the non-farm payroll report that will be released late on Friday, Australia time, and could influence whether the Federal Reserve cuts rates in September. "Urgent tariff fears are compounding with worries we'll see fewer-than-expected US rate cuts and some US companies showing softer earnings," Mr Chow said. The Australian dollar had fallen to a two-month low against its strengthening US counterpart, buying 64.31 US cents, from 64.73 US cents on Thursday. At midday, nine of the ASX's 11 sectors were lower, with materials and utilities higher. The technology sector was the biggest mover, dropping 1.4 per cent as Xero subtracted 1.9 per cent and WiseTech Global retreated 2.1 per cent. In health care, ResMed was up 2.9 per cent to $43.70 after the medical devicemaker posted better-than-expected fourth-quarter earnings. Also, 4D Medical had soared 29.8 per cent after medical imaging giant Pro Medicus invested $10 million into its respiratory imaging peer. In the heavyweight mining sector, Syrah Resources had plunged 23.9 per cent to 27.5 cents after completing a $42 million capital raising at 26 cents a share. The iron ore giants were all higher, however, with BHP rising 1.0 per cent and Rio Tinto and Fortescue both advancing 1.2 per cent. In the financial sector, three of the big four banks were lower. CBA and NAB had both dropped 1.6 per cent and Westpac had retreated 1.4 per cent. ANZ was the outlier, edging 0.1 per cent higher.
