Lunch Wrap: ASX inches up, copper stocks rally after Ivanhoe shuts Congo mine
ASX edges up as Europe rallies on tariff truce
Ivanhoe tremors jolt copper stocks higher
Telstra plots leaner, meaner five-year plan
The ASX tiptoed modestly higher Tuesday morning, up by just 0.15%.
With Wall Street and London both closing for the long weekend, local traders took their cue from the Old Continent, where stocks jumped after Trump hit pause on his 50% EU tariff threats.
Nasdaq 100 futures also climbed, feeding optimism into tech-heavy local names like WiseTech Global (ASX:WTC) and Technology One (ASX:TNE) this morning.
One stock to watch this week is Nvidia. The chip king reports its results Wednesday US time, and markets will be hanging on every word to see if the AI boom still has legs.
Also on deck is the all-crucial US Fed's preferred inflation gauge, the PCE index, due Friday. A soft read here could give equities another lift.
Back home on the ASX, the spark this morning came from copper stocks.
Capstone Copper Corp (ASX:CSC) jumped 6.5% and Sandfire Resources (ASX:SFR) added 2.5% after Canadian giant Ivanhoe Mines pulled its guidance from its flagship Congo project, Africa's biggest copper mine.
Ivanhoe said underground tremors over the weekend forced another shutdown at the Kakula mine. No one was hurt, but the situation is dicey with seismic jolts still hitting.
This is where things stood at about 12:30pm AEST:
In large caps news, Telstra (ASX:TLS) dipped 0.5% after unveiling a new five-year plan. TLS is lifting its return-on-invested-capital target to 10% by 2030, up from 8%, and wants earnings to grow faster than costs.
Insurance Australia (ASX:IAG) gave the market an early look at flood impacts from the NSW mid-north coast and Hunter region, tallying about 2,500 claims so far. It's too soon for a final bill, but the insurer noted its net costs were sitting at $900 million by end of April.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for May 27 :
Security Description Last % Volume MktCap
IFG Infocus Group 0.011 120% 58,368,339 $1,312,134
AAU Antilles Gold Ltd 0.006 100% 14,488,082 $6,379,103
BMO Bastion Minerals 0.0015 50% 3,500,000 $903,628
DTM Dart Mining NL 0.004 33% 14,968,168 $3,594,167
TKL Traka Resources 0.002 33% 500,000 $3,188,685
VPR Voltgroupltd 0.002 33% 650,000 $16,074,312
DTR Dateline Resources 0.072 31% 102,352,401 $155,089,566
SHN Sunshine Metals Ltd 0.0085 21% 8,287,232 $14,613,514
HIO Hawsons Iron Ltd 0.019 19% 1,979,893 $16,264,022
A1G African Gold Ltd. 0.16 19% 1,423,317 $64,802,677
DXN DXN Limited 0.035 17% 2,032,316 $8,961,109
TMK TMK Energy Limited 0.0035 17% 251,278 $30,667,149
YAR Yari Minerals Ltd 0.007 17% 2,803,749 $3,328,269
AUG Augustus Minerals 0.029 16% 408,484 $2,979,786
CVR Cavalier Resources 0.19 15% 62,666 $9,543,966
D3E D3 Energy Limited 0.115 15% 25,000 $7,947,501
OIL Optiscan Imaging 0.125 14% 247,732 $91,887,488
SYA Sayona Mining Ltd 0.017 13% 55,151,481 $173,149,440
BVR Bellavista Resources 0.35 13% 16,993 $31,273,592
PCK Painchek Ltd 0.054 13% 1,635,674 $88,412,102
SRI Sipa Resources Ltd 0.0135 13% 4,952,177 $4,996,780
STK Strickland Metals 0.135 13% 12,916,873 $271,483,176
TAT Tartana Minerals Ltd 0.045 13% 44,444 $8,565,836
FBM Future Battery 0.018 13% 536,953 $10,700,895
InFocus Group Holdings (ASX:IFG) has locked in a juicy US$3.25 million contract to build an end-to-end iGaming platform for Taiwanese outfit TG Solutions. It's the second big win for InFocus in the digital gaming space. The platform will be white-labelled for TG's customers and packed with features like real-time odds (inspired by Polymarket), crypto payments, tokenised rewards, digital collectibles, and AI-powered analytics.
Antilles Gold (ASX:AAU) has signed two offtake deals for all the gold and copper-gold concentrate from its Nueva Sabana mine in Cuba. The buyer is a major global commodities trader, and the gold pricing has come in 12% above what was in the original feasibility study. The contracts run for the mine's 4.5-year life, with shipments expected every two weeks and fast payments based on global metal prices.
Dateline Resources (ASX:DTR) has found signs the gold system at its Colosseum Project in California could run deeper and wider than first thought. New sampling west of the old pits shows strong geochemical markers pointing to hidden breccia pipes. Most of the ground has never been properly tested, and a rare earths project review is due in early June.
Sunshine Metals (ASX:SHN) is picking up the high-grade Sybil gold project in Queensland, locking in a $1.225 million deal from an unrelated, private party. Sybil is near Charters Towers and has strong early hits, including 7m at 10.6g/t gold and rock chips grading up to 907g/t. It hasn't seen much action in 20 years, but SHN reckons it looks a lot like the nearby 4Moz Pajingo system.
Vulcan Energy Resources (ASX:VUL) has fired up drilling on the fifth well of its Lionheart lithium project in Schleidberg. The company says full execution, including pipeline and plant works, will kick off once financing is sorted. It's aiming to pump out 24,000 tonnes of lithium hydroxide monohydrate per year.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for May 27 :
Code Name Price % Change Volume Market Cap
LNR Lanthanein Resources 0.001 -50% 113,750 $4,887,272
AOK Australian Oil 0.002 -33% 726,153 $3,005,349
CZN Corazon Ltd 0.001 -33% 460,000 $1,776,858
ALM Alma Metals Ltd 0.003 -25% 325,110 $6,345,381
AW1 American West Metals 0.04 -22% 3,835,385 $30,382,869
HLX Helix Resources 0.002 -20% 465,000 $8,410,484
JAV Javelin Minerals Ltd 0.002 -20% 100,000 $15,115,373
FCT Firstwave Cloud Tech 0.014 -18% 258,457 $29,129,818
MEL Metgasco Ltd 0.0025 -17% 373,000 $4,372,760
OVT Ovanti Limited 0.0025 -17% 4,133,795 $8,380,545
VEN Vintage Energy 0.005 -17% 863,620 $11,982,791
VML Vital Metals Limited 0.0025 -17% 700,000 $17,685,201
BUS Bubalusresources 0.11 -15% 257,500 $7,330,047
CML Connected Minerals 0.14 -15% 70,873 $6,824,105
CBE Cobre 0.036 -14% 1,404,782 $18,464,878
AN1 Anagenics Limited 0.006 -14% 1,223,965 $3,474,243
ARV Artemis Resources 0.006 -14% 1,051,327 $17,699,705
FAU First Au Ltd 0.003 -14% 250,000 $7,251,976
GLL Galilee Energy Ltd 0.006 -14% 1,271,297 $4,950,350
RDN Raiden Resources Ltd 0.006 -14% 2,037,572 $24,156,240
TYX Tyranna Res Ltd 0.003 -14% 57,308 $11,509,489
ADG Adelong Gold Limited 0.007 -13% 2,094,296 $11,179,890
ADO Anteotech Ltd 0.007 -13% 1,544,048 $21,642,403
AX8 Accelerate Resources 0.007 -13% 110,300 $6,377,510
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