Closing Bell: ASX rolls back yesterday's gains as info tech stages recovery
Info tech rises against the tide, adding 0.85pc
Banks and financial stocks struggle alongside materials sector, leading losses
Info tech fires up despite dour market
The ASX unwound all its progress from yesterday, ending the day down 0.79% with nine sectors falling.
It was again responding to chaos in US markets. US CPI came in hotter than desired, putting a damper on a potential rate cut from the Fed Reserve.
US markets were also shaken by Treasury secretary Scott Bessent announcing the White House had initiated a formal process to remove Fed chair Jerome Powell before his term expires next year.
Adding to the mix, Trump threw around some fresh rhetoric about pharmaceutical and semiconductor tariffs, but as usual we'll have to wait and see what comes of that.
In the meantime, the financial sector led losses, shedding 1.36% alongside a depleted materials sector.
The info tech sector staged a strong recovery though, rising 0.85% after falling 0.35% in the first half hour of trade. It was the only index to climb, adding 0.64%.
Tech stocks were one of the few silver linings in an otherwise difficult day of trading.
Payment management company Tyro (ASX:TYR) shot up 7.2%, analytics and intelligence firm Nuix (ASX:NXL) added 7.5%, SaaS software provider Infomedia (ASX:IFM) climbed 4.4% and big cap Megaport (ASX:MP1) added 6.2%.
Banks sold down as market struggles
One of the bigger victims of today's sell down was the seven major banking stocks. Their index plunged 1.6%.
National Australian Bank (ASX:NAB) has been under fire in recent days, as major shareholders raise concerns about chief executive Andrew Irvine's management style and lifestyle choices.
Not surprising then that NAB led banking losses, down 3.18%.
Retail investor favourite Commonwealth Bank (ASX:CBA) slid 1.2%, ANZ Group (ASX:ANZ) 0.79%, Westpac (ASX:WBC) 1.57%, Macquarie (ASX:MQG) 0.77%, QBE (ASX:QBE) 1% and Suncorp (ASX:SUN) 0.49%.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Code Name Last % Change Volume Market Cap
MIOR Macarthur Minerals 0.003 200% 447404 $99,833
FTC Fintech Chain Ltd 0.004 100% 1592539 $1,301,539
KNG Kingsland Minerals 0.145 53% 290323 $6,893,287
ERL Empire Resources 0.006 50% 1546439 $5,935,653
EEL Enrg Elements Ltd 0.002 33% 1912486 $4,880,668
AKN Auking Mining Ltd 0.006 33% 37340109 $3,096,523
PV1 Provaris Energy Ltd 0.017 31% 4193417 $10,101,617
OEQ Orion Equities 0.195 30% 28466 $2,347,384
AX8 Accelerate Resources 0.009 29% 2097369 $5,720,321
CPM Cooper Metals Ltd 0.048 26% 294686 $2,977,515
PR1 Pure Resources Limited 0.125 25% 440609 $4,600,879
ASN Anson Resources Ltd 0.09 25% 14901420 $99,845,031
CUL Cullen Resources 0.005 25% 250433 $2,773,607
MEG Megado Minerals Ltd 0.04 25% 1909655 $20,661,864
PIL Peppermint Inv Ltd 0.0025 25% 343838 $4,602,180
PPG Pro-Pac Packaging 0.02 25% 352939 $2,907,003
PPY Papyrus Australia 0.01 25% 136062 $4,581,454
RLG Roolife Group Ltd 0.005 25% 2019881 $6,371,125
LKY Locksley Resources 0.115 24% 26061959 $17,050,000
CP8 Canphosphateltd 0.074 23% 187789 $18,405,632
SNS Sensen Networks Ltd 0.037 23% 20027 $23,791,124
IBX Imagion Biosys Ltd 0.017 21% 27940131 $2,818,780
RPG Raptis Group Limited 0.12 20% 140947 $35,068,485
AYT Austin Metals Ltd 0.003 20% 181536 $3,960,478
BNL Blue Star Helium Ltd 0.006 20% 145568 $13,474,426
Making news...
Lumos Diagnostics (ASX:LDX) has cleared a path to enter US markets, inking a six-year exclusive deal for the distribution of FebriDx with PHASE Scientific, valued at up to US$317 million.
There are still some hurdles to clear – the company will need to secure a CLIA waiver classification from the FDA – but LDX has already enrolled 105 of 120 patients in its CLIA study and expects to have the paperwork in hand within the next three months.
Noxopharm (ASX:NOX) has administered the first dose of SOF-SKN in its HERACLES trial, a first-in-human study evaluating SOF-SKN as a novel drug candidate for autoimmune diseases.
Currently at the safety and tolerability stage of clinical testing, NOX will dose four cohorts of four patients each in progressively higher dosages, with the goal of targeting the US$3 billion lupus market.
Catalina Resources (ASX:CTN) is chasing up a stellar rare earth drill hit at the Laverton project that closely mirrors mineralisation found at the nearby Mt Weld mine (ASX:LYC), one of the most valuable rare earth deposits in the world.
On top of following up on the 9m at 7565 parts per million total rare earth oxide result, CTN is also exploring for gold in the Barnicoat Shear Zone at Laverton, host to several existing gold deposits.
Javelin Minerals (ASX:JAV) has lifted the grade and confidence levels of its Eureka gold project resource estimate, increasing the overall resource grade 16% to 1.69 g/t gold for 110,687 ounces.
The update also added more tonnes to the indicated category, lifting it to 1.36Mt at 1.8 g/t gold for 78,678 ounces, a 27% increase.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Code Name Last % Change Volume Market Cap
AOA Ausmon Resorces 0.001 -50% 1226988 $2,622,427
SFG Seafarms Group Ltd 0.001 -50% 6000 $9,673,198
SKN Skin Elements Ltd 0.002 -33% 55557 $3,225,642
CTN Catalina Resources 0.003 -25% 1743751 $9,704,076
FAU First Au Ltd 0.003 -25% 16503 $8,305,165
GTR Gti Energy Ltd 0.003 -25% 3176612 $14,835,762
BCB Bowen Coal Limited 0.075 -25% 2076944 $10,775,756
APC APC Minerals 0.008 -24% 10585499 $3,075,800
X2M X2M Connect Limited 0.014 -22% 1532537 $7,831,023
AMS Atomos 0.004 -20% 55022 $6,075,092
M2R Miramar 0.004 -20% 13877015 $4,984,116
MRD Mount Ridley Mines 0.002 -20% 3700 $1,946,223
PRM Prominence Energy 0.002 -20% 891688 $1,216,176
RNX Renegade Exploration 0.004 -20% 150000 $6,441,817
SLZ Sultan Resources Ltd 0.004 -20% 639757 $1,157,350
SPQ Superior Resources 0.004 -20% 2402254 $11,854,914
RDG Res Dev Group Ltd 0.009 -18% 68225 $32,459,439
THB Thunderbird Resource 0.009 -18% 2384348 $4,287,156
RMI Resource Mining Corp 0.014 -18% 2369600 $12,485,707
ARV Artemis Resources 0.005 -17% 1637579 $15,214,033
AZL Arizona Lithium Ltd 0.005 -17% 18139597 $31,621,887
CC9 Chariot Corporation 0.059 -16% 525881 $8,354,764
AJL AJ Lucas Group 0.006 -14% 156934 $9,630,107
BLU Blue Energy Limited 0.006 -14% 20000 $12,956,815
BYH Bryah Resources Ltd 0.006 -14% 3574 $6,789,675
IN CASE YOU MISSED IT
The Hong Kong Electrical and Mechanical Services Department has produced a glowing report on a trial installation of ClearVue Technologies (ASX:CPV) solar façade products, sketching out a payback period of less than 3 years.
Trigg Minerals (ASX:TMG) has locked in the Bernhardt Group to lead engagement with US officials at Antimony Canyon.
Bryah Resources (ASX:BYH) has highlighted the antimony potential of the Golden Pike gold project in New Brunswick, Canada, during a due diligence review.
Prescient Therapeutics (ASX:PTX) initiates first US site for the Phase 2a trial of PTX-100 in patients with relapsed/refractory Cutaneous T-Cell Lymphoma.
European Lithium (ASX:EUR) has applauded Critical Metals Corp's drilling at the Tanbreez rare earth project in Greenland.
Tryptamine Therapeutics (ASX:TYP) has bolstered its clinical development team with two key appointments as it progresses lead drug candidate IV-infused psilocin TRP-8803.
Pure Hydrogen Corporation (ASX:PH2) has sold its first hydrogen-powered truck to Riverview International Trucks in California.
Axel REE (ASX:AXL) says assays from auger drilling at its Caladão project in Brazil have delivered strong gallium and rare earths results.
TRADING HALTS
At Stockhead, we tell it like it is. While Lumos Diagnostics and Javelin Minerals are Stockhead advertisers, they did not sponsor this article.
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