Latest news with #RPMGlobal

News.com.au

Closing Bell: ASX pushed lower by bank stock profit taking; WDS gas project rubber stamped

ASX falls as profit taking cuts banking stocks Energy sector booms on WDS project green light CPI comes in at 2.4pc vs expectations of 2.3pc A trend of profit taking in the larger banking stocks has pushed the ASX lower by -0.13%, erasing gains made earlier this morning. Sticky inflation slightly above expectations didn't help matters. CPI rose by 2.4% over the year to April, just above hopes of a small dip to 2.3%. While still firmly in the RBA's target band, the inflation read has increased uncertainty around the RBA's July interest rate meeting. The market is pricing a 25-basis point cut for July, with a probability of about 65%. Nonetheless, rate-sensitive stocks were on the up today, with Info Tech and Real Estate sectors both adding more than 1% in trade. Energy performed even better, adding more than 2% sector-wide despite a 1% fall in the oil price overnight. A rubber stamp from the federal government for Woodside Energy's (ASX:WDS) North West Shelf gas project might've had something to do with it. The green light has extended the life of Australia's largest oil and gas project to 2070 after a six-year period of deliberation. More on that in a moment. Back on the ASX, the All Tech index jumped 1.3% despite the dour market mood, while the ASX Small Ords posted a 0.34% lift. Weebit Nano (ASX:WBT) climbed 4.11%, RPM Global (ASX:RUL) 6.32% and Eroad (ASX:ERD) soared 17.59%. Woodside's North West Shelf gas project green lit After six years in limbo, WDS stock jumped 3.22% on news the North West Shelf project had been rubber stamped. "Following the consideration of rigorous scientific and other advice including submissions from a wide cross-section of the community, I have today made a proposed decision to approve this development, subject to strict conditions, particularly relating to the impact of air emissions levels from the operation of an expanded on-shore Karratha gas plant," Environmental minister Murray Watt said in a statement. The government – both federal and state – has received a lot of pushback over this particular development, from a variety of environmental, indigenous and community groups. In response, Prime Minister Albanese pointed out that there's a difference between net zero emissions and zero emissions whatsoever. He argued the firming capacity of natural gas was vital to the renewable energy transition. 'We need to make sure that there is security of energy supply at the same time as we support the transition which reduces our emissions,' he said. Climate and indigenous groups are already raising concerns, with former chair of the Murujuga Aboriginal Corp and co-founder of Save Our Songlines Raelene Cooper threatening legal action against the project approval. 'See you in court,' she said in response to the news. The Climate Council argued that a 40-year extension would turn the North West Shelf project into 'the most polluting fossil fuel project green-lit by the Albanese government". Their modelling predicts emissions from the project over its new life time will equal more than a decade's worth of annual emissions from Australia as a whole. WA Premier Roger Cook said gas was a step in the decarbonisation journey, with an important role to play in transitioning from coal-based energy production. "I'm not going to shackle Western Australia to legislation which damages our efforts to help the globe to decarbonise and reduce emissions," he said. Western Australia remains the only state in Australia that has not committed to an emissions target for 2030. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Name Last % Change Volume Market Cap SFG Seafarms Group Ltd 0.002 100% 2859739 $4,836,599 CTN Catalina Resources 0.0035 75% 34046776 $4,852,038 AYM Australia United Min 0.003 50% 9691768 $3,685,155 CZN Corazon Ltd 0.0015 50% 500000 $1,184,572 MOM Moab Minerals Ltd 0.0015 50% 500000 $1,733,666 PAB Patrys Limited 0.0015 50% 1750000 $2,057,447 SKN Skin Elements Ltd 0.003 50% 185172 $2,150,428 BMO Bastion Minerals 0.002 33% 500000 $1,355,441 CCO The Calmer Co Int 0.004 33% 35965065 $9,033,947 PVT Pivotal Metals Ltd 0.008 33% 8902191 $5,443,355 TFL Tasfoods Ltd 0.004 33% 123592 $1,311,287 YAR Yari Minerals Ltd 0.008 33% 2840445 $3,328,269 NWM Norwest Minerals 0.012 33% 4676283 $7,464,168 CDE Codeifai Limited 0.007 27% 5750 $1,793,175 ODE Odessa Minerals Ltd 0.007 27% 7038366 $8,797,429 BYH Bryah Resources Ltd 0.005 25% 3275000 $3,479,814 CR9 Corellares 0.0025 25% 106667 $2,011,213 EVR Ev Resources Ltd 0.005 25% 4621189 $7,943,347 JAV Javelin Minerals Ltd 0.0025 25% 2360775 $12,092,298 OLI Oliver'S Real Food 0.005 25% 4168 $2,162,928 PRX Prodigy Gold NL 0.0025 25% 1200000 $6,350,111 SHP South Harz Potash 0.005 25% 207400 $4,410,915 LKY Locksleyresources 0.061 24% 90149790 $7,186,667 T92 Terrauraniumlimited 0.037 23% 1005654 $3,057,462 CCM Cadoux Limited 0.039 22% 66708 $11,869,363 Pivotal Metals (ASX:PVT) said it has uncovered bonanza-grade gold at its Lorraine prospect in Quebec, with one historical channel sample hitting 28 metres at 45.2g/t gold. A deeper drill hole pulled 0.97m at 56.2g/t, including a spicy 0.15m at 233.9g/t. The gold sits in a 600-metre corridor of copper-gold quartz veins, just 12km from the historic Belleterre mine. It's largely untouched ground for gold, with previous efforts focused on copper and nickel. Pivotal's now launching a full-blown field program to line up fresh drill targets. It reckons this could be the next big hit in its BAGB project, already home to high-grade copper and nickel. Locksley Resources (ASX:LKY) has locked in $1.47 million through a well-supported placement at 4 cents a share to fund drilling at its Mojave Project in California. The cash will go straight into boots-on-ground exploration, with the team already mobilising. Drilling's planned for the September quarter, targeting rare earths at El Campo (up to 12.1% TREO) and high-grade antimony at the Desert Antimony Mine (up to 46% Sb), pending final permits. ASX SMALL CAP LAGGARDS Today's worse performing small cap stocks: Security Name Last % Change Volume Market Cap VPR Voltgroupltd 0.001 -50% 5234322 $21,432,416 UCM Uscom Limited 0.012 -37% 538265 $4,759,063 RDS Redstone Resources 0.0045 -36% 8842279 $6,477,649 1AD Adalta Limited 0.002 -33% 190000 $1,929,668 OVT Ovanti Limited 0.002 -33% 38030791 $8,380,545 ADD Adavale Resource Ltd 0.0015 -25% 3479942 $4,574,558 IFG Infocusgroup Hldltd 0.006 -25% 19387535 $2,099,415 HCF Hghighconviction 0.026 -21% 74706 $640,414 ADY Admiralty Resources. 0.004 -20% 111653 $13,147,397 ERL Empire Resources 0.004 -20% 360334 $7,419,566 MEL Metgasco Ltd 0.002 -20% 165112 $3,643,967 POD Podium Minerals 0.03 -19% 3477618 $25,212,193 KGD Kula Gold Limited 0.0065 -19% 1053433 $7,370,029 PIL Peppermint Inv Ltd 0.0025 -17% 500000 $6,712,918 RFA Rare Foods Australia 0.005 -17% 524700 $1,631,899 TON Triton Min Ltd 0.005 -17% 2758518 $9,410,332 DES Desoto Resources 0.14 -15% 2465481 $30,727,035 TOU Tlou Energy Ltd 0.017 -15% 164917 $25,971,686 RLF Rlfagtechltd 0.041 -15% 407495 $17,851,431 AQI Alicanto Min Ltd 0.024 -14% 850634 $23,748,003 GBE Globe Metals &Mining 0.03 -14% 153955 $24,312,855 CR1 Constellation Res 0.11 -14% 4500 $8,037,753 THB Thunderbird Resource 0.013 -13% 2875045 $5,846,121 MGL Magontec Limited 0.17 -13% 115882 $11,107,556 AJX Alexium Int Group 0.007 -13% 85299 $12,691,429 IN CASE YOU MISSED IT Titanium Sands (ASX:TSL) has been awarded one-year retention licences for the company's Sri Lankan heavy mineral sands project, allowing the progression to environmental studies. Bubalus Resources (ASX:BUS) is looking to sharpen up targets at the Crosbie North gold-antimony prospect ahead of a drilling campaign slated for Q3. Victory Metals (ASX:VTM) has raised $4 million to accelerate a Pre-Feasibility Study and development of its flagship North Stanmore rare earths project, the largest clay-hosted Heavy Rare Earth deposit in Australia. Trading halts At Stockhead, we tell it like it is. While Titanium Sands, Bubalus Resources, Locksley Resources and Victory Metals are Stockhead advertisers, they did not sponsor this article.