ASX slipped on Fed’s hawkish comments
Gold stocks jumped after bullion hit record highs again
Tension in the Middle East has escalated
The ASX200 slipped on Friday mainly on the back of remarks from US Fed members overnight. The benchmark index closed the day -0.4% lower, and is +0.2% higher for the week.
Big US tech stocks continued their rally overnight despite hawkish comments from Fed Reserve Bank of Boston president Susan Collins and New York Fed president John Williams.
Collins said it it may take more time than previously thought to begin cutting rates, which means fewer rate reductions this year.
“Overall, the recent data have not materially changed my outlook, but they do highlight uncertainties related to timing, and the need for patience …,” she said.
Williams echoed her comments, saying that US inflation still has ‘a ways’ to go to get to 2%. “There’s no clear need to adjust policy in the very near term,” he said.
On the ASX, the biggest losers today were the Discretionary and Staples sector, followed by Energy and Telco. Utilities and Tech sectors meanwhile led the winners.
Gold stocks mostly rose after the bullion price surged further in Asian hours today, with spot bullion trading at US$2,385.68 an ounce.
Source: MarketIndex
Elsewhere today…
Oil prices resumed gains as tensions in the Middle East escalated once again.
There are reports that Iran is planning an “imminent” attack on Israeli targets. Penny Wong has urged Iran to show restraint.
At the time of writing, WTI is trading at US$84.98 a barrel.
ASX LARGE CAP WINNERS TODAY:
Code Name % Change Volume Market Cap DYL Deep Yellow Limited 6% 5,103,840 $1,253,742,701 RRL Regis Resources 6% 5,744,925 $1,563,551,333 RED Red 5 Limited 6% 35,344,174 $1,402,839,222 BOE Boss Energy Ltd 5% 2,788,714 $1,953,358,200 IPH IPH Limited 4% 886,335 $1,461,654,914 SLX Silex Systems 4% 481,857 $1,209,252,281 RSG Resolute Mining 4% 10,304,531 $1,011,298,756 WAF West African Res Ltd 4% 1,598,697 $1,402,010,179 ADT Adriatic Metals 3% 598,414 $1,058,716,091 NWL Netwealth Group 3% 498,683 $4,700,099,424 GMD Genesis Minerals 3% 7,183,781 $2,148,502,338 PRU Perseus Mining Ltd 3% 1,978,429 $3,132,243,970
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap NPM Newpeak Metals 0.025 127% 21,414,445 $1,099,469 CNJ Conico Ltd 0.002 100% 2,998,365 $1,805,095 SIX Sprintex Ltd 0.025 39% 4,574,761 $8,578,455 JAV Javelin Minerals Ltd 0.002 33% 840,847 $3,264,346 LNR Lanthanein Resources 0.004 33% 21,671,195 $5,864,727 E79 E79Goldmineslimited 0.040 33% 321,660 $2,440,022 FHS Freehill Mining Ltd. 0.009 29% 5,567,212 $20,970,911 BVR Bellavistaresources 0.140 27% 488,079 $5,457,207 CMO Cosmometalslimited 0.054 26% 817,865 $5,434,961 AMD Arrow Minerals 0.005 25% 4,647,814 $37,918,825 AVE Avecho Biotech Ltd 0.005 25% 340,267 $12,677,188 CTO Citigold Corp Ltd 0.005 25% 3,628,851 $12,000,000 EPM Eclipse Metals 0.010 25% 5,665,348 $17,677,244 RTG RTG Mining Inc. 0.032 23% 1,915,939 $28,213,497 CPO Culpeominerals 0.066 22% 12,349,165 $8,930,100 ORP Orpheus Uranium Ltd 0.110 21% 528,848 $17,275,023 SVG Savannah Goldfields 0.030 20% 570,098 $7,027,123 88E 88 Energy Ltd 0.006 20% 52,384,869 $125,620,313 BFC Beston Global Ltd 0.006 20% 1,995,260 $9,985,234 ESR Estrella Res Ltd 0.006 20% 1,701,500 $8,796,859 NTM Nt Minerals Limited 0.006 20% 100,674 $4,299,515 TAS Tasman Resources Ltd 0.006 20% 244,145 $3,563,346 ARV Artemis Resources 0.019 19% 1,548,207 $27,059,138 CY5 Cygnus Metals Ltd 0.076 19% 3,068,234 $18,659,785 SRZ Stellar Resources 0.019 19% 4,840,056 $22,980,529
Defence manufacturer HighCom (ASX:HCL) receives a new order of ballistic products from a military customer worth $4.7m. Good news for HCL, which suffered a $13.4m loss in the December half “mainly due to the company not securing several large international orders in the Middle East”.
NewPeak Metals (ASX:NPM) finalises the sale of its share in a Finland gold project to a soon-to-be-listed Canadian company. NPM receives CAD$500,000 cash, CAD$1m in shares of the listed company, and a milestone payment of CAD$1.5m in cash or shares on reporting of a 500,000oz gold resource.
Estrella Resources (ASX:ESR) was also on the move, after announcing it had uncovered a manganese host rock over 27km of strike at the Lautém project in Timor-Leste.
The company says that it has managed to secure a site in the city of Dili for its team to work with the samples that are being collected in the field, in a small office that has a sample preparation area established.
Meanwhile, larger gold stocks surged alongside a new record high spot price, led by RED 5 (ASX:RED), Regis (ASX:RRL), Resolute (ASX:RSG), and Bellevue (ASX:BGL).
Lunnon Metals (ASX:LM8) reported the results of a recent reverse circulation (RC) drilling program at the Baker nickel deposit, the company’s cornerstone asset at its Kambalda nickel project. Extensional drilling program has delivered growth potential up-dip. Results include 9.0m @ 5.29% Ni, 6.0m @ 4.99% Ni, 7.0m @ 3.99% Ni and 3.0m @ 8.14% Ni. Mineral Resource Estimate will be updated in due course.
FBR (ASX:FBR) says its ordinary shares have commenced trading on the OTCQB Venture Market under the ticker “FBRKF”. The OTCQB Venture Market is a US trading platform operated by OTC Markets Group in New York. FBR says the listing will increase exposure to, and generate increased interest from, US domiciled retail and institutional investors in its shares.
Oncosil Medical (ASX:OSL)’s clinical strategy continues to progress, with the first patient treatment using the OncoSil device occurring in the UK for the TRIPP-FXX clinical study. The TRIPP-FXX study will assess the safety and efficacy of the OncoSil device when given with standard FOLFIRINOX chemotherapy for treatment of locally advanced pancreatic cancer.
Sierra Rutile (ASX:SRX) announced the results of the Definitive Feasibility Study (DFS) for the Sembehun Project in Sierra Leone. Highlights include: Expected mine life of 14 years, no change to previous Sembehun Ore Reserve of 173.7 Mt @ 1.46% rutile, and an average of 175ktpa of rutile production projected from 2028 to 2038. Capex estimate is reduced by 11% to $301 million, or a $36 million reduction on the 2022 Preliminary Feasibility Study (PFS). Expected payback is within 55 months from project commencement.
ASX SMALL CAP LAGGARDS
Today’s best performing small cap stocks:
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Code Name Price % Change Volume Market Cap MRD Mount Ridley Mines 0.001 -50% 653,013 $15,569,766 MHC Manhattan Corp Ltd 0.002 -33% 2,310,000 $8,810,939 SIT Site Group Int Ltd 0.002 -33% 4,413,500 $7,807,471 AHN Athena Resources 0.003 -25% 411,005 $4,281,870 AXP AXP Energy Ltd 0.002 -25% 146,926 $11,649,361 MRQ Mrg Metals Limited 0.002 -25% 3,357,637 $5,050,237 MTL Mantle Minerals Ltd 0.002 -25% 360,000 $12,394,892 CMB Cambium Bio Limited 0.010 -23% 654,039 $9,959,200 EMP Emperor Energy Ltd 0.012 -20% 1,348,000 $5,111,062 3PL 3P Learning Ltd 1.005 -20% 7,142 $343,217,168 HTA Hutchison 0.030 -19% 40,000 $502,182,817 DGR DGR Global Ltd 0.014 -18% 556,456 $17,742,789 FNR Far Northern Res 0.165 -18% 116,234 $7,149,165 CVR Cavalierresources 0.175 -17% 17,421 $6,684,072 KTA Krakatoa Resources 0.015 -17% 5,866,506 $8,497,930 OAU Ora Gold Limited 0.005 -17% 557,450 $34,836,005 FEG Far East Gold 0.135 -16% 378,614 $41,213,894 AVH Avita Medical 3.360 -16% 1,537,056 $239,574,986 TTI Traffic Technologies 0.006 -14% 1,000,000 $6,099,245 G11 G11 Resources Ltd 0.026 -13% 164,680 $22,473,663 MRZ Mont Royal Resources 0.067 -13% 50,000 $6,547,294 GGE Grand Gulf Energy 0.007 -13% 585,500 $16,761,976 VN8 Vonex Limited. 0.014 -13% 724 $5,789,258 NWF Newfield Resources 0.110 -12% 94,652 $113,837,865
IN CASE YOU MISSED IT
You haven’t missed a thing, apparently.
TRADING HALTS
Alvo Minerals (ASX:ALV) – pending an announcement regarding a capital raising.
New World Resources (ASX:NWC) – pending the release of an announcement in relation to a capital raising.
Amplia (ASX:ATX) – halt requested to allow Amplia to undertake an entitlement offer process.
Titanium Sands (ASX:TSL) – pending an announcement regarding a material capital raising.
Kin Mining (ASX:KIN) – pending the release of an update regarding a potential transaction between Kin Mining and PNX Metals.
PNX Metals (ASX:PNX) – pending the release of an update regarding a potential transaction between PNX Metals and Kin Mining.
Genex Power (ASX:GNX) – pending a material announcement regarding a non-binding, indicative and conditional proposal that Genex received from Electric Power Development Co.
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