ASX200 dropped on Friday, extending its weekly loss despite Wall Street\u2019s highs
\nTelix Pharma halted US IPO; Tabcorp jumps 10pc on NSW tax reform
\nGermany works to soften EU tariffs on Chinese electric cars<\/p>\n
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The ASX200 dropped by -0.3% on Friday, taking its weekly loss to a touch over -0.4%.<\/p>\n
Shares lost ground despite Wall Street surging to new record highs last night as investors increased their bets on companies seen as benefiting from the rise of AI.<\/p>\n
Tech, Energy, Real Estate sectors were all flashing red today, while Discretionary and HealthCare closed higher.\u00a0<\/span><\/p>\n \u00a0<\/p>\n Source: MarketIndex<\/strong><\/em><\/p>\n \u00a0<\/p>\n Gold stocks were dumped again as bullion prices witnessed another 1% fall following hawkish cues from the US Fed on interest rate earlier this week.<\/p>\n To stock news, Telix Pharma (ASX:TLX)<\/a><\/strong> rose almost +1% after telling the market that it won\u2019t proceed with its planned IPO in the U.S. due to unfavourable market conditions.\u00a0<\/span><\/p>\n Telix\u2019s CEO, Dr. Christian Behrenbruch, said,\u201cWhile this is not our desired outcome, Telix\u2019s strategic objectives must align with our duty to existing shareholders.\u201d<\/p>\n Tabcorp (ASX:TAH)<\/a><\/strong> jumped +10% after welcoming the NSW Government\u2019s plan to review and improve the state\u2019s wagering tax system and industry funding.\u00a0 <\/span>Tabcorp says these changes will create fair competition and modernise the industry.<\/p>\n Still in the large end of town, BNPL play Zip Co (ASX:ZIP)<\/a><\/strong> rose +9% on no specific news.<\/p>\n Deterra Royalties (ASX:DRR)<\/a><\/strong> tumbled -7% after the company made a takeover play for Trident Royalties, a British lithium mining group, for \u00a3144 million ($276 million).\u00a0 <\/span>This deal represents Deterra\u2019s shift from iron ore to lithium and green metals.<\/p>\n \u00a0<\/p>\n In the region, Asian stock markets recovered some losses after the Bank of Japan decided to keep its interest rates where they are today.<\/p>\n Mainland Chinese shares continued to decline for the fourth week in a row.<\/p>\n Meanwhile, the German government is trying to stop or soften new EU tariffs on Chinese electric vehicles, according to insiders.\u00a0<\/span><\/p>\n Berlin officials are hopeful that direct talks with China will lead to a solution before the tariffs start on July 4.\u00a0\u00a0<\/span>On Wednesday, Brussels decided to add extra tariffs on electric cars from China, up to 48%.<\/p>\n This affects Chinese carmakers like BYD, Geely, and SAIC, which owns MG.<\/p>\n The EU accused them of unfair competition due to Chinese government subsidies and breaking WTO rules.<\/p>\n \u00a0<\/p>\n Today\u2019s best performing small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n Code Name Price % Change Volume Market Cap TD1 Tali Digital Limited 0.002 100% 270,162 $3,295,156 BCT Bluechiip Limited 0.005 67% 2,877,901 $3,302,300 G50 G50Corp Ltd 0.163 35% 280,299 $13,114,800 ENT Enterprise Metals 0.004 33% 247,952 $2,654,163 RAU Resouro Strategic 0.645 29% 713,912 $0 CCO The Calmer Co Int 0.009 29% 7,429,718 $9,669,130 SUM Summitminerals 0.370 28% 6,552,143 $16,487,117 OAU Ora Gold Limited 0.005 25% 7,116,524 $28,564,639 TMR Tempus Resources Ltd 0.005 25% 7,114,494 $2,923,995 TX3 Trinex Minerals Ltd 0.003 25% 1,700,000 $3,657,305 NUC Nuchev Limited 0.135 23% 14,500 $9,902,963 RCR Rincon 0.080 21% 8,982,455 $19,028,175 AMD Arrow Minerals 0.003 20% 8,671,143 $26,348,413 EVR Ev Resources Ltd 0.006 20% 3,976,388 $6,606,357 POS Poseidon Nick Ltd 0.006 20% 1,993,886 $18,567,674 PRX Prodigy Gold NL 0.003 20% 1,097,663 $5,294,436 PGO Pacgold 0.130 18% 395,331 $9,255,998 NSB Neuroscientific 0.040 18% 288,277 $4,916,566 AQX Alice Queen Ltd 0.007 17% 1,746,639 $4,145,940 CE1 Calima Energy 0.007 17% 20,396,198 $3,798,485 DOU Douugh Limited 0.004 17% 240,280 $3,246,207 WML Woomera Mining Ltd 0.004 17% 689,599 $3,654,417 <\/p>\n <\/p>\n Enterprise Metals (ASX:ENT)<\/a> was up sharply this morning, with the company in the middle of an entitlement offer to raise approximately $1.42 million (before costs), at a price of $0.004 per new share, and a $0.006 per share option expiring in two years, for eligible shareholders. Any remainders will form part of a top-up offer.<\/p>\n Resouro Strategic Metals (ASX:RAU) <\/a>made its debut on the ASX this morning, zipping out to a 30% gain before closing the day around +3% higher.<\/p>\n Resouro is an international player \u2013 a Canadian-based REE explorer and development company focused on projects in Brazil, including the REE and titanium Tiros Project (90% ownership) and the Novo Mundo and Santa Angela gold projects. The Tiros REE and titanium project is the company\u2019s main focus and covers an area of roughly 450km2 in the Minas Gerais State, one of the leading mining jurisdictions in Brazil. IPO funds will be used to progress a targeted drill program at Tiros, with a significant JORC-compliant mineral resource the ambition.<\/p>\n Tempus Resources (ASX:TMR)<\/a> has completed the acquisition of the Prescott copper and base metals project, ~100km from American West Metals\u2019 (ASX:AW1)<\/a>\u00a0Storm project (17.5 Mt @ 1.2% copper and 3.4g\/t silver) in Canada.\u00a0Investors\/shareholders rate this news, to the tune of 25% intraday, and counting.\u00a0A large airborne geophysical survey is reportedly already underway at the Prescott op, which is scheduled to wrap up in mid-July. And this will be followed by a detailed geochemical mapping program, notes the company.<\/p>\n Pearl Gull Iron (ASX:PLG)<\/a> was soaring after announcing it\u2019s farming into an an early stage clay rare earths project in Chile, having made strategic acquisition of Huemul Holdings.\u00a0This will see the company\u00a0earn up to an 80% interest in NeoRe SpA\u2019s La Marigen project, which is located in a highly prospective area for ionic adsorption clay REE in Chile.\u00a0The project covers five tenements across a vast area \u2013 some\u00a0 228km2 \u2013\u00a0 and is situated in an underexplored mineralisation belt.<\/p>\n Sun Silver (ASX:SS1)<\/a> said a drilling contract has been awarded for the company\u2019s prime focus, which is the Maverick Springs silver project in Elko County, Nevada. That\u2019s a highly prospective project with an inferred mineral resource of 292,000,000 oz AgEq at 72.4gt Ag. Alford Drilling, a well-experienced contractor based in Elko, has been hand-passed the work and the first drilling program at Maverick Springs is set to start in the upcoming weeks. Mineral deposits at Maverick Springs are still open in all directions and at deeper levels, offering several drilling opportunities to expand the resource base.<\/p>\n Summit Minerals (ASX:SUM)<\/a> said\u00a0 <\/span>first assay results from the company\u2019s Equador project in Brazil have confirmed high-grade niobium and tantalum over a 1.2km strike length. Equador represents just one project within a wider niobium-rare earth tenement package covering 107.47km2 in Brazil\u2019s Borborema Pegmatitic Province (BPP), Paraiba state, a region regarded as one of the world\u2019s most important sources of tantalum, REEs and beryllium.<\/p>\n Due diligence on historical results have turned up standout samples containing 303,400ppm Nb205 (30.34%) and 15,130ppm partial rare earth oxide (1.513%) while multiple pegmatite bodies and many historical workings have been identified during multispectral analysis work.<\/p>\n And finally Calima Energy (ASX:CE1)<\/a> has bounced back after the previously $80 million market cap company returned about $80 million to its shareholders, and sent its share price plummeting about 97% before the brakes were pulled on.<\/p>\n For what it\u2019s worth, Calima says that it\u2019s just the \u201cmarket finding equilibrium\u201d and that it was open about both the capital return, and the fact that it plans to continue operating its Paradise Field activities, with about $5-6 million in cash on hand.<\/p>\n \u00a0<\/p>\n Today\u2019s best performing small cap stocks:<\/strong><\/em><\/p>\n Swipe or scroll to reveal full table. Click headings to sort<\/em><\/p>\n Code Name Price % Change Volume Market Cap AXP AXP Energy Ltd 0.001 -50% 3,888,890 $11,649,361 AUK Aumake Limited 0.002 -33% 133,042 $5,743,220 JAY Jayride Group 0.012 -29% 168,695 $4,017,255 AVE Avecho Biotech Ltd 0.003 -25% 145,000 $12,677,188 PUR Pursuit Minerals 0.003 -25% 3,176,831 $11,775,886 VML Vital Metals Limited 0.003 -25% 764,902 $23,580,268 VPR Voltgroupltd 0.002 -25% 198,199 $21,432,416 NWF Newfield Resources 0.105 -25% 34,991 $131,698,408 HHR Hartshead Resources 0.007 -22% 4,889,424 $25,278,139 MSI Multistack Internat. 0.007 -22% 2,200 $1,226,735 WBE Whitebark Energy 0.011 -21% 1,263,278 $2,688,005 CRR Critical Resources 0.008 -20% 819,682 $17,803,503 MCT Metalicity Limited 0.002 -20% 4,091,567 $11,214,632 SIH Sihayo Gold Limited 0.002 -20% 6,666 $30,510,640 HXG Hexagon Energy 0.014 -18% 570,450 $8,719,570 1MC Morella Corporation 0.003 -17% 3,182,455 $18,536,398 BXN Bioxyne Ltd 0.005 -17% 8,693,300 $12,279,872 ESR Estrella Res Ltd 0.005 -17% 720,890 $10,556,231 HCT Holista CollTech Ltd 0.005 -17% 115,549 $1,672,800 LPD Lepidico Ltd 0.003 -17% 982,801 $25,767,358 TTI Traffic Technologies 0.005 -17% 129,400 $5,837,311 BCC Beam Communications 0.130 -16% 22,743 $13,395,398 OPT Opthea Limited 0.375 -16% 4,496,391 $296,098,821 APL Associate Global 0.105 -16% 142,168 $7,061,553 AX8 Accelerate Resources 0.042 -16% 395,506 $31,037,697 <\/p>\n <\/p>\n \u00a0<\/p>\n Equinox Resources (ASX:EQN)<\/a> has significantly expanded surface field work<\/a> at the wider Campo Grande rare earths project in Brazil after a maiden drill campaign.<\/p>\n Magnetic Resources\u2019 (ASX:MAU)<\/a> diamond drilling has extended a 400m-long ultramafic zone at depth<\/a> at the Lady Julie North deposit within its Laverton gold project.<\/p>\n Sun Silver (ASX:SS1)<\/a> has awarded the drill contract<\/a> to Alford Drilling to kick off its inaugural drilling program at its Maverick Springs silver-gold project in Nevada, USA<\/p>\n LTR Pharma (ASX:LTP)<\/a> and Alpine Capital have won IPO of the year at the Australian Stockbrokers Foundation awards after the company burst onto the scene in December with its innovative SPONTAN nasal spray treatment for erectile dysfunction.<\/p>\n Just last week the company announced strong initial bioequivalence trial results which showed the product achieves rapid absorption and faster onset of action (between 9-12 minutes) compared to existing gold-standard oral therapies which can take over an hour to take effect.\u00a0LTR is currently trading around +300% on its listing price.<\/p>\n Corazon Mining (ASX:CZN)<\/a> has announced plans to acquire three high grade zinc-copper-gold deposits near its flagship Lynn Lake nickel-copper-cobalt project in Canada.<\/p>\n Impact Minerals (ASX:IPT)<\/a> has nabbed a $354,000 research and development rebate for the financial year ending June 2023.\u00a0The funds add to the $3.725m raised from a recent placement and exercise of options \u2013 and means the company is fully funded as it looks to complete the pre-feasibility study for its Lake Hope high purity alumina project.\u00a0Impact\u2019s managing director Dr Mike Jones said the unique mineralogy and patented and proprietary processing techniques for the project have allowed the company to claim back a significant proportion of expenditures through the Research and Development Tax Incentive program.<\/p>\n \u201cAlthough this rebate covers all of our projects, we had only had the Lake Hope project for three months of the 2023 financial year,\u201d he said.<\/p>\n \u201cWe anticipate being able to claim an increasing amount of our expenditures on Lake Hope as we continue to develop this exciting project\u201d.<\/p>\n And Meteoric Resources (ASX:MEI)<\/a> has vastly increased the certainty of its Caldeira project in Brazil after defining a significant measured and indicated resource of 85Mt at 3,034ppm TREO for the Cap\u00e3o do Mel deposit.<\/p>\n \u00a0<\/p>\n Calima Energy (ASX:CE1)<\/a> \u2013 pending an announcement in reply to an ASX price query.<\/p>\n National Storage REIT (ASX:NSR)<\/a> \u2013 pending an announcement in relation to a proposed joint venture to establish a fund that will pursue the development and operation of storage centres across Australia.<\/p>\n Vinyl Group (ASX:VNL)<\/a> \u2013 to finalise and execute a pro rata accelerated non-renounceable entitlement offer.<\/p>\n Booktopia Group (ASX:BKG)<\/a> \u2013 pending a material announcement in relation to further outcomes from the strategic review.<\/p>\n Anax Metals (ASX:ANX)<\/a> \u2013 pending an announcement in respect of a capital raising.<\/p>\n BMG Resources (ASX:BMG)<\/a> \u2013\u00a0 pending an announcement regarding a capital raising.<\/p>\n Winsome Resources (ASX:WR1)<\/a> \u2013\u00a0 pending release of details of a flow through capital raising.<\/p>\n Prospech (ASX:PRS)<\/a> \u2013 pending an announcement regarding a material capital raising.<\/p>\n Trigg Mining (ASX:TMG)<\/a> \u2013 pending an announcement regarding a proposed acquisition.<\/p>\n Telix Pharmaceuticals (ASX:TLX)<\/a> \u2013 pending an announcement in relation to the completion of the pricing and allocation processes for Telix\u2019s proposed United States (US) initial public offering.<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While Corazon Mining, Meteoric Resources, Impact Minerals, LTR Pharma, Equinox Resources, Magnetic Resources and Sun Silver are Stockhead advertisers, they did not sponsor this article.<\/p>\n <\/span><\/p>\n The post Closing Bell: Most ASX sectors flashing red today, as RAU makes solid market debut<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"What else happened today?<\/h2>\n
ASX SMALL CAP LEADERS<\/h2>\n
ASX SMALL CAP LAGGARDS<\/h2>\n
IN CASE YOU MISSED IT<\/h2>\n
TRADING HALTS<\/h2>\n