ASX closes 0.80pc lower on Monday<\/p>\n
Broad-based losses led by healthcare, consumer and resource stocks
\nTop small cap performers include Encounter and Burley<\/p>\n
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The ASX has given back almost every last cent from Friday\u2019s unexpected booty. I blame the weakness of the human heart and local mining and energy companies, which again failed to turn up.<\/p>\n
The S&P\/ASX200 closed Monday down 62.30 points or 0.80% to 7,733.70.<\/p>\n
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Via ASX<\/em><\/p>\n Worst of the worst today: the unfairly out of favour big healthcare cap\u00a0ResMed (ASX:RMD)<\/strong><\/a> and the uranium digger Deep Yellow (ASX:DYL)<\/strong><\/a>, which has also had to give back all it\u2019s P. Dutton dollars after everyone, including the CSIRO, said he was fibbing about an Aussie nuclear future.<\/p>\n Resmed shares have lost 13.1% and DYL is down 5.8%.<\/p>\n According to the ASX, over the last five days the index is virtually unchanged, but is currently 2.24% below its 52-week high.<\/p>\n That\u2019s in no small part due to another frustrating no show from ASX mining stocks.<\/p>\n The iron ore heavyweights are in my bad book.<\/p>\n Honestly, watching them trade lately is like watching State of Origin, where the big boppers are sitting on the pine, playing footsies when their state needs them most.<\/p>\n Commodity prices have been struggling and Singapore iron ore futures traded lower 1.3% to $US103.70 a tonne on the July contract.<\/p>\n The iron triumvirate \u2013 BHP (ASX:BHP)<\/strong><\/a> , Rio Tinto (ASX:RIO)<\/strong><\/a> and\u00a0Fortescue (ASX:FMG)<\/strong><\/a> were all AWOL.<\/p>\n Actually, Fortescue (ASX:FMG)<\/strong><\/a> is still here, but an unworthy contestant of late \u2013 as the house built on twigs continues its unhappy run.<\/p>\n Twiggy stock \u2013 terrible but not alone\u00a0 (1 Month):<\/p>\n Via Google<\/em><\/p>\n Woodside Energy Group (ASX:WDS)<\/strong><\/a> was also a most ordinary option on Monday.<\/p>\n Elsewhere among the dirt, the gold price is bopping between a tight range, after gold copped its largest selloff in three-and-a-half years on Friday, dropping 3.5% to US$2,290.<\/p>\n That was on reports suggesting that the gold-ravenous People\u2019s Bank of China (China\u2019s central bank) already halted them gold purchases back in May.<\/p>\n For now, though, if the spot was a sport, think ping pong and right now it looks comfy around around $2,323, after giving up around 1% during the US session on Friday.<\/p>\n \u00a0<\/p>\n Via Trading Economics<\/p>\n \u00a0<\/p>\n At home that meant profit taking \u2013 which was most evident at Evolution Mining (ASX:EVN)<\/strong><\/a> which fell heavily early on Monday.<\/p>\n EVN was far from alone, too.<\/p>\n Most of the overweight big cap ASX goldies slid hard and fast today (see below).<\/p>\n Via MarketIndex<\/p>\n \u00a0<\/p>\n The excitement in energy names is almost contained to nuclear-leaning stocks like uranium house\u00a0Paladin Energy (ASX:PDN)<\/strong><\/a>\u00a0which has halted this morning ahead of news of likely M&A.<\/p>\n Tech stocks were the best of a bad Monday bunch, led by majors\u00a0WiseTech Global (ASX:WTC)<\/strong><\/a>\u00a0up 1.8%\u00a0 and\u00a0NextDC (ASX:NXT)<\/strong><\/a>.<\/p>\n Healthcare was heavily weighed down by the heavily weighted that stride amid them.<\/p>\n Cochlear (ASX:COH)<\/strong><\/a>\u00a0dropped 1.2% and\u00a0CSL (ASX:CSL)<\/strong><\/a>\u00a0slipped 0.5%.<\/p>\n But there was a lot of ordinary to be had during a szession taken up largely with what might happen elsewhere.<\/p>\n Namely, when the boffins at the Australian Bureau of Statistics on Wednesday drop the consumer price index (CPI) indicator for May.<\/p>\n A great many Aussie Economists are expecting the CPI to increase to 3.8%, from 3.6% in April. My experience is that almost guarantees it won\u2019t happen.<\/p>\n The headline effort\u2019s been from widely owned sleep apnoea device maker,\u00a0ResMed (ASX:RMD)<\/strong><\/a>, which was scuttled some 12% after anti-fat pharma Eli Lilly shared US Food and Drug Administration on a potential label expansion for its weight loss therapy tirzepatide against obstructive sleep apnoea was expected later this year.<\/p>\n Long and short is we\u2019ve covered this ground before with RMD, but it looks like the doubt is hard to shake.<\/p>\n Everyone has a piece of medical device maker for the treatment of sleep apnea, which has made the healthcare giant ResMed\u2019s significant losses a significant weight on Monday business.<\/p>\n ResMed\u2019s sleep apnea market has been in doubt ever since the Novo Nordisk and Eli Lilly\u2019s of this world started brandishing weight loss drugs which also claim to do good things to snorers. But eventually those fears ebbed.<\/p>\n Over the weekend, however, reports suggest an Eli Lilly trial result has the potential to shrink RMD\u2019s target market.<\/p>\n Pharma giant Eli Lilly published results on Friday (US time), outlining positive results from its tirzepatide drug, which reduced obstructive sleep apnea in some participants.<\/p>\n Also among the many larger cap losers to start the week, Star Entertainment shares dropped more than 6% after the woefully put-upon casino runner ran into a profit warning, while another executive \u2013 this time ex chairman and \u00a0interim CEO David Foster officially left the building.<\/p>\n \u00a0<\/p>\n Via ASX<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n On Wall Street, tech stocks weighed as fears AI stocks might be a good profit have started to itch certain palms.<\/p>\n The Dow edged higher, helped by a climb in McDonald\u2019s shares. For the week the Dow was up 1.4%, the S&P rose 0.6%, while the Nasdaq was flat.<\/p>\n Chip champ Nvidia (NVDA) was among the biggest problems for Wall Street on Friday, and its issues brought down fellow semiconductor stocks Qualcomm, Broadcom and Micron Technology.<\/p>\n Business activity in the states jumped to a two-year high last month as jobs rebounded and price pressures eased in a sign of cooling inflation.<\/p>\n US PMI\u2019s rose more than expected and are solidly in expansionary territory. However, retail sales barely rose in May after falling the previous month and housing starts extended their decline, hitting the lowest level in nearly four years.<\/p>\n \u00a0<\/p>\n Via Fox<\/p>\n \u00a0<\/p>\n Closer to home, regional stocks sank. The South Korean won is winning. In Japan the yen is higher.<\/p>\n Indian indces started the week lower. The Nifty 50 slipped below 23,500 in morning trade on Monday, down for the second session in a row rattled by weakness from metals, property and finance stocks.<\/p>\n In another world (sometimes) the Shanghai Composite really stumbled on Monday as did the tech leaning Shenzhen Component both down around 1.25%.<\/p>\n Mainland indices are nearing 16-week lows as investors continued to pull capital out of China as the lack of forceful policy support measures continues to dampen sentiment and roll eyes.<\/p>\n The new FDI data released over the weekend shows foreign money pouring out of Chinese stocks this month at a rate if RMB 33 billion yuan via the Stock Connect Scheme with Hong Kong.<\/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 ENR Encounter Resources 0.630 83% 12,684,148 $155,276,929 ICR Intelicare Holdings 0.015 67% 5,506,977 $2,113,420 KPO Kalina Power Limited 0.005 50% 9,926,863 $7,459,182 BFC Beston Global Ltd 0.003 50% 4,440,159 $3,994,094 YPB YPB Group Ltd 0.003 50% 333,333 $1,615,923 MOH Moho Resources 0.005 43% 21,240,553 $1,887,124 BUR Burleyminerals 0.140 43% 314,016 $14,736,353 RWD Reward Minerals Ltd 0.033 38% 298,129 $5,468,475 AD1 AD1 Holdings Limited 0.008 33% 370,000 $5,391,890 MRQ Mrg Metals Limited 0.004 33% 75,311,562 $7,575,356 PTR Petratherm Ltd 0.020 25% 578,164 $3,596,018 NAG Nagambie Resources 0.011 22% 363,636 $7,169,721 PPK PPK Group Limited 0.470 21% 149,751 $34,642,330 AIV Activex Limited 0.006 20% 818 $1,077,513 SFG Seafarms Group Ltd 0.003 20% 3,209,377 $12,091,498 CLA Celsius Resource Ltd 0.013 18% 23,747,986 $26,707,040 EQS Equitystorygroupltd 0.026 18% 234,250 $2,397,856 WMG Western Mines 0.405 17% 98,167 $26,223,858 MYR Myer Holdings Ltd 0.755 17% 7,345,061 $536,527,951 AKN Auking Mining Ltd 0.021 17% 333,728 $4,776,367 CZN Corazon Ltd 0.007 17% 653,608 $3,693,587 ECT Env Clean Tech Ltd. 0.004 17% 357,992 $9,515,431 EXL Elixinol Wellness 0.004 17% 296,205 $3,963,547 IPB IPB Petroleum Ltd 0.007 17% 1,694,317 $4,238,418 <\/p>\n WordPress Table Plugin<\/a><\/p>\n Niobium has had a close encounter with Encounter Resources (ASX:ENR)<\/a>.<\/p>\n ENR says it has drilled itse;lf right into some yummy thick, high-grade A1 niobium at the (not Simon) Crean carbonatite thingy which is a part of the Aileron project in the sexy West Arunta region of West Grunter (Australia).<\/p>\n Highlights include 52m @ 3% Nb2O5 from 81m to end of hole, \u00a0including 16m @ 6% Nb2O5.<\/p>\n Here\u2019s some quality rockspeak:<\/p>\n Via ASX<\/p>\n \u00a0<\/p>\n ENR MD and noted space explorer Will Robinson said:<\/p>\n \u201cAircore drilling is opening up new fronts of shallow niobium-REE carbonatite hosted mineralisation at Aileron. The aircore rig completed over 10,000m of drilling in its first month on site. This drilling has expanded the near surface footprint of the Crean, Hurley and Emily carbonatites.<\/p>\n The aircore rig has now moved to the untested Green and Joyce targets located east of WA1 Resources\u2019 Luni carbonatite discovery. Drilling will start with broad spaced aircore traverses and then move to closer spaced drilling based on initial observations. Aircore drilling is proving to be a fast, low impact and cost-efficient.\u201d<\/p>\n The iron ore and lithium explorer\u00a0Burley Minerals (ASX:BUR)<\/a>\u00a0has jumped on news veteran cap markets exeuctive Dan Bahen is joining the BUR Board as non-executive chairman.<\/p>\n Dan has a bunch of experience \u2013 over 23 years of capital markets, commercial and finance \u2013 including 22 years with Paterson Securities and then Canaccord Genuity.<\/p>\n The company says Bahen has been an investor in Burley since the IPO and holds a 5.1% relevant interest in the company.<\/p>\n And Reward Minerals (ASX:RWD)<\/strong><\/a> says that the International Preliminary Examining Authority (IPEA) has provided a positive Preliminary Report on the \u201cPatentability\u201d of its processing technology (Reward Process) for recovery of PotassiumSulphate (K2SO4 or SOP) directly from concentrated seawater and other high-sulphate brines.<\/p>\n RWD says the IPEA found that claims 1-17 meet the requirements for novelty under Patent Cooperation Treaty (PCT) .<\/p>\n Reward CEO Lorry Hughes calls it another key step toward transforming the SOP industry via commercialisation of Reward\u2019s processing technology.<\/p>\n \u201cThe technology is relatively simple, it negates the need for the removal of waste salts by expensive mechanical harvesting and it does not require complicated and expensive flotation processing steps to separate waste salts from SOP.<\/p>\n \u201cAll this points toward a significant reduction in production costs compared to existing operations and methods. Importantly there appears potential for the first time globally, to produce SOP from waste brines or bitterns from solar salt operations using seawater as feed brine on a commercial basis. This could allow operations in coastal areas with established transport infrastructure to produce and ship SOP to market at competitive prices.<\/p>\n \u201cBy targeting cheaper costs of production as outlined in the Company\u2019s engineering study completed in September 2023 there should be opportunities to also grow the SOP market globally as it is a highly sought after fertiliser in short supply.\u201d<\/p>\n \u00a0<\/p>\n Equity Story Group (ASX:EQS)<\/strong><\/a> says it\u2019s making a divestment of\u00a0 Bluetree Equity\u00a0 which trades as a \u201cA Rich Life\u201d\u00a0 from Eamong the stable of EQS assets.<\/p>\n The stock has jumped in response, although I reckon Claude Walker\u2019s A Rich Life \u2013 bought by EQS back in 2022 under the direction of the previous CEO and Chairman, is still a cracking concept.<\/p>\n Walker was also employed by EQS.<\/p>\n \u201cThe current board believes \u201cA Rich Life\u201d to be a noncore asset and not a fit for the future direction of the group.Equity Story has sold 100% of the issued shares in Bluetree Equity Pty Ltd to Blueberry and Walker Family Pty Ltd as trustee for the Blue Trust for $80,000, Claude Walker\u2019s employment agreement with the Company has been dissolved and the Company has been released from any obligation to pay any remuneration or accrued leave under the employment agreement with Claude Walker.\u201d<\/p>\n Equity Story also says it has also been released from its obligation to pay the remaining $100,000 cash under the purchase agreement that was due on 1 July 2024.<\/p>\n The EQS Board \u2013 having saved $100k \u2013 the board does not believe the divestment will have any material impact to the group\u2019s earnings.<\/p>\n \u00a0<\/p>\n Finally, hats off to Myer (ASX:MYR)<\/strong><\/a> which is up about 17% to end a fine Monday for Myer.<\/p>\n Myer (ASX:MYR)<\/a>\u00a0 approached the S. Lew connected Premier Investments (ASX:PMV)<\/strong><\/a>\u00a0to explore a potential combination with its apparel brands business \u201cto create one of the leading retail and apparel companies across Australia and New Zealand\u201d.<\/p>\n It\u2019s apparently the brainchild of new Myer boss Olivia Wirth.<\/p>\n The Australian<\/em> reports that Wirth\u00a0 reckons the best defence is attack .<\/p>\n \u201cWirth didn\u2019t waste any time as she launched an audacious plan that both tackles the retailer\u2019s longer term challenges and finally delivers the department store to billionaire shareholder Solomon Lew.<\/p>\n \u201cWirth\u2019s radical bid to merge Myer into Lew\u2019s much larger cashflow machine \u2013 the yet-to-be demerged retail business that houses brands like Just Jeans, Dotti and Jacqui E \u2013 represents the biggest strategic play since the department store attempted to merge with rival David Jones a decade ago.\u201d<\/p>\n The deal, which effectively marks a reverse takeover of Myer, also marks the ultimate prize for Lew after years of stalking, agitating and slowing raising the pressure.<\/p>\n Myer shares surged on the news it was exploring a merger with Apparel Brands \u2013 which boasts retail brands like Portmans, Dotti, Just Jeans and Jay Jays.<\/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 OAR OAR Resources Ltd 0.001 -50% 176,524 $6,444,200 CTT Cettire 1.155 -48% 24,360,012 $853,973,613 CCX City Chic Collective 0.125 -40% 24,268,224 $58,130,770 BGE Bridgesaaslimited 0.012 -40% 32,400 $2,387,941 1TT Thrive Tribe Tech 0.003 -38% 21,668,576 $1,506,486 AUK Aumake Limited 0.002 -33% 160,000 $5,743,220 LPD Lepidico Ltd 0.002 -33% 1,725,086 $25,767,358 MTL Mantle Minerals Ltd 0.002 -33% 697,920 $18,592,338 PRX Prodigy Gold NL 0.002 -33% 20,106,000 $6,353,323 MTM MTM Critical Metals 0.033 -27% 816,019 $12,649,808 DEL Delorean Corporation 0.032 -26% 311,528 $9,275,999 CLZ Classic Min Ltd 0.002 -25% 123,098,120 $1,102,057 EDE Eden Inv Ltd 0.002 -25% 2,087,565 $7,356,542 ERL Empire Resources 0.003 -25% 150,000 $5,935,653 FTC Fintech Chain Ltd 0.006 -25% 8,047 $5,206,157 RIL Redivium Limited 0.003 -25% 1,166,235 $10,923,419 VPR Voltgroupltd 0.002 -25% 3,170 $21,432,416 BNL Blue Star Helium Ltd 0.007 -22% 13,989,786 $17,480,388 AML Aeon Metals Ltd. 0.006 -21% 2,282,334 $7,674,804 IMI Infinitymining 0.015 -21% 135,593 $2,256,314 ADD Adavale Resource Ltd 0.004 -20% 825,728 $5,201,327 BLZ Blaze Minerals Ltd 0.004 -20% 1,284,275 $3,142,791 BUY Bounty Oil & Gas NL 0.004 -20% 2,002,686 $7,492,505 CDT Castle Minerals 0.004 -20% 349,455 $6,122,465 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Paladin Energy (ASX:PDN)<\/strong><\/a> \u2013 pending an announcement by the Company relating to a capital raising.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Anson Resources (ASX:ASN)<\/a><\/span> is working with Koch Technology Solutions to test a Li-Pro process pilot unit<\/span><\/a> for direct lithium extraction at its Green River project in Utah.<\/p>\n Conrad Asia Energy (ASX:CRD)<\/a><\/span> is closing in on developing its Mako gas field in the West Natuna Sea offshore Indonesia after signing a binding domestic gas sales agreement<\/span><\/a> with PT Perusahaan Gas Negara.<\/p>\n Indiana Resources\u2019 (ASX:IDA)<\/a><\/span> five-hole drill program targeting gold and REE mineralisation is underway<\/span><\/a> at the Minos prospect within its Central Gawler Craton exploration project in South Australia.<\/p>\n Software as a service player Intellicare (ASX:ICR)<\/span><\/a> has raised $2m<\/span><\/a> to commercialise its established tech development pipeline.<\/p>\n Legacy Minerals (ASX:LGM)<\/a><\/span> has secured a 5,500km2 exploration opportunity through its acquisition of the Thomson project<\/span><\/a> in New South Wales, which hosts numerous undercover targets defined by discrete, \u201cbullseye\u201d magnetic and gravity anomalies with similar character to Tier-1 deposits.<\/p>\n Mt Malcolm Mines (ASX:M2M)<\/a><\/span> has started bulk sampling<\/span><\/a> and an ore processing study at the high-grade Golden Crown gold prospect in WA after completing a 18-hole reverse circulation drill program.<\/p>\n Renascor Resources (ASX:RNU)<\/a><\/span> has selected two of Australia\u2019s biggest engineering firms<\/span><\/a> \u2013 GR Engineering and Primero Group \u2013 to compete for the right to develop the landmark Siviour graphite plant in South Australia.<\/p>\n Strickland Metals\u2019 (ASX:STK)<\/a><\/span> drilling has returned more strong assays<\/span><\/a> from three targets at its Yandal gold project with the Palomino target now striking over 600m with assays pending.<\/p>\n Summit Minerals (ASX:SUM)<\/a><\/span> is reporting grades up to 53% niobium<\/span><\/a> from rock chip sampling at its recently acquired Equador niobium-tantalum-rare earths project in Brazil.<\/p>\n At Stockhead, we tell it like it is. While Anson Resources, Conrad Asia Energy, Intellicare Legacy Minerals, Mt Malcolm Mines, Renascor Resources, Strickland Metals and Summit Minerals are Stockhead advertisers, they did not sponsor this article.<\/p>\n The post Closing Bell: ASX smashed as miners go missing<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX Sectors on Monday<\/span><\/h2>\n
The UNASX<\/h2>\n
US Futures on Monday arvo in Sydney<\/h2>\n
ASX SMALL CAP LEADERS<\/h2>\n
ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n
IN CASE YOU MISSED IT<\/h2>\n