{"id":7698,"date":"2024-03-27T05:07:35","date_gmt":"2024-03-27T05:07:35","guid":{"rendered":"https:\/\/economicherald.net\/?p=7698"},"modified":"2024-03-27T05:07:35","modified_gmt":"2024-03-27T05:07:35","slug":"closing-bell-asx-rebounds-as-soft-cpi-bolsters-august-rate-cut-hopes-osx-and-tlm-lead-todays-winners","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7698","title":{"rendered":"Closing Bell: ASX rebounds as soft CPI bolsters August rate cut hopes; OSX and TLM lead today\u2019s winners"},"content":{"rendered":"

The ASX 200 erases early morning\u2019s losses, rallying to close the day +0.3% higher.\u00a0<\/span><\/p>\n

This comes as the ABS released its monthly CPI report<\/strong>, which shows that YoY inflation was steady in February at 3.4% for a third straight month.<\/p>\n

The figure is in line with RBA\u2019s forecasts but was lower than market consensus of 3.5%, which caused the mini surge on the ASX.<\/p>\n

\u201cThe RBA doesn\u2019t meet again until May, so there will be plenty of data for the board to digest before that time,\u201d said Josh Gilbert, market analyst at eToro.<\/em><\/p>\n

\u201cTaylor Swift\u2019s venture into town may have skewed this monthly reading, which may also boost retail sales at the end of the week.\u201d<\/p>\n

Nevertheless, Gilbert believes rate cuts are coming this year, and the market still sees over an 80% chance the RBA will cut rates in August.<\/p>\n

\u201cInflation remains the most important number in markets right now, locally and overseas. The RBA\u2019s fight against inflation isn\u2019t an easy one, and so Michele Bullock still has a big year ahead.\u201d<\/p>\n

On the ASX, Tech<\/strong> once again dragged the bourse lower, but it was offset by gains in other sectors. Staples<\/strong> and Healthcare<\/strong> led the proceedings.<\/p>\n

Mining stocks<\/strong> struggled, weighed down by the 4% slump in iron ore prices overnight.\u00a0<\/span><\/p>\n

Across the region, the Japanese Yen<\/strong> has fallen to the lowest level since 1990, changing hands now at 151.67 vs the USD, pushing the Nikkei up by 1% to a record high.\u00a0<\/span><\/p>\n

But shares retreated in China, Hong Kong and Korea, with tech stocks dragging down the indexes.<\/p>\n

\u00a0<\/p>\n

ASX SMALL CAP LEADERS<\/h2>\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

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Code Name Price % Change Volume Market Cap OSX Osteopore Limited 30.50 369.23 4,313,114 $671,365 AD1 AD1 Holdings Limited 1.00 66.67 719,223 $5,391,890 TLM Talisman Mining 25.00 42.86 3,468,759 $32,956,061 PTR Petratherm Ltd 3.00 36.36 518,609 $4,944,525 SKN Skin Elements Ltd 0.40 33.33 1,207,740 $1,768,458 WNR Wingara Ag Ltd 1.50 25.00 150,000 $2,106,510 CTN Catalina Resources 0.50 25.00 319,739 $4,953,948 ESR Estrella Res Ltd 0.50 25.00 3,999,848 $7,037,487 SIT Site Group Int Ltd 0.25 25.00 429,000 $5,204,980 TMR Tempus Resources Ltd 0.50 25.00 1,700,000 $2,923,995 EIQ Echoiq Ltd 13.50 20.00 1,503,246 $55,704,867 EMT Emetals Limited 0.60 20.00 1,650,802 $4,250,000 EXL Elixinol Wellness 0.60 20.00 15,678,652 $6,328,716 LRL Labyrinth Resources 0.60 20.00 2,575,926 $5,937,719 MHC Manhattan Corp Ltd 0.30 20.00 200,000 $7,342,449 BIO Biome Australia Ltd 39.50 19.70 671,758 $69,963,514 BRK Brookside Energy Ltd 1.40 16.67 28,958,052 $57,174,548 CCO The Calmer Co Int 0.35 16.67 35,307 $3,548,090 AFP Aft Pharmaceuticals 291.00 16.40 1,111 $262,165,650 LVH Livehire Limited 2.90 16.00 264,962 $9,157,638 RFT Rectifier Technolog 2.20 15.79 6,021,741 $26,257,695 HPC Thehydration 1.50 15.38 10,000 $3,446,843 BUX Buxton Resources Ltd 11.50 15.00 68,014 $17,324,689 FLN Freelancer Ltd 23.00 15.00 91,824 $90,182,976 PNN Power Minerals Ltd 15.50 14.81 569,375 $11,795,774 <\/p>\n

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Talisman Mining (ASX:TLM)<\/a> jumped nicely on news that follow-up diamond drilling has intersected multiple zones of massive sulphide galena-sphalerite-chalcopyrite (lead-zinc-copper) mineralisation at the Durnings Prospect, part of the 100%-owned Lachlan Project in NSW.<\/p>\n

Similarly, Argent Minerals (ASX:ARD)<\/a> spiked after revealing that two major mineralisation extensions from the Kempfield Deposit have been discovered through surface sampling along strike from Lode 300 Mineralised Block, which contains 5.1Moz Ag @ 102 AgEq (g\/t), totalling 65.1 Moz Silver equivalent resource. The company notes that high-grade surface rock chips highlight big potential here.<\/p>\n

Artificial Intelligence and Medical Technology company Echo IQ (ASX:EIQ)<\/a> climbed after telling the market that it has completed its US Reader Study, a \u201ckey step\u201d towards securing final FDA clearance for its cardiology decision-support technology, and an important milestone in Echo IQ\u2019s commercial development.<\/p>\n

And EZZ Life Science (ASX:EZZ)<\/a> has risen after dropping an investor prezzo this morning, which included news that the company has lifted revenue 43% from $15.1m in 1H FY23 to $21.7m in 1H FY24, with a gross margin of 70% stable for the period.<\/p>\n

Osteopore (ASX:OSX)<\/a><\/strong> announced that it has received clearance from two regulators, namely Singapore\u2019s Health Sciences Authority (HSA) and Vietnam\u2019s Department of Medical Equipment and Construction (DMEC), for its aXOpore product, which is essentially a porous lattice that is used around existing bones, which mimics the natural bone microstructure to promote new bone growth.<\/p>\n

However\u2026 this massive spike comes on the tail of a recent huge fall in share price for Osteopore, after the company went to market seeking $3,000,000 through a placement priced at a massive 94.42% discount to last closing price. That came about through a number of factors, including an ill-timed 15:1 consolidation.\u00a0<\/span><\/p>\n

Lincoln Minerals (ASX:LML)<\/a><\/strong> reported high-grade graphite intercepts up to 30.5% TGC at its Kookaburra Gully project. Multiple high-grade graphite intercepts in recent step-out drilling extend the Kookaburra Gully Mineral Resource mineralisation to the north, both at surface and downdip. Lincoln notes that eight of 11 holes that targeted the northern portion of the designed open-pit intersected graphite extend open-pit to the north.<\/p>\n

Queensland copper cobalt company, True North Copper\u2019s (ASX:TNC)<\/a><\/strong> share price is heading truly north on news regarding one of its key operations \u2013 the Cloncurry Copper project. Essentially, it has a mining restart, with the wheels set to turn, drills set to spin and the mining of ore to get underway at the Wallace North site in early Q4 this year. This means that all the prep work undertaken by the company so far at the site has been progressing well after it all dried out post monsoonal rain in February and March.<\/p>\n

\u00a0<\/p>\n

ASX SMALL CAP LAGGARDS<\/h2>\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

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Code Name Price % Change Volume Market Cap HAS Hastings Tech Met 43.00 -28.93 2,627,758 $78,775,024 CNJ Conico Ltd 0.15 -25.00 3,000,000 $3,140,190 LSR Lodestar Minerals 0.15 -25.00 5,179,597 $4,046,795 MRD Mount Ridley Mines 0.15 -25.00 487,475 $15,569,766 MRQ Mrg Metals Limited 0.15 -25.00 202,339 $5,050,237 RIE Riedel Resources Ltd 0.30 -25.00 180,459 $8,895,343 RMX Red Mount Min Ltd 0.15 -25.00 636,349 $5,347,152 PTM Platinum Asset 103.25 -20.88 11,859,279 $759,728,086 BDG Black Dragon Gold 1.90 -20.83 776,710 $5,418,424 FAU First Au Ltd 0.20 -20.00 1,516,176 $4,154,983 MCT Metalicity Limited 0.20 -20.00 668,853 $11,212,634 MOM Moab Minerals Ltd 0.40 -20.00 33,080 $3,559,817 PRX Prodigy Gold NL 0.40 -20.00 8,670,895 $8,755,539 SCT Scout Security Ltd 0.80 -20.00 100,000 $2,324,274 PBL Parabellumresources 5.70 -18.57 294,999 $4,361,000 BKT Black Rock Mining 6.80 -17.07 5,250,822 $89,992,737 IXU Ixup Limited 1.50 -16.67 68,125 $19,575,641 SOV Sovereign Cloud Hldg 3.00 -16.67 7,733,307 $12,218,424 CCZ Castillo Copper Ltd 0.50 -16.67 50,000 $7,797,032 CRB Carbine Resources 0.50 -16.67 1,473,681 $3,310,427 OPN Oppenneg 0.50 -16.67 275,000 $6,775,078 SRR Saramaresourcesltd 2.00 -16.67 583,234 $1,925,258 VRC Volt Resources Ltd 0.50 -16.67 1,212,315 $24,780,640 8CO 8Common Limited 3.70 -15.91 570,156 $9,860,176 LCL LCL Resources Ltd 1.10 -15.38 524,900 $12,417,932 <\/p>\n

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Platinum Asset Management (ASX:PTM)<\/a><\/strong> plunged -20% after the company announced a turnaround program that included short term action to realign its expense base with its revenue conditions. An initial review has now been completed, with the company targeting at least $25 million in annualised run rate savings. This savings target represents a 26% reduction in its\u00a0 <\/span>annualised half year expense base of approximately $96 million. As these savings will only begin to be realised during the last quarter FY24, they are unlikely to generate a material impact on the company\u2019s reported FY24 profit, with the bulk of savings being progressively realised during the FY25.<\/p>\n

<\/h2>\n

IN CASE YOU MISSED IT \u2013 PM Edition<\/h2>\n

Environmental Clean Technologies (ASX:ECT)<\/a> has raised $1.5m through a placement to strategic investors to support development works at its Bacchus Marsh syngas pilot project in Victoria.<\/p>\n

Galan Lithium (ASX:GLN)<\/a> has increased resources<\/a> at its Hombre Muerto West project in Argentina by 18% to 8.6Mt of lithium carbonate equivalent @ 859mg\/L lithium, enough to support its planned four-stage long-term production target of 60,000tpa LCE.<\/p>\n

Melodiol Global Health (ASX:ME1)<\/a> has started its 2024 financial year on a positive note, recording unaudited revenue of $3.1m for the first two months to the end of February. A substantial chunk of this \u2013 $1.45m \u2013 was contributed by its recreational cannabis subsisiary Mernova Medicinal.<\/p>\n

Sovereign Metals (ASX:SVM)<\/a> has started follow-up auger drilling at its Kasiya rutile and graphite project targeting areas where mineralisation had been identified in earlier wide-spaced regional hand-auger drilling.<\/p>\n

Zeotech (ASX:ZEO)<\/a> will carry out controlled infield trials of its methane control zeoteCH4 zeolites at Griffith University. This was determined to be the most efficient pathway to scale the technology by optimising configurations, increasing data collection frequency, and evaluating the maximum methane oxidation potential of zeoteCH4.<\/p>\n

\u00a0<\/p>\n

TRADING HALTS<\/h2>\n

Cyclone Metals Limited (ASX: CLE)<\/a> \u2013 pending an announcement regarding the Company\u2019s Operational Update and Investor Presentation released via ASX Announcement earlier today.<\/p>\n

Excite Technology Services Limited (ASX: EXT)<\/span><\/strong> \u2013 pending an announcement by the Company to the market in respect of a proposed capital raising.<\/p>\n

Ava Risk Group Limited (ASX: AVA)<\/a> \u2013 pending an announcement relating to a capital raise.<\/p>\n

APM Human Services (ASX:APM)<\/strong><\/a> \u2013 pending the release of an<\/p>\n

update in relation to the receipt of a letter from CVC advising that they are unable to proceed to finalise a transaction on terms consistent with their non-binding offer, ending CVC\u2019s exclusivity period.<\/p>\n

Kingston Resources Limited (ASX: KSN)<\/a> \u2013 pending the release of an announcement regarding a capital raise.<\/p>\n

Pantera Minerals (ASX:PFE)<\/strong><\/a> \u2013 pending an announcement regarding a material capital raise to be managed by CPS Capital.<\/p>\n

SomnoMed Limited (ASX: SOM)<\/a> \u2013 pending the Company making an announcement regarding a trading update and earnings guidance.<\/p>\n

\u00a0<\/p>\n

At Stockhead, we tell it like it is. While Environmental Clean Technologies, Galan Lithium, Melodiol Global Health, Sovereign Metals and Zeotech are Stockhead advertisers, they did not sponsor this article.<\/p>\n

<\/span><\/p>\n

The post Closing Bell: ASX rebounds as soft CPI bolsters August rate cut hopes; OSX and TLM lead today\u2019s winners<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The ASX 200 erases early morning\u2019s losses, rallying to close the day +0.3% higher.\u00a0 This comes as the ABS released its monthly CPI report, which [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7699,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nClosing Bell: ASX rebounds as soft CPI bolsters August rate cut hopes; OSX and TLM lead today\u2019s winners - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=7698\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Closing Bell: ASX rebounds as soft CPI bolsters August rate cut hopes; 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