Closing Bell: ASX drops almost 1pc to end seven-day winning streak
Sectors in the red right across the board
Falling oil price weighs heavily on Energy sector, down more than 2.8pc
An eighth day of gains just wasn't to be for the ASX, with the bourse stumbling to fall about a full percentage point today and all 11 sectors sinking into the red by close of play.
A downward trend in oil prices over the last few weeks applied pressure to the Energy sector, which fell almost 3%, down 2.88% at market end.
Still, the news wasn't all bad. For example, several small cap or uranium-focused stocks resisted the pull.
AXP Energy (ASX:AXP) and Pancontinental Energy (ASX:PCL) both gained 50%, while Elevate Uranium (ASX:EL8) lifted 14.82% and hydrogen compression company Provaris Energy (ASX:PV1) jumped 9.09%.
Of the larger stocks, only Ampol (ASX:ALD) managed to make any gains, up 0.84%. But Woodside Energy (ASX:WDS), Santos (ASX:STO) and Yancoal (ASX:YAL) all lost between 2.6% and 3.95%.
Meanwhile despite a fall in the gold price last week, the ASX All Ord Gold index stood out in a sea of gloom, lifting 0.67%.
Alongside Anax Metals (ASX:ANX), which we'll expand on in a moment, several other gold stocks made sizeable gains today, pushing against the rip currents of the market.
Gold Road Resources (ASX:GOR) gained 9.43%, Sarama Resources (ASX:SRR) 21.43% and Koonenberry Gold (ASX:KNB) 18.42%.
The big caps didn't entirely miss out, either. Northern Star (ASX:NST) gained 0.37% against a struggling resource sector, joined by Evolution Mining (ASX:EVN), up 2.14.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Description Last % Volume MktCap
XPN Xpon Technologies 0.021 250% 70221284 $2,174,649
ANX Anax Metals Ltd 0.01 100% 51352795 $4,414,038
AFA ASF Group Limited 0.006 50% 94 $3,169,590
AXP AXP Energy Ltd 0.0015 50% 270000 $6,574,681
PCL Pancontinental Energ 0.012 50% 21351041 $65,092,687
RLL Rapid Lithium Ltd 0.003 50% 5264969 $2,489,889
KPO Kalina Power Limited 0.007 40% 2196679 $14,471,099
SPX Spenda Limited 0.007 40% 32569213 $23,076,077
GTE Great Western Exp. 0.019 36% 334054 $7,948,611
ADG Adelong Gold Limited 0.008 33% 22104925 $8,384,917
AUK Aumake Limited 0.004 33% 215727 $9,070,076
CT1 Constellation Tech 0.002 33% 553114 $2,212,101
KGD Kula Gold Limited 0.009 29% 474189 $6,448,776
EQX Equatorial Res Ltd 0.115 28% 165052 $11,830,082
OD6 Od6Metalsltd 0.028 27% 928833 $3,503,406
CTN Catalina Resources 0.0025 25% 213317 $3,327,519
HLX Helix Resources 0.0025 25% 2288887 $6,728,387
SPG Spc Global Holdings 0.39 24% 32806 $60,789,293
VR8 Vanadium Resources 0.016 23% 219603 $7,335,794
PUA Peak Minerals Ltd 0.011 22% 3899791 $25,265,892
SMP Smartpay Holdings 0.925 22% 533197 $183,877,033
SRR Saramaresourcesltd 0.034 21% 143164 $7,620,232
DAL Dalaroometalsltd 0.03 20% 1026086 $6,223,798
L1M Lightning Minerals 0.06 20% 119871 $5,166,416
CCO The Calmer Co Int 0.003 20% 737094 $6,694,362
Making news…
Anax Metals (ASX:ANX) has just locked in a $3.3 million funding deal from a global player called Mineral Development Partners (MDP). MDP has agreed to tip in up to $103 million all up, backing Anax's push to bring the Whim Creek copper project in WA back to life, and turn it into a major base metals hub for the Pilbara. Anax says the backing is needed to fire up Whim Creek and grow into a serious copper and base metals contender.
XPON Technologies (ASX:XPN) skyrocketed by 300% after snapping up Alpha Digital, a well-known Aussie digital marketing outfit and long-time partner of the business, in a deal set to wrap up in early May. The buyout is worth $1.72 million upfront, with a bit extra on the table if Alpha hits future earnings targets.
Alpha pulled in $4.6 million in revenue last year and comes with around a million bucks in cash. The plan now is to plug in XPON's AI smarts to supercharge Alpha's offering, and roll out more tools to big-name clients like Target, Kmart and QUT. XPON reckons this could be the first of many in a repeatable 'acquire, AI-enable, cross-sell' strategy.
SmartPay (ASX:SMP) shares jumped after it entered exclusive talks with a mystery buyer offering $NZ1.20 a share. It had been weighing up offers from that bidder and Tyro, but went with the first after a sweetened proposal landed in late April. Tyro's now out of the race, and Smartpay's got until June 9 to lock in a deal.
ASX SMALL CAP LAGGARDS
Today's worse performing small cap stocks:
Code Name Price % Change Volume Market Cap
TKL Traka Resources 0.001 -50% 231139 $4,251,580
88E 88 Energy Ltd 0.001 -33% 4682292 $43,400,718
VML Vital Metals Limited 0.002 -33% 17428432 $17,685,201
BGE Bridgesaaslimited 0.016 -30% 144030 $4,596,762
AN1 Anagenics Limited 0.006 -25% 4400838 $3,970,563
AON Apollo Minerals Ltd 0.012 -25% 12814623 $14,855,310
VEN Vintage Energy 0.003 -25% 285611 $7,155,687
BLU Blue Energy Limited 0.007 -22% 689075 $16,658,762
LYK Lykosmetalslimited 0.014 -22% 113420 $4,238,000
DTR Dateline Resources 0.021 -22% 1.2E+08 $74,670,353
C1X Cosmosexploration 0.067 -20% 85870 $8,691,195
HCF Hghighconviction 0.036 -20% 283510 $873,292
AVE Avecho Biotech Ltd 0.004 -20% 5116827 $15,867,318
CAV Carnavale Resources 0.004 -20% 444119 $20,451,092
RAS Ragusa Minerals Ltd 0.017 -19% 16281 $2,994,575
MQR Marquee Resource Ltd 0.009 -18% 50000 $5,340,285
PLY Playside Studios 0.135 -18% 2673921 $67,521,652
BRX Belararoxlimited 0.071 -18% 1188480 $13,539,184
NGS NGS Ltd 0.0225 -17% 380247 $3,658,036
EQS Equitystorygroupltd 0.025 -17% 420003 $5,004,612
HIQ Hitiq Limited 0.025 -17% 110034 $11,026,874
1AD Adalta Limited 0.005 -17% 1235809 $3,859,337
1AI Algorae Pharma 0.005 -17% 50357 $10,124,368
BPP Babylon Pump & Power 0.005 -17% 910000 $14,997,294
CHM Chimeric Therapeutic 0.005 -17% 1000001 $10,904,117
IN CASE YOU MISSED IT
Decidr Ai Industries (ASX:DAI) has expanded its board in preparation for the next phase of commercial scaling and global expansion of its Agentic AI platform, selecting Gordon Starkey as chief revenue officer and Kael Hudson as head of partnerships. The two brings extensive sofrware-as-a-service and partner-led commercial strategy experience, with the appointments intended to 'reinforce Decidr's momentum following major wins across Australia and the US in healthcare, media, finance, education and energy'.
Arovella Therapeutics (ASX:ALA) is moving to obtain two new licenses for novel chimeric antigen receptors (CARs) targeting solid tumours, including neuroblastoma and hepatocellular carcinoma. Both CARS have been studied in clinical trials, reducing the need for preclinical testing.
A US$175,122 research rebate from the Canadian government has bolstered Recce Pharmaceuticals (ASX:RCE) funds, as the company works to develop a new class of synthetic anti-infectives to address the growing problem of antibiotic-resistant superbugs.
Trading Halts
At Stockhead, we tell it like it is. While DecidrAI, Arovella Therapeutics and Recce Pharmaceuticals are Stockhead advertisers, they did not sponsor this article.
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