Closing Bell: ASX ends flat as info tech rally falters
Info tech sector reverses course, retreating from 1.2pc gain to just 0.2pc
Gold shines as USD falls; All Ord Gold index adds 1.09pc
Gold shines, tech declines
The info tech sector was providing the majority of the ASX's momentum this morning, up about 1.2%.
As the day stretched long, the info tech gains evaporated, leaving the ASX 200 almost exactly where it started, down 1.2 points or 0.1%.
Defensive stocks stood their ground; utilities added 0.91% and real estate 0.75%.
Gold also made progress, gaining against a faltering greenback as the mounting clamour for interest rate cuts on Wall Street puts pressure on the US dollar.
The ASX All Ord Gold industry added 1.09%, alongside a 0.42% uptick for the Small Ords.
A lot of that movement was in penny stocks, but Emerald Resources (ASX:EMR) added 3.3%, Red Hill Minerals (ASX:RHI) 5%, Kingsgate Consolidated (ASX:KCN) 7% and Saturn Metals (ASX:STN) 12.5%.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Name Last % Change Volume Market Cap
EWC Energy World Corpor. 0.048 129% 14856294 $64,657,346
AOA Ausmon Resorces 0.002 100% 1329400 $1,311,213
CT1 Constellation Tech 0.002 100% 3113189 $1,474,734
NXS Next Science Limited 0.11 64% 9215319 $19,574,736
ADDDB Adavale Resource Ltd 0.032 60% 213697 $2,287,279
HMD Heramed Limited 0.011 57% 8474550 $6,129,219
IS3 I Synergy Group Ltd 0.0015 50% 2180451 $1,502,190
TEG Triangle Energy Ltd 0.003 50% 1104532 $4,178,468
SRL Sunrise 1.175 46% 2178862 $92,758,060
EV1 Evolutionenergy 0.015 36% 399417 $3,989,155
CZN Corazon Ltd 0.002 33% 525391 $1,776,858
M2R Miramar 0.004 33% 2150000 $2,990,470
RNX Renegade Exploration 0.004 33% 2165000 $3,865,090
VFX Visionflex Group Ltd 0.002 33% 3500000 $5,051,791
WBE Whitebark Energy 0.004 33% 2960000 $2,062,001
ICG Inca Minerals Ltd 0.012 33% 5049324 $14,187,511
ENX Enegex Limited 0.017 31% 43999 $4,951,987
GLA Gladiator Resources 0.009 29% 426348 $5,308,078
OMX Orangeminerals 0.077 28% 1426132 $8,286,137
PUR Pursuit Minerals 0.057 27% 965382 $4,488,028
NSB Neuroscientific 0.11 26% 2451852 $28,934,086
EGG Enero Group Ltd 0.865 26% 503556 $62,153,558
PNN Power Minerals Ltd 0.069 25% 1401168 $7,004,950
RMI Resource Mining Corp 0.015 25% 2838012 $8,813,440
ADR Adherium Ltd 0.005 25% 607622 $3,593,916
Energy World (ASX:EWC) is preparing to restructure its capital and management under a proposal that would see US$440 million in debt transformed into shares.
EWC is converting its debt with Slipform Engineering Group into shares at $0.88 each, valuing them at 44-times its current 30-day VWAP of $0.02.
EWC managing director Brian Allen will also step down from the position after 24 years, with new interim chair Alan Jowell and CEO Edward McCartin taking up their roles effective today.
The company has opted to engage in a share conversion with Slipform, owned by the Elliott family (founder and EWC CEO Stewart Elliott passed away last year), in order to repay the outstanding debt.
Next Science (ASX:NXS) is looking to offload the vast majority of its assets and intellectual property in an asset purchase agreement with Demetra Holdings S.p.A for a total sale price of US$50 million.
NXS will retain ownership of the durable medical equipment segment and intends to return the net proceeds of the sale to shareholders to the tune of US$30 million. Management has signalled it intends to vote in favour of the transaction at the next EGM.
Sunrise Energy Metals (ASX:SRL) has wrapped up a heavily oversubscribed $1.5m share purchase plan. The company could only accept 37.5% of subscription offers, after shareholders asked for $4m.
Renegade Exploration (ASX:RNX) has unearthed multiple silver rock chips grading above 1000 g/t at the Broken Hills project in Nevada, US.
Five rock chips exceeded 1020 g/t silver with additional gold values up to 16.21 g/t gold, peaking at 2469 g/t silver.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Security Name Last % Change Volume Market Cap
GMN Gold Mountain Ltd 0.001 -33% 235592 $8,429,639
VMLDB Vital Metals Limited 0.067 -33% 11648 $11,790,134
AN1 Anagenics Limited 0.004 -20% 30000 $2,481,602
KPO Kalina Power Limited 0.004 -20% 4906284 $14,664,978
ROG Red Sky Energy. 0.004 -20% 6944305 $27,111,136
SIS Simble Solutions 0.004 -20% 250000 $5,411,652
SRJ SRJ Technologies 0.004 -20% 3561707 $3,027,890
TMX Terrain Minerals 0.002 -20% 9000136 $6,329,536
GBZ GBM Rsources Ltd 0.014 -18% 14131740 $24,069,639
TMK TMK Energy Limited 0.0025 -17% 7819005 $30,667,149
AON Apollo Minerals Ltd 0.006 -14% 1362333 $6,499,198
LML Lincoln Minerals 0.006 -14% 2107369 $14,717,988
T88 Taitonresources 0.06 -14% 13100 $5,212,016
ADC Acdc Metals Ltd 0.04 -13% 285381 $3,439,656
IFG Infocusgroup Hldltd 0.014 -13% 2904816 $4,415,389
NAG Nagambie Resources 0.014 -13% 1891 $12,852,838
KAM K2 Asset Mgmt Hldgs 0.065 -12% 6250 $17,840,305
SPD Southernpalladium 0.59 -12% 19389 $71,656,500
PCK Painchek Ltd 0.04 -11% 103757 $82,892,520
AAJ Aruma Resources Ltd 0.008 -11% 30000 $2,951,465
ADG Adelong Gold Limited 0.004 -11% 6915887 $9,309,045
AM5 Antares Metals 0.008 -11% 1160500 $4,633,676
CLG Close Loop 0.032 -11% 4353864 $19,146,595
DRE Dreadnought Resources Ltd 0.008 -11% 3790981 $45,715,500
GSM Golden State Mining 0.008 -11% 47098 $2,514,336
IN CASE YOU MISSED IT
Asian Battery Metals (ASX:AZ9) has demonstrated the strength of the Yambat mineralised system in Mongolia with more high-grade copper-nickel intersections.
Many Peaks Minerals (ASX:MPK) has retained an exclusive option to acquire 100% of the Baga gold project in Côte d'Ivoire.
StockTake: Uvre (ASX:UVA) to dot the i's and cross the t's on New Zealand gold pickup.
IoT tech company X2M Connect (ASX:X2M) has taken a 7% stake in Dicode after a major UAE contract win.
Codeifai (ASX:CDE) is set to acquire AI-backed, quantum-secure platform antennatransfer.io from Canada's Credissential Inc.
Magmatic Resources (ASX:MAG) has completed the first stage of its purchase for the highly prospective Weebo gold project in WA's Goldfields.
Future Battery Minerals (ASX:FBM) has uncovered six new gold anomalies at its Burbanks East tenements.
LAST ORDERS
New Age Exploration (ASX:NAE) has locked in a $1 per tonne royalty for the first 15 million tonnes of any mineral ore or concentrate extracted from the Lochinvar coal project in the UK, completing the sale of the asset.
Management reckons the royalties could be worth up to $15 million, while the sale itself allows NAE to focus its resources on its gold and lithium projects closer to home.
TRADING HALTS
Alphinity Global Equity Fund (ASX:XALG) – technical issue
Alphinity Global Sustainable Equity Fund (ASX:XASG) – technical issue
Australian Oil Company (ASX:AOK) – settlement deed
Butn Ltd (ASX:BTN) – debt refinancing
Falcon Metals (ASX:FAL) – exploration results
Finder Energy Holdings (ASX:FDR) – cap raise
Resources & Energy Group (ASX:REZ) – cap raise
Santa Fe Minerals (ASX:SFM) – cap raise
Yojee Ltd (ASX:YOJ) – cap raise
At Stockhead, we tell it like it is. While New Age Exploration is a Stockhead advertiser, it did not sponsor this article.
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