Lunch Wrap: ASX resets high as US and China hug; Zip soars on bullish guidance
Rare earth truce lifts BHP and Woodside
Zip and Fletcher rocket, Qantas loses altitude
The ASX touched a fresh intraday record on Wednesday, rising by 0.35% on the warm tailwinds of a breakthrough in US-China trade talks.
You can thank two marathon days of trade talk inside a fancy old London mansion, where US and Chinese officials went from butting heads to something that looks a bit like a handshake.
In the past couple of hours, the two sides have apparently agreed on a draft framework to reduce trade tensions and revive the flow of strategic exports.
Rare earths are obviously the crux of this new tentative truce. These minerals power everything from EVs to smartphones to defence tech, and China holds most of the supply cards.
According to US Commerce Secretary Howard Lutnick, 'Once the presidents approve it, we will then seek to implement it.'
It's a dramatic turnaround from the tariff tit-for-tat that rocked markets just weeks ago.
Back home, ASX miners and energy giants caught the updraft.
Woodside Energy Group (ASX:WDS) jumped 2% as oil prices crept higher, and BHP (ASX:BHP) also rose 2% with iron ore edging up in Singapore.
In the large caps space, the real fireworks came from individual stock moves.
Fletcher Building (ASX:FBU), the Kiwi construction heavyweight, also got some love, up 8% after revealing it's been getting inbound calls from interested buyers for parts of its business.
Buy now, pay later (BNPL) player Zip Co (ASX:ZIP) spiked 15% after bumping up its full-year earnings guidance to $160 million after a strong May, driven by more than 40% year-on-year growth in US transaction volumes. CEO Cynthia Scott said the strong US performance shows Zip's model is holding up well and delivering on strategy.
Meanwhile, Qantas (ASX:QAN) lost some altitude, down 1.4% after announcing it's shutting down Jetstar Asia, the Singapore-based offshoot it launched two decades ago.
The airline said the move frees up 13 aircraft to be redeployed across Australian and New Zealand routes and unlocks $500 million for fleet upgrades. But it also comes with a $25 million earnings hit and the end of 16 flight routes.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 11 :
Security Description Last % Volume MktCap
JAV Javelin Minerals Ltd 0.003 50% 60,002 $12,252,298
KP2 Kore Potash PLC 0.056 27% 4,733,544 $28,764,401
AAU Antilles Gold Ltd 0.005 25% 605,718 $9,245,471
EDE Eden Inv Ltd 0.003 25% 823,265 $8,219,762
MEM Memphasys Ltd 0.005 25% 1,640,000 $7,934,392
MMR Mec Resources 0.005 25% 2,293,697 $7,399,063
JLG Johns Lyng Group 3.070 21% 3,652,571 $719,109,639
ADG Adelong Gold Limited 0.006 20% 802,466 $10,343,383
ALY Alchemy Resource Ltd 0.006 20% 200,000 $5,890,381
BLZ Blaze Minerals Ltd 0.003 20% 11,730,798 $3,917,370
GLL Galilee Energy Ltd 0.006 20% 200,000 $3,535,964
ICG Inca Minerals Ltd 0.006 20% 2,416,193 $7,881,950
MGU Magnum Mining & Exp 0.006 20% 1,878,164 $5,608,254
PLC Premier1 Lithium Ltd 0.012 20% 583,333 $3,680,606
RDN Raiden Resources Ltd 0.006 20% 7,507,270 $17,254,457
DAL Dalaroometalsltd 0.040 18% 1,213,769 $8,464,365
RML Resolution Minerals 0.021 17% 59,953,295 $9,464,163
AON Apollo Minerals Ltd 0.007 17% 3,033,333 $5,570,741
TMS Tennant Minerals Ltd 0.007 17% 100,000 $6,395,342
NSB Neuroscientific 0.065 16% 423,679 $8,097,873
ZIP ZIP Co Ltd.. 2.685 15% 28,749,538 $3,015,732,857
ALM Alma Metals Ltd 0.004 14% 125,000 $5,552,209
Blaze Minerals (ASX:BLZ) has confirmed a fresh discovery of gallium and rubidium at its Ntungamo Project in Uganda, after wrapping up a 1,548m diamond drilling campaign targeting pegmatites. Assays from the first three holes show strong hits of gallium, with standout intercepts including 23m at 25ppm gallium and 476ppm rubidium. Scandium also popped up in parts of the core, though sampled sparingly. Drill results from two more holes are still pending.
Resolution Minerals (ASX:RML) has snapped up the Horse Heaven Project in Idaho, right next to the biggest antimony project in the US, the Perpetua Resources' $2bn Stibnite mine. RML said it's loaded with antimony, gold, silver and tungsten across two key prospects, both drill-ready. Historic rock chips and drilling show strong grades, with a non-JORC gold resource of 286,000oz.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 11 :
Code Name Price % Change Volume Market Cap
DGR DGR Global Ltd 0.003 -40% 423,076 $5,218,480
ADD Adavale Resource Ltd 0.001 -33% 2,909,082 $3,430,919
BMO Bastion Minerals 0.002 -33% 62,529,275 $2,710,883
PAB Patrys Limited 0.001 -33% 15,051,285 $3,086,171
DTR Dateline Resources 0.072 -28% 128,943,575 $293,543,905
FHS Freehill Mining Ltd. 0.006 -25% 1,220,383 $25,868,222
G50 G50Corp Ltd 0.150 -21% 2,169,537 $30,513,555
CHM Chimeric Therapeutic 0.004 -20% 100,000 $10,075,971
CZN Corazon Ltd 0.002 -20% 45,143 $2,961,431
TYX Tyranna Res Ltd 0.004 -20% 1,010,572 $16,442,127
VRC Volt Resources Ltd 0.004 -20% 1,250,000 $23,423,890
CF1 Complii Fintech Ltd 0.018 -18% 115,514 $12,570,660
LKY Locksleyresources 0.070 -18% 13,306,384 $15,583,333
ICE Icetana Limited 0.025 -17% 984,044 $13,144,280
ANR Anatara Ls Ltd 0.005 -17% 290,750 $1,280,302
GGE Grand Gulf Energy 0.003 -17% 1,516,666 $8,461,275
LIT Livium Ltd 0.010 -17% 3,495,898 $20,286,085
SHE Stonehorse Energy Lt 0.005 -17% 16,666 $4,106,610
WSR Westar Resources 0.005 -17% 25,547 $2,392,349
EWC Energy World Corpor. 0.017 -15% 274,383 $61,578,425
BNL Blue Star Helium Ltd 0.006 -14% 1,479,025 $18,864,197
CLA Celsius Resource Ltd 0.006 -14% 177,056 $21,948,419
EVR Ev Resources Ltd 0.006 -14% 3,720,543 $13,900,857
Bastion Minerals (ASX:BMO) confirmed a 6.43Mt JORC resource at its ICE copper-gold project in Canada, matching an old 1998 estimate. Most of the copper sits in the Indicated category, and mineralisation starts at surface, so it's open-pit friendly. But despite the solid numbers, the market seemed underwhelmed.
IN CASE YOU MISSED IT
A recent scoping study has bolstered GTI Energy (ASX:GTR) confidence of the potential for an in-situ uranium operation at its Lo Herma project in Wyoming, USA.
DY6 Metals (ASX:DY6) has spotted natural rutile throughout its Central Rutile tenement package in Cameroon, Africa.
West Coast Silver (ASX:WCE) has completed its maiden drilling at the Elizabeth Hill silver project with core sent to the lab for analysis.
Peregrine Gold (ASX:PGD) has started drilling at the Newman gold project in WA, targeting a gold and arsenic anomaly.
LAST ORDERS
Codeifai (ASX:CDE) has responded to an ASX price and volume query after rocketing up 162% in the past five trading days, indicating the company is in acquisition discussions with two separate entities.
The first potential acquisition concerns Trust Codes Global, a New Zealand-based private company with a market-leading serialised QR code platform.
The second potential target is Credissential Inc, a Canadian company that owns the QuantumAI Transfer platform, which uses serialised QR codes as the entry point to quantum secure payments.
Strong investor demand above and beyond the scope of its public offer has prompted Broken Hill Mines (ASX:BHM) to close its IPO early, having raised $20m at $0.35 a share well ahead of schedule.
The company will hold a general meeting on June 20, after which it will resume trading on the ASX under the ticker BHM.
QMines (ASX:QML) is gearing up to convert its inferred mineral resource into higher JORC categories at the Develin Creek project. The company is 11 holes into a 44-hole program, with initial assays expected early in the third quarter of 2025 and a revised MRE in the fourth.
At Stockhead, we tell it like it is. While Codeifai, Broken Hill Mines and QMines are Stockhead advertisers, they did not sponsor this article.
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