Lunch Wrap: ASX stays above water as Wall Street busts records; goldies rally
Gold climbs, oil slides
Insignia jumps, Vik Bansal steps down as Boral CEO
The ASX kept its head above the surface by Tuesday lunchtime in the east coast, rising a modest 0.15%.
Overnight, the S&P 500 and Nasdaq both rewrote the record books, fuelled by big tech tailwinds and Wall Street's growing obsession with rate cuts.
Trump was again in the thick of it, heckling Fed Reserve boss Jerome Powell from his digital pulpit and warning him to cut rates or face the wrath.
With traders now betting on at least two rate cuts in 2025, gold is back in favour. The precious metal nudged up to around US$3,312 an ounce this morning.
The US dollar, bruised and limping, is down 12% from its January highs, which also made bullion a whole lot shinier for buyers.
Oil, on the other hand, has taken a tumble. WTI is now hovering around US$65 a barrel as traders weigh up how much more OPEC+ is planning to pump out.
Back home on the ASX, defensive sectors – utilities, staples and real estate – led the gains this morning.
In the large caps space, Insignia Financial (ASX:IFL) delivered the morning's biggest bang, surging as high as 9% after CC Capital said it's getting serious about making a binding bid.
Meanwhile, Kerry Stokes' SGH (ASX:SGH), the owner of once-listed Boral, dropped nearly 2% after news broke that Vik Bansal will step down as Boral CEO and shift into a non-executive role at Seven Group Holdings (ASX:SVW).
Investors weren't thrilled about the timing, given SGH only took full control of Boral last July.
David Di Pilla's HMC Capital (ASX:HMC) took a hit too, sliding more than 14% after its energy transition lead Angela Karl quit, and it delayed closing the deal for Neoen's Victorian wind and battery assets by a month.
And, insurance heavyweight Insurance Australia (ASX:IAG) lifted its profit guidance, now expecting full-year insurance profits between $1.6 and $1.8 billion, up from its previous $1.4 to $1.6 billion range. Shares were still down 0.2%.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 1 :
Security Description Last % Volume MktCap
AOA Ausmon Resorces 0.002 100% 1,004,755 $1,311,213
CT1 Constellation Tech 0.002 100% 2,113,189 $1,474,734
EWC Energy World Corpor. 0.042 100% 11,521,775 $64,657,346
IS3 I Synergy Group Ltd 0.002 100% 1,502,492 $1,502,190
NXS Next Science Limited 0.120 79% 4,293,990 $19,574,736
JAV Javelin Minerals Ltd 0.003 50% 1,000,000 $12,252,298
TEG Triangle Energy Ltd 0.003 50% 774,532 $4,178,468
OLL Openlearning 0.017 42% 1,368,844 $5,792,096
M2R Miramar 0.004 33% 1,150,000 $2,990,470
OMG OMG Group Limited 0.008 33% 4,677,189 $4,369,769
RNX Renegade Exploration 0.004 33% 1,364,000 $3,865,090
VFX Visionflex Group Ltd 0.002 33% 3,500,000 $5,051,791
WBE Whitebark Energy 0.004 33% 2,960,000 $2,062,001
GLA Gladiator Resources 0.009 29% 426,348 $5,308,078
HMD Heramed Limited 0.009 29% 1,232,196 $6,129,219
EV1 Evolutionenergy 0.014 27% 340,079 $3,989,155
ENL Enlitic Inc. 0.029 26% 424,211 $18,989,173
RMI Resource Mining Corp 0.015 25% 2,573,218 $8,813,440
ADR Adherium Ltd 0.005 25% 40,000 $3,593,916
ALR Altairminerals 0.003 25% 1,958,200 $8,593,488
MEM Memphasys Ltd 0.005 25% 100,000 $7,934,392
MPR Mpower Group Limited 0.010 25% 29,999 $2,749,626
PIL Peppermint Inv Ltd 0.003 25% 128,333 $4,602,180
SRL Sunrise 0.995 24% 946,852 $92,758,060
Energy World Corporation (ASX:EWC) is planning a major shake-up. It's struck a deal with EWI and Slipform to wipe out over US$440 million in debt by converting it into shares, subject to shareholder approval. The new shares would be priced at 88 cents and would lift EWI and Slipform's stake from 41% to around 53%. If the deal goes through, the company says it will be debt-free. At the same time, long-time boss Brian Allen is stepping down after 24 years. Alan Jowell will step in as interim Chair, and Edward McCartin takes over as CEO from today.
Wound-care biotech Next Science (ASX:NXS) is planning to sell off almost all of its assets to Italy's Demetra for US$50 million, pending shareholder approval. After clearing debts and costs, it expects to return around US$30 million to shareholders. The deal includes its IP, contracts, inventory and approvals, but not its DME (durable medical equipment) business. Next Science says the sale gives its infection-fighting tech a better shot at global scale under Demetra's roof. If approved, it will wrap up the transaction and then weigh up its future as a listed company.
AI-powered edtech outfit OpenLearning (ASX:OLL) has sealed a new three-year SaaS deal worth around $495k with CE-Logic, a major education publisher in the Philippines. The agreement will see OpenLearning's platform used by at least 3,000 students in year one, and 20,000 in years two and three, with potential upside if usage climbs. It marks the company's third big win in the Philippines this year, bringing total minimum contract value to about $1.26 million.
And, snack maker OMG Group (ASX:OMG) just clocked its best month ever, booking $602k in June sales and turning a $242k operating cash-flow surplus. That pushed FY25 revenue to $4.13m, up 63 % and comfortably ahead of its $4m target.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for July 1 :
Code Name Price % Change Volume Market Cap
GMN Gold Mountain Ltd 0.001 -33% 235,592 $8,429,639
AN1 Anagenics Limited 0.004 -20% 30,000 $2,481,602
RCM Rapid Critical 0.002 -20% 1,000,000 $3,539,445
ROG Red Sky Energy. 0.004 -20% 47,368 $27,111,136
SIS Simble Solutions 0.004 -20% 250,000 $5,411,652
SRJ SRJ Technologies 0.004 -20% 3,318,120 $3,027,890
TMX Terrain Minerals 0.002 -20% 9,000,136 $6,329,536
PRM Prominence Energy 0.003 -17% 268,495 $1,459,411
TMK TMK Energy Limited 0.003 -17% 7,195,624 $30,667,149
C29 C29Metalslimited 0.017 -15% 808,381 $3,483,765
HMC HMC Capital Limited 4.370 -14% 2,396,960 $2,104,340,228
AON Apollo Minerals Ltd 0.006 -14% 1,362,333 $6,499,198
AR9 Archtis Limited 0.198 -14% 1,186,314 $66,232,445
TAM Tanami Gold NL 0.055 -13% 440,754 $74,031,114
IFG Infocusgroup Hldltd 0.014 -13% 1,424,953 $4,415,389
KAM K2 Asset Mgmt Hldgs 0.065 -12% 6,250 $17,840,305
PCK Painchek Ltd 0.040 -11% 3,376 $82,892,520
AAJ Aruma Resources Ltd 0.008 -11% 30,000 $2,951,465
ADG Adelong Gold Limited 0.004 -11% 233,765 $9,309,045
AM5 Antares Metals 0.008 -11% 1,160,500 $4,633,676
CLG Close Loop 0.032 -11% 3,110,554 $19,146,595
DRX Diatreme Resources 0.017 -11% 107,997 $95,157,355
SPQ Superior Resources 0.005 -10% 1,300,000 $11,854,914
ADX ADX Energy Ltd 0.028 -10% 104,901 $17,946,172
IN CASE YOU MISSED IT
Brazilian Critical Minerals' (ASX:BCM) Ema in-situ recovery field trial has successfully produced a magnet rare earth oxide-rich leach solution.
Results from the first 66 holes of ongoing Phase 1 drilling have confirmed a new gold-copper discovery for Antipa Minerals (ASX:AZY) at the Minyari project.
DY6 Metals' (ASX:DY6) sampling has identified a 100km2 area at the Bounde licence in Cameroon with abundant rutile, including large nuggets, and heavy minerals.
Optiscan's (ASX:OIL) latest study is now underway, using its InVue and InForm devices to help surgeons assess breast cancer margins in real time.
Aldoro Resources (ASX:ARN) expands first phase drilling at Kameelburg after assays extend mineralisation and hint at more riches at depth.
LAST ORDERS
Medallion Metals (ASX:MM8) is buying up 258 hectares of freehold property as part of its environmental offset strategy for the Ravensthorpe gold project. The company will work to re-establish native vegetation across the full extent of its offset blocks under the EPBC Act.
Buxton Resources (ASX:BUX) has completed a heritage survey for its Madman project in collaboration with six traditional owners. BUX expects to see the results in the next four to six weeks.
Star Minerals (ASX:SMS) has welcomed Clint Moxham as a new non-executive director on the board. Moxham brings extensive experience in mining operations, particularly project development and execution, aligning with SMS's ambitions to develop the Tumblegum South gold project.
At Stockhead, we tell it like it is. While Medallion Metals, Buxton Resources and Star Minerals are Stockhead advertisers, they did not sponsor this article.
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 ASX energy leads, but tech holds strong in June
 Defence stocks dominate as DroneShield, Elsight, archTIS surge Wall Street wrapped up the quarter on a strong note, with both the S&P 500 and the tech-heavy Nasdaq setting fresh record highs. The S&P500 is now up 25% since April's panic lows, a comeback so sharp it feels like the market went from 'brace for impact' to 'bring out the champagne' in under 90 days. And leading the charge was none other than Big Tech. The Nasdaq, flush with mega-cap firepower, hit fresh highs as investors kept pouring into names they now treat like digital infrastructure: Nvidia, Oracle, Meta, Apple. During the month, Oracle broke records on news of a single US$30 billion-a-year cloud deal, and Nvidia became the world's most valuable company at nearly US$4 trillion. Global X now reckons that Nasdaq could finish the year somewhere between 21,000 and 24,000 (from the current 20,400 level). 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ASX tech winners in June Code Name Price Month % Change Market Cap ICE Icetana Limited 0.056 300% $29,782,251 AR9 Archtis Limited 0.230 229% $66,232,445 IFG Infocus Group 0.016 167% $4,415,389 ELS Elsight Ltd 1.775 131% $322,590,650 DXN DXN Limited 0.072 100% $21,506,662 DRO Droneshield Limited 2.280 73% $1,994,130,987 VR1 Vection Technologies 0.037 68% $65,394,610 SIS Simble Solutions 0.005 67% $5,411,652 HCL Highcom Ltd 0.310 55% $31,831,628 EOS Electro Optic Sys. 2.850 54% $549,913,482 OPL Opyl Limited 0.029 53% $6,814,081 YOJ Yojee Limited 0.395 46% $128,918,944 BDT Birddog 0.068 45% $10,981,050 1CG One Click Group Ltd 0.009 29% $10,640,575 FCT Firstwave Cloud Tech 0.016 23% $27,416,299 DUG DUG Tech 1.360 21% $183,134,337 FBR FBR Ltd 0.006 20% $34,136,713 QOR Qoria Limited 0.495 19% $652,328,462 JCS Jcurve Solutions 0.039 18% $12,883,394 SLX Silex Systems 4.220 17% $1,004,806,155 PHX Pharmx Technologies 0.093 16% $55,661,131 XF1 Xref Limited 0.155 15% $34,113,913 ASB Austal Limited 6.280 14% $2,645,010,676 DUB Dubber Corp Ltd 0.018 13% $47,220,614 CDA Codan Limited 20.110 12% $3,651,389,633 ESK Etherstack PLC 0.490 11% $64,764,281 SMP Smartpay Holdings 1.040 11% $251,621,203 NXT Nextdc Limited 14.500 11% $9,286,033,305 SKO Serko 2.930 8% $365,078,440 DCC Digitalx Limited 0.075 7% $90,271,791 MP1 Megaport Limited 14.440 7% $2,323,992,834 XYZ Block Inc 102.650 6% $4,849,418,810 8CO 8Common Limited 0.017 6% $3,809,613 BEO Beonic Ltd 0.210 5% $14,880,812 OEC Orbital Corp Limited 0.095 4% $15,654,073 BCC Beam Communications 0.125 4% $10,802,740 JAN Janison Edu Group 0.145 4% $37,683,797 XRG Xreality Group Ltd 0.031 3% $20,569,973 PPK PPK Group Limited 0.325 3% $29,514,062 EML EML Payments Ltd 1.165 3% $445,146,763 DTL Data#3 Limited 7.610 2% $1,178,852,414 SPZ Smart Parking Ltd 0.885 2% $362,985,326 CCR Credit Clear 0.235 2% $99,792,431 WTC Wisetech Global Ltd 109.030 2% $36,483,944,164 EOL Energy One Limited 14.940 1% $468,075,922 GTK Gentrack Group Ltd 11.530 1% $1,242,033,461 Making news for the right reasons or just hitting milestones, here were some of the month's notable gainers… iCetana (ASX:ICE) icetana AI surged in June after signing a $3.6 million strategic partnership with global tech heavyweight SoftBank Robotics. The deal includes a $1.87 million equity investment from SoftBank Robotics Singapore, giving it a 17.6% stake in icetana AI. SoftBank Robotics Corp. was also appointed exclusive distributor in Japan, with a guaranteed minimum of around $693k in annual recurring revenue. On top of that, it agreed to a three-year, $1.08 million joint development program to integrate icetana AI's video analytics with its own robotics and security platforms. The deal is icetana AI's biggest to date and sets it up for deeper expansion into Japan's market, building on its long-standing relationship with local partner Macnica. archTIS (ASX:AR9) archTIS rose in June off the back of two major defence wins that put it firmly on the radar. The first was a breakthrough deal with the US Department of Defense, where a prime contractor signed on for 1,000 licences of NC Protect, worth $38,500. While the initial value is modest, the deal is seen as the gateway to a much bigger rollout, potentially onboarding 150,000 users across the DoD's warfighter network over the next year. Just days earlier, it landed another win, this time in the UK, signing a three-year, $263k contract with the local arm of a global aerospace and defence giant. The deal covers an initial 400 users as part of the client's Microsoft 365 cloud migration. The timing couldn't be better. With NATO recently agreeing to lift collective defence spending targets from 2% to 5% of GDP, and cybersecurity sitting high on the agenda, archTIS could be well placed here. Elsight (ASX:ELS) Elsight is another defence tech stock that lit up in June. The company locked in a fresh US$5.1 million order from its European defence OEM customer for more of its Halo connectivity units. That takes total orders from this one client to US$14.7 million for 2025 alone, a sixfold jump on what it booked for all of last year. Not bad for a company that was flying under the radar not long ago. The new contract comes off the back of that OEM securing a bunch of downstream defence clients who have now standardised on Halo as the go-to comms backbone for unmanned systems. Despite the regional conflict back home in Israel, Elsight said its production lines didn't miss a beat. DXN (ASX:DXN) DXN surged in June after landing two key contracts worth a combined $6.2 million. The big one was a $4.6 million deal with Globalstar to design and deliver three high-spec modular data centres for deployment in Hawaii by the end of 2025. The win came after a tough global tender, with DXN chosen for its strong customisation track record in defence, satellite and telco builds. Days later, it locked in a $1.6 million deal with Ventia to roll out its new indoor StructCore solution for a major Aussie telco, marking DXN's entry into the brownfield data centre retrofit market. Both contracts back the company's FY25 revenue guidance of $15.7-16 million, up at least 45% from last year. The market's now watching as DXN scales up across both satellite and telco infrastructure plays. DroneShield (ASX:DRO) Yet another defence stock on a tear. DroneShield locked in a record $61.6 million contract in June with a European military via its local reseller, marking the biggest deal in its history and larger than all of its 2024 revenue. The deal is for handheld and mobile counterdrone kits, with delivery and payment locked in for Q3 and Q4 next year. Just days later, it added a $9.7 million contract out of Latin America, again through a repeat reseller. Both wins reflect growing global demand as militaries move from testing to full-scale rollouts of counterdrone tech. With NATO ramping budgets and drone warfare heating up, DroneShield looks well-placed and well-armed for what's next. ASX tech losers in June Code Name Price Month % Change Market Cap 4DS 4Ds Memory Limited 0.025 -58% $51,522,468 ID8 Identitii Limited 0.005 -44% $3,890,068 IS3 I Synergy Group Ltd 0.001 -42% $1,502,190 CT1 Constellation Tech 0.001 -33% $1,474,734 AI1 Adisyn Ltd 0.044 -33% $31,861,526 DWG Dataworks Group 0.087 -33% $8,893,492 OLL Openlearning 0.012 -29% $5,792,096 DTI DTI Group Ltd 0.005 -29% $4,485,514 AXE Archer Materials 0.215 -28% $54,792,108 ZMM Zimi Ltd 0.008 -27% $3,420,351 RCL Readcloud 0.100 -26% $15,361,976 PIL Peppermint Inv Ltd 0.002 -20% $4,602,180 BLG Bluglass Limited 0.009 -18% $21,718,791 EXT Excite Technology 0.009 -18% $18,653,777 ODA Orcoda Limited 0.065 -18% $12,188,424 RWL Rubicon Water 0.175 -17% $42,121,642 X2M X2M Connect Limited 0.016 -16% $6,960,909 AT1 Atomo Diagnostics 0.014 -15% $10,319,613 SEN Senetas Corporation 0.017 -15% $28,152,324 NVQ Noviqtech Limited 0.023 -15% $5,785,341 COS Cosol Limited 0.670 -15% $121,932,493 NVU Nanoveu Limited 0.041 -15% $36,185,867 WHK Whitehawk Limited 0.012 -14% $8,896,157 CYB Aucyber Limited 0.069 -14% $14,448,372 NOV Novatti Group Ltd 0.019 -14% $10,346,775 BVS Bravura Solution Ltd 2.220 -13% $995,345,884 TAL Talius Group Limited 0.061 -13% $17,491,677 MX1 Micro-X Limited 0.049 -13% $32,692,910 AJX Alexium Int Group 0.007 -13% $11,105,001 W2V Way2Vatltd 0.007 -13% $11,896,288 PPS Praemium Limited 0.640 -12% $305,737,711 FLX Felix Group 0.185 -12% $37,832,447 SPA Spacetalk Ltd 0.150 -12% $10,936,902 NXL Nuix Limited 2.190 -12% $724,305,995 VNL Vinyl Group Ltd 0.115 -12% $154,855,021 PFM Platformo Ltd 0.080 -11% $7,592,664 OAK Oakridge 0.064 -11% $1,727,866 WBT Weebit Nano Ltd 1.625 -11% $338,676,722 DTZ Dotz Nano Ltd 0.043 -10% $25,458,764 EIQ Echoiq Ltd 0.220 -10% $141,941,296 XPN Xpon Technologies 0.009 -10% $3,728,279 NVX Novonix Limited 0.380 -10% $241,730,298 3DP Pointerra Limited 0.050 -9% $40,253,840 IKE Ikegps Group Ltd 0.840 -9% $135,455,037 TZL TZ Limited 0.054 -8% $15,153,162 LVE Love Group Global 0.115 -8% $4,661,429 ROC Rocketboots 0.081 -8% $13,876,382 SP3 Specturltd 0.012 -8% $3,697,801 IRE IRESS Limited 8.000 -8% $1,494,315,792 FND Findi Limited 4.250 -8% $262,655,189 HYD Hydrix Limited 0.013 -7% $3,545,995 ATA Atturralimited 0.800 -7% $305,163,887 ERD Eroad Limited 1.295 -7% $242,773,462 SNS Sensen Networks Ltd 0.029 -6% $22,998,087 VGL Vista Group Int Ltd 3.250 -6% $776,211,738 VIG Victor Group Hldgs 0.077 -6% $50,221,454 GTI Gratifii 0.093 -6% $35,320,595 AD8 Audinate Group Ltd 7.480 -6% $623,555,105 IRI Integrated Research 0.415 -6% $73,601,374 RUL Rpmglobal Hldgs Ltd 2.910 -5% $642,292,211 BRN Brainchip Ltd 0.195 -5% $395,019,638 AVA AVA Risk Group Ltd 0.100 -5% $29,047,203 CGO CPT Global Limited 0.060 -5% $2,513,842 LIS Lisenergylimited 0.105 -5% $67,221,024 CF1 Complii Fintech Ltd 0.024 -4% $13,713,447 IOD Iodm Limited 0.120 -4% $73,987,702 CXZ Connexion Mobility 0.025 -4% $20,275,987 FL1 First Lithium Ltd 0.075 -4% $5,974,020 CML Connected Minerals 0.125 -4% $5,169,777 SMN Structural Monitor. 0.415 -3% $64,078,095 360 Life360 Inc. 32.180 -3% $5,397,996,932 RDY Readytech Holdings 2.300 -3% $284,197,446 AMO Ambertech Limited 0.155 -3% $14,787,741 RKN Reckon Limited 0.475 -3% $53,815,045 ASV Assetvisonco 0.038 -3% $28,285,739 XRO Xero Ltd 179.800 -2% $29,598,429,674 HSN Hansen Technologies 4.980 -2% $1,015,083,943 IFM Infomedia Ltd 1.185 -2% $448,427,333 ACE Acusensus Limited 0.950 -2% $133,205,069 DDR Dicker Data Limited 8.070 -2% $1,458,184,303 SOR Strategic Elements 0.032 -2% $15,164,770 EVS Envirosuite Ltd 0.083 -1% $120,251,195 CPU Computershare Ltd 39.890 -1% $23,167,306,780 TYR Tyro Payments 0.880 -1% $464,945,862
