Lunch Wrap: ASX snuggles up to Wall Street high as ‘big beautiful bill' passes
Trump teases tariff letters as "big beautiful bill" passes
Cleanaway and Santos ink deals; Magellan shrugs off outflows
It's lunchtime in the east and the local market is tucking into a modest rally. The benchmark ASX 200 is 0.15% stronger, eyeing that mid-week record.
Local traders took their cue from an abbreviated but exuberant session on Wall Street overnight, where traders clocked off at 1 pm for the Fourth of July holiday.
The S&P 500, Nasdaq and Dow still managed to bang out fresh records.
A 'big, beautiful' US$3.4 trillion fiscal bill has now slid through the House. The US Senate passed it 51–50 (VP Vance casting the tieâ€'breaker), the House followed 218–214 last night, and Trump will sign it later tonight.
Trump also hinted at unilateral 'reciprocal' tariffs if trading partners don't play nice by July 9.
He threatened to start firing off letters, 'maybe 10 a day', spelling out who's going to pay what to do business with the US.
Elsewhere in the commodities space, iron ore has clambered back over US$96/t in Singapore as Beijing vows to stamp out 'disorderly' low-price steel competition.
Gold eased nearly 1% after a strong US jobs data overnight torpedoed immediate Fed-cut dreams, though bullion's still up 25% year-to-date.
Back home on the ASX, the baton has been passed from miners to tech this morning.
Local software names shadowed the Nasdaq. Appen (ASX:APX) was up 8%, Life360 (ASX:360) by 3%.
RBA rate-cut rumours for next week put a spring in shoppers' steps too. Wesfarmers (ASX:WES) and Myer (ASX:MYR) jumped 1% each.
In the large caps news, Cleanaway (ASX:CWY) spiked 2% after the ACCC gave the nod to its $377m swoop on Contract Resources. Regulator Philip Williams said he didn't see competition issues in industrial services.
Engineering contractor Monadelphous Group (ASX:MND) nudged 1.5% higher after locking in over $100 million worth of work with Technip Energies.
And, Santos (ASX:STO) inked a mid-term deal with QatarEnergy Trading for roughly half a million tonnes of LNG a year over two years. STO shares were down 0.3%.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 4 :
Security Description Last % Volume MktCap
GMN Gold Mountain Ltd 0.002 100% 105,995,646 $5,619,759
GLL Galilee Energy Ltd 0.008 60% 1,794,993 $3,535,964
DY6 Dy6Metalsltd 0.210 35% 2,190,750 $11,541,688
AOA Ausmon Resorces 0.002 33% 3,402,438 $1,966,820
SFG Seafarms Group Ltd 0.002 33% 456,473 $7,254,899
WMG Western Mines 0.250 25% 266,072 $19,357,669
MSG Mcs Services Limited 0.005 25% 250,001 $792,399
TEM Tempest Minerals 0.005 25% 100,589 $4,407,180
SLH Silk Logistics 2.105 22% 590,694 $140,261,869
OKJ Oakajee Corp Ltd 0.040 21% 12,200 $3,017,719
KPO Kalina Power Limited 0.006 20% 2,541,951 $14,664,978
AUG Augustus Minerals 0.032 19% 551,238 $4,588,554
CR1 Constellation Res 0.130 18% 2,800 $6,934,315
ICE Icetana Limited 0.087 18% 1,021,675 $39,355,118
CVR Cavalierresources 0.235 18% 175,056 $11,568,443
ATX Amplia Therapeutics 0.275 17% 4,960,449 $91,168,877
3DP Pointerra Limited 0.062 17% 1,670,193 $42,669,070
ENL Enlitic Inc. 0.035 17% 1,715,848 $24,768,486
CAV Carnavale Resources 0.004 17% 496,875 $12,270,655
MGU Magnum Mining & Exp 0.007 17% 1,000,000 $13,908,223
PUA Peak Minerals Ltd 0.050 16% 27,063,376 $120,714,815
FCL Fineos Corp Hold PLC 2.730 16% 215,651 $795,474,213
5GG Pentanet 0.030 15% 821,149 $11,262,463
MAG Magmatic Resrce Ltd 0.060 15% 2,399,751 $22,997,037
The ACCC said it won't oppose DP World Australia's proposed takeover of Silk Logistics Holdings (ASX:SLH), clearing a key hurdle for the deal. After digging into the details, the watchdog found the merger is unlikely to hurt competition, even if DP World gains control of Silk's trucking and warehousing arm. So, for now, it's game on, with final approvals still needed from FIRB, shareholders and the court.
Medical AI company Enlitic (ASX:ENL) said it's now met the financial requirements under its MOU with GE HealthCare, after completing a $10 million capital raise in June. It has signed an Advanced Payment Agreement, unlocking a US$2 million upfront payment from GE and clearing the way for their strategic collaboration to move forward. Enlitic's US arm Laitek is expected to deliver up to $46 million in data migration work over the next five years.
Mining-software outfit RPM Global (ASX:RUL) said a busy second half lifted its FY25 total contracted value to $100.8m, up 31%, with subscription licences surging. RUL has booked $69.1m in ARR and a record $200m non-cancellable backlog, 24 % higher than a year ago.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for July 4 :
Code Name Price % Change Volume Market Cap
HLX Helix Resources 0.001 -50% 58,000 $6,728,387
AXP AXP Energy Ltd 0.001 -33% 109,654 $10,027,021
PRX Prodigy Gold NL 0.002 -33% 740,000 $9,525,167
IPB IPB Petroleum Ltd 0.005 -29% 1,029,310 $4,944,821
EEL Enrg Elements Ltd 0.002 -25% 4,206,979 $6,507,557
RLC Reedy Lagoon Corp. 0.002 -25% 152,677 $1,553,413
LKO Lakes Blue Energy 0.750 -25% 682,656 $58,770,705
HPC Thehydration 0.011 -21% 784,289 $5,408,213
DDT DataDot Technology 0.004 -20% 350,001 $6,054,764
FHS Freehill Mining Ltd. 0.004 -20% 3,754,989 $17,069,268
AR9 Archtis Limited 0.215 -19% 1,971,854 $76,653,102
NHE Nobleheliumlimited 0.029 -17% 665,136 $20,983,375
CDE Codeifai Limited 0.044 -17% 7,147,484 $23,475,738
RPG Raptis Group Limited 0.075 -17% 45,742 $31,561,637
ALM Alma Metals Ltd 0.005 -17% 2,033,841 $11,104,423
ALY Alchemy Resource Ltd 0.005 -17% 77,904 $7,068,458
FBR FBR Ltd 0.005 -17% 2,361,139 $34,136,713
AKN Auking Mining Ltd 0.006 -14% 111,904 $4,023,451
EMT Emetals Limited 0.003 -14% 213,214 $2,975,000
OVT Ovanti Limited 0.006 -14% 39,046,423 $29,850,265
RC1 Redcastle Resources 0.007 -13% 910,000 $5,948,535
MDR Medadvisor Limited 0.057 -12% 2,261,562 $40,611,029
CGR Cgnresourceslimited 0.070 -11% 115,219 $7,171,477
IN CASE YOU MISSED IT
Drilling at Nimy Resources' (ASX:NIM) Mons project in WA has extended known gallium mineralisation to a 450m by 300m area after returning further high-grade intersections.
Canaccord Genuity has upgraded its price target for Ausgold (ASX:AUC) to $1.65 following a 'compelling' DFS for its Katanning gold project.
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Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than two million, triggering widespread hunger and leaving much of the territory in ruins. At least 15 Palestinians have been killed in an Israeli air strike in Gaza, according to local health officials, as US President Donald Trump says he expects Hamas to respond to his "final proposal" for a ceasefire in Gaza in the next 24 hours. Health officials at the Nasser Hospital in Khan Younis, southern Gaza, said the Israeli military had carried out an air strike on a tent encampment west of the city early on Friday, killing 15 Palestinians displaced by nearly two years of war. The Israeli military had no immediate comment. Later on Friday, Palestinians gathered to perform funeral prayers before burying those killed overnight. "The ceasefire will come, and I have lost my brother? There should have been a ceasefire long ago before I lost my brother," said 13-year-old Mayar Al Farr as she wept. Her brother, Mahmoud, was among those killed. Trump earlier said it would probably be known in 24 hours whether Hamas has accepted a ceasefire between the Palestinian militant group and Israel. On Tuesday, the president announced that Israel had accepted the conditions needed to finalise a 60-day ceasefire with Hamas, during which the parties would work towards ending the war. Hamas, which has previously declared it would only agree to a deal for a permanent end to the war, has said it was studying the proposal, but given no public indication whether it would accept or reject it. Israeli Prime Minister Benjamin Netanyahu is yet to comment on Trump's ceasefire announcement. While some members of his right-wing coalition oppose a deal, others have indicated their support. Netanyahu has repeatedly said Hamas must be disarmed, a position the militant group has refused to discuss. In Tel Aviv, families and friends of hostages held in Gaza were among demonstrators who gathered outside a US embassy building on US Independence Day, calling on Trump to secure a deal for all of the captives. Demonstrators set up a symbolic Shabbat dinner table, placing 50 empty chairs to represent those who are still held in Gaza. Banners hung nearby displaying a post by Trump from his Truth Social platform that read, "MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!" The Sabbath, or Shabbat, observed from Friday evening to Saturday nightfall, is often marked by Jewish families with a traditional Friday night dinner. The war began when Hamas fighters stormed into Israel on October 7, 2023, killing 1200 people and taking 251 hostages back to Gaza, according to Israeli tallies. Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than two million, triggering widespread hunger and leaving much of the territory in ruins. At least 15 Palestinians have been killed in an Israeli air strike in Gaza, according to local health officials, as US President Donald Trump says he expects Hamas to respond to his "final proposal" for a ceasefire in Gaza in the next 24 hours. Health officials at the Nasser Hospital in Khan Younis, southern Gaza, said the Israeli military had carried out an air strike on a tent encampment west of the city early on Friday, killing 15 Palestinians displaced by nearly two years of war. The Israeli military had no immediate comment. Later on Friday, Palestinians gathered to perform funeral prayers before burying those killed overnight. "The ceasefire will come, and I have lost my brother? There should have been a ceasefire long ago before I lost my brother," said 13-year-old Mayar Al Farr as she wept. Her brother, Mahmoud, was among those killed. Trump earlier said it would probably be known in 24 hours whether Hamas has accepted a ceasefire between the Palestinian militant group and Israel. On Tuesday, the president announced that Israel had accepted the conditions needed to finalise a 60-day ceasefire with Hamas, during which the parties would work towards ending the war. Hamas, which has previously declared it would only agree to a deal for a permanent end to the war, has said it was studying the proposal, but given no public indication whether it would accept or reject it. Israeli Prime Minister Benjamin Netanyahu is yet to comment on Trump's ceasefire announcement. While some members of his right-wing coalition oppose a deal, others have indicated their support. Netanyahu has repeatedly said Hamas must be disarmed, a position the militant group has refused to discuss. In Tel Aviv, families and friends of hostages held in Gaza were among demonstrators who gathered outside a US embassy building on US Independence Day, calling on Trump to secure a deal for all of the captives. Demonstrators set up a symbolic Shabbat dinner table, placing 50 empty chairs to represent those who are still held in Gaza. Banners hung nearby displaying a post by Trump from his Truth Social platform that read, "MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!" The Sabbath, or Shabbat, observed from Friday evening to Saturday nightfall, is often marked by Jewish families with a traditional Friday night dinner. The war began when Hamas fighters stormed into Israel on October 7, 2023, killing 1200 people and taking 251 hostages back to Gaza, according to Israeli tallies. Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than two million, triggering widespread hunger and leaving much of the territory in ruins. At least 15 Palestinians have been killed in an Israeli air strike in Gaza, according to local health officials, as US President Donald Trump says he expects Hamas to respond to his "final proposal" for a ceasefire in Gaza in the next 24 hours. Health officials at the Nasser Hospital in Khan Younis, southern Gaza, said the Israeli military had carried out an air strike on a tent encampment west of the city early on Friday, killing 15 Palestinians displaced by nearly two years of war. The Israeli military had no immediate comment. Later on Friday, Palestinians gathered to perform funeral prayers before burying those killed overnight. "The ceasefire will come, and I have lost my brother? There should have been a ceasefire long ago before I lost my brother," said 13-year-old Mayar Al Farr as she wept. Her brother, Mahmoud, was among those killed. Trump earlier said it would probably be known in 24 hours whether Hamas has accepted a ceasefire between the Palestinian militant group and Israel. On Tuesday, the president announced that Israel had accepted the conditions needed to finalise a 60-day ceasefire with Hamas, during which the parties would work towards ending the war. Hamas, which has previously declared it would only agree to a deal for a permanent end to the war, has said it was studying the proposal, but given no public indication whether it would accept or reject it. Israeli Prime Minister Benjamin Netanyahu is yet to comment on Trump's ceasefire announcement. While some members of his right-wing coalition oppose a deal, others have indicated their support. Netanyahu has repeatedly said Hamas must be disarmed, a position the militant group has refused to discuss. In Tel Aviv, families and friends of hostages held in Gaza were among demonstrators who gathered outside a US embassy building on US Independence Day, calling on Trump to secure a deal for all of the captives. Demonstrators set up a symbolic Shabbat dinner table, placing 50 empty chairs to represent those who are still held in Gaza. Banners hung nearby displaying a post by Trump from his Truth Social platform that read, "MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!" The Sabbath, or Shabbat, observed from Friday evening to Saturday nightfall, is often marked by Jewish families with a traditional Friday night dinner. The war began when Hamas fighters stormed into Israel on October 7, 2023, killing 1200 people and taking 251 hostages back to Gaza, according to Israeli tallies. Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than two million, triggering widespread hunger and leaving much of the territory in ruins.
