The ASX takes home the gold medal today, smashing its previous closing high to finish out the day at 8843 points. Pic: Getty Images.
- Gold stocks drive gains with index climbing 3.3pc
- ASX hits new record close at 8843 points
- Broad market strength with 10 of 11 sectors up
Solid gains supported by gold
It was another picturesque day of trading on the ASX today, rising steadily through the day to close at a new all-time high of 8843.7 points (+0.84%).
While it was certainty a team effort with 10 of 11 sectors higher, gold stocks were one of the core drivers of gains today.
Energy and discretionary also put in some hard yards, rising more than 1% each. The only laggard was utilities, down 0.06%.
Too bad for our infrastructure stocks, no participation trophies will be handed out today.
Taking the crown for market movers was gold stock Northern Star (ASX:NST) which climbed 4.9%. Newmont Corp (ASX:NEM) also added 2% and Capricorn Metals (ASX:CMM) 5.2%.
A little further down the totem pole, Perseus Mining (ASX:PRU) lifted 2.6% and Ramelius Resources (ASX:RMS) 3.7%.
While gold prices haven’t appreciated much in recent weeks, the demand paradigm for the precious metal continues to improve as US markets anticipate an interest rate cut next month.
There was also some strong movement in energy stocks. Beetaloo Energy Australia (ASX:BTL) added 8%, Strike Energy (ASX:STX) 9% and Coronado Global Resources (ASX:CRN) 7.9%.
ASX Leaders
Today’s best performing stocks (including small caps):
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RLG | Roolife Group Ltd | 0.007 | 75% | 1.54E+08 | $6,371,125 |
| MTL | Mantle Minerals Ltd | 0.0015 | 50% | 1000000 | $6,447,446 |
| BMG | BMG Resources Ltd | 0.011 | 38% | 24298471 | $6,755,177 |
| RHY | Rhythm Biosciences | 0.13 | 37% | 9529722 | $26,987,659 |
| ROG | Red Sky Energy. | 0.004 | 33% | 205896 | $16,266,682 |
| LIN | Lindian Resources | 0.125 | 33% | 30664878 | $111,241,690 |
| KM1 | Kalimetalslimited | 0.15 | 30% | 202308 | $9,527,457 |
| SHO | Sportshero Ltd | 0.035 | 30% | 5311325 | $21,686,238 |
| IFM | Infomedia Ltd | 1.675 | 27% | 34845066 | $499,513,991 |
| ALV | Alvomin | 0.029 | 26% | 457314 | $4,491,091 |
| ERA | Energy Resources | 0.0025 | 25% | 703738 | $810,792,482 |
| H2G | Greenhy2 Limited | 0.02 | 25% | 1107248 | $11,006,589 |
| TMX | Terrain Minerals | 0.0025 | 25% | 500000 | $5,063,629 |
| WBE | Whitebark Energy | 0.005 | 25% | 100200 | $2,802,231 |
| BTM | Breakthrough Minsltd | 0.13 | 24% | 505828 | $7,220,923 |
| TOU | Tlou Energy Ltd | 0.026 | 24% | 3465 | $27,270,271 |
| WTM | Waratah Minerals Ltd | 0.56 | 22% | 7708511 | $107,415,642 |
| LMS | Litchfield Minerals | 0.12 | 20% | 15390 | $2,904,606 |
| AJX | Alexium Int Group | 0.006 | 20% | 408907 | $7,932,143 |
| ALM | Alma Metals Ltd | 0.006 | 20% | 581771 | $9,253,686 |
| AN1 | Anagenics Limited | 0.006 | 20% | 209032 | $2,481,602 |
| CZN | Corazon Ltd | 0.003 | 20% | 74871454 | $2,961,431 |
| TEG | Triangle Energy Ltd | 0.003 | 20% | 7123662 | $5,223,085 |
| JAN | Janison Edu Group | 0.2025 | 19% | 287252 | $44,181,003 |
| AZ9 | Asianbatterymet PLC | 0.038 | 19% | 2732082 | $13,814,328 |
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In the news…
RooLife Group (ASX:RLG) is pushing into the Chinese market through one of the country’s biggest distribution giants, inking a two-year deal with Eternal Asia.
RLG will source and supply health, wellness and food and beverage products under the supply deal, with potential orders valued at up to CNY 500 million (A$110m).
BMG Resources (ASX:BMG) is gearing up for a scoping study at the Abercromby gold project in WA, drumming up commitments to raise $600,000 in a share placement at 0.8 cents a share.
BMG says it had to turn away subscriptions despite offering no discount to its last share closing price, choosing to keep share dilution to a minimum as it seeks to leverage Abercomby’s 518,000 ounce gold resource.
Lindian Resources (ASX:LIN) and fellow rare earth stock Iluka Resources (ASX:ILU) have shaken hands over a 15-year strategic rare earth offtake deal.
The two companies will swap 6,000 tonnes of rare earth concentrate to feed ILU’s Eneabba refinery in WA for a US$20m construction loan to support development of LIN’s Kangankunde rare earths project in Malawi.
Infomedia (ASX:IFM) moved strongly higher today after an embarrassing blunder by the ASX itself drew wide attention to a takeover offer from private firm TPG Capital.
The ASX mistakenly announced publicly-listed TPG Telecom (ASX:TPG) had made the takeover offer, subsequently scrambling to place the stock in a trading halt and unwind the morning’s trades once the error was identified.
IFM has entered into a scheme of arrangement with TPG Capital, wherein Infomedia shareholders will receive $1.72 per share in cash, a hefty 41% premium to the share’s 3-month VWAP.
ASX Laggards
Today’s worst performing stocks (including small caps):
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ATX | Amplia Therapeutics | 0.175 | -27% | 30921029 | $116,754,486 |
| ACS | Accent Resources NL | 0.006 | -25% | 110800 | $3,916,298 |
| AUK | Aumake Limited | 0.003 | -25% | 10170000 | $12,093,435 |
| CR9 | Corellares | 0.003 | -25% | 61335 | $4,029,079 |
| CT1 | Constellation Tech | 0.0015 | -25% | 33229 | $2,949,467 |
| JAY | Jayride Group | 0.003 | -25% | 495111 | $5,711,556 |
| PAB | Patrys Limited | 0.0015 | -25% | 1000000 | $4,731,620 |
| ASE | Astute Metals NL | 0.017 | -23% | 11957646 | $13,599,294 |
| BYH | Bryah Resources Ltd | 0.004 | -20% | 1122958 | $5,142,663 |
| DDT | DataDot Technology | 0.004 | -20% | 1 | $6,054,764 |
| PIL | Peppermint Inv Ltd | 0.002 | -20% | 305 | $5,752,724 |
| ZEU | Zeus Resources Ltd | 0.013 | -19% | 7817111 | $11,478,986 |
| EVR | Ev Resources Ltd | 0.009 | -18% | 349525 | $24,502,537 |
| HMI | Hiremii | 0.043 | -17% | 49090 | $7,855,766 |
| IND | Industrialminerals | 0.125 | -17% | 40006 | $12,048,375 |
| NOX | Noxopharm Limited | 0.1 | -17% | 242338 | $35,068,554 |
| AAU | Antilles Gold Ltd | 0.005 | -17% | 19242149 | $14,274,408 |
| FAU | First Au Ltd | 0.005 | -17% | 2235248 | $12,457,748 |
| JAV | Javelin Minerals Ltd | 0.0025 | -17% | 1561666 | $18,756,675 |
| MEL | Metgasco Ltd | 0.0025 | -17% | 46339 | $5,511,260 |
| EDEDA | Eden Inv Ltd | 0.033 | -15% | 748473 | $8,014,268 |
| CMG | Criticalmineralgrp | 0.14 | -15% | 7757 | $14,939,820 |
| PL3 | Patagonia Lithium | 0.034 | -15% | 515 | $4,776,414 |
| LCL | LCL Resources Ltd | 0.006 | -14% | 1000000 | $8,394,800 |
| PLC | Premier1 Lithium Ltd | 0.006 | -14% | 6853560 | $2,576,424 |
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In Case You Missed It
Caprice Resources’ (ASX:CRS) final assays from third phase drilling have revealed high-grade gold in new zones at Vadrian’s within the Island project.
Aldoro Resources’ (ASX:ARN) Kameelburg deposit has received a boost after two more holes extended the mineralised zone, encountering significant niobium along with REE.
Argent Minerals (ASX:ARD) has begun pre-development work at Kempfield, with diamond drilling and a scoping study planned.
Albion Resources (ASX:ALB) accelerates into Yandal Greenstone gold with a second phase drill campaign.
Power Minerals (ASX:PNN) has started second phase drilling at the Santa Anna project in Brazil, hunting for broad zones of niobium and rare earths.
New Age Exploration (ASX:NAE) has hit shear-hosted gold similar to Macraes-style mineralisation in RC drilling at the Lammerlaw project.
Last Orders
Asian Battery Metals (ASX:AZ9) has resumed drilling at the Oval copper-nickel project in Mongolia, after pausing the program to allow for an electromagnetic survey over the Yambat tenement. AZ9 is looking to test for conductor plates, establishing whether EM surveys are an effective tool to expand the Oval project’s mineralised footprint.
Trading Halts
FBR Ltd (ASX:FBR) – cap raise
Silex Systems Ltd (ASX:SLX) – cap raise
At Stockhead, we tell it like it is. While Asian Battery Metals, Aldoro Resources and Caprice Resources are Stockhead advertisers, they did not sponsor this article. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.