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ASX creeps into green as tech leads the bounce
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Banks tumble as reporting season bites
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A2 Milk rips, while Austal is dip-bought
By lunchtime in Sydney, the ASX 200 was up a measly 0.1%.
Not terrible, but considering it sprinted out of the blocks up 0.5% at the open, it had clearly pulled up short.
Wall Street didn’t exactly send us a love letter on Friday.
The US went into the weekend wobbling around flat, with investors trying to convince themselves inflation is cooling and rates might come down.
Back home, though, the ASX found its confidence in the tech sector, which led the charge, up about 4%.
Perhaps investors have decided that maybe last week’s AI panic attack had been a bit dramatic.
Consumer discretionary joined the party as well, with investors dipping back into retailers and spending plays.
Financials, though, were dragged down after Bendigo and Adelaide Bank (ASX:BEN) tumbled nearly 4%.
BEN said interim cash earnings fell 3.3% to $256.4 million, lending was softer, and while cheaper deposits helped margins, nobody gets excited about a bank for bravely surviving.
Reporting season also added some flair.
In the large caps space, JB HiFi (ASX:JBH) nudged higher after delivering a half-year profit of $305.8 million, up 7.1%. The numbers were fine, but the momentum is clearly slowing.
Qube Logistics (ASX:QUB) jumped after signing an $11.7 billion sale deal with Macquarie Asset Management.
Treasury Wine Estates (ASX:TWE) ticked higher even as it scrapped its interim dividend after tumbling into a $649 million first-half loss, thanks to heavy impairments and a brutal wine market.
Protective gear maker Ansell (ASX:ANN) is still grinding higher, shrugging off Trump-era tariffs after jacking prices enough to cover an US$80m hit.
Markets are soft and management’s not pretending sunshine’s coming, but 15% earnings growth and steady guidance say the machine’s still working.
A2 Milk (ASX:A2M), meanwhile, ripped more than 10% after lifting its FY26 revenue growth guidance to mid double digits.
Austal (ASX:ASB) rebounded more than 15% after being smashed 23% on Friday for overstating earnings tied to a US Navy contract. The bounce wasn’t forgiveness, it was more dip buying.
And out in the Perth Basin, Strike Energy (ASX:STX) quietly got the green light to drill Walyering West-1, testing a prospective 46 petajoules of gas.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| C7A | Clara Resources | 0.005 | 29% | 7,466,786 | $6,431,290 |
| MNB | Minbos Resources Ltd | 0.015 | 25% | 12,209,415 | $13,731,590 |
| PKY | Pathkey.Ai Ltd | 0.025 | 25% | 2,268,711 | $12,141,555 |
| OEL | Otto Energy Limited | 0.005 | 25% | 300,000 | $19,180,039 |
| MAU | Magnetic Resources | 1.995 | 25% | 3,879,685 | $472,727,226 |
| EDE | Eden Inv Ltd | 0.235 | 24% | 7,742,378 | $104,683,685 |
| PAT | Patriot Resourcesltd | 0.064 | 23% | 352,163 | $10,661,168 |
| CDE | Codeifai Limited | 0.011 | 22% | 9,163,404 | $7,637,693 |
| MGA | Metalsgrovemining | 0.145 | 21% | 132,913 | $18,174,400 |
| BUY | Bounty Oil & Gas NL | 0.003 | 20% | 35,017 | $3,904,002 |
| EMT | Emetals Limited | 0.006 | 20% | 150,000 | $4,250,000 |
| MGU | Magnum Mining & Exp | 0.006 | 20% | 12,575,086 | $16,065,186 |
| NMR | Native Mineral Res | 0.115 | 20% | 5,319,250 | $105,404,430 |
| CU6 | Clarity Pharma | 3.420 | 20% | 3,882,467 | $1,064,006,003 |
| EQR | Eq Resources Limited | 0.245 | 20% | 33,654,397 | $979,952,763 |
| ASB | Austal Limited | 5.740 | 18% | 2,246,985 | $2,055,384,576 |
| ODE | Odessa Minerals Ltd | 0.027 | 17% | 20,129,508 | $40,567,820 |
| AEV | Avenira Limited | 0.007 | 17% | 257,714 | $25,551,864 |
| AX8 | Accelerate Resources | 0.007 | 17% | 1,499,234 | $6,067,132 |
| NAE | New Age Exploration | 0.004 | 17% | 11,682,223 | $12,617,734 |
| IR1 | Irismetals | 0.145 | 16% | 765,734 | $35,136,940 |
| IRX | Inhalerx Limited | 0.029 | 16% | 574,614 | $6,156,433 |
| ASP | Aspermont Limited | 0.008 | 14% | 19,999 | $20,378,036 |
| EM2 | Eagle Mountain | 0.008 | 14% | 209,930 | $10,740,206 |
| H3E | H3 Energy Ltd | 0.008 | 14% | 118,665 | $5,974,589 |
Clara Resources Australia (ASX:C7A)’s first technical review says Mareeba hosts a large gold system that was barely tested, with shallow historic drilling hitting multiple high-grade lodes and past mining pulling grades above 30g/t.
The company said it’s moving straight into drilling on the best historic hits to build toward a maiden JORC resource.
Minbos Resources (ASX:MNB) says the leadership handover is orderly, with Rob Newbold stepping in as Acting CEO to keep momentum on Cabinda.
Minbos also said its Angolan mining rights are locked in under a 23-year Mining Investment Contract.
Genesis Minerals (ASX:GMD) is buying Magnetic to bolt on Lady Julie’s ~2.2Moz high-grade gold next to its Laverton mill, giving it near-term feed and more firepower on the Chatterbox Trend.
Patriot Resources’ (ASX:PAT) first JORC resource at Tassa in Peru clocks in at ~31.4Moz silver equivalent from surface, confirming a big, silver-dominant epithermal system that’s still wide open and barely drilled.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| OVT | Ovanti Limited | 0.002 | -25% | 22,948,200 | $17,303,954 |
| BNL | Blue Star Helium Ltd | 0.004 | -20% | 754,053 | $21,778,134 |
| CDR | Codrus Minerals Ltd | 0.032 | -20% | 1,802,700 | $8,269,375 |
| ENT | Enterprise Metals | 0.004 | -20% | 2,946,429 | $7,470,753 |
| ROG | Red Sky Energy. | 0.002 | -20% | 403,450 | $13,555,568 |
| SIO | Simonds Grp Ltd | 0.120 | -17% | 7,069 | $52,186,435 |
| GGE | Grand Gulf Energy | 0.003 | -17% | 27,333 | $9,211,275 |
| ERA | Energy Resources | 0.003 | -14% | 5,068,101 | $1,418,886,843 |
| VTA | Vita Resources | 0.043 | -14% | 61,500 | $3,660,921 |
| CAN | Cann Group Ltd | 0.007 | -13% | 905,075 | $12,706,933 |
| KTA | Krakatoa Resources | 0.007 | -13% | 250,000 | $9,698,088 |
| UNT | Unith Ltd | 0.007 | -13% | 811,620 | $12,180,470 |
| WSR | Westar Resources | 0.007 | -13% | 3,458,015 | $3,972,268 |
| MAN | Mandrake Res Ltd | 0.022 | -12% | 263,145 | $15,681,498 |
| REZ | Resourc & En Grp Ltd | 0.015 | -12% | 1,308,114 | $15,566,272 |
| CRR | Critical Resources | 0.008 | -11% | 1,918,489 | $28,521,769 |
| EXT | Excite Technology | 0.008 | -11% | 1,362,585 | $18,739,083 |
| GNM | Great Northern | 0.034 | -11% | 971,195 | $18,430,520 |
| ACL | Au Clinical Labs | 2.170 | -10% | 1,307,223 | $465,174,505 |
| TMX | Terrain Minerals | 0.005 | -10% | 1,666,112 | $16,679,141 |
| E25 | Element 25 Ltd | 0.325 | -10% | 165,190 | $95,679,660 |
| STG | Straker Limited | 0.303 | -10% | 8,531 | $21,553,665 |
| ALV | Alvomin | 0.038 | -10% | 1,533,869 | $10,251,935 |
| AQX | Alice Queen Ltd | 0.010 | -9% | 814,028 | $21,171,658 |
IN CASE YOU MISSED IT
Decidr (ASX:DAI) US has partnered with Beckway Group to expand deployment of its Sugarwork platform within private equity-backed companies.
Hot Chili (ASX:HCH) is making its Costa Fuego project an even more tantalising development prospect, with drilling suggesting it could have a shallow, high-grade starter pit on its hands at La Verde.
Tylah Tully looks at Genesis Minerals and a recommended scheme to acquire 100% of Magnetic Resources (ASX:MAU) and its 2.2Moz gold resource.
Tarrina Resources (ASX:TR8) has kicked off the news flow on its South Australian projects with IOCG-style targets at Walparuta.
Waratah Minerals (ASX:WTM) moves to expand its footprint in NSW, striking a deal to acquire the adjoining Ironclad mining lease Spur.
LAST ORDERS
West Coast Silver (ASX:WCE) has brought seasoned geologist Sergei Smolonogov on board as technical director, adding 25+ years’ global experience including stints at Adriatic Metals, KAZ Minerals and Barrick.
At Adriatic, Smolonogov was key in advancing the Rupice Ag-Pb-Zn-Au-Cu deposit from discovery through to production.
South African goldie West Wits Mining (ASX:WWI)has launched a scoping study under its Project 200 initiative to define a pathway to grow the Witwatersrand Basin Project towards 200,000oz per annum gold production.
West Wits has engaged Bara Consulting to deliver the study, with its completion slated for June this year.
The company is fast approaching its first gold pour at Qala Shallows in March, while driving the Project 200 initiative to capitalise on WBP’s 7.24Moz mineral resource base.
Riversgold (ASX:RGL)is gearing up to drill targeting the known 12km gold and copper trend at its Tambourah project in WA’s Pilbara.
It’ll mark the first exploration drilling in over 50 years in an area never assayed for gold.
Right now, approvals are in place and drills are aimed to start spinning in early March.
ReNerve (ASX:RNV) has earnt a $517,133 Research and Development Tax Incentive Refund from the ATO under the Federal Government’s R&D Tax Incentive Scheme.
The company continues to progress its range of proprietary biomaterial and medical device programs focused on peripheral nerve repair and related surgical applications.
Locksley Resources (ASX:LKY) is staying busy across the US, engaging Hazen Research, a highly reputable US metallurgical and process development firm to carry out a proof-of-concept program.
The company is continuing a metallurgical optimisation program to confirm process flowsheet and the ability to produce defence-grade antimony products.
Anson Resources (ASX:ASN)is also gearing up to soon commence uranium and vanadium exploration drilling at its Yellow Cat project in Utah, USA.
The program is designed to confirm mineralisation extends for 4,500m between the known historical workings.
Sampling thus far has revealed up to 10.33% uranium and 25.6% vanadium.
At Stockhead, we tell it like it is. While West Coast Silver, West Wits Mining, Riversgold, ReNerve, Locksley Resources and Anson 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.
Originally published as Lunch Wrap: ASX trickles into green as tech leads bounce and earnings surprise
