Lunch Wrap: ASX cautious before Fed verdict, gold stocks lead the pack
The ASX slipped at lunch as traders wait for Powell, with tech soft, gold strong, and copper and crude losing steam.
ASX waits for Powell as markets hold breath
Gold up, tech down, copper cracks
Crude sinks China demand
The ASX was down about 0.05% at lunchtime in the east on Wednesday, with traders nervously waiting for the Federal Reserve to finally reveal whether Santa is bringing rate cut.
Overnight, Wall Street traders were in that awkward “we’ll move after Powell moves” limbo, with indexes mostly closing flat.
Jerome Powell is expected to cut by 25 basis points, with his decision set to land at 6am tomorrow morning AEDT.
Deutsche Bank’s Jim Reid said if he shifts to hikes instead, risk assets will get whacked hard.
Elsewhere, copper prices fell as traders turned cautious ahead of the Fed meeting, worried that a slower-than-expected easing cycle could dampen global industrial activity.
China’s demand signals are also weak, with processing fees for copper rods hitting record lows.
Back on the ASX, the mood is split right down the inflation-sensitive middle.
Tech is getting sold this morning because higher-for-longer interest rates turn “future profit stories” into “show us the money now”.
But miners, and especially gold miners, were leading the local charge.
Energy stocks, meanwhile, struggled as Brent crude slumped near US$62 overnight.
In the large caps space, Ramelius Resources (ASX:RMS) flexed, up 7% thanks to a $250 million buyback plan and guaranteed dividends. If you want investors to love you, give them their money back.
Vulcan Energy Resources (ASX:VUL) has secured its Frankfurt central lithium plant lease, a critical step in delivering locally sourced lithium for Europe’s EV supply chain. Shares were flat
And, GQG Partners (ASX:GQG) fell 3% as November recorded US$2.4bn in net outflows, despite rising funds under management thanks to market gains.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| HCD | Hydrocarbon Dynamics | 0.003 | 50% | 625,153 | $2,874,959 |
| OD6 | Od6Metalsltd | 0.110 | 38% | 11,382,625 | $15,914,359 |
| FCT | Firstwave Cloud Tech | 0.009 | 29% | 20,164,576 | $14,013,166 |
| IMM | Immutep Ltd | 0.320 | 25% | 14,420,539 | $375,798,933 |
| AVE | Avecho Biotech Ltd | 0.010 | 25% | 1,782,189 | $29,387,709 |
| AUA | Audeara | 0.036 | 24% | 1,753,165 | $5,245,785 |
| WR1 | Winsome Resources | 0.380 | 23% | 3,636,501 | $75,630,220 |
| ALY | Alchemy Resource Ltd | 0.011 | 22% | 40,431,600 | $10,692,686 |
| RBR | RBR Group Ltd | 0.022 | 22% | 105,540 | $2,154,779 |
| CMO | Cosmometalslimited | 0.018 | 20% | 30,793,687 | $6,513,701 |
| CTN | Catalina Resources | 0.003 | 20% | 1,010,906 | $7,157,548 |
| NAE | New Age Exploration | 0.003 | 20% | 333,000 | $10,514,779 |
| ODE | Odessa Minerals Ltd | 0.012 | 20% | 129,235 | $17,638,183 |
| SMX | Strata Minerals | 0.024 | 20% | 50,000 | $5,154,544 |
| TEG | Triangle Energy Ltd | 0.003 | 20% | 693 | $5,503,085 |
| IND | Industrialminerals | 0.160 | 19% | 13,000 | $10,843,538 |
| BOA | BOA Resources Ltd | 0.032 | 19% | 754,331 | $3,796,801 |
| FL1 | First Lithium Ltd | 0.130 | 18% | 128 | $11,954,096 |
| DTZ | Dotz Nano Ltd | 0.053 | 18% | 164,160 | $29,287,673 |
| LSR | Lodestar Minerals | 0.018 | 17% | 14,461,694 | $15,208,786 |
| AJX | Alexium Int Group | 0.007 | 17% | 20,783 | $9,654,782 |
| TSL | Titanium Sands Ltd | 0.007 | 17% | 570,000 | $14,068,483 |
| FRX | Flexiroam Limited | 0.015 | 15% | 30,000 | $19,726,182 |
Tempest Minerals (ASX:TEM) has signed a binding option agreement with Green Steel and Iron (GISA) to push ahead with plans for a green steel project in WA’s Mid West.
Under the deal, GISA can acquire TEM’s Remorse magnetite deposit in exchange for 50% of GISA, giving TEM a direct stake in the proposed vertically integrated steel business.
The plan is for GISA to head toward an IPO and develop a low-emissions iron and steel facility in the Yalgoo region.
Volt Resources (ASX:VRC) has signed a binding deal with Unbounded Opportunities Fund to fund and develop the Bunyu Graphite Mine in Tanzania. UOF will invest US$11.1m through Volt’s local subsidiary and take a 62% stake, with Volt retaining 38%.
A revised feasibility study will target 40,000tpa graphite at US$37m capex and US$450/t operating costs, with UOF covering any cost overruns. Volt will arrange project debt and secure offtakes as the project moves toward financial close.
Meanwhile, Mayne Pharma (ASX:MYX) was up 0.5% as it pushed back against bidder Cosette’s attempt to terminate their takeover agreement on FIRB approval grounds.
Mayne has made it clear the conditions remain Cosette’s responsibility, signalling the transaction isn’t over simply because the buyer has cold feet.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| HCF | Hghighconviction | 0.015 | -40% | 3,505 | $485,162 |
| CRS | Caprice Resources | 0.098 | -22% | 20,794,697 | $86,897,494 |
| OEL | Otto Energy Limited | 0.004 | -20% | 350,074 | $23,975,049 |
| BAP | Bapcor Limited | 1.888 | -20% | 8,485,657 | $797,619,375 |
| EWC | Energy World Corpor. | 0.038 | -17% | 1,151,152 | $177,187,393 |
| ECS | ECS Botanics Holding | 0.005 | -17% | 500,000 | $9,576,297 |
| ERA | Energy Resources | 0.003 | -17% | 607,087 | $1,216,188,722 |
| CKA | Cokal Ltd | 0.057 | -16% | 476,632 | $73,368,531 |
| AX8 | Accelerate Resources | 0.006 | -14% | 2,342,857 | $5,818,321 |
| ID8 | Identitii Limited | 0.006 | -14% | 50,000 | $5,761,095 |
| NGX | Ngxlimited | 0.120 | -14% | 223,169 | $12,685,658 |
| ROG | Red Sky Energy. | 0.003 | -14% | 649,216 | $18,977,795 |
| SPX | Spenda Limited | 0.003 | -14% | 4,683,691 | $17,027,004 |
| TER | Terracom Ltd | 0.095 | -14% | 3,971,176 | $88,106,286 |
| DUB | Dubber Corp Ltd | 0.014 | -13% | 13,746,762 | $42,088,037 |
| NOR | Norwood Systems Ltd. | 0.014 | -13% | 393,475 | $8,254,842 |
| PIL | Peppermint Inv Ltd | 0.004 | -13% | 773,800 | $10,036,083 |
| LOC | Locatetechnologies | 0.057 | -12% | 70,000 | $15,555,183 |
| OCT | Octava Minerals | 0.043 | -12% | 322,980 | $5,439,456 |
| BMR | Ballymore Resources | 0.225 | -12% | 136,882 | $52,746,651 |
| AKG | Academies Aus Grp | 0.120 | -11% | 2,800 | $17,902,953 |
| NOX | Noxopharm Limited | 0.088 | -11% | 2,340 | $28,931,557 |
| PGY | Pilot Energy Ltd | 0.004 | -11% | 1,214,972 | $9,713,970 |
| PNT | Panthermetalsltd | 0.008 | -11% | 227,679 | $3,321,219 |
| IS3 | I Synergy Group Ltd | 0.017 | -11% | 119,875 | $32,977,636 |
IN CASE YOU MISSED IT
Australian Oil Company’s (ASX:AOK) strategic acquisition in Queensland has a clear pipeline for oil and gas production growth.
Terrain Minerals (ASX:TMX) has followed a $1.32m placement with a further $1.42m raise to fully fund Smokebush gold drilling programs.
Astral Resources (ASX:AAR) has raised $65 million to push its 1.76 million ounce Mandilla project into WA’s next gold mine.
Litchfield Minerals (ASX:LMS) has returned its widest intercept yet at Oonagalabi, reinforcing the Main Zone’s scale as the company prepares to test deeper intrusive targets in 2026.
Pursuit Minerals (ASX:PUR) has now completed the Andara Mining acquisition, giving the company full ownership of the Sascha Marcelina gold project.
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 cautious before Fed verdict, gold stocks lead the pack
