Lunch Wrap: ASX up as mining giants leap on US-China hopes; gold resets record again

The ASX has lifted on Wednesday with energy stocks, miners, and Insignia’s 7% surge, while gold hits a new high on trade war nerves.

ASX up as mining giants leap on US-China hopes. Picture via Getty Images

• ASX rises as energy stocks and miners lead

• Insginia jumps after Brookfield's $4.60 bid

• Gold hits record high as trade war jitters grow

The ASX has kicked off the day strongly again, rising 0.7% as Wall Street’s solid performance filters through.

In the US overnight, the S&P 500 lifted 0.75% while the tech-heavy Nasdaq 100 rallied 1.3%.

Big tech names like Meta continued their impressive run, but Alphabet fell short after earnings disappointments and its shares tumbled by 7% after the bell.

Mining stocks were driving the gains this morning, with giants like  BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) up by about 3% each on the hope of a US-China tariff breakthrough.

With President Trump’s call to Xi just around the corner, it seems China’s president is giving diplomacy a go, much like the deals with Canada and Mexico, says ING’s chief economist for China, Lynn Song.

“Delaying the tariff implementation until February 10 will allow for top level leadership to meet before then, which still creates an opportunity for both sides to step back from the brink and de-escalate the situation,” he told Al Jazeera.

But while that's still unfolding, Trump’s comments on Gaza today are keeping the oil markets on edge.

Speaking with Israeli PM Netanyahu in the White House, Trump said the US should take ownership of the Gaza Strip and redevelop it after Palestinians are resettled.

"We will own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons," he said.

Big oil players like Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) saw decent lifts of about 1.5% thanks to higher oil prices.

Meanwhile, gold prices surged to a new record, hitting $US2844.60 an ounce, as investors flocked to safe havens amid ongoing trade war worries.

Here’s where things stood at around lunch time, AEDT:

Source: Market Index

Source: Market Index

In the large caps space, Insignia Financial (ASX:IFL) is in the spotlight, up 7% after Brookfield Capital Partners jumped into the bidding fray with a $4.60-per-share offer.

The $3 billion wealth fundie has now attracted multiple suitors, keeping shareholders on their toes. Bain and CC Capital, who had previously put in offers, will be watching closely to see what Brookfield does next.

Cleanaway (ASX:CWY) is dealing with a setback after a significant fire forced the company to close its liquid waste processing facility in St Marys, Sydney.

Thankfully, no one was injured, but the company is working on finding alternative options to process materials while the damage is assessed. Shares were down 2%.

Fortescue (ASX:FMG) has boosted its bid for copper-gold explorer Red Hawk Mining (ASX:RHK) to $1.20 per share after securing support from major shareholders. As of 4 February, FMG said it has acquired a relevant interest in over 75% of Red Hawk.

Finally, on the economic front, data today shows New Zealand’s jobless rate rose to a four-year high of 5.1%, reflecting a softening in the labour market.

Could this pave the way for the RBA to cut rates in the coming months?

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for February 5 :

Security	Description	Last	%	Volume	MktCap
EDE	Eden Inv Ltd	0.002	50%	353,048	$4,109,881
EQR	Eq Resources Limited	0.041	41%	16,494,361	$67,715,941
CT1	Constellation Tech	0.002	33%	25,000	$2,212,101
LNU	Linius Tech Limited	0.002	33%	750,000	$9,226,824
MRQ	Mrg Metals Limited	0.004	33%	100,000	$8,179,556
PRM	Prominence Energy	0.004	33%	1,146,841	$1,167,529
TGN	Tungsten Min NL	0.115	31%	1,367,041	$78,664,456
VML	Vital Metals Limited	0.003	25%	50,201	$11,790,134
AGD	Austral Gold	0.043	23%	147,806	$21,430,897
1TT	Thrive Tribe Tech	0.003	20%	47,669,748	$5,079,308
ADY	Admiralty Resources.	0.006	20%	247,508	$13,147,397
ALR	Altairminerals	0.003	20%	626,908	$10,741,860
RNX	Renegade Exploration	0.006	20%	4,325,000	$6,420,017
GWR	GWR Group Ltd	0.099	19%	3,121,042	$26,660,982
REC	Rechargemetals	0.020	18%	100,000	$4,360,329
CVB	Curvebeam Ai Limited	0.135	17%	1,705,888	$36,865,299
BUY	Bounty Oil & Gas NL	0.004	17%	900,089	$4,495,503
ENV	Enova Mining Limited	0.007	17%	994,441	$7,383,862
EPM	Eclipse Metals	0.007	17%	7,561	$17,158,914
NAE	New Age Exploration	0.004	17%	115,000	$6,431,697

Renegade Exploration (ASX:RNX) has identified high-grade critical defence metals, germanium and gallium, at its Andrew Zn-Pb-Ag deposit in Yukon, Canada. Recent drilling results revealed significant concentrations of these sought-after metals, with impressive grades in several samples. The company is now investigating the potential to reanalyse drill samples for germanium and gallium using more accurate methods.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for February 5 :

Code	Name	Price	% Change	Volume	Market Cap
MGU	Magnum Mining & Exp	0.006	-40%	10,320,248	$8,093,614
R8R	Regener8Resourcesnl	0.092	-39%	99,986	$4,875,375
TX3	Trinex Minerals Ltd	0.001	-33%	188,234	$2,817,978
88E	88 Energy Ltd	0.002	-25%	10,577,917	$57,867,624
BMO	Bastion Minerals	0.004	-20%	214,286	$4,223,623
CYQ	Cycliq Group Ltd	0.004	-20%	525,000	$2,302,583
RLG	Roolife Group Ltd	0.004	-20%	7,809,900	$5,980,156
IMI	Infinitymining	0.009	-18%	1,956,144	$4,631,174
ERA	Energy Resources	0.003	-17%	90,828	$1,216,188,722
SRI	Sipa Resources Ltd	0.010	-17%	809,324	$3,418,598
BXN	Bioxyne Ltd	0.040	-15%	3,007,044	$96,313,750
SVG	Savannah Goldfields	0.015	-14%	1,680,040	$4,918,986
TNC	True North Copper	0.260	-13%	1,010,872	$37,751,705
GNM	Great Northern	0.013	-13%	67,854	$2,319,436
VRX	VRX Silica Ltd	0.040	-13%	2,026,298	$34,211,666
DTM	Dart Mining NL	0.007	-13%	5,037,409	$4,784,445
HHR	Hartshead Resources	0.007	-13%	1,625,582	$22,469,457
SRN	Surefire Rescs NL	0.004	-13%	500,000	$9,665,231
IBX	Imagion Biosys Ltd	0.015	-12%	2,304,433	$3,422,804
IOD	Iodm Limited	0.155	-11%	59,918	$107,345,205
CNJ	Conico Ltd	0.008	-11%	6,250	$2,137,386
CUF	Cufe Ltd	0.008	-11%	2,267	$12,030,074

IN CASE YOU MISSED IT

Trigg Minerals (ASX:TMG) has become the first ASX-listed company accepted into the International Antimony Association, a global industry body promoting the responsible production, use, and trade of antimony. Membership provides Trigg access to key industry stakeholders, regulatory developments, and global market insights as it looks to advance its portfolio of high-grade projects in New South Wales.

Lithium Energy (ASX:LEL) has secured final environmental approvals for the next phase of development at the Solaroz lithium brine project in Argentina. While shareholders have approved the disposal of the company’s interests in Solaroz, it will continue advancing operations until the sale is completed in January ‘26. Under the terms of the amended sale agreement, CNGR will provide up to US$15 million in funding.

At Stockhead, we tell it like it is. While Trigg Minerals and Lithium Energy 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 up as mining giants leap on US-China hopes; gold resets record again