Lunch Wrap: ASX jumps early as iron ore, coal and lithium miners all catch a bid

The ASX has jumped early on Friday as miners rallied, with iron ore, coal and lithium all pushing higher.

The ASX jumped early as miners rallied. Picture via Getty Images

• Miners muscle ASX up, lithium glows again


• Reece pipes burst on profit alert


• Wall St inches to record, Nvidia flirts with $3.8 trillion

The ASX came out swinging this morning, jumping a lively 0.6% out of the gates before easing off to a 0.1% gain by eastern lunch time.

Wall Street set the stage overnight with a solid session. The S&P 500 closed just three points shy of its all-time high, and the Nasdaq rallied 1%.

Nvidia briefly flirted with an outrageous US$3.8 trillion valuation before pulling back.

Over at Tesla HQ, yet another Musk confidant has left the building. Omead Afshar, who was overseeing major ops and considered one of Elon’s inner circle, has departed. No word yet on why.

Back to the ASX where miners had a field day this morning.

BHP (ASX:BHP) surged 3.5%, Rio Tinto (ASX:RIO) rocketed up 4%, and Fortescue (ASX:FMG) flexed 3% as iron ore futures rebounded thanks to demand hopes in China.

Elsewhere, coal stocks got a warm lift as Beijing’s heatwave, nudging 40 degrees, gave prices a gentle shove off the floor.

Lithium stocks also lit up again, building on Thursday’s jolt after Vanguard was revealed as a major new holder in Pilbara Minerals (ASX:PLS). PLS rose another 7% this morning, and IGO (ASX:IGO) lifted 5%.

This where things stood at about 12:40pm AEST:

Source: Market Index

In other large caps news, giant plumbing supplier Reece (ASX:REH) was hammered more than 14% after warning that earnings will fall to around $548-558 million for FY25, down from $681 million last year.

Blame soft volumes in Aussie and Kiwi housing markets, and a flat US construction scene where interest rates and affordability are squeezing new builds.

Wesfarmers (ASX:WES) made a big move with its Bunnings landlord, BWP Trust. It’s selling its 100% stake in BWP Management for $142.6 million, a deal that also resets a bunch of Bunnings leases. WES’ shares were up 0.5%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 27 :

Security	Description	Last	%	Volume	MktCap
RAN	Range International	0.003	150%	4,079,177	$939,290
PAB	Patrys Limited	0.002	100%	393,635	$2,365,810
CYQ	Cycliq Group Ltd	0.003	50%	1,010,692	$921,033
TKL	Traka Resources	0.002	50%	1,000,000	$2,125,790
AGY	Argosy Minerals Ltd	0.021	40%	38,072,195	$21,838,814
D3E	D3 Energy Limited	0.150	36%	486,632	$8,742,251
C7A	Clara Resources	0.004	33%	416,670	$1,764,813
MGU	Magnum Mining & Exp	0.004	33%	125,231	$3,364,953
MTB	Mount Burgess Mining	0.004	33%	4,666,403	$1,055,108
UNT	Unith Ltd	0.009	29%	745,055	$8,601,498
SRL	Sunrise	1.150	28%	521,713	$98,653,611
SPX	Spenda Limited	0.007	27%	2,695,727	$25,383,685
PPG	Pro-Pac Packaging	0.019	27%	192,827	$2,725,316
AN1	Anagenics Limited	0.005	25%	332,587	$1,985,281
AUK	Aumake Limited	0.003	25%	5,129	$6,046,718
VML	Vital Metals Limited	0.003	25%	2,542,129	$11,790,134
IMU	Imugene Limited	0.014	23%	24,298,669	$82,137,229
8IH	8I Holdings Ltd	0.011	22%	11,749	$3,133,448
HTG	Harvest Tech Grp Ltd	0.018	20%	2,939,494	$13,439,201
BLZ	Blaze Minerals Ltd	0.003	20%	333,000	$4,446,160
ID8	Identitii Limited	0.006	20%	950,537	$3,890,068
IXR	Ionic Rare Earths	0.012	20%	7,586,172	$52,674,258
LCL	LCL Resources Ltd	0.006	20%	3,527,039	$5,996,286
SHP	South Harz Potash	0.003	20%	1,050,000	$2,756,822

Shares in plastic pallets specialist Range International (ASX:RAN) doubled after it won appeals in the Indonesian Tax Court, wiping out tax bills from 2018 related to withholding and VAT issues. The court ruled in full favour of Range’s local subsidiary, bringing the payable amount down to zero. The board said it’s a big win that brings much-needed certainty as it focuses on growing the business.

Argosy Minerals (ASX:AGY) has locked in a spot sales deal to sell 60 tonnes of high-grade lithium carbonate from its Rincon Project in Argentina. The sale price is pegged to SMM battery-grade pricing, with 30% paid upfront and the rest before shipping from Buenos Aires. Argosy says it’s stoked with the strong demand, and reckons it’s in a solid spot to benefit from the EV sector’s comeback, especially given how few producers are hitting this level of purity.

Sunrise Energy Metals (ASX:SRL) has struck more high-grade scandium at its Syerston project in NSW, following a 125-hole drilling campaign across April and May. Early results from 49 of those holes show strong, continuous hits, with grades up to 1123ppm. The new zones remain open in multiple directions and are expected to feed into a fresh resource upgrade for the company’s upcoming feasibility study. With China recently clamping down on scandium exports, Sunrise reckons it’s sitting on one of the biggest and highest-grade scandium resources in the world.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 27 :

Code	Name	Price	% Change	Volume	Market Cap
ALR	Altair Minerals	0.002	-33%	200,000	$12,890,233
EEL	Enrg Elements Ltd	0.001	-33%	600,001	$4,880,668
VN8	Vonex Limited.	0.017	-29%	455,824	$18,062,485
AVD	Avada Group Limited	0.100	-29%	389,209	$11,890,904
SRJ	SRJ Technologies	0.005	-29%	1,835,411	$4,239,047
TYX	Tyranna Res Ltd	0.003	-25%	149,950	$13,153,701
BPH	BPH Energy Ltd	0.007	-22%	582,995	$10,964,095
SPQ	Superior Resources	0.004	-20%	4,171,733	$11,854,914
BUR	Burleyminerals	0.043	-17%	440,303	$9,420,700
FCT	Firstwave Cloud Tech	0.010	-17%	645,337	$20,562,224
TMK	TMK Energy Limited	0.003	-17%	15,184	$30,667,149
STG	Straker Limited	0.410	-15%	63,720	$30,882,864
ODE	Odessa Minerals Ltd	0.006	-14%	2,500,000	$11,196,728
VAR	Variscan Mines Ltd	0.006	-14%	34,482	$5,480,004
REH	Reece Limited	14.940	-14%	1,156,323	$11,214,285,382
NXS	Next Science Limited	0.069	-14%	134,187	$23,372,819
RAS	Ragusa Minerals Ltd	0.013	-13%	168,980	$2,138,982
RMI	Resource Mining Corp	0.013	-13%	520,385	$11,016,800
ICE	Icetana Limited	0.056	-13%	459,450	$34,036,858
OVT	Ovanti Limited	0.007	-13%	102,767,780	$24,044,120
PGY	Pilot Energy Ltd	0.007	-13%	47,159	$17,269,280
SW1	Swift Networks Group	0.007	-13%	594,985	$7,179,604
WBE	Whitebark Energy	0.004	-13%	136,794	$2,749,334
LKY	Locksleyresources	0.078	-11%	11,442,772	$16,133,333
A11	Atlantic Lithium	0.160	-11%	30,498	$124,766,516

IN CASE YOU MISSED IT

Spartan Resources (ASX:SPR) is targeting resource growth at the Dalgaranga project as drilling produces gold up to 163.67g/t from a hanging wall zone 193.7m deep.

Uvre (ASX:UVA) has unearthed rock chips up to 18.4g/t gold at the Waitekauri project, a flagship asset UVA is acquiring through the purchase of Otagold.

LAST ORDERS

New World Resources (ASX:NWC) is enjoying somewhat of a bidding war over its shares, with Central Asia Metals Plc countering Kinterra Capital’s takeover offer at A$0.057 per share with its own revised bid at $0.062 each.

Management says neither company has declared its offer to be best and final as of yet, meaning shareholders are not required to take any action at present.

Aura Energy (ASX:AEE) is a step closer to securing funding after the publication of an Environmental and Social Impact Assessment (ESIA) for the Tiris uranium project on the US International Development Finance Corporation’s website.

MD and CEO Andrew Grove said it was a reflection of the company’s efforts to align the project’s development plans with international best practices and the expectations of global financiers as Tiris moves toward a final investment decision.

At Stockhead, we tell it like it is. While New World Resources and Aura 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 jumps early as iron ore, coal and lithium miners all catch a bid