Closing Bell: ASX finishes dead flat as Trump reignites tariff dread

The ASX was looking choppy all through the day, but managed to claw its way back to an all-but-dead-flat finish.

The Aussie market managed to keep its equilibrium today, finishing dead flat after Wall Street slumped on Friday. Pic: Getty Images

• ASX fends off losses, finishing up by less than one point

• US markets slumped after Trump threatened 50% tariff on EU

• Uranium stocks celebrate new executive orders promoting nuclear industry

The ASX has managed to find its feet after a rough day of trading, scraping up by just 0.1 points by the end of the day to finish flat.

It was a three-pronged effort from several different sectors of the market to get us there, with a particularly strong contribution from the Info Tech sector.

Source: Market Index

As Stockhead’s very own, non-fungible Eddy Sunarto detailed in the Lunch Wrap earliertoday, WiseTech (ASX:WTC) locked into its biggest deal yet, putting $3.25 billion toward acquiring Texas-based e2open. The company says it’s a step toward becoming the “operating system” for global trade.

The gold sector also did its part today, climbing after a 2% bump to US$3,365.80 an ounce on Friday.

The ASX All Ords Gold index was flying, up more than 2%.

Source: Market Index

The final pillar of today’s escape from the bears was uranium stocks, which have been surging since Donald Trump inked several executive orders aimed at quadrupling domestic production of nuclear power within the next quarter century.

Here, read Josh Chiat's Resources Top 5 today for more on that.

The usual suspects were basking in the atomic-green glow; Boss Energy (ASX:BOE) jumped another 7.29%, Deep Yellow (ASX:DYL) 13.25% and Paladin Energy (ASX:PDN) 9.27%.

It wasn’t just the big boys on the up, either – Lotus Resources (ASX:LOT) jumped 9.46% and Bannerman Energy (ASX:BMN) 3.53%.

Turning the US into a nuclear leader

Over the weekend, US President Trump became the nuclear industry’s newest champion, signing three new executive orders with the goal of “re-establishing the United States as the global leader in nuclear energy”.

The US was the first to harness nuclear energy into a weapon with the Manhattan Project in 1945, but the USSR beat them to the punch to create the first nuclear power plant at Obnisk in 1954.

The US was pretty keen on nuclear power during the Cold War, slated to build more than 100 reactors until the Three Mile Island incident in 1974. (Yes, the same reactor Microsoft is planning to revive.)

You might've never heard of it, but it was the worst nuclear disaster to occur on US soil (that we know of) and it spelled the end of nuclear fever in the US the same way the Fukushima incident did for Japan in 2011.

As with most nuclear disasters, it was poor instrumentation and even worse emergency training that caused the real danger at Three Mile, and the accident was resolved with little evidence of lasting damage.

Meanwhile, stepping back into the present… President Trump wants to increase the United State’s nuclear energy capacity from 100 gigawatts at present to 400GW by 2050.

His plans for that include ramping up power at existing plants, as well as initiating the build of 10 new large reactors by 2030.

The executive orders also detail reorganising and cutting funding to the Nuclear Regulatory Commission, including imposing a hard upper limit of 18 months to make licensing decisions for new reactors.

"Today's executive orders allow for reactor design testing at DOE labs, clear the way for construction on federal lands to protect national and economic security, and remove regulatory barriers by requiring the Nuclear Regulatory Commission to issue timely licensing decisions,” the White House statement on the orders read.

While no one is a fan of red tape, nuclear power is one of the sectors in which it’s arguably most important.

Ramping up the construction of new reactors while also reducing oversight and regulation seems like a very short-sighted tactic that could have some incredibly long-term consequences.

That said, if done safely – read: carefully, with high levels of oversight – nuclear power can be a powerful tool in the decarbonisation utility box, providing steady base-line power over long periods of time with very little carbon impact post construction.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
LNR	Lanthanein Resources	0.002	100%	500000	$2,443,636
FML	Focus Minerals Ltd	0.425	85%	8597152	$65,908,488
FTC	Fintech Chain Ltd	0.003	50%	941273	$1,301,539
OB1	Orbminco Limited	0.0015	50%	31288136	$2,397,568
PKO	Peako Limited	0.003	50%	1019231	$2,975,484
VPR	Voltgroupltd	0.0015	50%	2518165	$10,716,208
W2V	Way2Vatltd	0.01	43%	53629302	$9,890,007
GMN	Gold Mountain Ltd	0.002	33%	251374	$7,700,832
MOM	Moab Minerals Ltd	0.002	33%	250000	$2,600,499
I88	Infini Resources Ltd	0.105	30%	935704	$4,241,972
RMX	Red Mount Min Ltd	0.009	29%	5720851	$3,254,705
WNX	Wellnex Life Ltd	0.34	28%	263974	$17,959,455
VRL	Verity Resources	0.03	25%	19043918	$6,634,243
AOK	Australian Oil.	0.0025	25%	8591665	$2,003,566
AVE	Avecho Biotech Ltd	0.005	25%	16651466	$12,693,855
BYH	Bryah Resources Ltd	0.005	25%	4858234	$3,479,814
GGE	Grand Gulf Energy	0.0025	25%	1545454	$5,640,850
GTR	Gti Energy Ltd	0.005	25%	21525082	$11,995,799
HLX	Helix Resources	0.0025	25%	700000	$6,728,387
ICG	Inca Minerals Ltd	0.005	25%	2410688	$6,305,560
IPB	IPB Petroleum Ltd	0.005	25%	2500000	$2,825,612
NAE	New Age Exploration	0.005	25%	1.11E+08	$10,637,596
REZ	Resourc & En Grp Ltd	0.016	23%	752947	$8,731,309
LLI	Loyal Lithium Ltd	0.1225	23%	724140	$10,073,306
D3E	D3 Energy Limited	0.11	21%	201692	$7,232,226

Making news…

Shandong Gold-backed Focus Minerals (ASX:FML) has locked in a $250 million deal to sell its Laverton gold project to Genesis Minerals (ASX:GMD), with the sale expected to wrap up in early June. It’s a straight cash deal, no conditions attached, and Focus reckons it’s a smart move to cash in while gold prices are high.

The payout will bulk up Focus’ balance sheet as it shifts focus to developing the Bonnie Vale underground mine and ramping up mining at Coolgardie.

Lanthanein Resources (ASX:LNR) has pulled the pin on its farm-in deal with Gondwana Resources for the Lady Grey lithium project. The agreement would have let it earn up to 70% of the project, but it’s now walking away to focus on other opportunities that better fit its game plan.

Red Mountain Mining (ASX:RMX) has confirmed multiple stibnite veins, key to antimony, at its Armidale project in NSW, with an inferred strike of over 1km at Oaky Creek North. Coarse mineralisation was also found at Oaky Creek South, suggesting a broader system split by the Namoi Fault.

With antimony prices surging past US$60,000 a tonne and global supply tightening, RMX sees strong tailwinds for its timing and ground position.

Fintech firm Way2VAT (ASX:W2V) has signed a major global contract with real estate giant JLL, covering around 25 of JLL’s entities worldwide.

The deal includes using Way2VAT’s tech to automate VAT claims on travel, entertainment, and accounts payable invoices, plus its new APAI compliance platform. JLL, which operates in over 80 countries and pulls in more than US$20 billion a year, is expected to become a significant revenue source for Way2VAT.

ASX SMALL CAP LAGGARDS

Today’s worse performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
AOA	Ausmon Resorces	0.001	-50%	1298978	$2,622,427
AYM	Australia United Min	0.002	-33%	597785	$5,527,732
BMO	Bastion Minerals	0.001	-33%	2060555	$1,355,441
EDE	Eden Inv Ltd	0.001	-33%	432800	$6,164,822
JAY	Jayride Group	0.001	-33%	5807	$2,141,834
MRD	Mount Ridley Mines	0.002	-33%	359129	$2,335,467
OLI	Oliver'S Real Food	0.004	-33%	141	$3,244,392
SFG	Seafarms Group Ltd	0.001	-33%	252	$7,254,899
SKN	Skin Elements Ltd	0.002	-33%	16356	$3,225,642
CZN	Corazon Ltd	0.0015	-25%	120000	$2,369,145
BRX	Belararoxlimited	0.092	-20%	753790	$18,144,559
AMS	Atomos	0.004	-20%	2964774	$6,075,092
ASR	Asra Minerals Ltd	0.002	-20%	690000	$6,916,340
BUY	Bounty Oil & Gas NL	0.002	-20%	40205	$3,903,680
ECT	Env Clean Tech Ltd.	0.002	-20%	200002	$9,117,026
VRC	Volt Resources Ltd	0.004	-20%	1930513	$23,423,890
NSM	Northstaw	0.032	-18%	619635	$10,673,384
PPY	Papyrus Australia	0.015	-17%	864248	$10,308,271
SPX	Spenda Limited	0.0075	-17%	1706277	$41,536,939
AHN	Athena Resources	0.005	-17%	948166	$13,595,742
JAV	Javelin Minerals Ltd	0.0025	-17%	12851550	$18,138,447
MOH	Moho Resources	0.005	-17%	874649	$4,472,484
SRN	Surefire Rescs NL	0.0025	-17%	11663590	$7,459,336
AKO	Akora Resources	0.105	-16%	471715	$17,072,845
STG	Straker Limited	0.4425	-16%	163680	$33,778,132

IN CASE YOU MISSED IT

Aldoro Resources (ASX:ARN) said it was kicking off a strategic review after being approached by parties interested in its non-core exploration projects. It’s now weighing up options, including potential sales or other capital moves that could benefit shareholders.

The review won’t include its flagship Kameelburg niobium-REE project in Namibia which remains the main focus. The company believes that asset has the potential to be world class, possibly hosting a global top 3 niobium-REE deposit once a JORC resource is completed.

Projects under review include Niobe, Wyemandoo, Narndee and a majority stake in the EPL 7895 gold project.

No decision has been made yet, and it’s not guaranteed that any deal will happen. Aldoro says it’ll keep the market posted if anything material comes from the review.

Horseshoe Metals (ASX:HOR) is getting close to the start line at its Horseshoe Lights copper-gold project, with camp infrastructure mostly back up and running. It has sorted power, water and Starlink comms.

The site is being prepped to kick off Direct Shipping Ore (DSO) copper operations and sales from existing high-grade stockpiles, with a mining licence expected soon. It’s also laying the groundwork for partner Melody Gold to process surface gold material. Exploration and drilling are also on the cards over the next few months.

Zenith Minerals (ASX:ZNC) is shifting gears at its Split Rocks project, pivoting from lithium to gold after spotting regional structures that haven’t been properly tested. Stockhead’s Tylah Tully breaks it all down in a new video now ready to watch.

Meanwhile, Tylah also dives into New Age Exploration's (ASX:NAE) Wagyu project, where fresh gold hits are drawing comparisons to De Grey’s monster Hemi find.

Trading halts

Cauldron Energy (ASX:CXU) – cap raise
Copper Search (ASX:CUS) – cap raise
Gratifii (ASX:GTI) – cap raise
Inoviq (ASX:IIQ) – ASX price query
Locksley Resources (ASX:LKY) – cap raise
Podium Minerals (ASX:POD) – cap raise
Titanium Sands (ASX:TSL) – licence renewal update
Victory Metals (ASX:VTM) – cap raise
Warriedar Resources (ASX:WA8) – cap raise
Western Gold Resources (ASX:WGR) – court-ordered share disposal
Zenith Minerals (ASX:ZNC) – cap raise

At Stockhead, we tell it like it is. While Aldoro Resources, Horseshoe Metals, Zenith Minerals and New Age Exploration 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 Closing Bell: ASX finishes dead flat as Trump reignites tariff dread