Closing Bell: ASX rolls back yesterday’s gains as info tech stages recovery

The ASX declined sharply in trade today, undoing yesterday’s progress and retreating swiftly from a new record high set yesterday afternoon.

Traders are reeling under the weight of losses in financial and materials, with only info tech making any progress of note. Pic: Getty Images.

• ASX beats hasty retreat from new record high, down 0.79pc

• Info tech rises against the tide, adding 0.85pc

• Banks and financial stocks struggle alongside materials sector, leading losses

Info tech fires up despite dour market

The ASX unwound all its progress from yesterday, ending the day down 0.79% with nine sectors falling.

It was again responding to chaos in US markets. US CPI came in hotter than desired, putting a damper on a potential rate cut from the Fed Reserve.

US markets were also shaken by Treasury secretary Scott Bessent announcing the White House had initiated a formal process to remove Fed chair Jerome Powell before his term expires next year.

Adding to the mix, Trump threw around some fresh rhetoric about pharmaceutical and semiconductor tariffs, but as usual we’ll have to wait and see what comes of that.

In the meantime, the financial sector led losses, shedding 1.36% alongside a depleted materials sector.

Source: Market Index.

The info tech sector staged a strong recovery though, rising 0.85% after falling 0.35% in the first half hour of trade. It was the only index to climb, adding 0.64%.

Source: Market Index.

Tech stocks were one of the few silver linings in an otherwise difficult day of trading.

Payment management company Tyro (ASX:TYR) shot up 7.2%, analytics and intelligence firm Nuix (ASX:NXL) added 7.5%, SaaS software provider Infomedia (ASX:IFM)climbed 4.4% and big cap Megaport (ASX:MP1) added 6.2%.

Banks sold down as market struggles

One of the bigger victims of today’s sell down was the seven major banking stocks. Their index plunged 1.6%.

National Australian Bank (ASX:NAB) has been under fire in recent days, as major shareholders raise concerns about chief executive Andrew Irvine’s management style and lifestyle choices.

Not surprising then that NAB led banking losses, down 3.18%.

Retail investor favourite Commonwealth Bank (ASX:CBA) slid 1.2%, ANZ Group (ASX:ANZ) 0.79%, Westpac (ASX:WBC) 1.57%, Macquarie (ASX:MQG) 0.77%, QBE (ASX:QBE) 1% and Suncorp (ASX:SUN) 0.49%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
MIOR	Macarthur Minerals	0.003	200%	447404	$99,833
FTC	Fintech Chain Ltd	0.004	100%	1592539	$1,301,539
KNG	Kingsland Minerals	0.145	53%	290323	$6,893,287
ERL	Empire Resources	0.006	50%	1546439	$5,935,653
EEL	Enrg Elements Ltd	0.002	33%	1912486	$4,880,668
AKN	Auking Mining Ltd	0.006	33%	37340109	$3,096,523
PV1	Provaris Energy Ltd	0.017	31%	4193417	$10,101,617
OEQ	Orion Equities	0.195	30%	28466	$2,347,384
AX8	Accelerate Resources	0.009	29%	2097369	$5,720,321
CPM	Cooper Metals Ltd	0.048	26%	294686	$2,977,515
PR1	Pure Resources Limited	0.125	25%	440609	$4,600,879
ASN	Anson Resources Ltd	0.09	25%	14901420	$99,845,031
CUL	Cullen Resources	0.005	25%	250433	$2,773,607
MEG	Megado Minerals Ltd	0.04	25%	1909655	$20,661,864
PIL	Peppermint Inv Ltd	0.0025	25%	343838	$4,602,180
PPG	Pro-Pac Packaging	0.02	25%	352939	$2,907,003
PPY	Papyrus Australia	0.01	25%	136062	$4,581,454
RLG	Roolife Group Ltd	0.005	25%	2019881	$6,371,125
LKY	Locksley Resources	0.115	24%	26061959	$17,050,000
CP8	Canphosphateltd	0.074	23%	187789	$18,405,632
SNS	Sensen Networks Ltd	0.037	23%	20027	$23,791,124
IBX	Imagion Biosys Ltd	0.017	21%	27940131	$2,818,780
RPG	Raptis Group Limited	0.12	20%	140947	$35,068,485
AYT	Austin Metals Ltd	0.003	20%	181536	$3,960,478
BNL	Blue Star Helium Ltd	0.006	20%	145568	$13,474,426

Making news...

Lumos Diagnostics (ASX:LDX) has cleared a path to enter US markets, inking a six-year exclusive deal for the distribution of FebriDx with PHASE Scientific, valued at up to US$317 million.

There are still some hurdles to clear – the company will need to secure a CLIA waiver classification from the FDA – but LDX has already enrolled 105 of 120 patients in its CLIA study and expects to have the paperwork in hand within the next three months.

Noxopharm (ASX:NOX) has administered the first dose of SOF-SKN in its HERACLES trial, a first-in-human study evaluating SOF-SKN as a novel drug candidate for autoimmune diseases.

Currently at the safety and tolerability stage of clinical testing, NOX will dose four cohorts of four patients each in progressively higher dosages, with the goal of targeting the US$3 billion lupus market.

Catalina Resources (ASX:CTN) is chasing up a stellar rare earth drill hit at the Laverton project that closely mirrors mineralisation found at the nearby Mt Weld mine (ASX:LYC), one of the most valuable rare earth deposits in the world.

On top of following up on the 9m at 7565 parts per million total rare earth oxide result, CTN is also exploring for gold in the Barnicoat Shear Zone at Laverton, host to several existing gold deposits.

Javelin Minerals (ASX:JAV) has lifted the grade and confidence levels of its Eureka gold project resource estimate, increasing the overall resource grade 16% to 1.69 g/t gold for 110,687 ounces.

The update also added more tonnes to the indicated category, lifting it to 1.36Mt at 1.8 g/t gold for 78,678 ounces, a 27% increase.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
AOA	Ausmon Resorces	0.001	-50%	1226988	$2,622,427
SFG	Seafarms Group Ltd	0.001	-50%	6000	$9,673,198
SKN	Skin Elements Ltd	0.002	-33%	55557	$3,225,642
CTN	Catalina Resources	0.003	-25%	1743751	$9,704,076
FAU	First Au Ltd	0.003	-25%	16503	$8,305,165
GTR	Gti Energy Ltd	0.003	-25%	3176612	$14,835,762
BCB	Bowen Coal Limited	0.075	-25%	2076944	$10,775,756
APC	APC Minerals	0.008	-24%	10585499	$3,075,800
X2M	X2M Connect Limited	0.014	-22%	1532537	$7,831,023
AMS	Atomos	0.004	-20%	55022	$6,075,092
M2R	Miramar	0.004	-20%	13877015	$4,984,116
MRD	Mount Ridley Mines	0.002	-20%	3700	$1,946,223
PRM	Prominence Energy	0.002	-20%	891688	$1,216,176
RNX	Renegade Exploration	0.004	-20%	150000	$6,441,817
SLZ	Sultan Resources Ltd	0.004	-20%	639757	$1,157,350
SPQ	Superior Resources	0.004	-20%	2402254	$11,854,914
RDG	Res Dev Group Ltd	0.009	-18%	68225	$32,459,439
THB	Thunderbird Resource	0.009	-18%	2384348	$4,287,156
RMI	Resource Mining Corp	0.014	-18%	2369600	$12,485,707
ARV	Artemis Resources	0.005	-17%	1637579	$15,214,033
AZL	Arizona Lithium Ltd	0.005	-17%	18139597	$31,621,887
CC9	Chariot Corporation	0.059	-16%	525881	$8,354,764
AJL	AJ Lucas Group	0.006	-14%	156934	$9,630,107
BLU	Blue Energy Limited	0.006	-14%	20000	$12,956,815
BYH	Bryah Resources Ltd	0.006	-14%	3574	$6,789,675

IN CASE YOU MISSED IT

The Hong Kong Electrical and Mechanical Services Department has produced a glowing report on a trial installation of ClearVue Technologies (ASX:CPV) solar façade products, sketching out a payback period of less than 3 years.

Trigg Minerals (ASX:TMG) has locked in the Bernhardt Group to lead engagement with US officials at Antimony Canyon.

Bryah Resources (ASX:BYH) has highlighted the antimony potential of the Golden Pike gold project in New Brunswick, Canada, during a due diligence review.

Prescient Therapeutics (ASX:PTX) initiates first US site for the Phase 2a trial of PTX-100 in patients with relapsed/refractory Cutaneous T-Cell Lymphoma.

European Lithium (ASX:EUR) has applauded Critical Metals Corp’s drilling at the Tanbreez rare earth project in Greenland.

Tryptamine Therapeutics (ASX:TYP) has bolstered its clinical development team with two key appointments as it progresses lead drug candidate IV-infused psilocin TRP-8803.

Pure Hydrogen Corporation (ASX:PH2) has sold its first hydrogen-powered truck to Riverview International Trucks in California.

Axel REE (ASX:AXL) says assays from auger drilling at its Caladão project in Brazil have delivered strong gallium and rare earths results.

TRADING HALTS

• Andean Silver (ASX:ASL) – cap raise
• Burgundy Diamond Mines (ASX:BDM) – operational update
• SIPA Resources (ASX:SRI) – cap raise

At Stockhead, we tell it like it is. While Lumos Diagnostics and Javelin Minerals 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 rolls back yesterday’s gains as info tech stages recovery