Lunch Wrap: ASX waltzes higher as jobless jump sets tempo for rate cut

ASX bounced back with banks in charge, Aussie jobs data missed, and now all eyes are on a possible August RBA rate cut.

ASX twists back into the green with banks leading. Pic: Getty Images

• ASX rebounds as banks lead


• Jobs miss fuels rate cut hopes

• Santos holds steady, CAR lifts profit outlook

The ASX was back in business by Thursday lunchtime in the east, up a solid 0.75% after shaking off its worst session since May yesterday.

Wall Street gave the green light overnight, despite some classic Trump drama.

Early jitters around Trump reportedly waving around a firing letter for Fed boss Jerome Powell were quickly soothed when the man himself clarified that Powell wasn’t going anywhere… unless he was up to fraud.

The Dow rose 0.5%, the S&P gained 0.3%, and the Nasdaq inched up the same.

Back home, Aussie jobs data landed with a surprise this morning.

Just 2000 new jobs were added in June, well shy of the 20,000 the market was expecting. That nudged the unemployment rate up to 4.3%, from 4.1% in May.

The markets believe it could be enough of a wobble to boost hopes the RBA might finally pull the trigger on a rate cut in August.

The Aussie dollar promptly slipped 0.5% to US64.9c, and three-year bond yields eased.

On the ASX, banks and real estate took the lead as rate cut hopes lit up the floor.

Source: MarketIndex

In large caps news, Santos (ASX:STO) shares edged up 0.15% after delivering a decent second quarter. Production rose 1% to 22.2 million barrels of oil equivalent, and sales were up 3% to US$1.29 billion.

Santos, which is trying to get taken out by Abu Dhabi in a proposed deal closely monitored by the Feds, said flooding in the Cooper Basin knocked out 200 wells, but strong WA gas output picked up the slack. The Barossa gas project is now 97% complete, and still on track to start pumping this quarter.

And, CAR Group (ASX:CAR) fell 2% despite expecting FY25 profit to land between $273 million and $277 million, up 9-11% on last year, with revenue climbing 8% to around $1.18 billion. EBITDA is forecast at up to $622 million.

CEO Cameron McIntyre will step down in August, with CFO William Elliott taking the reins.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for July 17 :

Security	Description	Last	%	Volume	MktCap
HLX	Helix Resources	0.002	100%	371,268	$3,364,194
RPG	Raptis Group Limited	0.250	92%	341,176	$45,589,031
SLZ	Sultan Resources Ltd	0.006	50%	447,082	$925,880
CCO	The Calmer Co Int	0.004	33%	174,068	$9,034,060
RLF	RLF Agtech	0.059	31%	1,794,561	$16,735,716
ERA	Energy Resources	0.003	25%	1,580,399	$810,792,482
MSI	Multistack Internat.	0.005	25%	139,160	$545,216
PRM	Prominence Energy	0.003	25%	69,963	$972,941
RGL	Riversgold	0.005	25%	50,000	$6,734,850
VEN	Vintage Energy	0.005	25%	10,148,546	$8,347,655
NSB	Neuroscientific	0.185	23%	796,375	$49,886,356
TOU	Tlou Energy Ltd	0.032	23%	208,162	$33,763,192
LEX	Lefroy Exploration	0.120	20%	1,006,132	$24,842,014
AKN	Auking Mining Ltd	0.006	20%	1,393,851	$3,440,582
IND	Industrialminerals	0.155	19%	25,135	$10,441,925
ATH	Alterity Therap Ltd	0.013	18%	10,384,094	$100,401,078
G50	G50Corp Ltd	0.220	16%	1,152,249	$30,513,555
EVZ	EVZ Limited	0.150	15%	21,000	$15,778,869
IMC	Immuron Limited	0.075	15%	2,187,870	$15,207,336
OSX	Osteopore Limited	0.015	15%	478,016	$2,692,813
ATS	Australis Oil & Gas	0.008	14%	125,016	$9,226,437
BMG	BMG Resources Ltd	0.008	14%	547,650	$5,910,780
CAV	Carnavale Resources	0.004	14%	955,045	$14,315,764
LGP	Little Green Pharma	0.120	14%	225,345	$32,008,552

RLF AgTech (ASX:RLF) said customer cash receipts jumped 74% over the year, marking a strong finish to FY25 under its new management reset. It’s now got over 520 Aussie retail locations thanks to fresh distributor deals, while June pre-orders in China surged 73%, showing growing confidence. Subsidiary LiquaForce is also off to a flying start with early grower commitments for FY26.

Vintage Energy (ASX:VEN) has kicked off its Production Uplift Program at the Odin and Vali gas fields, aiming to boost output by up to 5.6 MMscf/day. Work’s already under way and most of it will run through August, with completion expected in early September. Vintage reckons the uplift will pay for itself in under three months. Vintage, which holds 50% and operates the joint venture, sells the gas to AGL and Pelican Point Power.

Gut health biotech Immuron (ASX:IMC) said FY25 global sales hit a record $7.3 million, up 49% on last year. Most of that came from Australia ($5.2m, +40%) while North America surged 76% to $2 million thanks to strong Amazon sales and new Canadian distribution. Travelan is now one of the fastest-growing pharmacy brands in Australia, and Immuron plans to double down on North America in FY26.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for July 17 :

Code	Name	Price	% Change	Volume	Market Cap
ECT	Env Clean Tech Ltd.	0.003	-25%	4,381	$16,061,742
EEL	Enrg Elements Ltd	0.002	-25%	100,001	$6,507,557
SHP	South Harz Potash	0.003	-25%	1,195,668	$5,132,248
ROG	Red Sky Energy.	0.004	-20%	439,799	$27,111,136
EPX	EPX Limited	0.019	-17%	205,780	$15,172,573
KNG	Kingsland Minerals	0.120	-17%	213,413	$10,521,332
KAI	Kairos Minerals Ltd	0.025	-17%	13,008,546	$78,927,366
EM2	Eagle Mountain	0.005	-17%	146,363	$6,810,224
ERL	Empire Resources	0.005	-17%	968,775	$8,903,479
VFX	Visionflex Group Ltd	0.003	-17%	21,271,759	$10,103,581
SWP	Swoop Holdings Ltd	0.110	-15%	20,156	$27,882,220
HIO	Hawsons Iron Ltd	0.017	-15%	12,313,365	$20,330,027
ADR	Adherium Ltd	0.006	-14%	955,975	$9,708,707
ALR	Altairminerals	0.003	-14%	1,152,972	$15,038,605
ANR	Anatara Ls Ltd	0.006	-14%	13,149	$1,493,686
AZL	Arizona Lithium Ltd	0.006	-14%	504,799	$36,892,201
EMU	EMU NL	0.024	-14%	20,459	$5,914,957
NAE	New Age Exploration	0.003	-14%	2,119,521	$9,470,690
SHE	Stonehorse Energy Lt	0.006	-14%	633,334	$4,791,046
VKA	Viking Mines Ltd	0.006	-14%	709,415	$9,407,641
CMO	Cosmometalslimited	0.020	-13%	1,628,465	$7,409,119
AAJ	Aruma Resources Ltd	0.007	-13%	223,954	$2,623,524
CYB	Aucyber Limited	0.080	-11%	11,695	$18,787,286
AM5	Antares Metals	0.008	-11%	81,356	$4,633,676
AQC	Auspaccoal Ltd	0.016	-11%	238,664	$12,608,417

IN CASE YOU MISSED IT

Norwest Minerals (ASX:NWM) has updated the resource estimate for its Bulgera gold project and reckons it could expand even further.

Bubalus Resources (ASX:BUS) has struck high-grade gold and antimony in maiden drilling at the Crosbie South prospect in Victoria.

RLF AgTech (ASX:RLF) has recorded a strong start to the new financial year thanks to a management and strategy overhaul to focus on revenue and commercial opportunities.

Semiconductor innovator Adisyn Ltd (ASX:AI1) has taken a key step in commercialising its low-temperature graphene technology.

StockTake: Tylah Tully unpacks a 3000m Asra Minerals (ASX:ASR) RC drill campaign aiming to confirm continuity and grade of its Leonora South gold resource.

LAST ORDERS

Australian Mines (ASX:AUZ) is gearing up for a 3000m diamond drilling program with rock chip sampling, drill core logging, and an updated geological model for the Boa Vista gold project.

Verity Resources (ASX:VRL) has rung the bell on the Frankfurt Stock Exchange under the ticker 48B0. Management says the dual listing broadens exposure to European markets and investors, where demand for gold and critical minerals is surging.

Lumos Diagnostics (ASX:LDX) has inked a $5m loan facility with major shareholders Tenmile and Ryder Capital, providing working capital as LDX moves to secure a vital CLIA waiver from the FDA for its FebriDx product.

New World Resources (ASX:NWC) management has recommended shareholders accept a revised takeover offer from Central Asia Metals Plc, after CAML increased its offer price to 6.5c per share, valuing all of NWC at $240m.

At Stockhead, we tell it like it is. While RLF AgTech, Australian Mines, Verity Resources, Lumos Diagnostics and New World Resources 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 waltzes higher as jobless jump sets tempo for rate cut