Closing Bell: ASX drops almost 1pc to end seven-day winning streak

The ASX broke a more than week-long winning streak to fall across the board today, losing almost a full percentage point with particular weakness in the Energy and Financials sectors.

The ASX has broken its winning streak to fall 0.97pc. Pic: Getty Images

• ASX falls almost 1pc on Monday after setting new 20-day high last week

• Sectors in the red right across the board

• Falling oil price weighs heavily on Energy sector, down more than 2.8pc

An eighth day of gains just wasn’t to be for the ASX, with the bourse stumbling to fall about a full percentage point today and all 11 sectors sinking into the red by close of play.

Source: Market Index

A downward trend in oil prices over the last few weeks applied pressure to the Energy sector, which fell almost 3%, down 2.88% at market end.

Still, the news wasn't all bad. For example, several small cap or uranium-focused stocks resisted the pull.

AXP Energy (ASX:AXP) and Pancontinental Energy (ASX:PCL) both gained 50%, while Elevate Uranium (ASX:EL8) lifted 14.82% and hydrogen compression company Provaris Energy (ASX:PV1) jumped 9.09%.

Of the larger stocks, only Ampol (ASX:ALD) managed to make any gains, up 0.84%. But Woodside Energy (ASX:WDS), Santos (ASX:STO) and Yancoal (ASX:YAL) all lost between 2.6% and 3.95%.

Meanwhile despite a fall in the gold price last week, the ASX All Ord Gold index stood out in a sea of gloom, lifting 0.67%.

Source: Market Index

Alongside Anax Metals (ASX:ANX), which we’ll expand on in a moment, several other gold stocks made sizeable gains today, pushing against the rip currents of the market.

Gold Road Resources (ASX:GOR) gained 9.43%, Sarama Resources (ASX:SRR) 21.43% and Koonenberry Gold (ASX:KNB) 18.42%.

The big caps didn’t entirely miss out, either. Northern Star (ASX:NST) gained 0.37% against a struggling resource sector, joined by Evolution Mining (ASX:EVN), up 2.14.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Description	Last	%	Volume	MktCap
XPN	Xpon Technologies	0.021	250%	70221284	$2,174,649
ANX	Anax Metals Ltd	0.01	100%	51352795	$4,414,038
AFA	ASF Group Limited	0.006	50%	94	$3,169,590
AXP	AXP Energy Ltd	0.0015	50%	270000	$6,574,681
PCL	Pancontinental Energ	0.012	50%	21351041	$65,092,687
RLL	Rapid Lithium Ltd	0.003	50%	5264969	$2,489,889
KPO	Kalina Power Limited	0.007	40%	2196679	$14,471,099
SPX	Spenda Limited	0.007	40%	32569213	$23,076,077
GTE	Great Western Exp.	0.019	36%	334054	$7,948,611
ADG	Adelong Gold Limited	0.008	33%	22104925	$8,384,917
AUK	Aumake Limited	0.004	33%	215727	$9,070,076
CT1	Constellation Tech	0.002	33%	553114	$2,212,101
KGD	Kula Gold Limited	0.009	29%	474189	$6,448,776
EQX	Equatorial Res Ltd	0.115	28%	165052	$11,830,082
OD6	Od6Metalsltd	0.028	27%	928833	$3,503,406
CTN	Catalina Resources	0.0025	25%	213317	$3,327,519
HLX	Helix Resources	0.0025	25%	2288887	$6,728,387
SPG	Spc Global Holdings	0.39	24%	32806	$60,789,293
VR8	Vanadium Resources	0.016	23%	219603	$7,335,794
PUA	Peak Minerals Ltd	0.011	22%	3899791	$25,265,892
SMP	Smartpay Holdings	0.925	22%	533197	$183,877,033
SRR	Saramaresourcesltd	0.034	21%	143164	$7,620,232
DAL	Dalaroometalsltd	0.03	20%	1026086	$6,223,798
L1M	Lightning Minerals	0.06	20%	119871	$5,166,416
CCO	The Calmer Co Int	0.003	20%	737094	$6,694,362

Making news…

Anax Metals (ASX:ANX) has just locked in a $3.3 million funding deal from a global player called Mineral Development Partners (MDP). MDP has agreed to tip in up to $103 million all up, backing Anax’s push to bring the Whim Creek copper project in WA back to life, and turn it into a major base metals hub for the Pilbara. Anax says the backing is needed to fire up Whim Creek and grow into a serious copper and base metals contender.

XPON Technologies (ASX:XPN) skyrocketed by 300% after snapping up Alpha Digital, a well-known Aussie digital marketing outfit and long-time partner of the business, in a deal set to wrap up in early May. The buyout is worth $1.72 million upfront, with a bit extra on the table if Alpha hits future earnings targets.

Alpha pulled in $4.6 million in revenue last year and comes with around a million bucks in cash. The plan now is to plug in XPON’s AI smarts to supercharge Alpha’s offering, and roll out more tools to big-name clients like Target, Kmart and QUT. XPON reckons this could be the first of many in a repeatable “acquire, AI-enable, cross-sell” strategy.

SmartPay (ASX:SMP) shares jumped after it entered exclusive talks with a mystery buyer offering $NZ1.20 a share. It had been weighing up offers from that bidder and Tyro, but went with the first after a sweetened proposal landed in late April. Tyro’s now out of the race, and Smartpay’s got until June 9 to lock in a deal.

ASX SMALL CAP LAGGARDS

Today’s worse performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
TKL	Traka Resources	0.001	-50%	231139	$4,251,580
88E	88 Energy Ltd	0.001	-33%	4682292	$43,400,718
VML	Vital Metals Limited	0.002	-33%	17428432	$17,685,201
BGE	Bridgesaaslimited	0.016	-30%	144030	$4,596,762
AN1	Anagenics Limited	0.006	-25%	4400838	$3,970,563
AON	Apollo Minerals Ltd	0.012	-25%	12814623	$14,855,310
VEN	Vintage Energy	0.003	-25%	285611	$7,155,687
BLU	Blue Energy Limited	0.007	-22%	689075	$16,658,762
LYK	Lykosmetalslimited	0.014	-22%	113420	$4,238,000
DTR	Dateline Resources	0.021	-22%	1.2E+08	$74,670,353
C1X	Cosmosexploration	0.067	-20%	85870	$8,691,195
HCF	Hghighconviction	0.036	-20%	283510	$873,292
AVE	Avecho Biotech Ltd	0.004	-20%	5116827	$15,867,318
CAV	Carnavale Resources	0.004	-20%	444119	$20,451,092
RAS	Ragusa Minerals Ltd	0.017	-19%	16281	$2,994,575
MQR	Marquee Resource Ltd	0.009	-18%	50000	$5,340,285
PLY	Playside Studios	0.135	-18%	2673921	$67,521,652
BRX	Belararoxlimited	0.071	-18%	1188480	$13,539,184
NGS	NGS Ltd	0.0225	-17%	380247	$3,658,036
EQS	Equitystorygroupltd	0.025	-17%	420003	$5,004,612
HIQ	Hitiq Limited	0.025	-17%	110034	$11,026,874
1AD	Adalta Limited	0.005	-17%	1235809	$3,859,337
1AI	Algorae Pharma	0.005	-17%	50357	$10,124,368
BPP	Babylon Pump & Power	0.005	-17%	910000	$14,997,294
CHM	Chimeric Therapeutic	0.005	-17%	1000001	$10,904,117

IN CASE YOU MISSED IT

Decidr Ai Industries (ASX:DAI) has expanded its board in preparation for the next phase of commercial scaling and global expansion of its Agentic AI platform, selecting Gordon   Starkey as chief revenue officer and Kael Hudson as head of partnerships. The two brings extensive sofrware-as-a-service and partner-led commercial strategy experience, with the appointments intended to “reinforce Decidr’s momentum following major wins across Australia and the US in healthcare, media, finance, education and energy”.

Arovella Therapeutics (ASX:ALA) is moving to obtain two new licenses for novel chimeric antigen receptors (CARs) targeting solid tumours, including neuroblastoma and hepatocellular carcinoma. Both CARS have been studied in clinical trials, reducing the need for preclinical testing.

A US$175,122 research rebate from the Canadian government has bolstered Recce Pharmaceuticals (ASX:RCE) funds, as the company works to develop a new class of synthetic anti-infectives to address the growing problem of antibiotic-resistant superbugs.

Trading Halts

ARC Funds (ASX: ARC) – potential cap raise
Aurum Resources (ASX:AUE) – cap raise
FOS Capital (ASX:FOS) – proposed acquisition
MyEco Group (ASX:MCO) – issue of convertible notes
NewPeak Metals (ASX:NPM) – update on the AusVan Battery Metals transaction
White Cliff Minerals (ASX:WCN) – material assays
Yari Minerals (ASX:YAR) – acquisition

At Stockhead, we tell it like it is. While DecidrAI, Arovella Therapeutics and Recce Pharmaceuticals 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 drops almost 1pc to end seven-day winning streak