Closing Bell: ASX pares back gains as energy sector deflates

The ASX finished 0.31% lower on Thursday. A disappointing finish after strong early gains. Gold and tech were bright spots, as the energy sector fizzled.

The ASX 200 struggled at the back end today. Pic via Getty Images

• ASX 200 pares back strong early gains 

• Energy sector fizzles out as tech, telcos and gold forge ahead

• Ressies RML and PGD among gainers, Cettire smashed 

If we said, "See Eddy's markets Lunch Wrap, but just plug in a few different stats", could we call it a day? Would that cut it?

Because, ever since that update was posted, aside from the air clearly being released from the market in a disappointing afternoon malaise, that just about sums it up.

We'd best fill in some gaps, though, as that's the job.

A bit like it'd overslept in a flotation tank, the ASX 200 was a docile, shrivelled version of its recent bold self in the afternoon session, giving up a promising start to finish down 0.31%. Still, yesterday's new personal best for the benchmark remains fresh in the memory.

Looking at the sectors, tech, telcos and utilities were the biggest winners. Materials and financials were the biggest losers.

Energy fizzled out after a strong start – possibly due to some initial optimism about the oil price jump waning and a general potpourri of emotions following a pretty volatile session on Wall Street.

Healthcare/biotech stocks also managed to trade fairly flat. Earlier, the sector was weighed down by Cochlear's earnings downgrade news. Tune in (actually, read) Tim Boreham's Health Check for more on that. The local hearing solutions heavyweight was, however, looking a little more… sound, at the end of play (+0.58% intraday).

Source: Market Index

The Gold Index was a bright spot, lifting 2.56% as markets remain uncertain despite some optimism creeping in for Fed rate cuts and the news yesterday that America and China have hugged out some of their trade tiff (for now).

As Eddy noted earlier: Trump said last night the US and China had struck a deal, with China expected to send over rare earths and magnets, and in return, the US will let Chinese students back into unis.

That doesn't mean Trump's done with the tariffs trauma. Probably far from it. Per the Australian's Valerina Changarathil: "Trump's warning about setting trade tariffs on major economies in the coming weeks kept Asian markets on edge in the afternoon" today.

Meanwhile, the energy sector's early strong performance today was underpinned by the biggest one-day jump in oil prices since October, with the important black stuff bubbling over 4% overnight thanks to shrinking US stockpiles and fresh Middle East tension – which likely also explains gold's strong day (the precious commodity is up 0.58% at the time of writing and trading at US$3,380).

After helping carry the bourse to a 0.2% gain at lunch, $44.56bn market capped Woodside Energy Group (ASX:WDS) finished the day down  0.2% per cent to $23.47, while Santos (ASX:STO) pared itself back to a 0.15% gain at close and a $6.71 share price.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
RML	Resolution Minerals	0.034	79%	117,503,131	$9,989,950
CDE	Codeifai Limited	0.035	52%	6,503,821	$9,900,084
ADD	Adavale Resource Ltd	0.0015	50%	2,012,565	$2,287,279
HFY	Hubify Ltd	0.012	50%	3,198,034	$4,089,090
PAB	Patrys Limited	0.0015	50%	2,591,022	$2,057,447
PKO	Peako Limited	0.003	50%	1,557,250	$2,975,484
SFG	Seafarms Group Ltd	0.0015	50%	4,953,265	$4,836,599
VML	Vital Metals Limited	0.003	50%	1,923,895	$11,790,134
PGD	Peregrine Gold	0.21	35%	530,810	$13,151,400
DGR	DGR Global Ltd	0.004	33%	2,026,789	$3,131,088
RAN	Range International	0.002	33%	250,030	$1,408,935
RLC	Reedy Lagoon Corp	0.002	33%	599,068	$1,165,060
SRN	Surefire Rescs NL	0.002	33%	6,347,686	$3,729,668
HFR	Highfield Res Ltd	0.195	30%	181,721	$71,111,556
DTR	Dateline Resources	0.1	27%	142,247,443	$231,899,685
NGX	NGX Limited	0.15	25%	59,042	$10,873,421
RPG	Raptis Group Limited	0.05	25%	33,168	$7,013,697
CTN	Catalina Resources	0.005	25%	431,630	$9,704,076
EDE	Eden Inv Ltd	0.0025	25%	1,331,868	$8,219,762
JAV	Javelin Minerals Ltd	0.0025	25%	753,793	$12,252,298
MEM	Memphasys Ltd	0.005	25%	88,464	$7,934,392
SKK	Stakk Limited	0.005	25%	510,914	$8,300,319
BMR	Ballymore Resources	0.185	23%	261,583	$26,509,588
YAR	Yari Minerals Ltd	0.011	22%	14,782,139	$4,992,403
SPD	Southernpalladium	0.61	22%	340,871	$45,475,000

Resolution Minerals (ASX:RML) burst up 79% today after announcing the acquisition of Horse Haven, an antimony, gold and tungsten project in Idaho next to the largest known antimony resource in the US.

The project shares its eastern boundary with Nasdaq-listed $2 billion market cap Perpetua Resources’ Stibnite gold-antimony project in the historical Stibnite Mining District of Valley County, central Idaho.

Patrys (ASX:PAB) meanwhile made a 50% gain, a day after announcing it had received commitments for a placement of new shares and attaching options to sophisticated and professional investors to raise up to ~$308,000.

The biotech also announced a board renewal with changes including appointment of Dr Anton Uvarov as a non-executive director and Peter Christie as chair. Uvarov committed to subscribe for new shares and attaching options to raise $50,000 on the same terms as the placement subject to shareholder approval.

Peregrine Gold (ASX:PGD) also had a strong day, up 35% after announcing it had received all necessary approvals and kicked off an 8,100m aircore drill program at the Tin Can Trend, located within the company’s 100% owned Newman gold project in the Pilbara region of WA.

The program will consist of 81 holes and average ~100m per hole with results expected to be announced next quarter. PGD then anticipates conducting first phase aircore drill testing at the Epithermal prospect, subject to final interpretation of its recently IP survey results announced in April.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
ALV	Alvo Minerals	0.02	-48%	3,256,638	$5,972,315
OB1	Orbminco Limited	0.001	-33%	2,151,730	$4,796,352
SIS	Simble Solutions	0.002	-33%	2,273,886	$2,628,991
CTT	Cettire	0.3225	-31%	46,693,548	$177,275,772
REY	REY Resources Ltd	0.019	-30%	2,800	$5,712,144
OLI	Oliver'S Real Food	0.005	-29%	129,268	$3,785,123
CLG	Close Loop	0.048	-28%	5,068,448	$35,633,941
HLX	Helix Resources	0.0015	-25%	3,002,454	$6,728,387
RNX	Renegade Exploration	0.003	-25%	3,433,353	$5,153,454
M4M	Macro Metals Limited	0.011	-21%	4,255,234	$55,683,845
FUL	Fulcrum Lithium	0.036	-20%	109,676	$3,397,500
TGH	Terragen	0.02	-20%	38,000	$12,625,429
AAU	Antilles Gold Ltd	0.004	-20%	1,032,221	$11,556,840
IMI	Infinitymining	0.008	-20%	10,000	$4,230,158
RGL	Riversgold	0.004	-20%	1,527,222	$8,418,563
ROG	Red Sky Energy	0.004	-20%	55,000	$27,111,136
SRJ	SRJ Technologies	0.008	-20%	1,780,531	$6,055,781
TMX	Terrain Minerals	0.002	-20%	100,023	$5,621,392
BSN	Basin Energy	0.018	-18%	119,654	$2,702,245
LOC	Locate Technologies	0.14	-18%	844,716	$38,460,237
ZNO	Zoono Group Ltd	0.03	-17%	2,047,363	$12,795,617
ALY	Alchemy Resource Ltd	0.005	-17%	300,000	$7,068,458
AUR	Auris Minerals Ltd	0.005	-17%	1,729,447	$2,859,756
BMO	Bastion Minerals	0.0025	-17%	4,529,092	$2,710,883
EM2	Eagle Mountain	0.005	-17%	54,600	$6,810,224

Online luxury fashion retailer Cettire (ASX:CTT) crashed today after it revealed soft sales, sliding margins and a nasty FX hit, with US demand dropping off and the June quarter already looking grim. The company said luxury isn’t flying like it used to. With cash burning fast and the balance sheet looking thinner by the week, investors reckon a cap raise might be imminent.

IN CASE YOU MISSED IT

Ausgold (ASX:AUC) has extended the Datatine shoot at its Katanning gold project in WA as it works to release a feasibility study this month.

A high-priority target at the Igrejinha lithium project in Brazil’s Lithium Valley is the focus of Perpetual Resources’ (ASX:PEC) maiden RC drilling which has just kicked off.

AnteoTech’s (ASX:ADO) life sciences business is poised to record a ~130% increase in FY2025 sales to $930,000 after receiving a sales order from the Serum Institute of India.

Australian Critical Minerals (ASX:ACM) is adding to its plate with a move to acquire gold, copper, silver, base metals and lithium projects in Peru.

Omega Oil and Gas (ASX:OMA) ends overriding 3% liquids royalty over its Taroom Trough assets by paying TAG Oil US$1m.

Island Pharmaceuticals (ASX:ILA) says Phase 2a/b top-line results advocate for continued clinical development of ISLA-101 to treat dengue virus.

LAST ORDERS

RareX (ASX:REE) has taken another step forward at its Cummins Range project in WA, securing an in-principle agreement with the Jaru RNTBC on a Mining and Heritage Protection Agreement. It clears the path to finalise the mining lease and move the rare earths, gallium, scandium and phosphate play closer to development.

TRADING HALTS

Australian Strategic Materials (ASX:ASM) – cap raise
Boab Metals (ASX:BML) – cap raise
Clara Resources (ASX:C7A) – cap raise
Finder Energy (ASX:FND) – alliance announcement & FEED update
FMR Resources (ASX:FMR) – cap raise
Hazer Group (ASX:HZR) – cap raise
Juno Minerals (ASX:JNO) – asset divestment
Mayur Resources (ASX:MRL) – pending PNG SEZ licence
Southern Hemisphere Mining (ASX:SMN) – JV agreement
Tali Digital (ASX:TD1) – acquisition & cap raise
West Wits Mining (ASX:WWI) – cap raise

At Stockhead, we tell it like it is. While Resolution Minerals, Peregrine Gold, Ausgold, Perpetual Resources, AnteoTech, Australian Critical Minerals, Omega Oil and Gas, Island Pharmaceuticals and RareX 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 pares back gains as energy sector deflates