Closing Bell: ASX tumbles as banking stocks slump

The ASX shed 0.43pc in trade today, its early momentum stalling as bank shares fell to profit taking and the gold index slid 1.08pc.

The ASX was knocked out of the green by profit-taking in banking stocks on Friday, tumbling from early gains. Pic: Getty Images

• ASX arrests momentum to fall 0.43pc

• Materials up 2.27pc alongside ASX 200 Resources, up 1.99pc

• Profit taking in bank stocks drives ASX 200 Banks index down 2.24pc

While the ASX 200 had a roaring start to the day, up 0.61% in the first hour, it had tripped over its own feet by midday and continued to tumble right until close of trade.

Despite a buoyant materials sector (+2.27%), the ASX has shed 0.43% today, suffering from profit taking in our top seven banking stocks and a lagging gold sector.

Info tech (+0.55%) and telecoms (+0.54%) were able to provide some support, but it wasn’t enough to outweigh full percentage drops in the financials, health care and real estate sectors.

Source: Market Index

The ASX 200 Banks index fell 2.24% by the end of the day.

Commonwealth Bank (ASX:CBA) shed 2.8%, NAB (ASX:NAB) 1.5%, Westpac (ASX:WBC) 1.9%, ANZ (ASX:ANZ) 1.8% , QBE Insurance (ASX:QBE) 0.4% and Suncorp (ASX:SUN) 0.6%

Macquarie Group (ASX:MQG) was the only bright spot, jumping 1.96%. MQG today announced it has ceased to be a substantial shareholder in NRW Holdings (ASX:NWH).

Gold stocks weren’t part of the wider resources rally, shedding 1.08% as the ASX 200 Resources surged 1.99%.

Source: Market Index

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
RAN	Range International	0.0025	150%	6635397	$939,290
GMN	Gold Mountain Ltd	0.002	100%	19266605	$5,619,759
JAY	Jayride Group	0.002	100%	3643361	$1,427,889
MIOR	Macarthur Minerals	0.002	100%	1214368	$99,833
MGU	Magnum Mining & Exp	0.005	67%	6139972	$3,364,953
CYQ	Cycliq Group Ltd	0.003	50%	2810692	$921,033
TKL	Traka Resources	0.0015	50%	1000000	$2,125,790
ASR	Asra Minerals Ltd	0.002	33%	500000	$5,987,547
ECT	Env Clean Tech Ltd.	0.004	33%	21157796	$12,020,306
MTB	Mount Burgess Mining	0.004	33%	5038925	$1,055,108
PPG	Pro-Pac Packaging	0.02	33%	292877	$2,725,316
D3E	D3 Energy Limited	0.145	32%	712870	$8,742,251
CLG	Close Loop	0.035	30%	7705999	$14,359,946
AGY	Argosy Minerals Ltd	0.019	27%	43971108	$21,838,814
1CG	One Click Group Ltd	0.01	25%	526551	$9,458,289
AN1	Anagenics Limited	0.005	25%	472587	$1,985,281
ANX	Anax Metals Ltd	0.005	25%	10315929	$3,531,230
AUK	Aumake Limited	0.0025	25%	5129	$6,046,718
BEL	Bentley Capital Ltd	0.01	25%	89000	$609,023
DGR	DGR Global Ltd	0.005	25%	225000	$4,174,784
SKK	Stakk Limited	0.005	25%	206022	$8,300,319
VML	Vital Metals Limited	0.0025	25%	3289773	$11,790,134
C1X	Cosmosexploration	0.063	24%	270022	$5,531,797
8IH	8I Holdings Ltd	0.011	22%	11749	$3,133,448
THR	Thor Energy PLC	0.011	22%	287171	$6,397,109

Making news…

Argosy Minerals (ASX:AGY) has offloaded 60 metric tonnes of battery quality lithium carbonate in an offtake deal with a Hong Kong based chemical company.

Management says it’s joined an exclusive group of lithium carbonate product exporters at a challenging time for the industry, reflecting the strong fundamentals of its Rincon lithium project in the lithium triangle.

Anagenics (ASX:AN1) has celebrated the launch of Bouf Haircare by York Street Brands, developed using its proprietary anti-aging solutions.

The new product had a stellar launch in May, selling out of the Flouf Factor Growth Tonic product and forecast to generate $2.3 million in sales during the first quarter.

That translates to a tidy royalty cut of $230,000 for AN1, which expects the royalty deal to generate quite a bit more than the minimum agreed 10-year payments of $4.5 million.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
PKO	Peako Limited	0.001	-50%	10682448	$2,975,484
TAT	Tartana Minerals Ltd	0.026	-38%	306401	$8,994,128
ALR	Altairminerals	0.002	-33%	200000	$12,890,233
EEL	Enrg Elements Ltd	0.001	-33%	8744238	$4,880,668
RCM	Rapid Critical	0.002	-33%	12643388	$4,247,334
SRJ	SRJ Technologies	0.005	-29%	2602849	$4,239,047
CZN	Corazon Ltd	0.0015	-25%	24250	$2,369,145
OVT	Ovanti Limited	0.006	-25%	1.18E+08	$24,044,120
AXI	Axiom Properties	0.027	-23%	300290	$15,144,978
JAV	Javelin Minerals Ltd	0.002	-20%	3030000	$15,315,373
SPQ	Superior Resources	0.004	-20%	5837278	$11,854,914
PV1	Provaris Energy Ltd	0.014	-18%	435849	$11,866,022
BUR	Burleyminerals	0.043	-17%	535303	$9,420,700
STG	Straker Limited	0.4	-17%	195475	$30,882,864
C7A	Clara Resources	0.0025	-17%	596670	$1,764,813
ICR	Intelicare Holdings	0.005	-17%	10000	$2,917,129
KPO	Kalina Power Limited	0.005	-17%	261602	$17,597,974
PRM	Prominence Energy	0.0025	-17%	166367	$1,167,529
LKY	Locksleyresources	0.074	-16%	17763032	$16,133,333
IRD	Iron Road Ltd	0.022	-15%	800330	$21,546,012
REE	Rarex Limited	0.017	-15%	10056907	$18,403,280
AKN	Auking Mining Ltd	0.006	-14%	525000	$4,023,451
AVD	Avada Group Limited	0.12	-14%	534442	$11,890,904
M2R	Miramar	0.003	-14%	577648	$3,488,881
ODE	Odessa Minerals Ltd	0.006	-14%	3988664	$11,196,728

IN CASE YOU MISSED IT

QEM (ASX:QEM) can proceed with an environmental impact statement for its Julia Creek project in Queensland after receiving the finalised terms of reference.

LinQ Minerals (ASX:LNQ) has become the first gold explorer to list on the ASX in 2025 after raising $10m through a heavily oversubscribed initial public offering priced at 20c per share.

LAST ORDERS

Harvest Technology Group (ASX:HTG) managing director Ilario Faenza was on the road this week, hosting 30 different meetings across three days in Singapore and Hong Kong.

Faenza spoke with small cap fund managers and family offices, presenting HTG’s Nodestream Enhanced Operating Network, an edge compute horsepower and storage solution.

TRADING HALTS

Brazilian Critical Minerals (ASX:BCM) – field trial results pending
Codeifai (ASX:CDE) – potential acquisition
Trigg Minerals (ASX:TMG) – cap raise

At Stockhead, we tell it like it is. While Harvest Technology Group is a Stockhead advertiser, it 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 tumbles as banking stocks slump