Closing Bell: Precious metals bring the sparkle as market closes flat
The ASX 200 tipped down just six points today, propped up by strong gold and record high silver prices ahead of the US Fed decision overnight.
ASX trades sideways ahead of US Fed decision overnight
Eight of 11 sectors down, weak breadth with 121/200 stocks falling
Materials sector propped up by gold and silver prices
ASX trades sideways
The ASX 200 is still in wait-and-see mode ahead of the US Fed meeting tomorrow morning.
The Fed will almost certainly cut interest rates by 25 basis points – that’s not in question – but markets will quail if the Federal Reserve's accompanying comments sound too hawkish.
The bourse traded in a tight sideways band throughout the day, tipping up just 0.29% at its peak and finishing down 6.5 points or 0.08%.
Eight of 11 sectors were lower. Only materials showed any real signs of life.
The resources-heavy sector was boosted by rising precious metal prices ahead of the Fed’s anticipated cut.
Silver ripped up 4.4% to a new all-time high of US$61.055 an ounce, forming a bullish pattern on the charts.
Andean Silver (ASX:ASL) surged 16.58%, Unico (ASX:USL) 13.53% and Silver Mines (ASX:SVL) 7.9%.
There were also some big movements in gold stocks after futures rose 0.4% to US$4236 an ounce.
Larvotto Resources (ASX:LRV) surged 9.22%, Challenger Gold (ASX:CEL) shot up 9.62% and Kingsgate (ASX:KCN) added 6.86%.
Diversified infrastructure and construction firm Symal (ASX:SYL) jumped 6.55% to $3.09 a share after snapping up the Timms Group and L&D Contracting in return for $28 million.
The move prompted a reaffirmed “buy” rating and a $2.4 price target from Morgans analyst Liam Schofield.
The acquisition is expected to pull in up to $8 million in EBITDA for FY26, bumping up SYL’s guidance by about 6.5%.
ASX Leaders
Today’s best performing stocks (including small caps):
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| BRIR | Big Riv Indust | 0.008 | 60% | 27803 | $36,608 |
| FBR | FBR Ltd | 0.0045 | 50% | 10146127 | $20,060,918 |
| LRM | Lion Rock Minerals | 0.036 | 50% | 30220004 | $73,534,012 |
| IFG | Infocusgroup Hldltd | 0.017 | 42% | 2720588 | $5,862,820 |
| TEM | Tempest Minerals | 0.007 | 40% | 15218505 | $5,509,381 |
| PRM | Prominence Energy | 0.004 | 33% | 3000000 | $2,667,529 |
| QXR | Qx Resources Limited | 0.004 | 33% | 2400126 | $5,527,990 |
| VEN | Vintage Energy | 0.004 | 33% | 4382511 | $6,260,741 |
| FCT | Firstwave Cloud Tech | 0.009 | 29% | 33380992 | $14,013,166 |
| CTN | Catalina Resources | 0.0025 | 25% | 5332614 | $5,726,038 |
| IOV | Ion Video Ltd | 0.0025 | 25% | 2050000 | $16,059,721 |
| RLG | Roolife Group Ltd | 0.005 | 25% | 15161929 | $7,513,982 |
| PVL | Powerhouse Ven Ltd | 0.145 | 21% | 386375 | $19,135,848 |
| HCF | Hghighconviction | 0.018 | 20% | 9995 | $291,097 |
| ERA | Energy Resources | 0.003 | 20% | 3641274 | $1,013,490,602 |
| SKN | Skin Elements Ltd | 0.006 | 20% | 252000 | $6,163,571 |
| TRP | Tissue Repair | 0.38 | 19% | 628836 | $19,348,750 |
| SGA | Sarytogan | 0.105 | 18% | 2334435 | $17,887,516 |
| PGM | Platina Resources | 0.034 | 17% | 1258538 | $18,702,980 |
| ASL | Andean Silver | 2.19 | 17% | 2948216 | $356,187,233 |
| ALV | Alvomin | 0.062 | 17% | 6873867 | $12,729,594 |
| RGL | Riversgold | 0.007 | 17% | 3435942 | $12,502,276 |
| VRC | Volt Resources Ltd | 0.007 | 17% | 42035607 | $29,840,096 |
| ALB | Albion Resources | 0.064 | 16% | 134613 | $7,820,083 |
| CUF | Cufe Ltd | 0.043 | 16% | 2203020 | $63,621,614 |
In the news…
Tempest Minerals (ASX:TEM) is offloading the Remorse iron deposit to Green Steel and Iron Pty Ltd in a share-based deal.
TEM will walk away with 50% of Green Steel, with plans for an IPO and development of a MidWest green iron and steel facility.
The private company was founded by one of the directors of Green Steel of WA with the explicit goal of building WA’s first ever steel making facility at the Collie Steel Mill.
Tissue Repair (ASX:TRP) fended off an ASX price query after the stock shot up 19% intraday. TRP is developing second-generation wound healing agents designed to support chronic wounds and improve outcomes following surgical procedures.
The phase 3 biotech company didn’t have much to say for itself – its quarterly report back in October was the last price-sensitive release on the ASX.
Platina Resources (ASX:PGM) picked a great day to announce its expansion into the Laverton gold district of WA, with gold prices up 0.4% overnight.
PGM acquired the Mt Morgans South gold project from Genesis Minerals (ASX:GMD), covering 14 prospecting licences and 4 exploration licences over 126.4 square kilometres.
It’s sandwiched between the Jupiter gold mine 6km to the east and the Westralia gold mine 7.5km to the northwest, which together host about 3.4 million ounces of gold. Fertile ground indeed.
ASX Laggards
Today’s worst performing stocks (including small caps):
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CT1 | Constellation Tech | 0.001 | -50% | 82087 | $2,949,467 |
| IMC | Immuron Limited | 0.04 | -33% | 16668912 | $19,399,254 |
| BLZ | Blaze Minerals Ltd | 0.001 | -33% | 278 | $4,312,500 |
| JNS | Januselectricholding | 0.066 | -31% | 5228222 | $9,011,939 |
| TSK | Tusker Minerals | 0.11 | -27% | 133762 | $14,663,592 |
| EG1 | Evergoldminsltd | 0.029 | -22% | 359840 | $9,975,218 |
| WYX | Western Yilgarn NL | 0.028 | -20% | 495074 | $5,506,401 |
| BLU | Blue Energy Limited | 0.004 | -20% | 283290 | $15,059,868 |
| OEL | Otto Energy Limited | 0.004 | -20% | 29167 | $23,975,049 |
| PGY | Pilot Energy Ltd | 0.004 | -20% | 1742708 | $10,793,300 |
| TYX | Tyranna Res Ltd | 0.004 | -20% | 2333333 | $16,770,762 |
| T3D | 333D Limited | 0.039 | -19% | 546138 | $9,672,983 |
| HMI | Hiremii | 0.035 | -19% | 507280 | $7,233,731 |
| AOA | Ausmon Resorces | 0.0025 | -17% | 23001 | $3,943,840 |
| AYT | Austin Metals Ltd | 0.005 | -17% | 13523117 | $9,505,148 |
| MGU | Magnum Mining & Exp | 0.005 | -17% | 6932 | $16,824,763 |
| ANO | Advance Zinctek Ltd | 1 | -16% | 10000 | $74,235,637 |
| BAS | Bass Oil Ltd | 0.055 | -15% | 3316393 | $20,760,148 |
| 8IH | 8I Holdings Ltd | 0.017 | -15% | 30000 | $6,963,217 |
| FDV | Frontier Digital Ltd | 0.295 | -14% | 364081 | $150,328,495 |
| 1AD | Adalta Limited | 0.003 | -14% | 354762 | $8,033,442 |
| NOR | Norwood Systems Ltd. | 0.012 | -14% | 1023327 | $7,222,987 |
| TSL | Titanium Sands Ltd | 0.006 | -14% | 83539 | $16,413,230 |
| CGS | Cogstate Ltd | 2.16 | -14% | 1344421 | $430,777,412 |
| RAU | Resouro Strategic | 0.22 | -14% | 183051 | $11,849,070 |
In Case You Missed It
Two drilling rigs are turning at the Van Uden gold project, with TG Metals (ASX:TG6) advancing separate but parallel programs aimed at extending the mineral resource along strike and at depth.
Aurora Labs (ASX:A3D) has fielded an initial order for 20 AU4 propulsion systems valued at $250,000 from Australian company Sovereign Propulsion Systems.
Mining approval is now in hand for Star Minerals’ (ASX:SMS) Tumblegum South project in Western Australia's Bryah Basin.
Rhythm Biosciences (ASX:RHY) looks to push its ColoSTAT blood test for bowel cancer as a new potential screening tool in England.
Orthocell (ASX:OCC) has achieved first commercial sales of its flagship peripheral nerve repair product Remplir in Hong Kong.
Belararox (ASX:BRX) will now test a shallow, epithermal target stretching 1.2km from Toro Central to Toro South.
True North Copper (ASX:TNC) has highlighted the district-scale IOCG potential in the Chumvale region of northwest Queensland.
Riversgold (ASX:RGL) has discovered a new shallow gold zone in the previously undrilled “saddle”at Northern Zone.
Hot Chili’s (ASX:HCH) Costa Fuego project in Chile continues to move toward development with fresh drilling results paving the way.
Mount Hope Mining’s (ASX:MHM) phase 2 drilling at the Mt Solitary prospect kicks off in the Cobar Basin.
Trigg Minerals (ASX:TMG) is preparing for an antimony drilling program at the Antimony Canyon project in Utah.
Austin Metals (ASX:AYT) has received firm commitments for a $3m placement to accelerate gold exploration at its namesake project near Cue, WA.
Indiana Resources (ASX:IDA) has wrapped up aircore drilling and is looking forward to new year assays at its Minos project in South Australia’s Gawler Craton.
Trading halts
Alchemy Resources (ASX:ALY) – further assay results
Great Boulder Resources (ASX:GBR) – drilling update
Iris Metals (ASX:IR1) – cap raise
St Barbara (ASX:SBM) – Simberi transaction & expansion study
Strata Minerals (ASX:SMX) – cap raise & acquisition
WIN Metals (ASX:WIN) – cap raise
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Closing Bell: Precious metals bring the sparkle as market closes flat
