Lunch Wrap: ASX slides as rate-hike fears bite; Bass Oil seals big gas deal
The ASX has dipped on Monday, even after Wall Street’s Fed-cut bets rally on Friday. Telcos, storage and gas names have kept the market from sinking further.
US interest rate cuts coming, but Australia could face rate hikes
Telcos rise as retailers feel the squeeze
National Storage sold for $4 billion cash deal
The ASX slipped about 0.35% by Monday lunchtime in the east as Wall Street continued to inch towards record highs.
On Friday, the S&P 500 crept higher again – a “risk-on” rebound that makes perfect sense in New York, where rate cuts are now a base case.
While the Fed Reserve is preparing to cut as early as this week, the RBA is signalling the opposite – that inflation here still isn’t tame enough to even talk about easing.
Australian bond markets got the message loud and clear: they’re now pricing in two rate hikes (instead of cuts) next year. But Michele Bullock will have the final says as she delivers the RBA decision tomorrow.
Back home, telcos led the market early, proof that mobile data is apparently the last thing Australians are willing to give up.
Utilities and tech, on the other hand, were the biggest laggards this morning.
In large cap news, DigiCo Infrastructure REIT (ASX:DGT) dipped 1% after naming Michael Juniper as CEO.
National Storage REIT (ASX:NSR) added 2% after agreeing to sell itself to Brookfield and GIC for $4 billion, cash. Investors will get $2.86 per stapled security. The irony is that self-storage continues to outperform a lot of businesses that claim to be 'the future.'
Beach Energy (ASX:BPT) has now hit first gas export from the Waitsia Gas Plant into the pipeline network, a critical commercial milestone following its Ready-For-Start-Up approval.
With certification checks done, the team is completing restart testing before ramping production, working closely with operator Mitsui to get volumes flowing steadily. BPT still slipped about 1% despite the milestone.
And, Telix Pharmaceuticals (ASX:TLX) also fell 1% despite dosing the first patient in Part Two of its global phase III ProstACT trial – advancing TLX591 in metastatic castration-resistant prostate cancer.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| BAS | Bass Oil Ltd | 0.082 | 141% | 25,819,174 | $10,859,155 |
| ANX | Anax Metals Ltd | 0.010 | 25% | 2,986,642 | $7,062,461 |
| AEI | Aeris Environmental | 0.060 | 22% | 237,505 | $12,083,133 |
| AOA | Ausmon Resorces | 0.003 | 20% | 2,540,000 | $3,286,534 |
| M2R | Miramar | 0.003 | 20% | 13,282,639 | $2,987,308 |
| NAE | New Age Exploration | 0.003 | 20% | 125,889 | $10,514,779 |
| AGD | Austral Gold | 0.110 | 20% | 237,738 | $57,143,583 |
| YAR | Yari Minerals Ltd | 0.011 | 17% | 1,678,688 | $7,555,174 |
| CHM | Chimeric Therapeutic | 0.004 | 17% | 12,449,819 | $10,926,409 |
| PRM | Prominence Energy | 0.004 | 17% | 125,013 | $2,667,529 |
| RGL | Riversgold | 0.007 | 17% | 511,527 | $12,502,276 |
| PXX | Polarx Limited | 0.022 | 16% | 2,497,216 | $51,618,891 |
| EMU | EMU NL | 0.045 | 15% | 250,000 | $11,160,456 |
| PAT | Patriot Resourcesltd | 0.055 | 15% | 865,995 | $7,921,078 |
| FAU | First Au Ltd | 0.008 | 14% | 4,701,940 | $18,350,393 |
| RCL | Readcloud | 0.125 | 14% | 136,242 | $16,898,174 |
| NVQ | Noviqtech Limited | 0.025 | 14% | 2,200,614 | $6,179,137 |
| EPI | Epiminder Ltd | 1.140 | 13% | 245,324 | $176,062,227 |
| WIN | WIN Metals | 0.043 | 13% | 3,355,177 | $26,306,043 |
| SLB | Stelarmetalslimited | 0.078 | 13% | 35,696 | $4,385,497 |
| NH3 | Nh3Cleanenergyltd | 0.103 | 13% | 1,243,128 | $63,419,206 |
| ATH | Alterity Therap Ltd | 0.009 | 13% | 228,027 | $87,003,331 |
| AVE | Avecho Biotech Ltd | 0.009 | 13% | 297,641 | $29,387,709 |
Bass Oil (ASX:BAS) surged after locking in a three-year gas sales deal with Origin Energy (ASX:ORG), covering up to 12.045 PJ from the Vanessa field in the Cooper Basin.
It expects first gas in 2026 once the Vanessa acquisition is wrapped up and the facilities are recommissioned, a move that underpins full commercialisation of the field.
Bass said the project gives it a low-cost pathway into the East Coast gas market and a launchpad to tap the much larger gas potential it sees in its nearby 100% owned PEL 182 acreage.
Yari Minerals (ASX:YAR) has now drilled four holes at Rolleston South, confirming thick, continuous coal seams and sending core off for detailed lab testing. The last drill pads are a bit boggy, so the remaining holes are due to finish in late Feb to early March 2026.
The new drilling and coal-quality data are expected to support a potential upgrade of part of the 190 Mt Inferred Resource to Indicated, with more results landing through Q1 2026.
Chimeric Therapeutics (ASX:CHM) has secured FDA Orphan Drug Designation for its novel CDH17 CAR-T therapy in gastric cancer, unlocking incentives like tax credits and potential seven-year market exclusivity if approved.
Its phase 1/2 trial is underway with 10 patients enrolled so far, aiming to confirm safety, dose and early responses in tough-to-treat gastrointestinal cancers where unmet need remains high.
Prominence Energy (ASX:PRM) has now secured the final sign-off from South Australia’s energy regulator to take control of PEL 803, clearing the way to complete its acquisition of the Gawler Hydrogen Project.
With the change-of-control approval locked in, PRM is now positioned to close the deal and move the project forward.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| OVT | Ovanti Limited | 0.004 | -30% | 150,551,630 | $27,578,948 |
| GGE | Grand Gulf Energy | 0.002 | -25% | 245,000 | $5,640,850 |
| TSL | Titanium Sands Ltd | 0.006 | -25% | 2,660,658 | $18,757,978 |
| KOB | Kobaresourceslimited | 0.045 | -25% | 1,074,373 | $11,920,295 |
| AUK | Aumake Limited | 0.002 | -20% | 17,449,690 | $7,558,397 |
| NTM | Nt Minerals Limited | 0.002 | -20% | 1,636 | $3,027,257 |
| PL9 | Prairie Lithium Ltd | 0.007 | -18% | 8,016,883 | $47,432,673 |
| NVA | Nova Minerals Ltd | 1.080 | -17% | 2,536,680 | $540,497,484 |
| MPR | MPR Australia Ltd | 0.005 | -17% | 1,593,581 | $2,062,220 |
| TEM | Tempest Minerals | 0.005 | -17% | 174,905 | $6,611,258 |
| SRL | Sunrise | 6.460 | -16% | 415,207 | $1,017,373,271 |
| IS3 | I Synergy Group Ltd | 0.017 | -15% | 488,094 | $34,713,302 |
| PLC | Premier1 Lithium Ltd | 0.006 | -14% | 149,561 | $5,630,985 |
| ROG | Red Sky Energy. | 0.003 | -14% | 230,000 | $18,977,795 |
| ZMM | Zimi Ltd | 0.006 | -14% | 90,008 | $5,293,357 |
| ALM | Alma Metals Ltd | 0.007 | -13% | 1,370,000 | $14,937,669 |
| FCT | Firstwave Cloud Tech | 0.007 | -13% | 146,168 | $15,220,514 |
| GCM | Green Critical Min | 0.014 | -13% | 18,170,143 | $46,062,023 |
| GLL | Galilee Energy Ltd | 0.007 | -13% | 322,000 | $5,657,543 |
| PIL | Peppermint Inv Ltd | 0.004 | -13% | 1,730,553 | $10,036,083 |
| TMS | Tennant Minerals Ltd | 0.007 | -13% | 158,275 | $8,527,123 |
| ASL | Andean Silver | 1.830 | -12% | 4,999,265 | $398,091,613 |
| KFM | Kingfisher Mining | 0.066 | -12% | 163,731 | $7,505,438 |
| ICR | Intelicare Holdings | 0.022 | -12% | 75,324 | $15,217,220 |
| DUB | Dubber Corp Ltd | 0.015 | -12% | 1,342,533 | $44,718,540 |
IN CASE YOU MISSED IT
Optiscan (ASX:OIL) starts a study targeting head and neck cancers, some of the most complex and debilitating cancers affecting patients today.
Anson Resources (ASX:ASN) is working toward a lithium chloride offtake agreement with nuclear technology firm Nusano.
Drilling at Antipa Minerals’ (ASX:AZY) Minyari project in WA has returned high-grade intersections below the existing Minyari Dome deposit.
Former Latin Resources managing director Chris Gale has been appointed as Belararox’s (ASX:BRX) executive director as it prepares for drilling in Argentina and Botswana.
Field work at Fin Resources’ (ASX:FIN)Cabin Lake gold project is ramping up after a recent site visit, highlighting new upside potential ahead of the next drill program.
LAST ORDERS
Vertex Minerals (ASX:VTX) is continuing to ramp up gold production at its Reward gold mine in New South Wales.
The company connected its remote-control unit to the Aramine underground loader last week and successfully loaded ore from the 1438 north stope by remote control.
VTX is also approaching flatback mining at Decline 3, where rehab development is making good ground. Overall, gold grades are increasing as the company approaches areas of planned development and production.
At Stockhead, we tell it like it is. While Vertex Minerals 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 Lunch Wrap: ASX slides as rate-hike fears bite; Bass Oil seals big gas deal
