ASX Lunch Wrap: ASX defies Wall Street slump once again as Paladin, Boss Energy surge

The ASX is edging up at lunch on Friday despite a Wall Street slump. Energy stocks have surged, the Aussie dollar has dipped and RBA rate cuts are at risk.

ASX rises again despite Wall Street slump. Picture via Getty Images

• ASX rises despite Wall Street slump

• Energy stocks soar as oil prices climb

• Aussie dollar dips, RBA’s rate cuts in jeopardy

The ASX started the second day of 2025 with a surprise lift, defying Wall Street’s grim session and keeping the momentum going after a strong showing yesterday.

The S&P/ASX 200 index was up by 0.4% at 12:30pm AEDT, way ahead of what ASX futures had suggested before the opening bell.

Overnight, Wall Street had a rough ride again as it wiped out over a trillion bucks in the space of five days.

The S&P 500, Dow, and Nasdaq all finished in the red, dragged down by tech giants like Tesla which plunged by 6%.

Tesla tumbled after missing its Q4 delivery targets and seeing sales drop for the first time in a decade.

Traders were also spooked after US weekly jobless claims fell to an eight-month low.

On the ASX this morning, ten out of 11 sectors opened higher, led by gains in real estate and energy stocks. This came as oil prices surged with US crude stockpiles falling.

Source: Market Index

Source: Market Index

Both Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE) saw huge jumps, up 8%.

Gold stocks are also having a good run this morning on the back of a 1% rise in spot bullion price.

But here’s one big worry: Aussie dollar weakness.

The AUD edged up overnight to just above US62 cents, although it’s still sitting at a two-year low.

Strategists warn it’s a sign the RBA’s rate-cut plans could be in jeopardy.

“If it keeps falling from here, say 20 per cent since the start of 2024, it could have an impact on the RBA’s decision,” said AMP chief economist, Shane Oliver.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for January 3 :

Security	Description	Last	%	Volume	MktCap
88E	88 Energy Ltd	0.002	50%	2,916,889	$28,933,812
EEL	Enrg Elements Ltd	0.002	50%	10,000,000	$3,253,779
MTB	Mount Burgess Mining	0.006	50%	650,000	$1,358,150
H2G	Greenhy2 Limited	0.004	33%	200,737	$1,794,553
FFF	Forbidden Foods	0.009	29%	490,790	$4,005,564
FNR	Far Northern Res	0.140	27%	5,000	$3,989,241
ETM	Energy Transition	0.047	27%	7,161,193	$52,122,221
CDT	Castle Minerals	0.003	25%	400,000	$3,793,628
AER	Aeeris Ltd	0.075	21%	10,000	$4,535,229
NES	Nelson Resources.	0.003	20%	12,000,000	$5,429,819
VEN	Vintage Energy	0.006	20%	2,025,633	$8,347,656
ESK	Etherstack PLC	0.310	19%	72,065	$34,285,910
MGL	Magontec Limited	0.220	19%	20,000	$14,734,097
BDG	Black Dragon Gold	0.072	16%	1,131,993	$18,716,729
PGD	Peregrine Gold	0.150	15%	189,457	$8,824,195
AI1	Adisyn Ltd	0.103	15%	3,820,371	$27,348,582
1AE	Auroraenergymetals	0.055	15%	100,000	$8,595,059
SHN	Sunshine Metals Ltd	0.008	14%	2,695,000	$11,113,514
VAR	Variscan Mines Ltd	0.008	14%	63,125	$5,480,004
TAT	Tartana Minerals Ltd	0.050	14%	300,000	$9,422,419
EL8	Elevate Uranium Ltd	0.300	13%	1,970,782	$102,188,190

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for January 3 :

Code	Name	Price	% Change	Volume	Market Cap
TMK	TMK Energy Limited	0.002	-33%	843,000	$27,976,695
8IH	8I Holdings Ltd	0.007	-30%	45,243	$3,481,609
EAT	Entertainment	0.003	-25%	768,347	$5,235,144
ENT	Enterprise Metals	0.003	-25%	67,520	$4,713,269
ERA	Energy Resources	0.003	-17%	544,626	$1,216,188,722
LML	Lincoln Minerals	0.005	-17%	8,000	$12,337,557
TIG	Tigers Realm Coal	0.003	-17%	72,737	$39,200,107
VML	Vital Metals Limited	0.003	-17%	2,414,458	$17,685,201
1AI	Algorae Pharma	0.006	-14%	100,000	$11,811,763
ADN	Andromeda Metals Ltd	0.006	-14%	452,637	$24,001,094
SPQ	Superior Resources	0.006	-14%	175,500	$15,189,047
VRC	Volt Resources Ltd	0.003	-14%	20,000	$14,746,338
ROG	Red Sky Energy.	0.010	-14%	66,216,419	$59,644,499
BCB	Bowen Coal Limited	0.007	-13%	6,132,059	$86,204,221
FTC	Fintech Chain Ltd	0.007	-13%	68,761	$5,206,157
EVG	Evion Group NL	0.024	-11%	428,781	$9,368,006
AKN	Auking Mining Ltd	0.004	-11%	206,666	$1,872,933
A11	Atlantic Lithium	0.305	-10%	80,509	$235,670,086
AXI	Axiom Properties	0.035	-10%	529,262	$16,875,833
SPX	Spenda Limited	0.009	-10%	798,505	$46,152,155
TMS	Tennant Minerals Ltd	0.009	-10%	5,500	$9,558,904
WBE	Whitebark Energy	0.009	-10%	64,416	$2,523,335

Red Sky Energy (ASX:ROG) dropped despite securing a 35% stake in Block 6/24 offshore Angola, located in the Kwanza Basin. The block spans nearly 5,000km² and has been well explored with extensive 2D and 3D seismic data. After reviewing the data, Red Sky sees strong potential for oil, with previous drilling uncovering the Cegonha oil field and a potential commercial discovery. The company has signed a Risk Service Contract with ANPG, ACREP, and Sonangol E&P, marking its first move into Angola.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as ASX Lunch Wrap: ASX defies Wall Street slump once again as Paladin, Boss Energy surge