ASX Lunch Wrap: ASX higher ahead of Fed; MinRes completes $780m gas deal with Rinehart

ASX steadies ahead of the Fed decision. Mining leads but Percheron’s value plummets after poor trial results.

ASX up ahead of crucial Fed decision. Picture via Getty Images

• ASX steadies ahead of crucial Fed decision

• Real Estate leads while energy and staples fall

• Percheron wiped out market value after disappointing top-line results

The benchmark ASX 200 crept up by 0.26% by Wednesday lunch time AEDT, after a  lacklustre night on Wall Street.

Traders are keeping a very close eye on the Federal Reserve's decision later today (US time), which could have a big impact on sentiment both locally and globally.

The consensus expectation is for a 25 basis point rate cut.

“I expect that during the December FOMC meeting and press conference, Powell will aim not to rock the boat too much relative to consensus expectations and market pricing,” said Blerina Uruçi, Chief US Economist at T. Rowe Price.

On the ASX, the real estate sector led this morning, while consumer staples saw losses.

Source: Market Index

Source: Market Index

Large cap stocks in focus this morning include Insignia Financial (ASX:IFL), which dropped 1.5% after rejecting a $4-a-share takeover bid from Bain Capital.

Mineral Resources (ASX:MIN) has completed its $780 million gas deal with Hancock in the Perth Basin and Carnarvon Basin in WA.

Hancock will now provide the additional $24 million as part of the exploration joint ventures and purchase of 50% of Mineral Resources' Explorer drill rig and associated infrastructure.

Vulcan Energy Resources (ASX:VUL) rose 1.5% following the announcement of a €879 million financing deal for its Lionheart Project in Germany. The deal involves a group of banks and Export Finance Australia.

DigiCo Infrastructure REIT (ASX:DGT) recovered after a lacklustre IPO last week, with shares up 3.5% this morning. 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 18 :

Security	Description	Last	%	Volume	MktCap
AYM	Australia United Min	0.004	100%	977,360	$3,685,155
AMD	Arrow Minerals	0.002	50%	3,118,346	$13,223,628
IBG	Ironbark Zinc Ltd	0.003	50%	2,047,671	$3,667,296
BDG	Black Dragon Gold	0.036	44%	2,821,386	$7,547,068
OBL	Omni Bridgeway Ltd	1.385	44%	1,296,533	$272,693,739
NRZ	Neurizer Ltd	0.002	33%	4,105,000	$4,226,791
AKN	Auking Mining Ltd	0.005	25%	100,083	$1,565,401
T3D	333D Limited	0.010	25%	2,008	$1,409,468
TMK	TMK Energy Limited	0.003	25%	1,586,000	$18,651,130
DCC	Digitalx Limited	0.067	24%	39,991,599	$46,785,818
YOJ	Yojee Limited	0.150	20%	123,413	$34,450,482
LNR	Lanthanein Resources	0.003	20%	1,000,000	$6,109,090
CDR	Codrus Minerals Ltd	0.019	19%	20,000	$2,646,200
CU6	Clarity Pharma	5.410	17%	1,913,339	$1,478,162,446
ICL	Iceni Gold	0.075	17%	3,915,853	$17,753,908
RVT	Richmond Vanadium	0.245	17%	13,056	$18,103,639
BUY	Bounty Oil & Gas NL	0.004	17%	166,666	$4,495,503
OSL	Oncosil Medical	0.007	17%	6,600,000	$27,639,481
PAB	Patrys Limited	0.004	17%	250,000	$6,172,342
RGL	Riversgold	0.004	17%	732,398	$4,882,388
WBE	Whitebark Energy	0.007	17%	424,872	$1,514,001

Litigation financing company Omni Bridgeway (ASX:OBL) has agreed with Ares Management to establish Fund 9, acquiring OBL’s co-investment in 150+ assets. Ares will pay $310 million for a 70% stake, with OBL retaining 30%. The deal provides OBL a 3.2x return on invested capital and a 2% management fee from Fund 9. Ares also has the option to buy up to $35 million in OBL equity. 

DigitalX (ASX:DCC) has raised $15.4 million through a private placement and rights issue. Tony Guoga joins as strategic advisor to expand digital asset services, investing $4.7 million. DCC expects 41 Bitcoin from Mt Gox in 2025, valued at $7 million, and growth in its Bitcoin ETF.

Clarity Pharmaceuticals (ASX:CU6) said it has developed a new FAP-targeted radiopharmaceutical, SAR-bisFAP, designed for cancer diagnosis and treatment. This product uses copper isotopes for imaging and therapy, showing strong tumour targeting and retention in pre-clinical models. FAP is widely expressed in many cancers, offering a broad treatment potential. 

Iceni Gold (ASX:ICL) has signed a farm-in deal with Gold Road Resources (ASX:GOR) worth up to $44 million for exploration on its Guyer Gold Trend in Western Australia. GOR will invest $5 million initially, with the potential to earn up to 80% of the project. GOR is also taking a 9.9% stake in Iceni for $3.05 million. Exploration starts in January 2025.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 18 :

Code	Name	Price	% Change	Volume	Market Cap
PER	Percheron	0.008	-86%	238,879,649	$64,158,820
NTD	Ntaw Holdings Ltd	0.225	-42%	1,371,570	$64,567,430
MTL	Mantle Minerals Ltd	0.001	-33%	167,650	$9,296,169
PKO	Peako Limited	0.002	-33%	500,000	$3,285,425
TD1	Tali Digital Limited	0.001	-33%	1,380,000	$4,942,733
TKL	Traka Resources	0.001	-33%	12,450	$2,963,488
PGY	Pilot Energy Ltd	0.007	-30%	28,873,580	$16,420,716
CRR	Critical Resources	0.005	-29%	11,462,290	$17,023,742
1TT	Thrive Tribe Tech	0.002	-25%	256,064	$1,406,723
88E	88 Energy Ltd	0.002	-25%	1,510,910	$57,867,624
CR9	Corellares	0.003	-25%	1,023,116	$1,860,370
LNU	Linius Tech Limited	0.002	-25%	300,000	$12,302,431
TX3	Trinex Minerals Ltd	0.002	-25%	21,989	$3,657,305
VRC	Volt Resources Ltd	0.003	-25%	6,796,333	$16,634,713
ERG	Eneco Refresh Ltd	0.010	-23%	80,000	$3,540,659
FHS	Freehill Mining Ltd.	0.004	-20%	2,450,235	$15,392,639
AUK	Aumake Limited	0.005	-17%	9,425	$18,064,153
AUR	Auris Minerals Ltd	0.005	-17%	8,592	$2,859,756
BLZ	Blaze Minerals Ltd	0.005	-17%	2,461,618	$9,401,687
ECT	Env Clean Tech Ltd.	0.003	-17%	3,198,507	$9,515,431
RNX	Renegade Exploration	0.005	-17%	400,000	$7,704,021
VML	Vital Metals Limited	0.003	-17%	1,415,615	$17,685,201
BMR	Ballymore Resources	0.130	-16%	217,709	$27,393,241

Percheron Therapeutics (ASX:PER) plunged by almost 90% after announcing that its phase IIb trial of avicursen for Duchenne muscular dystrophy (DMD) did not meet its primary endpoint or show significant efficacy in secondary endpoints.

Based on these results, the company has decided to terminate the trial and will conduct a strategic review of its pipeline in early 2025. Percheron said it remains committed to advancing DMD research and will provide further updates in the new year.

IN CASE YOU MISSED IT

Tungsten Mining (ASX:TGN)has raised $4.5 million through the issue of convertible notes to professional and sophisticated investors.The funds will be used to acquire the Mt Mulgine project and support ongoing project development, with TGN now holding all mineral rights to the project.

Godolphin Resources (ASX:GRL) has struck a 37m-wide sulphide zone in its third drill hole (GLPDD007) as part of a 1,500m drilling program at its Lewis Ponds project in NSW. It follows the success of the previous two drill holes, including a 40m intersection of semi-massive sulphide mineralisation in GLPDD006. Further assay results are expected in late January 2025.

In the US, cleantech company Carbonxt Group (ASX:CG1)has achieved mechanical completion of its cutting-edge activated carbon production plant in Kentucky and increased its ownership stake to 40%. The plant is primed to meet the growing demand for premium activated carbon products in North America, with sample production scheduled for the March quarter, which will allow CG1 to finalise potential offtake agreements.

At Stockhead, we tell it like it is. While Tungsten Mining, Godolphin Resources and Carbonnxt Group 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 ASX Lunch Wrap: ASX higher ahead of Fed; MinRes completes $780m gas deal with Rinehart