ASX Lunch Wrap: ASX in upbeat mood; Bitcoin marches higher amid US reserve plans

The ASX opened higher on Tuesday but energy stocks weighed on the index. Meanwhile Bitcoin hit another record high amid US reserve plans.

ASX opens higher but energy stocks drag on index. Picture via Getty Images

• ASX opens higher but energy stocks drag on index

• Bitcoin hits record high amid US plans for strategic reserve

• Data3 plunges, and Star Entertainment sees more key departures

The ASX opened Tuesday in an upbeat mood, with the S&P/ASX 200 benchmark rising by  0.9% around lunch time in the eastern states. 

Energy stocks, however, were the main drag on the index following a drop in the price of Brent crude, driven by concerns over weakening demand from China.

Bitcoin, meanwhile, surged to yet another record high, crossing the US$107,000 mark after Donald Trump reiterated plans for a US strategic reserve for the cryptocurrency.

There’s a proposed a bill that would have the US Treasury buy 200,000 Bitcoins annually for five years, aiming to accumulate one million BTC, or about 5% of the global supply, funded by profits from Fed deposits and gold holdings.

Back on the ASX, this is where things stood at about 12:40pm AEDT:

Source: Market Index

Source: Market Index

In the large caps space, Data#3 (ASX:DTL)dropped by 9% after the IT solutions provider revealed major changes to its partnership with Microsoft. 

The company, which distributes Microsoft products in Australia, told investors that the changes would significantly reduce the incentives it can earn on its Microsoft Enterprise Agreements.

Star Entertainment Group (ASX:SGR) has announced another high-profile exit, with Kate Williams resigning from her role as deputy company secretary, just a day after Mark Mackay left his position as CEO of the Gold Coast casino. SGR's shares were down 2.5%.

And, there’s a new listing on the ASX this morning. 

Fruit-processing company SPC Global Holdings (ASX:SPG), formerly known as The Original Juice Co, returns to the ASX after it was delisted in 2005.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 17 :

AXP	AXP Energy Ltd	0.002	50%	4,734	$5,824,681
ECT	Env Clean Tech Ltd.	0.003	50%	4,002,370	$6,343,621
CAV	Carnavale Resources	0.004	33%	175,000	$12,270,655
VRC	Volt Resources Ltd	0.004	33%	703,033	$12,476,034
GGE	Grand Gulf Energy	0.003	25%	350,000	$4,900,774
VML	Vital Metals Limited	0.003	25%	2,050,461	$11,790,134
MTC	Metalstech Ltd	0.135	23%	398,796	$21,729,343
PNT	Panthermetalsltd	0.011	22%	1,860,931	$2,118,138
SHG	Singular Health	0.210	20%	4,848,816	$42,440,101
HHR	Hartshead Resources	0.006	20%	485,362	$14,043,411
MEM	Memphasys Ltd	0.006	20%	85,238	$8,815,407
BPM	BPM Minerals	0.065	18%	169,247	$4,750,472
ERG	Eneco Refresh Ltd	0.013	18%	54,000	$2,995,942
XPN	Xpon Technologies	0.013	18%	37,000	$3,986,856
LIO	Lion Energy Limited	0.020	18%	85,798	$7,686,851
TOY	Toys R Us	0.068	17%	302,433	$8,773,205
AAU	Antilles Gold Ltd	0.004	17%	103,519	$5,573,628
DVL	Dorsavi Ltd	0.014	17%	1,595,323	$8,774,855
GDM	Greatdivideminingltd	0.255	16%	55,000	$6,183,833
VTI	Vision Tech Inc	0.046	15%	61,784	$2,201,459
CUF	Cufe Ltd	0.008	14%	1,113,636	$9,356,724
HOR	Horseshoe Metals Ltd	0.016	14%	920,356	$9,285,944

Environmental Clean Technologies (ASX:ECT) and ESG Agriculture have launched a joint venture, Zero Quest, to develop sustainable soil health solutions, including the COLDry Fertiliser, a low-emission alternative to traditional fertilisers. The venture has secured $300,000 in seed funding and will begin field trials across Australia and the Philippines to test the product’s effectiveness. 

BPM Minerals (ASX:BPM) has completed its phase III reverse circulation drilling program at the Louie Prospect within the Claw Gold Project in Western Australia. A total of 11 holes were drilled, covering 1995 metres, targeting high-grade mineralisation at depth. The samples are now being assayed, with results expected early next year. 

Dorsavi (ASX:DVL) has partnered with Secret Network to integrate privacy-focused blockchain technology with its wearable movement analysis devices. The collaboration will test how Secret Network’s encrypted smart contracts can secure data from dorsaVi’s devices. The project will also explore using Non-Fungible Tokens (NFTs) to protect and control access to movement data. 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 17 :

Code	Name	Price	% Change	Volume	Market Cap
MTL	Mantle Minerals Ltd	0.001	-33%	10,853,000	$9,296,169
VMT	Vmoto Limited	0.075	-29%	2,364,905	$43,966,884
BUY	Bounty Oil & Gas NL	0.003	-25%	20,000	$5,994,004
OCT	Octava Minerals	0.140	-20%	2,125,395	$10,367,805
BUS	Bubalusresources	0.110	-19%	160,797	$5,755,992
REM	Remsensetechnologies	0.023	-18%	189,805	$4,644,071
SPG	Spc Global Holdings	1.500	-17%	18,250	$347,367,388
ERA	Energy Resources	0.003	-17%	1,054,148	$1,216,188,722
LNR	Lanthanein Resources	0.003	-17%	19,600	$7,330,908
AGD	Austral Gold	0.022	-15%	45,000	$15,920,095
PPY	Papyrus Australia	0.011	-15%	412,158	$6,851,590
AVR	Anteris Technologies	9.000	-15%	5,473	$214,599,628
RLF	Rlfagtechltd	0.042	-14%	200,000	$11,445,238
ATH	Alterity Therap Ltd	0.006	-14%	2,578,441	$37,242,353
GTR	Gti Energy Ltd	0.003	-14%	225,999	$10,370,324
OSL	Oncosil Medical	0.006	-14%	1,000,894	$32,246,061
RGL	Riversgold	0.003	-14%	1,200,000	$5,696,119
STM	Sunstone Metals Ltd	0.006	-14%	342,503	$36,049,325
WBE	Whitebark Energy	0.006	-14%	82,400	$1,766,334
EM2	Eagle Mountain	0.010	-14%	2,227,270	$4,407,236
FCT	Firstwave Cloud Tech	0.019	-14%	100,000	$37,697,411
LMG	Latrobe Magnesium	0.020	-13%	1,913,763	$54,016,360
AEE	Aura Energy	0.135	-13%	1,623,679	$128,101,676

Shares in Karoon Energy (ASX:KAR) fell nearly 8% after the junior oil and gas producer revised its production guidance downward. The company said it has shut down its Brazilian oil field, Bauna, after an “incident” involving its mooring system.

IN CASE YOU MISSED IT

Tungsten Mining (ASX:TGN)is now the sole owner of the Northern Territory-based Hatches Creek project, having acquired the remaining 80% interest from GWR Group (ASX:GWR). TGN has issued 107.5 million shares to GWR Group, increasing GWR’s voting power in TGN to ~19.86%. TGN believes the project holds several high-grade polymetallic tungsten prospects and the potential for a significant high-grade tungsten deposit in an area that is largely underexplored, offering a chance to grow the resource.

Race Oncology (ASX:RAC)has received a $5.25 million R&D tax refund for FY24 through the Australian government’s R&D Tax Incentive program, which will be reinvested into driving the clinical development of its lead asset, RC220. It adds to the company also recently securing a binding guarantee for up to $20.08 million in overseas R&D activities over the next three years.

At Stockhead, we tell it like it is. While Tungsten Mining and Race Oncology 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 in upbeat mood; Bitcoin marches higher amid US reserve plans