ASX Lunch Wrap: ASX rips higher on US CPI and record bank profits

The ASX rises on strong US CPI and bank profits, while Rio Tinto misses ore targets and Tabcorp surges with a new exec.

The ASX rips higher on Thursday. Picture via Getty Images

• ASX jumps on US CPI and bank profits

• Rio Tinto misses ore target but lifts sales

• Tabcorp surges as new exec joins

The ASX blasted out of the gates this morning, jumping 1.5% as investors soaked up a positive vibe from the US.

All sectors were in the green after the December CPI report from the US showed consumer prices rose at a slower-than-expected pace – a sign that inflation may be easing.

On top of that, four of America’s biggest banks – JPMorgan, Wells Fargo, Goldman Sachs and Citigroup – posted record profits, pumping up investor sentiment.

The Nasdaq soared 2.5%, while the S&P 500 also climbed by 1.8%.

Bitcoin joined the rally, too, cracking the US$100,000 mark briefly before settling back just shy of the psychological level. Hang on… at the time of writing it just inched back above it yet again.

Back on Aussie turf, the big banks followed suit, with Commonwealth Bank (ASX:CBA) jumping 2.5% this morning and Macquarie by 3%.

The interest-sensitive tech and real estate sectors also saw strong gains, driven by the US CPI data. WiseTech Global (ASX:WTC) bounced 1%, and property developer Goodman Group (ASX:GMG) surged 3%.

This is how things looked at 12:30pm AEDT:

Source: Market Index

Source: Market Index

In large caps news, Rio Tinto (ASX:RIO) reported lower iron ore shipments for the December quarter, down by 1% and missing expectations, but managed to raise sales volumes. RIO shares were up 0.5%.

Tabcorp Holdings (ASX:TAH) was also on the move, rising 6% after announcing the appointment of Michael Fitzsimons as its first chief wagering officer.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for January 16 :

Security	Description	Last	%	Volume	MktCap
NRZ	Neurizer Ltd	0.002	100%	2,829,297	$2,964,871
CND	Condor Energy Ltd	0.030	58%	42,555,479	$11,140,340
HLX	Helix Resources	0.004	33%	194,287	$10,092,581
MSG	Mcs Services Limited	0.004	33%	1,382,500	$594,299
SCP	Scalare Partners	0.200	29%	5,000	$5,406,834
VTI	Vision Tech Inc	0.075	25%	1,610,446	$3,302,188
AHN	Athena Resources	0.005	25%	100,000	$8,012,806
GES	Genesis Resources	0.005	25%	94,730	$3,131,365
H2G	Greenhy2 Limited	0.005	25%	130,000	$2,392,737
LNR	Lanthanein Resources	0.003	25%	1,032,160	$4,887,272
VMC	Venus Metals Cor Ltd	0.075	23%	230,158	$11,963,850
AS1	Asara Resources Ltd	0.022	22%	461,079	$17,939,886
AYA	Artryalimited	0.990	19%	362,855	$75,928,157
IND	Industrialminerals	0.130	18%	5,384	$8,835,475
EUR	European Lithium Ltd	0.073	18%	6,146,735	$89,601,251
IVR	Investigator Res Ltd	0.024	17%	3,458,897	$32,572,031
GCM	Green Critical Min	0.021	17%	46,969,233	$34,335,959
OD6	Od6Metalsltd	0.070	17%	403,936	$8,081,410
SPN	Sparc Tech Ltd	0.245	17%	200,204	$20,133,319
AJX	Alexium Int Group	0.014	17%	93,500	$18,918,137

MLG Oz (ASX:MLG) has locked in $45 million worth of contracts with Northern Star Resources to provide haulage and site services across four of its gold mines in WA. The deals could generate over $45 million in revenue for MLG each year, with two running until 2027. This win follows a string of recent contracts, including $80 million in new deals with Evolution Mining.

Condor Energy (ASX:CND) has just dropped some exciting news – its Piedra Redonda gas field off the coast of Peru now holds a best estimate of 1 trillion cubic feet (Tcf) of gas, a massive jump from previous figures. This marks a 147% increase in resources, with even more potential in the pipeline as it plans future drilling. The field is now one of the biggest undeveloped offshore gas discoveries on South America's west coast.

Visioneering Technologies (ASX:VTI) said its NaturalVue Multifocal 1 Day Contact Lenses have shown promising results in the second year of the PROTECT trial, which is testing myopia control in children. The lenses have significantly slowed myopia progression, with a 53% reduction in refractive error and an 86% reduction in axial length growth compared to the control group. These results align with the only FDA-approved therapy for myopia control.

Bell Financial Group (ASX:BFG) said it’s expecting a bumper profit increase of 26% for FY24, forecasting a jump to $37.1 million. This is all down to its strong retail and wholesale broking revenues.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for January 16 :

Code	Name	Price	% Change	Volume	Market Cap
CDT	Castle Minerals	0.002	-33%	1,559,203	$5,690,442
EDE	Eden Inv Ltd	0.001	-33%	1,963	$6,164,814
SFG	Seafarms Group Ltd	0.001	-33%	3,569	$7,254,899
88E	88 Energy Ltd	0.002	-25%	608,000	$57,867,624
AYT	Austin Metals Ltd	0.004	-20%	50,000	$6,620,957
RLL	Rapid Lithium Ltd	0.004	-20%	110,799	$3,660,554
SNX	Sierra Nevada Gold	0.035	-19%	751,269	$7,022,623
LSA	Lachlan Star Ltd	0.040	-18%	814,357	$12,376,087
ALR	Altairminerals	0.003	-17%	97,222	$12,890,233
ERA	Energy Resources	0.003	-17%	28,462	$1,216,188,722
VML	Vital Metals Limited	0.003	-17%	629	$17,685,201
VRL	Verity Resources	0.017	-15%	23,695	$2,965,311
AJL	AJ Lucas Group	0.006	-14%	3,781	$9,630,107
VFX	Visionflex Group Ltd	0.003	-14%	1,930,368	$11,787,512
AKN	Auking Mining Ltd	0.004	-13%	20,000	$2,059,115
AQD	Ausquest Limited	0.007	-13%	2,000,000	$9,039,478
AZI	Altamin Limited	0.022	-12%	39,394	$14,362,572
TMB	Tambourahmetals	0.022	-12%	302,194	$2,764,751
HMD	Heramed Limited	0.016	-11%	9,000	$15,760,849
LU7	Lithium Universe Ltd	0.008	-11%	261,117	$7,073,817
TEM	Tempest Minerals	0.004	-11%	19,500	$2,855,384
ROC	Rocketboots	0.063	-10%	91,664	$7,960,604

IN CASE YOU MISSED IT

Asra Minerals (ASX:ASR) is banking nearly $3 million today after selling its Tarmoola Pastoral Lease to Vault Minerals (ASX:VAU) – a transaction first signalled to the market in September of last year.

ASR will retain access to the site’s exploration camp and access road while it will use the funds to accelerate regional consolidation and exploration programs across its Leonora gold projects.

“With the Leonora gold projects as our priority, we are well-positioned to accelerate exploration and growth initiatives that target high-grade, belt-scale discoveries,” ASR CEO Paul Stephen told the market today.

At Stockhead, we tell it like it is. While Asra 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 ASX Lunch Wrap: ASX rips higher on US CPI and record bank profits