ASX Lunch Wrap: ASX takes historic leap to 8500 level; Zip co-founder Larry Diamond exits

The ASX hit a record high above 8500 points on Tuesday morning. Meanwhile Zip’s co-founder has stepped down and Aussie consumer confidence is surging.

ASX hits record high, surpassing 8500 points. Picure via Getty Images

• ASX hits record high, surpassing 8500 points

• Zip co-founder steps down, shares dip

• Aussie consumer confidence jumps to highest since May 2022

The ASX has hit a new record on Tuesday morning, with the S&P/ASX 200 benchmark rising by 0.7% and climbing past 8500 points for the first time in history.

The surge is driven by gains across almost all sectors, with consumer staples and technology stocks leading the way.

This comes after the US S&P 500 index marked its 54th record close of the year overnight.

Despite the record high, analysts believe there’s still room for growth, with some expecting the S&P 500 to hit even higher levels in 2025.

“We believe the outlook for next year remains favourable despite the known risks, and stocks could grind higher if fundamental conditions stay on track,” said Anthony Saglimbene at Ameriprise.

Back to the ASX, this is what it looked like at about 12.30pm AEDT on Tuesday:

Source: Market Index

Source: Market Index

In the large end of town, one of the biggest announcements came from BNPL stock Zip Co (ASX:ZIP), which said that its co-founder and US chairman, Larry Diamond, is stepping down to focus on charitable work.

Diamond and Peter Gray started Zip in 2013, a year before Afterpay. He will remain a shareholder and may give advice on the company’s strategy, but will no longer be involved in day-to-day management. Zip’s shares were down 1%.

Woolworths (ASX:WOW) rose 0.3% despite reporting a loss of $50 million in sales due to ongoing strikes. The retailer said two weeks of industrial action have disrupted operations, and warned it could impact its full-year performance.

Positive factory data from China has helped iron ore mining stocks this morning. Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) both saw gains.

And, in the latest economic data released today, Australian consumer confidence has surged by 2.7%, reaching 88.4 – its highest level since May 2022.

ASX SMALL CAP WINNERS

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

Code	Name	Price	% Change	Volume	Market Cap
IVX	Invion Ltd	0.360	100%	774,715	$12,370,080
RIE	Riedel Resources Ltd	0.002	100%	1,000,637	$2,223,836
ION	Iondrive Limited	0.021	75%	54,291,979	$8,502,090
ERL	Empire Resources	0.003	50%	6,674,567	$2,967,826
1TT	Thrive Tribe Tech	0.002	33%	1,600,000	$1,055,042
AVE	Avecho Biotech Ltd	0.004	33%	899,422	$9,507,891
H2G	Greenhy2 Limited	0.004	33%	498,138	$1,794,553
TAS	Tasman Resources Ltd	0.004	33%	1,043,931	$2,415,749
BDG	Black Dragon Gold	0.024	33%	3,603,375	$5,433,889
EUR	European Lithium Ltd	0.061	33%	9,361,804	$64,313,641
NC6	Nanollose Limited	0.029	32%	18,326	$3,784,140
BUS	Bubalusresources	0.140	27%	697,399	$4,000,068
MX1	Micro-X Limited	0.069	25%	4,305,039	$31,988,207
CUL	Cullen Resources	0.005	25%	280,000	$2,773,607
CZN	Corazon Ltd	0.003	25%	499,662	$1,535,811
FHS	Freehill Mining Ltd.	0.005	25%	1,200,021	$12,314,111
MEL	Metgasco Ltd	0.005	25%	121,100	$5,830,347
OLI	Oliver'S Real Food	0.010	25%	710,000	$3,525,855
PRM	Prominence Energy	0.005	25%	434,958	$1,556,706
TMK	TMK Energy Limited	0.003	25%	3,949,071	$18,651,130
VML	Vital Metals Limited	0.003	25%	18,906,180	$11,790,134
CRS	Caprice Resources	0.022	22%	3,348,452	$7,415,162
FRX	Flexiroam Limited	0.011	22%	855,195	$7,070,794
MTM	MTM Critical Metals	0.110	22%	20,507,875	$36,594,790

Invion (ASX:IVX) rallied after the biotech announced the dosing of its first patient in a phase I/II trial for non-melanoma skin cancer (NMSC) using its drug INV043. The trial, conducted in Brisbane, aims to test the drug’s safety and effectiveness in treating skin cancer, a condition that makes up over 98% of all skin cancers globally. INV043 has shown promise in preclinical studies, potentially offering treatment with minimal scarring and pain, unlike current methods.

Read also Tim Boreham's Let there be light (therapy). Invion up 160pc on skin cancer trial news

Iondrive (ASX:ION) has completed a $6 million capital raise through the issue of new shares, priced at a 16.7% premium. The funds will be used to build a pilot plant for its battery recycling technology, which extracts critical minerals from old lithium-ion batteries using an environmentally sustainable process. Strong participation from institutional investors and key shareholders, including Terra Capital, Strata Investment Holdings, and Ilwella, has boosted confidence in Iondrive’s commercial prospects.

Corazon Mining (ASX:CZN) has started an aerial geophysical survey at its MacBride base and precious metals project in Canada, aiming to identify drill targets for early 2025. The survey will focus on areas with potential for copper-zinc-gold-silver deposits, including extensions of known deposits and new unexplored areas. The data from this modern, high-tech survey will help define precise drilling targets and could speed up exploration. The project is located in Manitoba's Lynn Lake district, a historically rich mining area with potential for significant mineral discoveries.

Micro-X (ASX:MX1) has responded to a US government website publication stating that its US subsidiary, Micro-X Inc, has been awarded an $8.15 million development contract. The company confirms it is in advanced discussions with a US agency but has not yet received a fully executed contract.

Caprice Resources (ASX:CRS) has started exploration at its Cuddingwarra gold project in WA’s Murchison Gold Fields, where visible gold has been found in quartz reefs above a high-priority target, CUD-GPX01. This target shares similar structural features with nearby gold deposits, such as Westgold's Cue gold mines. The project covers a 10km mineralised corridor, with drilling planned after further surface sampling.

ASX SMALL CAP LOSERS

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

Code	Name	Price	% Change	Volume	Market Cap
AXP	AXP Energy Ltd	0.001	-50%	4,126,776	$11,649,361
GMN	Gold Mountain Ltd	0.002	-33%	2,050,675	$11,722,420
VPR	Voltgroupltd	0.001	-33%	32,505	$16,074,312
BYH	Bryah Resources Ltd	0.003	-25%	687,500	$2,013,147
MOM	Moab Minerals Ltd	0.003	-25%	212,333	$3,571,435
NRZ	Neurizer Ltd	0.002	-25%	6,444,944	$5,635,721
SFG	Seafarms Group Ltd	0.002	-25%	209,831	$9,673,198
TYX	Tyranna Res Ltd	0.003	-25%	257,497	$13,151,701
AKN	Auking Mining Ltd	0.004	-20%	693,249	$1,956,751
BNL	Blue Star Helium Ltd	0.004	-20%	15,484	$13,474,426
RLG	Roolife Group Ltd	0.004	-20%	41,000	$5,884,982
AS2	Askarimetalslimited	0.010	-17%	5,427,986	$2,560,254
ERA	Energy Resources	0.003	-17%	1,535,300	$1,216,188,722
FIN	FIN Resources Ltd	0.005	-17%	1,152,219	$3,895,612
IXU	Ixup Limited	0.010	-17%	3,772,041	$20,051,831
TIG	Tigers Realm Coal	0.003	-17%	103,123	$39,200,107
MTC	Metalstech Ltd	0.105	-16%	379,620	$24,667,435
FME	Future Metals NL	0.016	-16%	99,353	$10,925,769
NHE	Nobleheliumlimited	0.043	-16%	6,494,833	$27,910,839
TMG	Trigg Minerals Ltd	0.038	-16%	34,752,648	$28,920,631
T92	Terrauraniumlimited	0.045	-15%	145,000	$4,232,571
ERW	Errawarra Resources	0.053	-15%	908,976	$5,947,081
CRR	Critical Resources	0.006	-14%	1,808,882	$17,023,742
IXR	Ionic Rare Earths	0.006	-14%	76,179,970	$35,819,339

IN CASE YOU MISSED IT

Sunshine Metals (ASX:SHN) has kicked off geophysical surveys at the Coronation and Coronation South prospects within its Ravenswood Consolidated project in North Queensland, in an effort to ready-up Au-Cu targets to drill.

Soil sampling and field mapping have already been completed, with the geochemical and geophysical data to provide high-quality drill targets for testing in the new year.

Trigg Minerals (ASX:TMG) is utilising advanced UAV geophysical technology in its exploration efforts for antimony-gold mineralisation along the Bielsdown Fault, hosting the Wild Cattle Creek deposit, where the company is finalising a revised MRE.

The company believes the UAV surveys will help reduce drilling costs by minimising exploratory drilling in low-priority areas and ensuring resources are allocated efficiently and effectively.

At Stockhead, we tell it like it is. While Sunshine Metals and Trigg Minerals 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 takes historic leap to 8500 level; Zip co-founder Larry Diamond exits