ASX Lunch Wrap: ASX up 1pc as bargain hunters swoop in after last week’s sell-off

ASX dodges CHESS disaster, rises 1pc as bargain hunters swoop in across all sectors.

All 11 ASX sectors have rebounded today. Picture via Getty Images

• ASX dodges disaster after CHESS glitch

• CBA, consumer stocks rebound; iron ore hit

• Novo Nordisk tanks 20pc and Bitcoin slides

The ASX managed to avoid disaster on Monday, with the market opening as normal after a weekend scramble to resolve a major glitch in the CHESS settlement system.

The issue, which reared its ugly head late on Friday afternoon, left trades unprocessed, leaving brokers to scramble for billions to cover unsettled transactions.

Investors took a breath of relief with the S&P/ASX 200 climbing 1% this morning, driven by bargain hunters swooping in after the heavy sell-off last week.

The big four banks were back on the up, with Commonwealth Bank (ASX:CBA) leading the charge, jumping 1.5% after a brutal 5% drop last week.

Consumer stocks also bounced back with Wesfarmers (ASX:WES) enjoying a decent gain of almost 1%.

On the commodities front, iron ore futures fell by 1.5%; while oil also posted a loss, trading below US$70 a barrel.

News Corp (ASX:NWS) rallied by 1.75% after agreeing to sell Foxtel to global sports streaming giant DAZN for $3.4 billion.

This is where things stood at around 12:40pm AEDT, where all 11 sectors were flashing green:

Source: Market Index

Source: Market Index

Over on Wall Street, all major indexes rose about 1% on Friday, but it wasn’t enough to make up for the losses earlier in the week.

The big news of the day was Novo Nordisk getting slammed, with its stock diving 20% after a disappointing trial for its obesity drug.

Study showed Novo's CagriSema helped patients lose 20.4% of their weight over 68 weeks, falling short of the 25% target it had promised.

Bitcoin, too, took a hit, with BTC now losing more than 10% over the past week. At the time of writing, it’s slipped below US$95,000, about $14,000 below its record high set earlier this month.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 23 :

Security	Description	Last	%	Volume	MktCap
AMD	Arrow Minerals	0.002	100%	3,598,726	$13,223,628
QEM	QEM Limited	0.055	62%	2,067,476	$6,488,345
BDG	Black Dragon Gold	0.068	51%	2,018,451	$13,584,723
CZN	Corazon Ltd	0.003	50%	349,907	$2,335,811
TX3	Trinex Minerals Ltd	0.002	33%	17,500	$2,742,978
VEN	Vintage Energy	0.004	33%	686,816	$5,008,594
VFX	Visionflex Group Ltd	0.004	33%	500,000	$10,065,974
VPR	Voltgroupltd	0.002	33%	28,440,073	$16,074,312
PTX	Prescient Ltd	0.054	32%	9,872,775	$33,018,112
MTM	MTM Critical Metals	0.190	31%	9,982,951	$58,958,273
GIB	Gibb River Diamonds	0.050	25%	21,355	$8,580,378
LM1	Leeuwin Metals Ltd	0.125	25%	410,974	$4,685,167
ERA	Energy Resources	0.003	25%	532,512	$810,792,482
DTZ	Dotz Nano Ltd	0.110	21%	84,393	$49,808,029
ASP	Aspermont Limited	0.006	20%	433,332	$12,350,058
AUK	Aumake Limited	0.006	20%	1,331,500	$15,053,461
MEM	Memphasys Ltd	0.006	20%	1,956,388	$8,815,407
AUQ	Alara Resources Ltd	0.037	19%	212,446	$22,260,714
JAT	Jatcorp Limited	0.465	19%	233,411	$32,473,998
BRN	Brainchip Ltd	0.295	18%	15,665,215	$493,116,994
GT1	Greentechnology	0.062	17%	232,798	$20,603,861

Arrow Minerals (ASX:AMD) said its Niagara’s bauxite discovery in Guinea just got bigger, now covering 12km². The latest drilling results have confirmed high-grade mineralisation, with grades up to 50% Al2O3. The company said the project is gaining interest from global bauxite giants, and with the world’s highest bauxite prices at US$120/t, the potential could be huge. Arrow’ is also progressing towards a maiden JORC resource estimate and scoping study in mid-2025.

QEM's (ASX:QEM) Julia Creek Vanadium and Energy Project (JCVEP) has been declared a ‘Coordinated Project’ by Queensland’s Office of the Coordinator General. This milestone streamlines regulatory approvals and sets the stage for an Environmental Impact Statement (EIS) under Queensland’s State Development Act.

Prescient Therapeutics (ASX:PTX) has secured US FDA approval for the phase II trial of PTX-100, its first-in-class Ras pathway inhibitor, targeting relapsed and refractory cutaneous T-cell lymphomas (r/r CTCL). This follows promising phase 1b results, where PTX-100 showed a 42% overall response rate and significantly outperformed standard treatment with a median progression-free survival of 12.2 months.

Gibb River Diamonds (ASX:GIB) has signed a Mining Benefits and Heritage Agreement (MBA) with the Nyalpa Pirniku native title holders for its Edjudina gold project in WA. The deal paves the way for the grant of the M31/495 mining lease, expected in early 2025. GIB is also planning a heritage survey for early next year and preparing a Mining Proposal to proceed with operations at the Neta Gold Prospect.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 23 :

Code	Name	Price	% Change	Volume	Market Cap
GCR	Golden Cross	0.002	-33%	3,530,151	$3,291,768
LNR	Lanthanein Resources	0.002	-33%	11,502,434	$7,330,908
LNU	Linius Tech Limited	0.001	-33%	5,741	$9,226,824
MXO	Motio Ltd	0.026	-26%	820,004	$9,747,619
EDE	Eden Inv Ltd	0.002	-25%	1,937,410	$8,219,752
FAU	First Au Ltd	0.002	-25%	500,000	$4,143,987
CNJ	Conico Ltd	0.009	-25%	911,134	$2,849,848
EML	EML Payments Ltd	0.710	-21%	10,637,932	$342,124,515
IRI	Integrated Research	0.430	-21%	1,275,486	$96,657,226
AOK	Australian Oil.	0.002	-20%	1,520,000	$2,504,457
LSR	Lodestar Minerals	0.013	-19%	1,241,537	$2,697,872
ENV	Enova Mining Limited	0.005	-17%	5,176,621	$5,909,576
HYD	Hydrix Limited	0.010	-17%	3,334	$3,273,226
RMI	Resource Mining Corp	0.005	-17%	404,669	$3,914,087
TMX	Terrain Minerals	0.003	-17%	108,009	$5,432,086
NWM	Norwest Minerals	0.017	-15%	1,582,201	$9,702,390
AJL	AJ Lucas Group	0.006	-14%	905,602	$9,630,107
ODE	Odessa Minerals Ltd	0.006	-14%	322,146	$11,196,728
OSL	Oncosil Medical	0.006	-14%	6,150,000	$32,246,061
PXX	Polarx Limited	0.006	-14%	4,100,000	$16,628,507
RR1	Reach Resources Ltd	0.006	-14%	240,000	$6,121,019
STM	Sunstone Metals Ltd	0.006	-14%	471,706	$36,049,325
ASV	Assetvisonco	0.020	-13%	910,538	$17,005,316

IN CASE YOU MISSED IT

Singular Health Group (ASX: SHG) has appointed highly regarded radiologist Dr Ronny Low as a technical advisor. Dr Low has over 20 years’ clinical experience across both public hospitals and private radiology groups in NSW and WA.

Challenger Gold (ASX: CEL) has moved closer to achieving its toll milling ambitions with financing secured to refurbish and restart the Casposo plant in Argentina. The US$7 million loan will enable the plant's restart, advancing the binding MoU to process mineralised material from CEL’s Hualilan project.

Spartan Resources (ASX:SPR) has appointed highly regarded resources finance executive Anna Neuling as an independent non-executive director. Simon Lawson is also transitioning from interim executive chair to executive chair.

Trigg Minerals (ASX:TMG) has announced its intention to list on the US OTCQB, with the process expected to take three to five weeks. Trigg says the dual listing will enhance engagement with US capital markets, data providers, and media outlets, providing US investors with real-time access to the same high-quality information available to Australian investors.

Eagle Mountain Mining (ASX:EM2) has secured a strategic land package at the Wedgetail project in Arizona, USA. The US$200,000 purchase secures access and infrastructure between the Oracle Ridge mine and the tailings storage facility, along with valuable water rights.

Legacy Minerals (ASX:LGM) has raised ~$1 million through a securities purchase plan, supported strongly by existing and new shareholders. The funds will be used to drive exploration and drilling activities at LGM’s Thomson and Drake projects in NSW.

At Stockhead, we tell it like it is. While Singular Health Group, Challenger Gold, Spartan Resources, Trigg Minerals, Eagle Mountain Mining and Legacy Minerals Holdings 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 up 1pc as bargain hunters swoop in after last week’s sell-off