ASX Lunch Wrap: Banks lead ASX sell-off as investors cash out on ‘Trump trades’

Bank stocks  have fallen on the ASX on Wednesday, with gold dipping  below $US2600. The news has been better for Nvidia, as it hit record highs.

The ASX was down by 1pc this morning. Picture via Getty Images

The Aussie market has been facing another tough day on Wednesday, with pre-lunch losses across the board as several big name stocks took significant losses.

At 12.45pm AEST, the S&P ASX 200 index was down by more than 1 per cent.

There was a  sell-off in Australian bank stocks, triggered by Commonwealth Bank (ASX:CBA), which fell 1.5 per cent following the release of its Q1 results for FY25.

Source: Market Index

Source: MarketIndex

While the CBA reported a a 3.5 per cent rise in operating income, it also reported a 3 per cent increase in expenses due to higher wages. The $2.5 billion profit was in line with market expectations, but loan impairments rose slightly.

Australia and New Zealand Banking Group (ASX:ANZ) shares were also down 4 per cent after it went ex-dividend.

Gold continues to slide, weighing on gold stocks as it dropped below $US2600 an ounce, while Bitcoin is trading near $US88,000.

Lithium stock Mineral Resources (ASX:MIN) tumbled by 5 per cent after announcing it would halt operations at its Bald Hill site in Western Australia due to weak lithium prices. About 300 workers will be redeployed or offered redundancy.

Meanwhile, on the economic front, Australia's wages grew by 0.8 per cent in the September quarter, but annual wage growth has slowed to 3.5 per cent, the lowest it’s been since mid-2023 - according to ABS data on Wednesday.

NOT THE ASX

Overnight, US stocks fell for the first time since the US election a week ago, with investors taking some profits off the table ahead of US inflation data.

The S&P 500 lost 0.2 per cent, with Trump-trade stocks, such as Tesla and Trump Media, among the biggest losers.

Meanwhile, Nvidia rose 2 per cent and back to record levels as traders position for a potential rally next week in anticipation it may report far better-than-expected quarterly profits.

“Also, keep an eye on Bitcoin,” said Jessica Amir at moomoo Australia.

“There’s speculation it could push through $US100,000, with Trump expected to make the cryptocurrency a US government strategic reserve asset, similar to gold.

“We could witness history today if Bitcoin rises above  $US90,000.”

However, Amir warned that one of the well-known signs of a bubble market was an almost exponential rise in prices.

“Both Bitcoin and Tesla are now arguably displaying this characteristic,” she said.

“This chaotic price action in shares and cryptocurrencies is usually interpreted as a sign of instability, and potentially fragility, in markets.”

ASX SMALL CAP WINNERS

Here are the best-performing ASX small cap stocks for November 13:

Code	Name	Price	% Change	Volume	Market Cap
RIE	Riedel Resources Ltd	0.002	100%	529,838	$2,223,836
SWF	Selfwealth	0.210	75%	7,032,321	$27,687,805
CDE	Codeifai Ltd	0.002	50%	2,749,999	$2,641,295
AAU	Antilles Gold Ltd	0.004	33%	351,982	$5,567,228
APS	Allup Silica Ltd	0.046	28%	61,737	$3,375,420
NSX	NSX Ltd	0.029	26%	159,911	$10,528,962
BMG	BMG Resources Ltd	0.015	25%	28,360,002	$8,205,566
AU1	The Agency Group Australia	0.025	25%	113,993	$8,571,532
AVE	Avecho Biotech Ltd	0.003	25%	677,638	$6,338,594
DOU	Douugh Limited	0.020	25%	58,953,563	$17,313,103
PRX	Prodigy Gold NL	0.003	25%	2,644	$6,350,111
FFG	Fatfish Group	0.016	23%	36,872,835	$18,285,449
G50	G50Corp Ltd	0.180	20%	95,496	$18,384,000
BLZ	Blaze Minerals Ltd	0.006	20%	250,000	$3,142,791
EPM	Eclipse Metals	0.006	20%	1,075,000	$11,264,278
TSO	Tesoro Gold Ltd	0.024	20%	2,341,106	$31,068,281
BXN	Bioxyne Ltd	0.013	18%	672,857	$22,541,516
MXO	Motio Ltd	0.026	18%	283,000	$6,013,028
ALM	Alma Metals Ltd	0.007	17%	713,857	$9,399,133
ALY	Alchemy Resources Ltd	0.007	17%	150,000	$7,068,458
CUF	Cufe Ltd	0.007	17%	2,503,254	$8,020,049
DTR	Dateline Resources	0.004	17%	632,775	$7,548,781
ID8	Identitii Ltd	0.028	17%	3,171,411	$15,614,581

BMG Resources (ASX:BMG) is set to begin drilling at its 100 per cent-owned Abercromby Gold Project later this month.

The drilling aims to expand high-grade gold zones and upgrade inferred resources. With a maiden resource of 518,000 ounces at 1.45 g/t Au, BMG is confident further drilling will grow this resource. Metallurgical tests show high gold recoveries of 93-95 per cent. Additional drilling is planned to explore new targets and extend the resource, potentially adding significant value to the project.

Dateline Resources (ASX:DTR) is advancing studies on repurposing waste and tailings from its Colosseum Gold Mine in southern Nevada for use in construction materials.

The scoping study for the mine, released in October, highlighted the potential to produce aggregate and asphalt from waste rock, addressing a projected shortage of construction materials in the region, driven by projects such as the South Las Vegas construction boom and the Southern Nevada International Airport.

Laboratory tests have confirmed that the waste rock from the mine meets standards for concrete aggregate production, with all major rock types passing Alkali Silica Reactivity (ASR) tests for use in concrete and asphalt. There is also interest from potential buyers looking to acquire the mine’s tailings for use as sand in concrete production.

The ongoing definitive feasibility study will assess gold recovery and explore the potential to sell these materials as a cost-offset for the project.

Allup Silica (ASX:APS) had a nice lift on Wednesday morning after announcing that managing director Simon Finnis would be speaking at the Noosa Mining Conference,  from November 13-15, at Peppers Noosa Resort in Queensland. Finnis’ presentation will take place on Wednesday, November 13, at 4:15 pm (AEDT).

ASX SMALL CAP LOSERS

Here are the worst-performing ASX small cap stocks for November 13:

Code	Name	Price	% Change	Volume	Market Cap
ATH	Alterity Therapeutics	0.003	-25%	936,390	$21,281,344
EVR	Ev Resources Ltd	0.003	-25%	37,287	$5,585,086
GMN	Gold Mountain Ltd	0.002	-25%	911,353	$7,814,946
BNL	Blue Star Helium Ltd	0.004	-20%	416,265	$13,474,426
RIL	Redivium Ltd	0.004	-20%	16,605	$13,734,274
ADO	Anteotech Ltd	0.022	-19%	5,739,564	$67,223,790
RFT	Rectifier Technology	0.009	-18%	422,986	$15,201,823
NXL	Nuix Ltd	6.240	-18%	2,707,094	$2,491,040,649
OVT	Ovanti Ltd	0.034	-17%	155,023,169	$83,235,969
NME	Nex Metals Explorations	0.030	-17%	129,623	$9,802,006
ICG	Inca Minerals Ltd	0.005	-17%	1,083,562	$6,160,335
MPK	Many Peaks Minerals	0.185	-16%	552,665	$17,927,291
BCC	Beam Communications	0.064	-16%	52,560	$6,568,066
DGR	DGR Global Ltd	0.011	-15%	1,999,561	$13,568,048
MNC	Merino and Co	0.610	-15%	183,347	$38,215,130
JAV	Javelin Minerals Ltd	0.003	-14%	27,628,441	$18,162,887
M2R	Miramar	0.006	-14%	350,000	$2,777,763
NVU	Nanoveu Ltd	0.048	-14%	11,732,454	$28,275,671
XPN	Xpon Technologies	0.012	-14%	523,019	$5,074,181
1AI	Algorae Pharmaceuticals	0.007	-13%	307,383	$13,499,158
CMD	Cassius Mining Ltd	0.007	-13%	1,430,400	$4,336,036
CRR	Critical Resources	0.007	-13%	635,714	$15,709,469
RLG	Roolife Group Ltd	0.004	-13%	35,000	$4,707,985
RNX	Renegade Exploration	0.007	-13%	1,522,408	$10,272,027
TYX	Tyranna Resources	0.004	-13%	12	$13,151,701

Nuix (ASX:NXL) crashed by 18 per cent on Wednesday morning following an update released at its annual general meeting, where CEO Jonathan Rubinsztein discussed the company's targets for FY25.

Rubinsztein said Nuix is aiming for around 15 per cent growth in annual contract value (ACV), and positive underlying cash flow for the year.

While the company is still targeting these goals, Rubinsztein acknowledged that the first half of FY25 is likely to fall short of these expectations.

This raised concerns among investors that Nuix may not meet its targets for the full year, even though Rubinsztein reassured that growth is expected to be weighted towards the second half of the fiscal year.

IN CASE YOU MISSED IT

Sovereign Metals (ASX:SVM) has wrapped up test mining of the pilot phase at its Kasiya rutile-graphite project in Malawi.

Trials showed the soft, friable Kasiya orebody is suitable for mining using different methods. The pilot phase continues under the oversight of the Sovereign-Rio Tinto Technical Committee, as SVM aims to optimise operations at its Tier 1 project, which boasts the world's largest natural rutile deposit.

GTI Energy (ASX:GTR) is on track to deliver a mineral resource estimate and exploration target for its Lo Herma uranium project in Wyoming by the end of the year.

The company will then decide whether to proceed with an interim scoping study for the project. GTI is also busy expanding its claim area at Lo Herma, possibly adding another 1.6kms via a staking program.  It’s aiming to finish drilling in December, with the construction of three hydrogeologic and water-monitoring wells.

Meanwhile, preparations for flow testing the Welchau-1 discovery well in Upper Austria are progressing for ADX Energy (ASX:ADX), which holds a 75 per cent economic interest in the Welchau Investment Area.

The workover rig and other surface testing equipment are already on site, while it’s also working on the rig up of flow testing facilities, the test separator, necessary permits, and production storage tanks. Flow testing of the Steinalm formation is expected to begin about a week after well perforation, once the testing facilities are fully set up and tested.

At Stockhead we tell it like it is. While Sovereign Metals, GTI Energy, and ADX Energy are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should really consider obtaining independent advice before making any financial decisions.

Originally published as ASX Lunch Wrap: Banks lead ASX sell-off as investors cash out on ‘Trump trades’