ASX Lunch Wrap: Trump’s tariff news smacks the ASX; but EML catches fire with 24pc jump

The ASX has dropped on Tuesday following Trump’s tariff announcement, but EML Payments surged after reporting strong Q1 results.

ASX falls after Trump’s new tariff announcement. Picture via Getty Images

• ASX falls after Trump’s new tariff announcement

• Wall Street hits record high amid Treasury pick news

• EML Payments soars on Q1 results

The ASX reversed early gains and turned lower by 0.4% at 1pm on Tuesday following Donald Trump's announcement of a new 10% tariff on Chinese goods, triggering a sell-off in ASX energy stocks and banks.

In a Truth Social post made within the last hour or so, Trump announced he would impose a 25% tariff on all products from Mexico and Canada, along with an extra 10% tariff on goods from China.

Trump believes that China has a role in stopping illegal drugs from reaching the US because a significant portion of illicit drugs, particularly synthetic opioids like fentanyl, are produced in China.

“Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," read Trump's post (below).

Here's what the ASX sectors were doing at around 12:30pm AEST…

Source: Market Index

Source: Market Index

Overnight, Wall Street saw strong gains, with the Dow rising over 400 points to a new record high, driven by Trump's nomination of Scott Bessent for Treasury Secretary.

Bessent is a billionaire hedge fund manager, former CIO at Soros Fund Management and founder of Key Square Group.

Elsewhere, gold and oil prices fell as tensions in the Middle East showed signs of easing after reports of a possible ceasefire agreement between Israel and Lebanon.

Notable ASX announcements this morning came from EML Payments (ASX:EML), which soared 24% after reporting a 46% increase in underlying earnings for the first quarter of FY25.

Webjet Group Limited (ASX:WJL) reported a decline in bookings and revenue for the first half of FY25, reflecting challenging market conditions, particularly in domestic flight bookings. Shares fell 0.4%.

Still in large caps, market operator ASX (ASX:ASX) also fell 3% after announcing its plan to implement the second phase of the CHESS project by 2029, with projected costs of up to $320 million.

And, giant miner Newmont Corporation (ASX:NEM) is selling its Éléonore gold mine in Quebec to Dhilmar for $795 million, part of its broader effort to raise over $3.6 billion by selling non-essential assets. Shares were up 0.4%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 26 :

Swipe or scroll to reveal full table. Click headings to sort:

Code	Name	Price	% Change	Volume	Market Cap
PHO	Phosco Ltd	0.065	63%	25,000	$11,269,927
AVE	Avecho Biotech Ltd	0.003	50%	168,770	$6,338,594
MTB	Mount Burgess Mining	0.002	50%	16,560,263	$1,298,147
TKL	Traka Resources	0.002	50%	24,000,000	$1,945,659
PLN	Pioneer Lithium	0.215	34%	104,705	$5,085,470
AMD	Arrow Minerals	0.002	33%	1,400,000	$19,835,442
BP8	Bph Global Ltd	0.004	33%	35,779,544	$1,189,924
SFG	Seafarms Group Ltd	0.002	33%	763,361	$7,254,899
TYX	Tyranna Res Ltd	0.004	33%	72,500	$9,863,776
NSM	Northstaw	0.014	27%	110,799	$2,999,442
8IH	8I Holdings Ltd	0.010	25%	222,441	$2,785,287
CTO	Citigold Corp Ltd	0.005	25%	507,085	$12,000,000
TMK	TMK Energy Limited	0.003	25%	5,463,422	$18,651,130
EML	EML Payments Ltd	0.855	25%	6,978,943	$259,146,111
KNI	Kunikolimited	0.210	20%	86,585	$15,184,622
GTK	Gentrack Group Ltd	11.230	19%	249,612	$974,612,464
NGX	Ngxlimited	0.190	19%	59,078	$14,497,894
PAR	Paradigm Bio.	0.540	17%	5,420,335	$160,678,931
CTN	Catalina Resources	0.004	17%	129,009	$3,715,461
ENV	Enova Mining Limited	0.007	17%	503,711	$5,909,576
LNR	Lanthanein Resources	0.004	17%	562,500	$7,330,908
NRX	Noronex Limited	0.014	17%	1,147,672	$5,956,853
ODE	Odessa Minerals Ltd	0.007	17%	4,635,036	$7,609,695
RGL	Riversgold	0.004	17%	11,965,868	$4,882,388
PEB	Pacific Edge	0.115	15%	2,692	$81,191,597

Gentrack Group (ASX:GTK) a software provider for utilities and airports, has reported strong growth in its full-year results for FY24, with a 25.5% revenue increase to $213.2 million. The utilities division saw a 23% rise in revenue. The airports division, Veovo, posted a 45.5% revenue increase, benefiting from new contracts in the UK and Middle East.

Noronex (ASX:NRX) has identified new drilling targets at its Damara Copper Project in Namibia, following a recent gravity survey. The survey uncovered several gravity-magnetic anomalies in the Damara Basement, on the edge of the Kalahari Copper Belt, which are similar to major copper deposits in Zambia and Congo. The drilling is funded through an earn-in agreement with South32.

Frontier Energy (ASX:FHE) said it welcomes recent changes to Western Australia's energy policy that will enhance the economics of its Waroona Renewable Energy Project. A 54% increase in the Benchmark Reserve Capacity Price (BRCP) to $354,000/MW for the 2027/28 capacity year, along with the introduction of a price floor, strengthens long-term revenue certainty. These changes, including a higher BRCP and a minimum reserve capacity price, will improve the project's financial outlook, said FHE.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 26 :

Swipe or scroll to reveal full table. Click headings to sort:

Code	Name	Price	% Change	Volume	Market Cap
CDE	Codeifai Limited	0.001	-50%	20,573	$5,842,590
AXP	AXP Energy Ltd	0.001	-33%	201,351	$8,737,021
MTL	Mantle Minerals Ltd	0.001	-33%	2,275,166	$9,296,169
88E	88 Energy Ltd	0.002	-25%	11,269,295	$57,867,624
EDE	Eden Inv Ltd	0.002	-25%	26,214	$8,216,419
IXR	Ionic Rare Earths	0.007	-22%	27,135,082	$43,827,864
GML	Gateway Mining	0.023	-18%	33,600	$11,072,864
GTE	Great Western Exp.	0.025	-17%	3,422,452	$16,600,775
TMB	Tambourahmetals	0.025	-17%	1,006,407	$3,317,701
MEM	Memphasys Ltd	0.005	-17%	830,841	$10,578,489
SP8	Streamplay Studio	0.010	-17%	29,025,985	$13,807,485
LIN	Lindian Resources	0.090	-14%	4,189,962	$121,056,835
1AI	Algorae Pharma	0.006	-14%	139,901	$11,811,763
ALY	Alchemy Resource Ltd	0.006	-14%	368,000	$8,246,534
HHR	Hartshead Resources	0.006	-14%	1,518,522	$19,660,775
TEG	Triangle Energy Ltd	0.006	-14%	272,700	$14,624,638
SRR	Saramaresourcesltd	0.033	-13%	75,954	$6,440,512
AAM	Aumegametals	0.034	-13%	1,932,922	$22,663,783
RNV	Renerve Limited	0.175	-13%	2,063,354	$21,756,304
ARD	Argent Minerals	0.022	-12%	2,077,950	$36,141,012
TOK	Tolu Minerals	0.825	-12%	22,656	$105,950,573
ARI	Arika Resources	0.030	-12%	3,206,157	$21,031,873
TAT	Tartana Minerals Ltd	0.039	-11%	242,027	$8,036,419
NAE	New Age Exploration	0.004	-11%	5,000,000	$9,647,545

IN CASE YOU MISSED IT

Recce Pharmaceuticals (ASX:RCE) has secured patent protection for its new class of synthetic anti-infectives in all major pharmaceutical markets globally, with the Australian Patent Office granting the latest approval.

The Australian patent expires in 2037 and covers Recce 327 (R327) and Recce 529 (R529), their manufacturing processes, use in treating infections, and methods of administration via oral, injection, inhalation and transdermal applications.

RCE CEO James Graham said the company was thrilled by the formal recognition of its synthetic anti-infectives.

“This milestone underscores our commitment to addressing critical viral threats with innovative therapies and ensures we are well positioned to deliver meaningful solutions for patients worldwide,” he said.

An 11-hole Phase 1 RC drilling program is complete, testing the historic high-grade silver-polymetallic Endowment Mine within Sierra Nevada Gold’s (ASX:SNX) Blackhawk epithermal project in Nevada.

Drilling intersected argillic alteration with sulphides in a number of holes, while historic workings were also intersected in three holes. Assays are due in around a month’s time. Follow-up drilling is being planned to begin in Q2, 2025.

At Stockhead, we tell it like it is. While Recce Pharmaceuticals and Sierra Nevada Gold 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: Trump’s tariff news smacks the ASX; but EML catches fire with 24pc jump