Closing Bell: ASX slips from record highs, but Black Friday sales could be catalyst for next week

ASX retreats from record highs, but focus is now Black Friday sales which could offer a catalyst for next week.

Black Friday sales comes into focus for investors. Picture via Getty Images

• ASX retreats from record highs

• Focus now on Black Friday sales

• Resolute Mining settles Mali dispute, shares rise

Yesterday's ASX rally, which pushed the index to record highs, stalled with investors lacking direction following Wall Street's closure for Thanksgiving.

The benchmark S&P/ASX 200 finished lower by about 0.1% on Friday. For the week, it was up by around 0.3%. 

But Jessica Amir at Moomoo Australia believes that while the ASX has retreated from record highs, sentiment could still improve further if there is a surge in consumer spending during today’s Black Friday sales.

“This means the focus for investors will be on those key benefactors that could see their revenue rise markedly and help support their share price,” said Amir. 

This is where the ASX stood at around 15:40 AEST:

Source: Market Index

Source: Market Index

Stocks in the spotlight today included almond producer, Select Harvests (ASX:SHV). The company reported a surprising turnaround, posting a net profit of $1.5 million for the full-year results, following a shocker of a loss last year, when it posted a net loss of $114.7 million. Select’s shares were, however down 3.5%.

Resolute Mining (ASX:RSG), meanwhile, has paid US$130m of a US$160m settlement with Mali’s junta, allowing continued operations at its Syama gold mine. Shares rose 4%.

Star Entertainment Group (ASX:SGR) meanwhile hit an all-time low, after it it flagged challenging operating conditions, near-term liquidity challenges and deteriorating earnings, according to a Reuters report.

Across the region, the yen strengthened after Japan’s inflation data surpassed expectations, while other Asian stock markets fluctuated.

Investors are weighing news that the US might ease export restrictions on semiconductor sales to China next week. While the measures may still limit sales of key components and AI chips, the Bloomberg report suggested they could be less severe.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
PPG	Pro-Pac Packaging	0.042	147%	2,804,875	$3,088,691
MTB	Mount Burgess Mining	0.002	50%	2,452,572	$1,298,147
CRR	Critical Resources	0.007	40%	4,260,382	$12,159,816
AOK	Australian Oil.	0.004	33%	150,000	$3,005,349
AVE	Avecho Biotech Ltd	0.004	33%	12,901,345	$9,507,891
LNU	Linius Tech Limited	0.002	33%	362,000	$9,226,824
TYX	Tyranna Res Ltd	0.004	33%	2,350,000	$9,863,776
WNR	Wingara Ag Ltd	0.008	33%	921,967	$1,053,255
ERW	Errawarra Resources	0.080	33%	1,040,389	$5,755,240
1AI	Algorae Pharma	0.009	29%	12,692,366	$11,811,763
MEG	Megado Minerals Ltd	0.015	25%	941,502	$3,509,467
MOV	Move Logistics Group	0.175	25%	16,981	$17,865,963
ATH	Alterity Therap Ltd	0.005	25%	62,769,347	$21,281,344
COY	Coppermoly Limited	0.010	25%	50,000	$5,661,259
TSL	Titanium Sands Ltd	0.005	25%	44,200	$8,846,989
SCP	Scalare Partners	0.210	24%	7,398	$5,930,076
MHI	Merchant House	0.160	23%	1,151,717	$12,254,644
MTM	MTM Critical Metals	0.083	22%	32,541,903	$23,660,777
HMG	Hamelingoldlimited	0.074	21%	398,548	$9,607,500
CAE	Cannindah Resources	0.060	20%	2,522,937	$35,153,998
ADD	Adavale Resource Ltd	0.003	20%	20,832,538	$3,059,413
BMO	Bastion Minerals	0.006	20%	181,602	$4,223,623
OCT	Octava Minerals	0.130	18%	742,617	$6,516,906
PTR	Petratherm Ltd	0.195	18%	1,435,509	$50,074,580

Mount Burgess Mining (ASX:MTB) has received shareholder approval to consolidate its shares, converting every four existing shares into one. This will reduce the total number of shares from 1.3 billion to around 324 million, effectively increasing the value of each share. The same ratio will apply to options, with their exercise price adjusted accordingly. This move will not affect shareholders' percentage ownership, the company said.

Algorae Pharmaceuticals -1AI (ASX:) said its drug candidate AI-168 has shown strong cardioprotective effects in preclinical tests, outperforming FDA-approved beta blockers in three cardiovascular cell lines. These promising results have led to the filing of an international patent application. AI-168 will be further tested in animal studies for cardiovascular disease in collaboration with Monash University.

Adavale Resources (ASX:ADD) has acquired a 72.5% stake in the Parkes gold and copper project in New South Wales, which covers 395km² in a highly prospective area for gold and copper deposits. The project includes the London-Victoria Gold Mine, with a historical estimate of 124,000 oz of gold, and other promising exploration targets.

Asra Minerals (ASX:ASR) has completed 2,400m of air-core and 1,310m of reverse circulation drilling at the Diorite East Prospect, part of the Mt Stirling Gold Project. The drilling confirmed gold mineralisation in the bedrock, with highlights including 4m at 1.69 g/t Au and 4m at 1.68 g/t Au. Strong gold anomalies were also found at Yttria and Mt Stirling Viserion, with a peak grade of 1.2 g/t Au. Further testing will follow with a larger RC drilling program in 2025.

MTM Critical Metals (ASX:MTM) has teamed up with Indium Corporation to develop a US-based solution for recovering critical metals. (See below for further details.)

Imricor Medical Systems (ASX:IMR) continues to rise, up by another 12% today after the announcement yesterday that it has signed a licensing agreement with Swiss software company ADIS for the commercialisation of AI modules integrated into its NorthStar 3D mapping system. The agreement covers upfront licence payments and ongoing fees, with plans for a commercial launch in Europe, the US, and the Middle East in 2025.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
EXL	Elixinol Wellness	0.004	-33%	475,407	$10,520,427
VML	Vital Metals Limited	0.002	-33%	2,809,173	$17,685,201
88E	88 Energy Ltd	0.002	-25%	27,681,114	$57,867,624
JAV	Javelin Minerals Ltd	0.003	-25%	20,206,741	$20,757,585
FND	Findi Limited	5.900	-24%	952,217	$379,953,213
APCDA	Aust Potash Ltd	0.031	-23%	3,616,887	$4,070,224
BNL	Blue Star Helium Ltd	0.004	-20%	433,709	$13,474,426
BUY	Bounty Oil & Gas NL	0.004	-20%	52,735	$7,492,505
GGE	Grand Gulf Energy	0.002	-20%	1,233,352	$6,125,968
EGY	Energy Tech Ltd	0.025	-19%	300,943	$13,531,622
MCM	Mc Mining Ltd	0.125	-19%	59,932	$73,797,879
G50	G50Corp Ltd	0.195	-17%	629,213	$36,208,895
ADG	Adelong Gold Limited	0.005	-17%	1,006,770	$6,707,934
ALM	Alma Metals Ltd	0.005	-17%	677,563	$9,399,133
AUK	Aumake Limited	0.005	-17%	380,034	$17,719,446
ERA	Energy Resources	0.003	-17%	1,143,016	$1,216,188,722
LML	Lincoln Minerals	0.005	-17%	65,750	$12,337,557
LIS	Lisenergylimited	0.135	-16%	1,884,096	$102,432,037
ALY	Alchemy Resource Ltd	0.006	-14%	11,097,292	$8,246,534
IPB	IPB Petroleum Ltd	0.006	-14%	1,322,253	$4,944,821
KGD	Kula Gold Limited	0.006	-14%	10,663,539	$4,502,483
OAK	Oakridge	0.060	-14%	7,338	$1,889,854
GTE	Great Western Exp.	0.025	-14%	442,824	$16,047,416
SMMDA	Somerset Minerals	0.013	-13%	414,883	$3,092,996

IN CASE YOU MISSED IT

Green Technology Metals (ASX:GT1)is enjoying success with the first two deep extension holes striking high-grade lithium over significant widths at its Root project in Canada’s Ontario province.

The company is moving toward a Root resource upgrade at a prominent time with plenty of M&A heating up across the sector.

MTM Critical Metals (ASX:MTM) is making waves, inking a strategic partnership with specialty technology metals supplier Indium Corporation to reduce US reliance on foreign metal sources by creating a local processing solution.

Under the agreed MoU, MTM will process ultra-high value scrap provided by Indium that contains up to 20% indium, 15% gallium and 18% germanium with a focus on developing advanced recovery methods using FJH technology.

Asra Minerals (ASX:ASR) has added high-priority gold targets to its Mt Stirling flagship in the Eastern Goldfields, thanks to the most recent AC and RC drill program covering gold in soil and geophysical targets at the project’s Diorite East prospect.

Follow-up RC drilling is being planned to test the high priority anomalies.

Indiana Resources (ASX:IDA) has acquired the services of experienced mining exec Lindsay  Owler as its newest CEO.

Owler will be based in IDA’s South Australia office and, with extensive experience in mineral exploration across the Gawler Craton region, will help Indiana unlock the potential of its assets in the area.

An initial site visit is planned for December, during which Owler will oversee the company’s ongoing drilling and geochemical sampling campaigns.

At Stockhead, we tell it like it is. While Green Technology Metals, MTM Critical Metals,  Imricor Medical Systems, Asra Minerals and Indiana Resources 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 Closing Bell: ASX slips from record highs, but Black Friday sales could be catalyst for next week