Lunch Wrap: Trump’s tariff delay sparks ASX bounce; Seek’s deal with Xref collapses

ASX bounces back on Trump’s tariff delay, tech stocks shine, but Seek’s $42m deal crashes and Xref tanks 22pc.

ASX bounced back after Trump’s tariff delay. Picture via Getty Images

• ASX bounces back after Trump delays tariffs

• Tech stocks lead the charge

• Seek’s $42 million deal falls apart, Xref tanks

After getting battered yesterday, the ASX found some momentum to bounce back on Tuesday, with the benchmark S&P/ASX 200 Index lifting by 0.4% at around lunch time.

This follows US President Trump’s decision to delay tariffs on Canada and Mexico last night.

Trump had been set to slap a 25% tariff on those countries, but after a chat with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau, he agreed to hold off for now.

Trump even hinted that he’d probably have a word with China about their tariffs in the next day or so, further lifting spirits.

But despite his softer stance, the Wall Street session was still marked by volatility and investors seemed to be on edge, with defensive stocks getting more love while the tech stocks struggled.

The S&P 500 managed to trim most of its big losses, closing down just 0.8% after a shaky start. The Nasdaq ended lower by 1.2%, while the Dow Jones dropped 0.3%.

Gold had a bit of a rollercoaster ride, hitting a record high but dropping back to $US2,820 at the time of writing. Bitcoin surged right back, rallying 9% to after taking a hit on Monday.

“With selling pressure likely pick up, leading to further market falls, we could expect more traders to 'buy the dip’,” said Moomo’s Jessica Amir.

“They are bracing for big swings in markets and will remain on edge for perhaps the next couple of weeks, adjusting portfolios to a more defensive stance.”

On home soil, 7 out of the 11 sectors were back in the green this morning, with technology stocks leading the way.

WiseTech Global (ASX:WTC) moved back up by 1.7%, and Xero (ASX:XRO) lifted 1.2%.

Even miners bounced back, with Fortescue Metals Group (ASX:FMG) jumping 1.5% after Trump said he’d likely chat to China about tariffs.

Source: Market Index

Source: Market Index

In large caps news, Seek's (ASX:SEK) plan to acquire Xref (ASX:XF1) for $42.1 million came crashing down after it failed to get enough support from Xref’s shareholders.

Only 67.6% of the votes were in favour of the deal, well short of the 75% threshold needed. Seek shares took a 1% hit, while Xref was sent tumbling by 22%.

Over at ProMedicus (ASX:PME), the imaging tech company secured a $53 million contract with a US healthcare network, sending its shares up 4.5%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for February 4 :

Security	Description	Last	%	Volume	MktCap
LNU	Linius Tech Limited	0.002	100%	532,500	$6,151,216
AYM	Australia United Min	0.003	50%	256,001	$3,685,155
EEL	Enrg Elements Ltd	0.002	50%	127,400	$3,253,779
MM1	Midasmineralsltd	0.120	43%	901,167	$10,426,893
ALR	Altairminerals	0.004	40%	13,965,344	$10,741,860
OSL	Oncosil Medical	0.007	40%	13,956,521	$23,032,901
SRN	Surefire Rescs NL	0.004	33%	837,995	$7,248,923
PNT	Panthermetalsltd	0.009	29%	1,846,083	$1,737,195
REM	Remsensetechnologies	0.069	25%	568,458	$9,122,283
GMN	Gold Mountain Ltd	0.003	25%	1,197,851	$9,158,446
M2R	Miramar	0.005	25%	20,000	$1,587,293
PIL	Peppermint Inv Ltd	0.005	25%	1,671,661	$8,635,433
TAS	Tasman Resources Ltd	0.005	25%	266,612	$3,220,998
ASP	Aspermont Limited	0.006	20%	200,000	$12,350,058
ASR	Asra Minerals Ltd	0.003	20%	2,615,623	$5,781,575
WOA	Wide Open Agricultur	0.006	20%	178,000	$2,668,433
E79	E79Goldmineslimited	0.020	18%	402,295	$1,736,765
MIO	Macarthur Minerals	0.036	16%	60,000	$6,189,631
DCC	Digitalx Limited	0.062	16%	7,471,932	$58,650,697
SPG	Spc Global Holdings	0.740	16%	4,094	$123,508,404

Altair Minerals' (ASX:ALR) shares doubled after announcing that it was acquiring the high-grade Venatica Copper Project in Peru, a major expansion of its portfolio. Located on the prolific Andahuaylas-Yauri Porphyry Belt, Venatica spans 337km² and sits near major mines like Las Bambas, which produces 2% of global copper.

The project features large-scale copper targets, with surface samples showing grades up to 7% copper, and a history of small-scale mining with high-grade ore. With strong local support and established infrastructure, Altair said Venatica offers significant potential for high-grade discoveries.

OncoSil Medical (ASX:OSL) has scored a big win in Germany, with 120 hospitals now able to negotiate funding for its pancreatic cancer treatment device under the country’s innovation funding program. That’s a 43% jump from last year, showing growing demand and recognition for OncoSil. The device, which was given "Positive Status 1" in 2021, recently got the green light for clinical testing, and the German Ministry of Health has published the coverage directive.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for February 4 :

Code	Name	Price	% Change	Volume	Market Cap
PRM	Prominence Energy	0.003	-25%	24,500	$1,556,706
VPR	Voltgroupltd	0.002	-25%	5,609,588	$21,432,416
XF1	Xref Limited	0.120	-23%	5,043,439	$29,758,488
PUA	Peak Minerals Ltd	0.012	-20%	19,153,721	$38,281,654
FHS	Freehill Mining Ltd.	0.004	-20%	1,300,000	$15,392,639
MEL	Metgasco Ltd	0.004	-20%	436,914	$7,287,934
MOH	Moho Resources	0.004	-20%	10,002	$3,582,373
BM8	Battery Age Minerals	0.080	-18%	2,240,691	$10,017,592
ERA	Energy Resources	0.003	-17%	267,995	$1,216,188,722
ADN	Andromeda Metals Ltd	0.006	-14%	798,897	$24,001,094
CAV	Carnavale Resources	0.003	-14%	383,333	$14,315,764
CTN	Catalina Resources	0.003	-14%	31,578	$4,606,917
MRQ	Mrg Metals Limited	0.003	-14%	1,750,000	$9,542,815
SER	Strategic Energy	0.006	-14%	7,901,339	$4,697,233
STM	Sunstone Metals Ltd	0.006	-14%	1,686,375	$36,050,025
RKT	Rocketdna Ltd.	0.010	-14%	7,053,735	$9,732,294
GNM	Great Northern	0.013	-13%	991,031	$2,319,436
VMM	Viridismining	0.345	-13%	571,683	$29,670,139
CMD	Cassius Mining Ltd	0.014	-13%	150,037	$10,272,712
CNJ	Conico Ltd	0.007	-13%	300,000	$1,899,898
HTG	Harvest Tech Grp Ltd	0.014	-13%	1,098,098	$14,176,783
MRR	Minrex Resources Ltd	0.007	-13%	329,485	$8,678,940

IN CASE YOU MISSED IT

New World Resources (ASX:NWC) has secured the services of experienced permitting specialist John Stefka as its environment and community manager, based in Kingman, Arizona. Stefka previously led permitting at the Moss gold mine near New World’s Antler copper project, and now his appointment will support the company’s efforts to secure state and federal permits in 2025, with early construction set to begin later this year.

At Stockhead, we tell it like it is. While New World Resources is a Stockhead advertiser, it 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 Lunch Wrap: Trump’s tariff delay sparks ASX bounce; Seek’s deal with Xref collapses