Closing Bell: ASX climbs as courts strike down Liberation Day tariffs, re-energising markets

The ASX rose 0.15pc in trade today, driven by Energy sector gains and a US court ruling against Liberation Day tariffs.

US courts have struck down the majority of President Trump’s tariffs, re-energising global markets. Pic: Getty Images

• Energy sector pushes ASX 0.15pc higher

• US court has ruled Trump’s Liberation Day and fentanyl tariffs are unlawful

• Steel, aluminium and auto tariffs remain in place

The ASX has posted another gain today, albeit a small 0.15% lift.

News US courts had blocked Trump’s tariff spree gave the market tailwinds, while the Energy sector powered higher.

Source: Market Index

As has been the story in recent weeks, Info Tech and the Banks contributed handily to the Aussie market’s gains, with both indices trending higher.

Source: Market Index

Woodside Energy (ASX:WDS) continued its gains after receiving the green light for its North West Shelf gas project, climbing 3.05%.

Capstone Copper (ASX:CSC) also continued its ascent, up 5.42% as copper’s outlook continues to improve, and Liontown Resources (ASX:LTR) posted a 4.13% recovery today, although still down 3.08% for the trading week.

Markets roar back to life as courts block Trump tariffs

While President Trump has signalled his intention to appeal a court decision to block his Liberation Day tariffs, global markets are already celebrating.

"The law is clear: no president has the power to single-handedly raise taxes whenever they like," New York attorney general Letitia James said.

"These tariffs are a massive tax hike on working families and American businesses that would have led to more inflation, economic damage to businesses of all sizes, and job losses across the country if allowed to continue."

Futures for US markets are sharply higher in after-hours trade. S&P500 Futures are up 1.7%, Dow Jones 1.33% and the Nasdaq 1.97%.

In Asia, the Japanese Nikkei 225 soared 1.91% in trade today, while the Shanghai Composite Index has added 0.72%.

The US dollar has also made a small recovery, lifting the US Dollar Index (comparing it to a basket of major currencies) 0.33% today.

That pushed gold lower, sliding 0.84% to about US$3270.64.

“The Albanese government has been consistent in the view that these tariffs on Australian imports into the US are unjustified,” Australian minister for trade Don Farrell said.

“We will continue to engage and strongly advocate for the removal of tariffs.”

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
EDE	Eden Inv Ltd	0.003	200%	99857288	$4,109,881
AOA	Ausmon Resorces	0.002	100%	120455	$1,311,213
UCM	Uscom Limited	0.019	58%	133012	$3,005,724
BP8	Bph Global Ltd	0.003	50%	786421	$2,101,969
ENL	Enlitic Inc.	0.034	42%	908948	$17,313,813
EDU	EDU Holdings Limited	0.28	40%	2400082	$30,110,682
TM1	Terra Metals Limited	0.036	38%	17149767	$10,793,512
RPG	Raptis Group Limited	0.035	35%	255986	$4,558,903
AX8	Accelerate Resources	0.008	33%	1701649	$4,783,132
MTB	Mount Burgess Mining	0.004	33%	1000000	$1,055,108
OB1	Orbminco Limited	0.002	33%	8099104	$3,596,352
TEM	Tempest Minerals	0.004	33%	1709348	$2,203,590
IVX	Invion Ltd	0.11	29%	1305054	$7,201,936
CDE	Codeifai Limited	0.009	29%	392000	$2,282,222
PXX	Polarx Limited	0.009	29%	3417728	$16,628,507
RMI	Resource Mining Corp	0.029	26%	8415321	$15,304,332
OLY	Olympio Metals Ltd	0.05	25%	349363	$3,522,692
C7A	Clara Resources	0.005	25%	200000	$2,046,417
RDS	Redstone Resources	0.005	25%	6382842	$3,701,514
NGX	Ngxlimited	0.16	23%	29831	$11,779,539
RCL	Readcloud	0.135	23%	151460	$16,898,174
FAL	Falconmetalsltd	0.14	22%	270451	$20,355,000
OEL	Otto Energy Limited	0.006	20%	33492247	$23,974,090
CHR	Charger Metals	0.048	20%	190732	$3,096,810
JAV	Javelin Minerals Ltd	0.003	20%	1.06E+08	$15,115,373

Making news…

Eden Innovations (ASX:EDE) has captured momentum with its EdenCrete Pz7 concrete additive, a product that makes standard concrete mixes stronger and reduces the need for carbon-intensive Portland Cement. Over the past three months, sales topped US$567k.

In April and May alone, sales were 86% higher than the same quarter last year. Holcim US also ordered US$91k worth of Pz7 for a 22-storey high-rise in Denver, Eden’s first major commercial project.

BPH Global (ASX:BP8) is preparing its first shipment of Indonesian seaweed biomass under a sales cooperation agreement with PT Kebula Raya Bestari, delivering 60 metric tonnes to South Korea-based food ingredient manufacturer MSC.

Invion (ASX:IVX) just got the thumbs-up from the safety committee after treating the first six patients in its skin cancer trial. There are early signs the drug is shrinking tumours after one dose.

INV043 also makes cancer cells glow under violet light, hinting it could double as a diagnostic tool. Invion is now gearing up for a second study with Peter Mac, combining the treatment with immunotherapy.

After “constructive discussions with a broad group of shareholders” EDU Holdings (ASX:EDU) has rescinded the proposed delisting of its shares from the ASX and an associated off-market buy-back offer.

The board says it will consider future capital management options, remaining committed to long-term value for shareholders.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
SHP	South Harz Potash	0.003	-40%	51501	$5,513,644
DMG	Dragon Mountain Gold	0.004	-33%	648200	$2,368,030
MOM	Moab Minerals Ltd	0.001	-33%	500000	$2,600,499
OVT	Ovanti Limited	0.002	-33%	93657480	$8,380,545
WBE	Whitebark Energy	0.004	-33%	276226	$4,124,001
ERL	Empire Resources	0.003	-25%	199765	$5,935,653
GMN	Gold Mountain Ltd	0.0015	-25%	239339	$10,267,776
CTQ	Careteq Limited	0.01	-23%	1885218	$3,082,543
AXI	Axiom Properties	0.03	-23%	123000	$16,875,833
MGU	Magnum Mining & Exp	0.007	-22%	364290	$10,094,858
AAU	Antilles Gold Ltd	0.004	-20%	179945	$10,631,838
AMS	Atomos	0.004	-20%	372000	$6,075,092
AQX	Alice Queen Ltd	0.004	-20%	15937084	$5,734,450
BYH	Bryah Resources Ltd	0.004	-20%	610561	$4,349,768
CR9	Corellares	0.002	-20%	1500	$2,514,016
EAT	Entertainment	0.004	-20%	1853	$6,543,930
PRX	Prodigy Gold NL	0.002	-20%	20001	$7,937,639
NSM	Northstaw	0.03	-19%	1686468	$10,126,031
OLL	Openlearning	0.015	-17%	99553	$8,688,144
AZL	Arizona Lithium Ltd	0.005	-17%	9609192	$31,621,887
EPM	Eclipse Metals	0.005	-17%	1788032	$17,194,914
GLL	Galilee Energy Ltd	0.005	-17%	7500	$4,243,157
LU7	Lithium Universe Ltd	0.005	-17%	302360	$4,715,878
NES	Nelson Resources.	0.0025	-17%	80000	$6,515,783
RC1	Redcastle Resources	0.005	-17%	2906728	$4,461,401

IN CASE YOU MISSED IT

An independent study comparing Altech Batteries’ (ASX:ATC) Cerenergy technology to alternatives including lithium-ion, sodium-sulphur and vanadium flow batteries has revealed several areas of superior performance.

The sodium chloride solid state batteries developed by ATC offer comparative energy efficiencies to lithium-ion batteries, exceeding the other two chemistries, and matches or exceeds its rivals in overall lifetime, cycle life, safety, temperature range, and discharge duration.

TG Metals (ASX:TG6) is delving into historical stockpiles at the Van Uden gold project, using a sonic core drill rig to test the gold grades. The drilling will also provide samples for metallurgical testwork as the company transitions toward gold production.

Hot Chili (ASX:HCH) has discovered three look-alike targets, which could hint to a potential district-scale porphyry cluster.

Trigg Minerals (ASX:TMG) looks to uncover more critical minerals at its Antimony Canyon project in Utah.

Trading halts

Babylon Pump & Power (ASX:BPP) – potential acquisition and debt funding
CZR Resources (ASX:CZR) – general meeting re: asset disposal
EVE Health Group (ASX:EVE) – general meeting outcome pending
Firetail Resources (ASX:FTL) – potential material acquisition
Golden Horse Minerals (ASX:GHM) – cap raise
Green Critical Minerals (ASX:GCM) – cap raise
Locate Technologies (ASX:LOC) – cap raise
M3 Mining (ASX:M3M) – board update and requisitioned meeting
Metrics Master Income Trust (ASX:MXT) – cap raise
TruScreen Group (ASX:TRU) – pending announcement
Vinyl Group (ASX:VNL) – cleansing notice issue
Way2Vat (ASX:W2V) – cap raise

At Stockhead, we tell it like it is. While Altech Batteries, TG Metals, Hot Chili and Trigg Minerals 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.