Closing Bell: ASX rebounds as RBA holds rates; Whitehawk soars 150pc after US Fed deal

ASX bounces back, RBA keeps rates steady with no rush to cut, and China’s factory growth beats expectations.

Cybersecurity firm Whitehawk soars on US Fed deal. Picture via Getty Images

• ASX bounces back, Trump tariffs in focus

• RBA holds rates steady, inflation watch continues

• China’s factory growth surprises, exports rise

After falling 1.6% on  Monday, the ASX rebounded by almost 1% today, but the market remains cautious ahead of Trump’s planned tariff announcement.

The positive momentum followed a volatile session on Wall Street overnight, where the S&P 500 had a wild ride.

It dropped by as much as 2% at one point, spooked by ongoing fears about global trade, but managed to claw back and close up by 0.6%.

Trump is now set to announce new tariffs on April 2 in the White House Rose Garden. 

His spokeswoman has just said these will be “country-based” tariffs, with no exemptions for now. 

These could target places like the EU, Japan, India, and Canada. Trump says this will help US manufacturing and bring in cash for things like tax cuts. 

However, there’s worry it could mess with supply chains and raise prices, and Wall Street’s been nervous about this for weeks.

Meanwhile back home, the RBA decided to leave the cash rate at 4.1% this afternoon, in line with what most analysts were expecting. 

RBA Governor Michele Bullock pointed to ongoing global uncertainties and the need to be cautious about inflation, which remains a priority for the central bank. 

“The RBA seems to be focusing on returning inflation to target levels, as it has added the word ‘sustainably’ in the statement...”said  Junvum Kim at Saxo.

“Despite a tight labour market, the RBA is seeking more evidence on inflation trends before easing rates further.”

The market is  currently pricing in about a 70% chance of a rate reduction in the May’s meeting, so there's a lot riding there for the ASX in the next few weeks.

On the ASX, all 11 sectors were in the green today, led by Real Estate.

Source: Market Index

Source: Market Index

In large caps news, NZ insurance company Tower (ASX:TWR) tumbled 8% after Bain Capital sold off its entire 68.3 million shareholding in Tower.

SSR Mining (ASX:SSR) also fell 8% despite a positive 2025 outlook where it expects over 10% more gold production. Investors were likely spooked by the $60 to $100 million development cost for the Hod Maden project.

Meanwhile some good news over in Asia. China's factory activity picked up faster than expected, with a private survey released today showing growth at its quickest in four months. 

The Caixin manufacturing index rose to 51.2 in March, beating forecasts of 50.6. This suggests things are improving, especially in exports. 

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Description	Last	%	Volume	MktCap
WHK	Whitehawk Limited	0.020	150%	92,820,658	$5,195,168
EDE	Eden Inv Ltd	0.002	50%	8,474,556	$4,109,881
LNU	Linius Tech Limited	0.002	50%	860,477	$6,151,216
OZM	Ozaurum Resources	0.087	34%	19,970,592	$14,727,497
GGE	Grand Gulf Energy	0.002	33%	50,000	$3,675,581
ICR	Intelicare Holdings	0.008	33%	226,564	$2,917,129
M2R	Miramar	0.004	33%	70,750	$1,369,040
PPG	Pro-Pac Packaging	0.026	30%	3,959,303	$3,633,754
JLL	Jindalee Lithium Ltd	0.310	29%	365,838	$17,662,044
CZN	Corazon Ltd	0.003	25%	5,000	$2,369,145
AVE	Avecho Biotech Ltd	0.006	20%	657,725	$15,846,485
EVR	Ev Resources Ltd	0.006	20%	2,704,488	$9,929,183
IPB	IPB Petroleum Ltd	0.006	20%	353,720	$3,532,015
EGR	Ecograf Limited	0.340	19%	1,225,400	$129,427,568
PGD	Peregrine Gold	0.195	18%	131,267	$13,111,555
XGL	Xamble Group Limited	0.020	18%	6,315	$5,763,242
PAT	Patriot Lithium	0.055	17%	25,134	$5,941,644
PUA	Peak Minerals Ltd	0.011	17%	1,094,225	$25,265,892
DVL	Dorsavi Ltd	0.007	17%	774,371	$4,387,428
HHR	Hartshead Resources	0.007	17%	7,743,902	$16,852,093
INF	Infinity Lithium	0.028	17%	640,842	$11,102,210
ODE	Odessa Minerals Ltd	0.007	17%	2,329,278	$9,597,195
XPN	Xpon Technologies	0.007	17%	490,000	$2,174,649

Cybersecurity firm WhiteHawk (ASX:WHK) skyrocketed 150% after bagging a major spot as the core cyber partner on a massive US$920m US federal government contract. Teaming up with Knexus Research and other big names, WhiteHawk will deliver AI-powered tools for managing cyber risks in federal supply chains. This 10-year deal could bring in recurring revenue as task orders are released. Backed by a 2025 White House Executive Order, the contract will streamline government procurement, opening up more opportunities for WhiteHawk.

Concrete tech company, Eden Innovations (ASX:EDE), announced that Holcim US has placed its first major order for EdenCrete Pz7, worth around $145,668, for a large construction project in Colorado. This order will cover 25,000 cubic yards of concrete.  Over the past 10 months, Eden has received over $675,000 worth of orders from Holcim in the US and Ecuador. EdenCrete Pz7 is also being trialled in countries like Canada, Mexico, and the UK, which could open up more markets for the product in the future.

RC drilling at OzAurum’s (ASX:OZM) Mulgabbie North has confirmed a major gold system at the Cross Fault discovery, with hits including 48m at 1.66g/t gold from surface. Further drilling, including diamond drilling will kick off next week, aiming to expand the 260,000oz project’s potential.

Pro-Pac Packaging (ASX:PPG) has acknowledged a challenging start to 2025, with results for the first quarter falling below expectations. The company is now conducting a strategic review to improve profitability and assess funding needs, with a focus on resolving short-term requirements. To support this, Pro-Pac has appointed David Hewish from Leaders on Demand as Chief Transformation Officer for six months to help implement the changes.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
CDT	Castle Minerals	0.002	-33%	2,218,239	$5,783,469
HCD	Hydrocarbon Dynamics	0.002	-33%	620,000	$3,234,328
JAY	Jayride Group	0.002	-33%	54,554,116	$4,235,177
RAN	Range International	0.002	-33%	651,898	$2,817,871
CRS	Caprice Resources	0.060	-30%	63,820,533	$43,492,470
SFG	Seafarms Group Ltd	0.002	-25%	1,750,000	$9,673,198
SUM	Summitminerals	0.057	-24%	890,233	$6,534,599
KGD	Kula Gold Limited	0.006	-21%	9,084,155	$6,448,776
CPO	Culpeominerals	0.012	-20%	7,085,541	$3,299,433
CR3	Core Energy Minerals	0.012	-20%	2,175,435	$3,666,629
EMU	EMU NL	0.028	-20%	113,936	$6,776,049
AQX	Alice Queen Ltd	0.004	-20%	8,756,082	$5,734,450
CHM	Chimeric Therapeutic	0.004	-20%	3,560,792	$8,100,749
FHS	Freehill Mining Ltd.	0.004	-20%	1,111,044	$15,392,639
HLX	Helix Resources	0.002	-20%	2,000,000	$8,410,484
TEG	Triangle Energy Ltd	0.004	-20%	115,000	$10,446,170
WNX	Wellnex Life Ltd	0.370	-20%	454,188	$30,877,673
HTG	Harvest Tech Grp Ltd	0.013	-19%	194,075	$14,201,610
AX8	Accelerate Resources	0.005	-17%	839,995	$4,723,132
BEZ	Besragoldinc	0.040	-17%	1,515,285	$19,943,470
CCO	The Calmer Co Int	0.005	-17%	146,391	$15,323,228
CTN	Catalina Resources	0.003	-17%	910,001	$4,548,786
EPM	Eclipse Metals	0.005	-17%	191,315	$17,158,914
AUG	Augustus Minerals	0.031	-16%	314,453	$4,410,083
AVG	Aust Vintage Ltd	0.110	-15%	2,420,105	$42,830,180

IN CASE YOU MISSED IT

Firetail Resources (ASX:FTL) has awarded contracts to Abitibi Geophysics to survey its Skyline copper project in Newfoundland for Cyprus-style VMS targets.Skyline’s stratigraphic sequence is said to be identical to Cyprus’ Troodos Ophiolite, which hosts over 30 historical mines.

Caprice Resources’ (ASX:CRS) drilling at the Island project extended high-grade gold at Vadrians to 250m along strike and made a new discovery 250m south. A 5000m Phase 3 drill program will target further extensions and test over 30 new gold targets.

Belararox (ASX:BRX) has identified 20 drill targets at its Kalahari Copper Belt project, with a third EM survey set to refine them further. A 2000m RC drilling program will begin in July to test the high-priority areas.

AnteoTech (ASX:ADO) has appointed Glenda McLoughlin as its new non-executive chair, recognising her extensive investment banking and board experience spanning more than 20 years. The company has farewelled outgoing chair Ewen Crouch AM and Dr. Katherine Woodthorpe AO, thanking them for their contributions as it advances the commercialisation of its clean energy and life sciences technologies.

Well-funded GWR Group (ASX:GWR) has agreed to amend the terms of its Wiluna West iron ore project royalty agreement with Gold Valley, adjusting payments in response to lower iron ore prices. To date, the company has earned a royalty of $2.53 million, with all amounts received.

Mount Hope Mining (ASX:MHM) has completed a ground gravity survey at its namesake project in the Cobar Basin, NSW. The survey covered 97 km² with 1732 stations, exceeding initial plans, and data is now being processed by Southern Geoscience Consultants to refine exploration targets for potential Cobar-style mineralisation.

Sun Silver (ASX:SS1) has appointed former Barrick Gold and Nevada Gold Mines chief geologist, Keith Wood, as exploration manager to drive resource development at Maverick Springs in Nevada. Wood has over 25 years of experience, leading major discoveries and growth strategies in the silver state, strengthening Sun Silver’s technical leadership as it advances its silver-gold project.

At Stockhead, we tell it like it is. While Firetail Resources, OzAurum Resources, Caprice Resources, Belararox, AnteoTech, GWR Group, Mount Hope Mining, and Sun Silver 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.