Lunch Wrap: ASX dips on global sell-off; Nickel Industries plunges 21pc as Indonesia eyes tax hike

ASX drops after global market sell-offs and crypto crashes. Meanwhile, Star eyes $940m loan and Nickel Industries tumbles on Indonesia’s tax plans.

The ASX has taken a dive as the global sell-off hits. Picture via Getty Images

• ASX dives as global sell-off hits

• Tesla and Nvidia take big hits, crypto tumbles

• Star eyes $940m loan; Nickel Industries plunges on Indonesian tax

The ASX dropped by over 1.3% within just the first 30 minutes of trading on Tuesday, hitting a seven-month low.

Investors were rattled by a heavy sell-off in the US, where the Nasdaq plunged 4%, its worst day since 2022, while the S&P 500 fell 2.7%.

Crypto prices tumbled, corporate bond sales were pulled, and Wall Street's fear gauge, along with key credit risk indicators, spiked.

The sell-off has been intensifying in recent days after President Trump’s aggressive trade policies raised fears of a slowdown in the US economy.

Tesla saw a massive 15% dip overnight, having lost over half of its value from December’s highs. Nvidia also felt the sting, shedding 5%.

“The trading today felt like an absolute death spiral,” said Alon Rosin at Oppenheimer & Co.

As the losses mounted, investors sought safety in energy, consumer staples and utility stocks – sectors that tend to perform better during economic slowdowns.

“If investors perceive that there’s rough weather ahead, these are the places where investors tend to hide out. Shelter from the storm," said Steve Sosnick at Interactive Brokers.

Back in Australia, the ASX reflected the global nerves, with the local market bleeding red, too, particularly the tech sector, which dropped more than 5%.

WiseTech Global (ASX:WTC) and Xero (ASX:XRO) slipped around 5% each.

The local banking giants didn’t fare much better, with the Big Four all being sold off.

But there was some good news.

Consumer sentiment in Australia has risen to a three-year high, according to Westpac this morning, with the index jumping 4% in March, signalling that Aussies are feeling a bit more optimistic.

Source: Market Index

Source: Market Index

In the large caps space, embattled casino operator Star Entertainment Group (ASX:SGR) said it has taken note of recent media speculation.

Star confirmed that it had indeed received a refinancing proposal that could provide up to $940 million in loans from Salter Brothers Capital. If finalised, this would give The Star enough liquidity to refinance all of the group’s existing debt. Shares in Star remain suspended for now.

Nickel Industries (ASX:NIC), with mines in Indonesia, plunged by 21% as the country mulls higher taxes on miners to help cover budget gaps. The government is currently considering hiking royalties on metals like copper, coal and nickel. This move comes amid Indonesia's struggle to fund initiatives like free school lunches. Nickel royalties could jump from 10% to as high as 19%, adding more pressure on producers already dealing with lower prices.

Suncorp Group (ASX:SUN), meanwhile, said it had to deal with a large volume of insurance claims after ex-tropical cyclone Alfred, though most of these claims were covered by government reinsurance. Shares were down 2%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 11 :

Code	Description	Last	%	Volume	MktCap
MPW	Metal Powdworks Ltd	0.370	155%	6,102,542	$14,784,092
AAJ	Aruma Resources Ltd	0.016	60%	9,551,255	$2,220,582
NWM	Norwest Minerals	0.011	22%	1,093,405	$4,366,076
BCB	Bowen Coal Limited	0.006	20%	1,706,163	$53,878,201
8CO	8Common Limited	0.025	19%	382,374	$4,705,993
PIL	Peppermint Inv Ltd	0.004	17%	778,039	$6,634,438
SKK	Stakk Limited	0.007	17%	388,924	$12,450,478
TMK	TMK Energy Limited	0.004	17%	8,225,616	$28,090,995
BNL	Blue Star Helium Ltd	0.008	14%	650,508	$18,864,197
CCG	Comms Group Ltd	0.057	14%	1,003,000	$19,493,427
PNT	Panthermetalsltd	0.017	13%	10,806,510	$3,722,561
AJL	AJ Lucas Group	0.009	13%	662,345	$11,005,837
HAW	Hawthorn Resources	0.049	11%	16,179	$14,740,687
AON	Apollo Minerals Ltd	0.020	11%	250,000	$16,712,224
GES	Genesis Resources	0.011	10%	188,880	$7,828,413
LYK	Lykosmetalslimited	0.011	10%	1,910	$1,883,556
GT1	Greentechnology	0.055	10%	238,590	$19,437,605
IND	Industrialminerals	0.175	9%	3,100	$12,851,600
NMG	New Murchison Gold	0.013	8%	57,775,346	$97,636,796
BVR	Bellavistaresources	0.335	8%	2,985	$31,273,592
GC1	Glennon SML Co Ltd	0.500	8%	1,900	$22,361,001
AMI	Aurelia Metals Ltd	0.220	7%	7,554,273	$346,770,739
MAU	Magnetic Resources	1.480	7%	779,177	$368,130,387
IPT	Impact Minerals	0.008	7%	30,000	$21,416,036

Metal Powder Works (ASX:MPW) hit the ASX today with the ticker 'MPW' after raising $10 million at 20 cents per share through a reverse merger with formerly listed K-TIG Limited. MPW has developed its patented DirectPowder process, which offers a new approach to powder production in additive manufacturing. This tech has already been tested across various methods like 3D printing and laser fusion, and it counts big names like the US Department of Defense, Westinghouse, and Toho Titanium as customers.

Norwest Minerals (ASX:NWM) just hit a big milestone with its Bulgera gold project. The company has secured the State Deed for the mining lease, which has been approved by the Marputu Aboriginal Corporation, the Traditional Owners of the land. The deed will now go to the Department of Energy and Mines for final approval.

Fintech company Stakk (ASX: SKK) is cruising towards $1.95m in annual revenue for FY25, with US operations leading the charge. So far, Stakk's US business has pulled in $1.13m in the first eight months of FY25, up 45.8% year on year. With a growing roster of clients, including 25 banks, nine neobanks and fintech partners, Stakk said it’s got a strong pipeline for future growth.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 11 :

Code	Name	Price	% Change	Volume	Market Cap
AXP	AXP Energy Ltd	0.001	-33%	88,888	$9,862,021
NTM	Nt Minerals Limited	0.002	-33%	15,001	$3,632,709
88E	88 Energy Ltd	0.002	-25%	1,247,860	$57,867,624
CDT	Castle Minerals	0.002	-25%	112,523	$3,793,628
NRZ	Neurizer Ltd	0.002	-25%	2,311,110	$6,716,008
QXR	Qx Resources Limited	0.003	-25%	34,500	$5,240,311
SIS	Simble Solutions	0.003	-25%	5,000	$3,345,321
PKD	Parkd Ltd	0.030	-23%	150,086	$4,056,541
NIC	Nickel Industries	0.590	-22%	235,791,362	$3,238,806,459
BXN	Bioxyne Ltd	0.023	-21%	3,601,950	$59,427,633
AUK	Aumake Limited	0.004	-20%	3,747,996	$15,053,461
PAB	Patrys Limited	0.002	-20%	536,075	$5,143,618
PRX	Prodigy Gold NL	0.002	-20%	58,200	$7,937,639
SP3	Specturltd	0.013	-19%	541,158	$4,930,402
LMS	Litchfield Minerals	0.160	-18%	729,062	$5,501,212
ION	Iondrive Limited	0.018	-17%	5,690,833	$24,839,563
PEB	Pacific Edge	0.100	-17%	9,181	$97,429,917
AKN	Auking Mining Ltd	0.005	-17%	102,391	$3,448,673
EPM	Eclipse Metals	0.005	-17%	3,511,600	$17,158,914
MRD	Mount Ridley Mines	0.003	-17%	47,434	$2,335,467
RDN	Raiden Resources Ltd	0.005	-17%	1,175,242	$20,705,349
CUE	CUE Energy Resource	0.105	-16%	73,961	$87,386,578
HMY	Harmoney Corp Ltd	0.460	-16%	29,686	$55,570,460
COB	Cobalt Blue Ltd	0.049	-16%	2,046,520	$25,489,451

IN CASE YOU MISSED IT

Maronan Metals (ASX:MMA) has lodged an application for a Mineral Development Licence to advance its namesake copper-gold and silver-lead project in Queensland to “mine-ready” status. Once approved, the MDL will secure tenure over the area and allow for advanced exploration, including underground drilling and bulk sampling.

At Stockhead, we tell it like it is. While Maronan Metals 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.