ASX February winners: Benchmark fell almost 4pc amid stormy weather

Australia’s S&P/ASX 200 fell 4% in February as global geopolitical and economic uncertainties rattled markets.

Pic via Getty Images

• Australia’s S&P/ASX 200 fell 3.79% in February as global geopolitical and economic uncertainties rattled markets

• Only four out of 11 S&P/ASX 200 sectors posted gains, primarily driven by defensive sectors

• Kalgoorlie Gold Mining was the biggest winner in February, up 281% after a greenfields gold discovery

Australia’s S&P/ASX 200 fell by 3.79% in February, according to S&P Dow Jones Indices (S&P DJI) as global geopolitical and economic uncertainty played on markets.

Small caps faired the best in February's downturn, followed by large caps and mid caps.

VanEck Asia-Pacific CEO and managing director Arian Neiron told Stockhead nearly a third of the benchmark's decline (1.02%) was driven by the big four banks, which make up a sizeable portion (23.38%) of the index.

He said weak quarterly earnings from Westpac (ASX:WBC) and National Australia Bank (ASX:NAB) due to mounting margin pressure and higher impairments saw their prices decline by 5.7% and 12.1% respectively.

Despite stronger balance sheets, Commonwealth Bank (ASX:CBA) and Australia and New Zealand Banking Group (ASX:ANZ) were also punished, finishing -2.38% and -2.71% for the month respectively.

"International equities followed Australia by going backwards in February, based on the MSCI World ex Australia index, returning -0.36%," Neiron said.

The Trump factor

US President Donald Trump’s proposed sweeping new tariffs on America’s three biggest trading partners – Mexico, Canada, and China – continued to spook markets.

"Uncertainty surrounding the Trump administration’s trade tariffs saw US growth expectations fall and inflation expectations increase, adversely affecting US equities and the Mag 7 in particular," Neiron said.

"Investors rotated out to Europe and Japan, which have both recently surprised to the upside with stronger-than-expected GDP growth."

CEO of deVere Group Nigel Green described the proposed tariffs as a "colossal economic gamble" that could backfire spectacularly.

"This is an extraordinary escalation of protectionist policy, one that risks igniting a full-scale trade war at a time when markets are already on edge," he said.

"The impact could be severe – higher prices for American consumers, strained diplomatic relations, and retaliatory tariffs that could hammer US exports."

RBA rate cut fails to lift sentiment

Even a rate cut by the Reserve Bank of Australia (RBA) failed to lift Aussie investor sentiment in February. After holding the cash rate at 4.35% for months on end – the highest in 13 years – the RBA made a 0.25 percentage points cut in February bringing the rate to 4.1%. 

The RBA said that it decided to finally cut rates because "inflationary pressures are easing a little more quickly than expected".

The Aussie dollar finished February lower at 62.09 US cents with the final week of the month its worst week since November 2023, wiping out gains from earlier in the month.

Bitcoin entered bear market territory towards the end of February, falling to US$85,000.

"A risk-off environment and clashes between Musk on behalf of DOGE and US regulators, contributed to the fall," Neiron said.

"However, Bitcoin has bounced back 9% in the first couple of days of March, after Trump tweeted about Bitcoin’s importance as part of a potential federal strategic reserve."

Source: S&P DJI

Defensive sectors up as tech drops 12%

Sector performance was mixed, as only four out of 11 S&P/ASX 200 sectors posted gains, which S&P DJI said was primarily driven by defensive sectors such as utilities, communication services and consumer staples.

In a reversal of fortunes the ASX's best performing sector for 2024 technology experienced a drop of 12%.

"The technology sector was dragged down by the decline in the US tech sector, while slowing iron ore demand from China has continued to put downward pressure on materials," Neiron said.

Source: S&P DJI

Not a good month for equity factors, fixed income advances

All reported Australian factor and thematic indices were in the red in February. Momentum, which was the best-performing factor in 2024, underwent the most substantial correction, while Low Volatility and GARP performed relatively better.

S&P DJI said the equity options market priced in heightened uncertainty.  Known as the 'fear indices' the S&P/ASX 200 VIX and S&P 500's VIX increased to 11.8% and above 21% respectively.

Fixed income indices advanced across the board. The S&P/ASX Australian Fixed Interest 0+ Index rose by 1%, as the RBA joined its international peers in the global interest-rates easing cycle.

"Short-and long-dated government bonds fell and credit spreads tightened on the back of the RBA formalising the first rate cut in more than four years and heightened economic uncertainty," Neiron said, adding:

"US bond markets (Bloomberg US Aggregate Index returned 2.20%) mirrored Australia, with credit spreads tightening and long dated government bond yields falling."

Source: S&P DJI

The 50 best performing ASX stocks in February

CODE	COMPANY	LAST SHARE PRICE	FEBRUARY RETURN %	MARKET CAP
KAL	Kalgoorlie Gold Mining	0.061	281%	$20,755,557
CRS	Caprice Resources	0.058	190%	$25,711,472
GRV	Greenvale Energy Ltd	0.082	148%	$39,923,613
AVE	Avecho Biotech Ltd	0.007	133%	$22,185,079
OZM	Ozaurum Resources	0.068	127%	$13,428,427
BSX	Blackstone Ltd	0.061	126%	$36,879,897
PEB	Pacific Edge	0.115	121%	$44,655,379
E79	E79 Gold Mines	0.042	121%	$5,363,538
PKD	Parkd Ltd	0.049	113%	$5,200,694
CLU	Cluey Ltd	0.105	110%	$40,574,731
ASV	Asset Vision Co	0.045	105%	$31,053,186
ASO	Aston Minerals Ltd	0.018	100%	$22,016,093
EVR	EV Resources Ltd	0.005	100%	$9,662,517
FAU	First Au Ltd	0.003	100%	$4,143,987
NRZ	Neurizer Ltd	0.003	100%	$6,716,008
RR1	Reach Resources Ltd	0.014	100%	$12,242,039
SFG	Seafarms Group Ltd	0.002	100%	$9,673,198
JAY	Jayride Group	0.003	91%	$715,737
FRS	Forrestania Resources	0.019	90%	$4,724,180
WWG	Wiseway Group	0.19	90%	$35,144,171
EPX	EPT Global Limited	0.043	87%	$24,935,904
PFT	Pure Foods Tas Ltd	0.043	87%	$5,823,302
C1X	Cosmos Exploration	0.1	85%	$12,415,992
RAS	Ragusa Minerals Ltd	0.024	85%	$3,422,371
AII	Almonty Industries	1.95	81%	$50,994,838
CAE	Cannindah Resources	0.075	79%	$50,237,517
REM	Remsense Technologies	0.064	78%	$9,311,942
SM1	Synlait Milk Ltd	0.775	76%	$467,478,526
FIN	FIN Resources Ltd	0.007	75%	$4,544,881
GES	Genesis Resources	0.007	75%	$5,479,889
ORD	Ordell Minerals Ltd	0.56	75%	$17,434,620
TYX	Tyranna Res Ltd	0.007	75%	$19,727,552
NMR	Native Mineral Res	0.075	74%	$53,500,465
EVS	Envirosuite Ltd	0.08	74%	$121,017,624
HTM	High-Tech Metals Ltd	0.26	73%	$8,045,802
TOR	Torque Met	0.1	72%	$26,696,729
WOA	Wide Open Agricultur	0.012	71%	$7,471,613
ENL	Enlitic Inc	0.095	70%	$53,531,664
NAE	New Age Exploration	0.005	67%	$8,625,596
PNT	Panther Metals	0.015	67%	$3,722,561
QXR	QX Resources Limited	0.005	67%	$6,550,389
RGL	Rivers Gold	0.005	67%	$8,418,563
YAR	Yari Minerals Ltd	0.005	67%	$2,894,147
SPA	Spacetalk Ltd	0.24	66%	$13,393,036
WYX	Western Yilgarn NL	0.038	65%	$4,704,763
EDU	EDU Holdings Limited	0.18	64%	$24,841,312
OKJ	Oakajee Corp Ltd	0.013	63%	$1,188,798
HVY	Heavy Minerals	0.295	62%	$17,096,116
MVP	Medical Developments	0.67	61%	$75,481,077
MYX	Mayne Pharma Ltd	7.22	61%	$585,782,413

Kalgoorlie Gold Mining (ASX:KAL) was the biggest winner in February, up 281% after a greenfields gold discovery. Drilling at the prospect on the company’s Pinjin site – to be renamed Lighthorse – in Western Australia’s Eastern Goldfields region returned thick intersections of extensive gold mineralisation including a top result of 17m grading 4.81g/t gold that includes a higher grade intersection of 8m at 9.21g/t.

Altogether, Lighthorse has a larger footprint than either the company’s Kirgella Gift or Providence deposits with the company fast-tracking a priority follow-up drill program for March 2025 to help define the system’s full extent.

OzAurum Resources (ASX:OZM) rose 127% in February after achieving several milestones including the delivery of aircore drilling results which confirmed the high-grade nature of the New Cross Fault discovery at Mulgabbie North.

The company extended the discovery by 400m in strike length and believes the New Cross Fault enhances the overall prospectivity of Mulgabbie.

Blackstone Minerals (ASX:BSX) rose 126% in February after announcing it had inked a merger deal with IDM International to acquire the Mankayan copper-gold project in the Philippines. Mankayan features a large mineralised system with a high-grade core and orebody that remains open to the north, south and at depth which provide opportunities for resource growth.

BSX managing director Scott Williamson described Mankayan ‘as one of the largest high-grade undeveloped porphyry projects globally’.

Pacific Edge (ASX:PEB) rose 121% in Feburary after announcing the American Urological Association (AUA) has included the company's Cxbladder Triage as the standard of care in an amendment to its clinical guideline for the management of patients presenting with microhematuria (blood in the urine) and at risk of bladder cancer.

Pacific Edge said in a major amendment to the 2020 AUA microhematuria guideline, Cxbladder Triage was mentioned as the only urine-based biomarker test that has ‘Grade A’ evidence from a randomised controlled trial (the STRATA Study) in support of this recommendation.

As a consequence of the new guideline, Pacific Edge anticipates an uplift in demand for Cxbladder tests.

The 50 worst performing ASX stocks in February

CODE	COMPANY	LAST SHARE PRICE	FEBRUARY RETURN %	MARKET CAP
BSA	BSA Limited	0.086	-92%	$8,258,318
BIT	Biotron Limited	0.005	-69%	$8,121,445
OCT	Octava Minerals	0.036	-66%	$2,440,372
NIM	Nimy Resources	0.06	-59%	$12,290,438
5EA	5Eadvanced	0.805	-56%	$12,671,100
AVW	Avira Resources Ltd	0.009	-55%	$1,616,337
MGU	Magnum Mining & Exp	0.006	-54%	$4,856,168
OVT	Ovanti Limited	0.008	-53%	$16,320,835
FBR	FBR Ltd	0.019	-53%	$106,257,034
DTM	Dart Mining NL	0.005	-52%	$2,990,278
I88	Infini Resources	0.35	-50%	$18,406,627
AUH	Austchina Holdings	0.001	-50%	$2,420,384
MOM	Moab Minerals Ltd	0.001	-50%	$1,566,999
SIT	Site Group Int Ltd	0.001	-50%	$3,257,490
CLG	Close Loop	0.1	-49%	$55,844,236
TFL	Tasfoods Ltd	0.009	-47%	$4,370,955
APX	Appen Limited	1.305	-47%	$429,602,701
SOC	Soco Corporation	0.067	-46%	$9,754,856
BRN	Brainchip Ltd	0.21	-46%	$507,910,504
ALA	Arovella Therapeutic	0.11	-45%	$133,019,193
LYN	Lycaon Resources	0.135	-45%	$7,417,875
BEZ	Besra Gold Inc	0.041	-45%	$17,035,047
NVQ	Noviqtech Limited	0.056	-44%	$15,846,803
AMN	Agrimin Ltd	0.088	-43%	$32,266,701
PEN	Peninsula Energy Ltd	0.87	-43%	$143,672,576
RDN	Raiden Resources Ltd	0.004	-43%	$17,254,457
VR1	Vection Technologies	0.023	-43%	$36,537,363
BDG	Black Dragon Gold	0.039	-42%	$12,148,642
GLL	Galilee Energy Ltd	0.007	-42%	$3,900,350
AI1	Adisyn Ltd	0.07	-42%	$59,953,024
OD6	Od6Metalsltd	0.038	-42%	$6,051,338
1AE	Aurora Energy Metals	0.036	-41%	$6,267,231
SUM	Summit Miinerals	0.074	-41%	$6,534,599
PLY	Playside Studios	0.22	-41%	$87,982,759
IFG	Infocus Group	0.015	-40%	$2,920,253
NGS	NGS Ltd	0.024	-40%	$4,064,485
CYC	Cyclopharm Limited	1.425	-40%	$167,816,644
XF1	Xref Limited	0.13	-40%	$24,958,732
PEK	Peak Rare Earths Ltd	0.097	-39%	$38,730,352
LDX	Lumos Diagnostics	0.026	-38%	$20,958,645
BEL	Bentley Capital Ltd	0.01	-38%	$761,279
SLX	Silex Systems	4.11	-37%	$959,430,407
AMD	Arrow Minerals	0.034	-37%	$28,726,586
MIO	Macarthur Minerals	0.031	-37%	$6,189,631
PNV	Polynovo Limited	1.43	-36%	$1,018,993,412
IPT	Impact Minerals	0.007	-36%	$27,534,903
AM5	Antares Metals	0.008	-36%	$4,083,847
4DX	4Dmedical Limited	0.385	-36%	$175,101,208
CXL	Calix Limited	0.43	-36%	$99,810,674
BDT	Birddog	0.036	-36%	$5,813,497

At Stockhead, we tell it like it is. While OzAurum Resources is a Stockhead advertiser, it did not sponsor this article.

Originally published as ASX February winners: Benchmark fell almost 4pc amid stormy weather