Closing Bell: ASX rebounds hard, insurers on edge as Cyclone Alfred closes in

The ASX bounced back on Monday with real estate leading the charge, while insurers sweat over Cyclone Alfred.

Insurers hit hard as Cyclone Alfred looms. Picture via Getty Images

• ASX rebounds as real estate, miners rise

• NRW Holdings slumps over Whyalla collapse mess

• Insurers hit hard as Cyclone Alfred looms

The ASX bounced back by 0.90% on Monday, shaking off the losses from last week even as the threat of looming tariffs keep traders on edge. 

Buyers stepped back in to snap up the market’s most beaten-down stocks after the chaos sparked by US President Trump last week, where he announced an additional 10% tariff on China.

Miners clawed back some of their losses. Both Rio Tinto (ASX:RIO) and Newmont Corporation (ASX:NEM) gained over 2.5%. Goodman Group (ASX:GMG) lifted real estate stocks with a 2% jump. 

Tech stocks also rallied, bouncing back from an 12% dip over the last week. 

Insurers, meanwhile, were getting hit after the news that Cyclone Alfred, a category-2 storm, was likely to hit Brisbane and parts of the east coast this week. Traders are bracing for the cyclone to cause damage and push up insurance claims.

Suncorp Group (ASX:SUN) tumbled by 3%, while Insurance Australia (ASX:IAG) dropped 1%. 

Severe Weather Update: Tropical Cyclone Alfred likely to move towards south-east #Qld and north-east #NSW from Tuesday.

Video current: 1:00pm AEST 2 March 2025.

Latest forecasts and warnings: https://t.co/4W35o8iFmh or the BOM Weather app. pic.twitter.com/15Pkd2my8U

— Bureau of Meteorology, Australia (@BOM_au) March 2, 2025

In the large caps space, mining services company NRW Holdings (ASX:NWH) took a big hit, falling 10% after it failed so far to recover the $113.3 million owed from the collapse of the Whyalla steelworks. 

NRW’s Golding contracting arm Golding was chasing up the fees after the Whyalla steelworks and the nearby iron ore mines, which fed Sanjeev Gupta’s empire, went belly up.

"There has been no financial impact recognised during the period , with no specific allowance associated with amounts due, being recognised for the period," said NRW.

On a brighter note, ProMedicus (ASX:PME) rose 3% after signing a $40 million deal with US radiology provider LucidHealth, which will see the company’s diagnostic imaging tech rolled out across LucidHealth’s network. 

This is where things stood leading up to today’s closing: 

Source: Market Index

Source: Market Index

Over in Asia, China is apparently preparing to unveil another big stimulus plan. The US’s 10% tariff is set to take effect just as China plans to reveal its growth targets for 2025.

And finally, Bitcoin was holding steady above $US92,000 after Trump hinted that the US government was ramping up plans to create a “crypto strategic reserve.”

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Description	Last	%	Volume	MktCap
APC	APC Minerals	0.024	60%	1,647,652	$1,757,597
AOK	Australian Oil.	0.003	50%	2,193,441	$2,003,566
GUL	Gullewa Limited	0.065	35%	70,667	$10,465,064
TKM	Trek Metals Ltd	0.028	27%	996,144	$11,477,903
AUK	Aumake Limited	0.005	25%	4,196,312	$12,042,769
RDN	Raiden Resources Ltd	0.005	25%	12,683,701	$13,803,566
BMR	Ballymore Resources	0.130	24%	38,400	$18,556,711
AHF	Aust Dairy Limited	0.058	23%	1,194,970	$34,936,125
X2M	X2M Connect Limited	0.022	22%	569,498	$6,810,143
PEB	Pacific Edge	0.140	22%	287,535	$93,370,337
LNR	Lanthanein Resources	0.003	20%	100,000	$6,109,090
PKO	Peako Limited	0.003	20%	350,000	$3,719,355
SKK	Stakk Limited	0.006	20%	1,667,302	$10,375,398
TOY	Toys R Us	0.043	19%	163,331	$5,445,438
MTH	Mithril Silver Gold	0.370	19%	928,874	$45,155,692
AAM	Aumegametals	0.052	18%	2,152,460	$26,580,974
DCC	Digitalx Limited	0.053	18%	12,449,309	$54,119,299
G88	Golden Mile Res Ltd	0.011	17%	4,981,910	$4,898,231
SPA	Spacetalk Ltd	0.280	17%	356,118	$15,306,327
FG1	Flynngold	0.028	17%	4,934	$6,271,595
RFT	Rectifier Technolog	0.007	17%	7,914,879	$8,291,904
WOA	Wide Open Agricultur	0.014	17%	7,125,787	$6,404,239
BLU	Blue Energy Limited	0.008	14%	757,470	$12,956,815
CTQ	Careteq Limited	0.016	14%	62,500	$3,319,662
TOU	Tlou Energy Ltd	0.016	14%	22,743	$18,180,180

Ballymore Resources (ASX:BMR) has kicked off Stage 5 drilling at its Dittmer gold project in North Queensland, with a 100% success rate so far. All 42 holes drilled to date have hit gold, including some stellar intersections like 4.3m at 29.02 g/t Au. The Dittmer project, which includes the historic Dittmer mine, could be a prime spot for mining again, the company said, especially with gold prices soaring.

X2M Connect (ASX:X2M) is set to launch ‘Hive.AI by X2M’, an AI-powered platform designed to optimise renewable energy operations. This new product will combine X2M’s IoT technology with AI and machine learning to improve energy efficiency and boost revenues for renewable energy companies. The product will first roll out in the APAC region, tapping into a market worth $491 billion. 

Mithril Resources (ASX:MTH) ’s drilling at La Soledad in Mexico is delivering solid results, with high-grade gold and silver hits, including 4.95m at 20.5g/t gold and 1,833g/t silver. The drill program is expanding, and the company is set to drill 35,000m this year across multiple target areas to grow its resource footprint in the silver and gold-rich Copalquin district. Mithril is progressing towards completing the Target 1 resource drilling by March 2025, with plans to move to the Target 2 area soon after.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
FTC	Fintech Chain Ltd	0.005	-38%	14,000	$5,206,157
PHL	Propell Holdings Ltd	0.010	-33%	396,989	$4,175,072
AXP	AXP Energy Ltd	0.001	-33%	20,399	$9,862,021
CDT	Castle Minerals	0.002	-33%	40,585,119	$5,690,442
LNU	Linius Tech Limited	0.001	-33%	65,500	$9,226,824
NRZ	Neurizer Ltd	0.002	-33%	51,935	$10,074,012
PAB	Patrys Limited	0.002	-33%	455,657	$6,172,342
WEL	Winchester Energy	0.001	-33%	182	$2,044,528
BRX	Belararoxlimited	0.098	-30%	2,565,991	$20,154,976
MPR	Mpower Group Limited	0.008	-27%	687,715	$3,780,736
88E	88 Energy Ltd	0.002	-25%	1,840,024	$57,867,624
BYH	Bryah Resources Ltd	0.003	-25%	200,000	$2,507,203
CT1	Constellation Tech	0.002	-25%	540,467	$2,949,467
MEL	Metgasco Ltd	0.003	-25%	48,100	$5,830,347
OB1	Orbminco Limited	0.002	-25%	200,000	$4,333,180
KPO	Kalina Power Limited	0.007	-22%	1,626,963	$24,659,944
RR1	Reach Resources Ltd	0.011	-21%	11,462,551	$12,242,039
PLN	Pioneer Lithium	0.150	-21%	10,000	$7,279,220
PFT	Pure Foods Tas Ltd	0.034	-21%	534,664	$5,823,302
1TT	Thrive Tribe Tech	0.002	-20%	3,195,353	$5,079,308
BUY	Bounty Oil & Gas NL	0.002	-20%	50,000	$3,903,680
CRR	Critical Resources	0.004	-20%	56,255	$12,321,106
WMG	Western Mines	0.100	-17%	281,016	$10,842,401
1AI	Algorae Pharma	0.005	-17%	139,665	$10,124,368

IN CASE YOU MISSED IT

CSE-listed American Salars Lithium (CSE:USLI) is expanding its flagship Pocitos project in Argentina, boosting its landholding by 1635% to 13,880 hectares. The new acquisition comes with existing exploration data and sets the stage for resource upgrades and future production.

Blue Star Helium (ASX:BNL) has completed drilling of its Jackson 31 well in Colorado, intersecting 57 feet of gas-saturated Lyons Sandstone with natural gas flows and no water encountered. Gas samples are being analysed, and flow testing is next as the company advances toward helium production at its Galactica project.

Copper explorer Belararox (ASX:BRX) is seeing promising indications of porphyry systems at both the Tambo South and Malambo prospects within its TMT project in Argentina’s San Juan Province. Drilling is progressing at both, with the company fully funded and targeting completion by April.

Canadian lithium developer Green Technology Metals (ASX:GT1) has appointed Han Seung Cho as a non-executive director. Cho is the general manager of EcoPro Innovation’s Strategic Business team, where he has played a key role for more than five years. Most important for GT1 is Cho’s experience in managing North American OEM relationships and exposure to strategic business development. Prior to working with EcoPro, Cho worked at an automotive interior parts manufacturing specialist where he managed projects and oversaw sales operations across several North American OEMs.

Gold explorer OzAurum Resources (ASX:OZM) has received firm commitments to raise $1.74m via a share placement to professional and sophisticated investors, which will see the company issue 29,100,00 shares at 6c apiece. The money will be spent on exploration at OZM’s Mulgabbie and Patricia projects as well as its niobium project in Brazil.

Moab Minerals (ASX:MOM) has secured a $500k investment from European Lithium (ASX:EUR) via a placement to advance exploration at its Manyoni uranium project in Tanzania. The placement is priced at 0.3 cents per share, with EUR also receiving one free-attaching option for every two placement shares.

At Stockhead, we tell it like it is. While American Salars Lithium, Blue Star Helium, Belararox, Green Technology Metals, OzAurum Resources, and Moab 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.

Originally published as Closing Bell: ASX rebounds hard, insurers on edge as Cyclone Alfred closes in