Closing Bell: ASX slides 0.25pc, pushed lower by tech and gold stocks

Caught between improving US-China relations and escalating Trump-Musk mudslinging, the ASX has dipped 0.27pc.

The ASX has finished the trading day 0.27pc lower, squeezed by opposing market currents. Pic: Getty Images

• ASX falls on broad weakness with 8 of 11 sectors down

• The Info Tech sector and gold stocks lead market falls

• Only Energy (+0.59%), Industrials (+0.28%) and Materials (+0.02%) moved higher

There were some glimmers of optimism in early trade today, but it wasn’t to last. The ASX has finished down 0.27%, with all but three sectors moving lower.

Energy was the bright spot once again, gaining 0.59% on the back of a 0.7% uptick in oil prices overnight.

Source: Market Index

Another softening in the gold price dragged gold stocks lower, with the All Ords Gold index sliding almost 2%.

Source: Market Index

There was also weakness in the Info Tech sector and the seven major banking stocks, down 0.89% and 0.48% respectively.

While news the US and China are making progress on their trade talks would normally have boosted the market, the escalating fight between Trump and Musk seems to have undercut those gains, giving investors enough reason to play it safe.

Here’s hoping next week brings better news.

The Aussie bourse closed the week in the positive for the last five trading days despite the slide today, adding 0.96% this week.

We’ve moved a little further from a new all-time high, but still well in range just 1.15% below previous records.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
BMO	Bastion Minerals	0.003	100%	1.24E+08	$1,355,441
CZN	Corazon Ltd	0.003	100%	21386226	$1,776,858
MGU	Magnum Mining & Exp	0.006	71%	2789927	$3,925,778
AXI	Axiom Properties	0.029	61%	432568	$7,788,846
WC1	Westcobarmetals	0.023	53%	44802253	$3,110,692
AOK	Australian Oil.	0.003	50%	10016926	$2,003,566
EM2	Eagle Mountain	0.006	50%	4381331	$4,540,149
GMN	Gold Mountain Ltd	0.002	33%	1223628	$8,429,639
QXR	Qx Resources Limited	0.004	33%	1583144	$3,930,987
SP8	Streamplay Studio	0.008	33%	4300905	$7,688,187
IS3	I Synergy Group Ltd	0.004	33%	154270	$1,502,290
NWM	Norwest Minerals	0.013	30%	9786550	$9,683,586
CBL	Control Bionics	0.035	25%	335944	$8,249,111
AAU	Antilles Gold Ltd	0.005	25%	5439686	$8,605,471
EVR	Ev Resources Ltd	0.005	25%	119999	$7,943,347
PIL	Peppermint Inv Ltd	0.0025	25%	534955	$4,552,180
BYH	Bryah Resources Ltd	0.016	23%	26696325	$11,309,396
DVL	Dorsavi Ltd	0.016	23%	9974592	$9,506,093
ASM	Ausstratmaterials	0.62	22%	1730971	$92,030,396
BDM	Burgundy D Mines Ltd	0.0255	21%	1484931	$29,847,978
IR1	Irismetals	0.12	21%	54323	$17,073,479
TKM	Trek Metals Ltd	0.076	21%	3676309	$36,963,540
H2G	Greenhy2 Limited	0.018	20%	2197725	$8,972,763
PFT	Pure Foods Tas Ltd	0.018	20%	16882	$2,031,384
GPR	Geopacific Resources	0.024	20%	3388428	$63,649,307

Making news…

West Cobar Metals (ASX:WC1) has completed the 100% acquisition of the Mystique gold project from IGO in WA’s Fraser Range.

The project sits just south of Rumble’s Themis prospect, where standout gold hits include 4m at 22.2g/t. Drilling is now being planned at two key targets – Themis South and Torquata – to test for saprolite and basement gold.

Australian Strategic Materials (ASX:ASM) is gaining momentum at its Korean Metals Plant, locking in new sales of rare earth metals and alloys as global buyers look for supply outside China.

ASM has confirmed orders for a neodymium-iron-boron alloy to Noveon Magnetics in the US (15 tonnes) and Germany’s Vacuumschmelze (7.2 tonnes), with first shipments kicking off in June.

Bastion Minerals (ASX:BMO) elected to go into a trading halt ahead of the release of a maiden JORC mineral resource estimate for the ICE project in Canada.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
JAY	Jayride Group	0.001	-50%	907361	$2,855,778
OB1	Orbminco Limited	0.001	-33%	100000	$4,796,352
TEG	Triangle Energy Ltd	0.002	-33%	824307	$6,267,702
KNB	Koonenberrygold	0.044	-29%	73272914	$63,530,934
HHR	Hartshead Resources	0.005	-29%	30552538	$19,660,775
BP8	Bph Global Ltd	0.0015	-25%	198024	$2,101,969
HLX	Helix Resources	0.0015	-25%	612046	$6,728,387
LNR	Lanthanein Resources	0.0015	-25%	4920189	$4,887,272
HMD	Heramed Limited	0.009	-25%	9550833	$10,507,233
ENT	Enterprise Metals	0.002	-20%	1	$2,945,793
LML	Lincoln Minerals	0.004	-20%	125759	$10,512,849
OVT	Ovanti Limited	0.002	-20%	1943135	$6,983,788
VRC	Volt Resources Ltd	0.004	-20%	456393	$23,423,890
CF1	Complii Fintech Ltd	0.019	-17%	100042	$13,142,054
G88	Golden Mile Res Ltd	0.015	-17%	9253892	$9,796,461
ADG	Adelong Gold Limited	0.005	-17%	2203890	$12,412,060
BPP	Babylon Pump & Power	0.005	-17%	4363293	$16,623,401
EAT	Entertainment	0.005	-17%	242016	$7,852,716
FBR	FBR Ltd	0.005	-17%	1804985	$34,136,713
JAV	Javelin Minerals Ltd	0.0025	-17%	1268000	$18,378,447
PKO	Peako Limited	0.0025	-17%	186667	$4,463,226
TON	Triton Min Ltd	0.005	-17%	184797	$9,410,332
ZEU	Zeus Resources Ltd	0.01	-17%	1134147	$7,688,078
GRE	Greentechmetals	0.043	-16%	609790	$5,719,266
HAR	Harangaresources	0.065	-16%	1213638	$8,785,640

IN CASE YOU MISSED IT

Golden Mile Resources (ASX:G88) has wrapped up its first copper drill campaign with an early success as it awaits assays in the red hot state of Arizona.

Koonenberry Gold’s (ASX:KNB) fifth Sunnyside hole has returned a broad gold intersection that outlines its bulk tonnage potential.

In this episode of Break it Down, host Tylah Tully looks at news from EBR Systems (ASX:EBR), which has implanted its first US commercial patients with the WiSE CRT System.

MDF Global is using AI to uncover potential discoveries in Alaska thanks to its Critical Metal Alliance, which can access thousands of historical exploration data points.

A 17-hole campaign at Astral Resources' (ASX:AAR) Kamperman deposit has returned fresh high-grade assays, reinforcing the significant gold opportunity.

TRADING HALTS

Eclipse Metals (ASX:EPM) – cap raise
Iceni Gold (ASX:ICL) – cap raise
North Stawell Minerals (ASX:NSM) – cap raise

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 slides 0.25pc, pushed lower by tech and gold stocks