Closing Bell: ASX swings as coal stocks weigh; but all eyes turn to US jobs report for Fed clues

The ASX was up and down on Friday, with coal stocks dropping while Domino’s jumped. meanwhile all (okay many) eyes await the US jobs report for Fed clues.

All (okay, many) eyes are on the US jobs report for Fed clues. Picture via Getty Images

• ASX rides the wave ahead of US jobs report

• Coal stocks tank, but Domino’s soars

• Traders eye US jobs data for clues on Fed moves

ASX had a bit of a rollercoaster ride on Friday, with the market flipping between gains and losses, as traders wait to see how the US jobs report due later tonight will shake out. 

The ASX 200 benchmark ended up 0.05% lower; and for the week, it was down around 0.2%.

The energy sector took the biggest hit as oil prices dropped 1% overnight.

Coal miners also had a rough day; with Yancoal Australia (ASX:YAL) dropping by 5% and Whitehaven Coal (ASX:WHC) by 4.5% on the back of falling thermal coal prices.

The market was rattled by a major US coal miner, Peabody Energy, which reported a 49% drop in revenue last night.

Meanwhile, Domino's Pizza Enterprises (ASX:DMP)surged by 22% after announcing the closure of 205 loss-making stores, mostly in Japan.

Nick Scali’s (ASX:NCK) shares also jumped 13% after reporting a net profit of $36 million for the half-year, smashing expectations.

This is where things stood leading up to Friday's close:

Source: Market Index

Source: Market Index

Across the water, China's tech sector got a boost today, with AI excitement helping a rally in Chinese tech stocks.

But all eyes are really on the US jobs report tonight, as traders look for signs of the Fed’s next move.

Consensus says that January’s non-farm payrolls are expected to come in at 165,000 new jobs, down from December’s strong 256,000. 

“The Fed will closely analyse this report as it weighs the timing of potential rate cuts in 2025,” said a note from IG’s chief market analyst, Chris Beauchamp.

“A stronger-than-expected report could push the US dollar up and keep rate cuts on hold, while a weaker report could fuel hopes for earlier rate cuts, giving stocks a boost.”

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Description	Last	%	Volume	MktCap
KAL	Kalgoorlie Gold	0.083	261%	89,044,795	$6,281,493
PKD	Parkd Ltd	0.070	63%	3,527,293	$4,472,597
E79	E79Goldmineslimited	0.029	53%	8,389,841	$1,941,090
BP8	Bph Global Ltd	0.003	50%	166,697	$966,616
ABE	Ausbondexchange	0.030	43%	90,422	$2,366,030
OKJ	Oakajee Corp Ltd	0.011	38%	614	$731,568
POS	Poseidon Nick Ltd	0.006	38%	36,180,755	$16,815,567
IKE	Ikegps Group Ltd	0.770	38%	638,964	$90,019,853
PRS	Prospech Limited	0.027	35%	6,466,909	$6,576,518
MRQ	Mrg Metals Limited	0.004	33%	1,110,285	$8,179,556
NTM	Nt Minerals Limited	0.004	33%	1,102,703	$3,632,709
SLZ	Sultan Resources Ltd	0.008	33%	1,926,713	$1,388,819
SVG	Savannah Goldfields	0.025	32%	752,507	$5,340,613
M2M	Mtmalcolmminesnl	0.017	31%	125,618	$2,944,183
HCT	Holista CollTech Ltd	0.030	25%	460,319	$6,858,401
COV	Cleo Diagnostics	0.450	25%	480,678	$29,376,000
AAU	Antilles Gold Ltd	0.005	25%	208,783	$7,431,504
AMS	Atomos	0.005	25%	193,415	$4,860,074
CDT	Castle Minerals	0.003	25%	5,965	$3,793,628
MEL	Metgasco Ltd	0.005	25%	100,000	$5,830,347

Kalgoorlie Gold Mining’s (ASX:KAL) shares more than tripled after the company made a ripper gold discovery at Lighthorse, located at its Pinjin site in the Eastern Goldfields. KalGold hit some impressive high-grade gold, with one drill hole showing 17m at 4.81g/t of gold, including 8m at 9.21g/t. The mineralisation is open along strike and down dip, meaning it could extend further. This find is smack-bang in the middle of a solid 600m strike, and the company said it’s clear this gold system has got some size to it.

What makes this discovery even more exciting is the location. Lighthorse is just 1km from KalGold’s Kirgella Gift deposit and surrounded by some big players like Hawthorn Resources’ Anglo Saxon Gold Mine and Ramelius Resources’ Rebecca Gold Project. KalGold said it’s keen to push ahead with further drilling, and the area’s definitely turning into a hot spot for gold exploration.

Parkd (ASX:PKD) has locked in a five-year exclusive licensing deal with Fielders (part of BlueScope Steel) for its metal decking support bracket (MDSB) and system (MDSS) for the construction industry. This agreement allows Fielders to manufacture, market, and sell the MDSB in Australia, while also giving them first dibs on international markets like the US, NZ, and others. No immediate revenue is guaranteed, PKD said.

Prospech (ASX:PRS) has reported some top-notch assay results from its Korsnäs Rare Earths Project, and it’s looking like a winner. The new results are extending the resource estimate, showing off some seriously high-grade mineralisation. Assays have hit impressive numbers like 21.5m at 25,827 ppm TREO and 17.5m at 13,737 ppm TREO, plus significant heavy rare earth elements (HREEs), including up to 58 ppm Terbium and 206 ppm Dysprosium.

The Supreme Court of Western Australia has approved the merger deal between Poseidon Nickel (ASX:POS) and Horizon Minerals (ASX:HRZ). Under the deal, Horizon will acquire all shares and options in Poseidon. 

Utility infrastructure tech company, ikeGPS (ASX:IKE), said it received an unsolicited, non-binding offer from a private equity group looking to buy IKE for around NZ$1.00 per share, a 62% premium on its share price. After talks, IKE’s board decided that the offer wouldn't get enough shareholder support, so discussions were stopped.

NT Minerals (ASX:NTM) has shared initial results from its Ultrafine Soil Sampling Program at the Premiership Prospect within the Twin Peaks Project in WA. The samples show notable copper and gold anomalies, with copper peaking at 178.01 ppm and gold at 3.697 ppb. The anomalies are linked to a potential structure and remain open to the south, creating a new exploration target.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
EEL	Enrg Elements Ltd	0.001	-50%	1,050,000	$6,507,557
1TT	Thrive Tribe Tech	0.002	-33%	99,556,666	$6,095,169
MMR	Mec Resources	0.003	-25%	1,234,301	$7,399,063
PNT	Panthermetalsltd	0.007	-22%	4,548,774	$2,233,537
CVR	Cavalierresources	0.079	-21%	1,426,563	$5,784,222
BGE	Bridgesaaslimited	0.024	-20%	10,000	$5,995,776
BNL	Blue Star Helium Ltd	0.004	-20%	1,300,006	$13,474,426
NRZ	Neurizer Ltd	0.002	-20%	43,007,061	$7,662,177
PRX	Prodigy Gold NL	0.002	-20%	180,000	$7,937,639
CSS	Clean Seas Ltd	0.090	-18%	1,256,370	$22,144,461
PIM	Pinnacleminerals	0.045	-17%	62,988	$2,455,019
ASR	Asra Minerals Ltd	0.003	-17%	2,580,166	$6,937,890
CCO	The Calmer Co Int	0.005	-17%	1,760,000	$15,251,350
ERA	Energy Resources	0.003	-17%	823,746	$1,216,188,722
LML	Lincoln Minerals	0.005	-17%	1,478,666	$12,337,557
VML	Vital Metals Limited	0.003	-17%	32,033,318	$17,685,201
BIT	Biotron Limited	0.011	-15%	13,256,379	$11,730,976
EMS	Eastern Metals	0.011	-15%	492,635	$1,477,791
TKM	Trek Metals Ltd	0.023	-15%	228,004	$14,043,317
BCB	Bowen Coal Limited	0.006	-14%	538,492	$75,429,481
EPM	Eclipse Metals	0.006	-14%	10,526,166	$20,018,733
HLX	Helix Resources	0.003	-14%	206,670	$11,774,678

IN CASE YOU MISSED IT

New World Resources’ (ASX:NWC) is on track for full permitting within 12 months after its Federal Mine Plan of Operations application received the Determination of Adequacy under NEPA. The key milestone paves the way for an environmental assessment, with construction at the Antler project expected to begin in the second half of this year.

Largely European Lithium (ASX:EUR)-held Critical Metals Corp is raising US$22.5 million via a private placement to advance development at its critical mineral assets in Greenland and Austria. The raise follows this week’s Chinese export bans, which have increased focus on the Western rare earths industry.

Lanthanein Resources (ASX:LNR) has completed the first stage of diamond drilling at its Lady Grey project at Mt Holland in WA’s Yilgarn, testing the modelled conductor plate under MLEM Survey Line #6. Lady Grey sits adjacent to the historic Bounty gold mine, which produced ~1.3Moz. First assays are expected this quarter.

At Stockhead, we tell it like it is. While New World Resources, European Lithium and Lanthanein Resources 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 swings as coal stocks weigh; but all eyes turn to US jobs report for Fed clues