Lunch Wrap: ASX powers through the Fed fog; Marmota lights up with bonanza assays

The ASX climbed through lunch as miners kept the market moving. Meanwhile tech slipped again, and a somewhat confused Fed cut left traders guessing.

Making a break for it: The ASX powered through the Fed fog this morning. Pic: Getty Images

• ASX powers on after Fed cuts, but confusion rules

• Aussie jobs cool, according to ABS

• Miners lead, tech stock lag (again)

The ASX was up around 0.5% on Thursday lunchtime in the east, climbing despite the uneasy global backdrop.

Earlier this morning, the Federal Reserve delivered a 25bp rate cut that satisfied nobody, with a split Fed vote that muddied guidance.

Instead of giving markets clarity, the meeting raised even more questions – some officials didn’t want to cut at all, while others wanted to cut more.

In other words, the Fed eased while openly disagreeing with itself.

The dot plot didn’t clarify much either. The median hinted at one more cut in 2026, but the distribution told a different story entirely, with officials scattered across every possible policy path.

Back on the ASX this morning, the sector patterns looked familiar. Just like yesterday, tech lagged while miners led again.

Gold stocks were strong again, too, because when policymakers speak ambiguously, investors gravitate toward bullion.

Meanwhile, the ABS jobs data was released.

Aussie employment fell by 21,300 in November (sharply below expectations of a 20,000 gain), while the jobless rate held at 4.3% instead of ticking up.

Beneath the surface, the softness was clearer: full-time jobs plunged 57,000, and part-time roles filled the gap. Participation fell to 66.7%.

This isn’t a labour market breaking, but it is one cooling, and Michele Bullock will notice.

Source: Market Index

In the large caps space, Flight Centre (ASX:FLT) was the standout mover, rallying over 6% after acquiring UK cruise agency Iglu for £122 million.

Megaport (ASX:MP1) completed its $18.2 million share purchase plan at $13.06 a share, rounding out the balance sheet boost after November’s $200m placement. Shares were down 1%.

Insurance Australia (ASX:IAG) hit turbulence after the ACCC blocked its $1.35 billion acquisition of WA’s RAC Insurance.

The regulator said consolidation would reduce competition and push premiums higher. IAG’s shares tanked 0.2%.

ASX LEADERS

Today’s best performing stocks (including small caps) intraday:

Security	Description	Last	%	Volume	MktCap
CT1	Constellation Tech	0.002	100%	250,000	$1,474,734
MEU	Marmota Limited	0.110	55%	31,703,231	$83,801,711
HCF	Hghighconviction	0.027	50%	379,526	$349,317
AXI	Axiom Properties	0.017	31%	1,970,391	$6,468,978
AOK	Australian Oil.	0.003	25%	1,508,049	$2,504,457
MRQ	Mrg Metals Limited	0.005	25%	2,207,370	$10,906,075
TEG	Triangle Energy Ltd	0.003	25%	68,242	$4,402,468
TYX	Tyranna Res Ltd	0.005	25%	1,000,000	$13,416,609
DMG	Dragon Mountain Gold	0.011	22%	71,337	$3,552,045
STV	Swift TV Ltd	0.011	22%	590,000	$10,127,916
BLU	Blue Energy Limited	0.006	20%	38,578,257	$15,059,868
BNL	Blue Star Helium Ltd	0.006	20%	550,178	$18,014,426
MGU	Magnum Mining & Exp	0.006	20%	8,891,511	$14,020,635
TSK	Tusker Minerals	0.130	18%	174,387	$10,753,301
ALV	Alvomin	0.077	17%	8,455,401	$15,851,947
ID8	Identitii Limited	0.007	17%	238,624	$4,938,081
TSL	Titanium Sands Ltd	0.007	17%	120,120	$14,068,483
LKE	Lake Resources	0.091	15%	34,360,918	$179,528,039
CHM	Chimeric Therapeutic	0.004	14%	4,835,437	$12,747,477
PER	Percheron	0.008	14%	37,679	$7,612,063
PL9	Prairie Lithium Ltd	0.008	14%	3,781,590	$39,062,201
WHK	Whitehawk Limited	0.008	14%	420,079	$6,407,955
FEX	Fenix Resources Ltd	0.495	14%	2,838,115	$323,846,422

Marmota (ASX:MEU)’s latest assays confirm Greenewood is shaping up as a spectacular near-surface gold discovery, delivering bonanza grades over almost a kilometre of strike.

In its maiden program, 1m splits returned hits as high as 109 g/t, with multiple assays above 20 g/t and thick high-grade zones including 33m at 10 g/t from just 22m downhole.

Axiom Properties (ASX:AXI) has signed a new strategic partnership with the Ray White Avi Khan Group, one of the network’s top-performing agencies, giving it a stronger distribution and origination footprint across the real estate sector.

MRG Metals (ASX:MRQ) has confirmed high-grade alluvial mineralisation at Adriano after lab results from 37 auger holes returned strong THM grades, including five holes averaging above 6% THM and individual samples up to 9.56% THM.

MRG said the results strengthen the interpretation that the Adriano-Fotinho Corridor has district-scale rare earth potential.

Myer (ASX:MYR) lit up the retail board, surging almost 10% after reporting a record Black Friday and confirming Solomon Lew will join the board in April. After years on the defensive, Myer now looks like a retailer playing offence again.

ASX LAGGARDS

Today’s worst performing stocks (including small caps) intraday:

Security	Description	Last	%	Volume	MktCap
MTL	Mantle Minerals Ltd	0.001	-33%	5,000,000	$10,849,672
SPQ	Superior Resources	0.008	-27%	3,456,752	$26,113,810
NES	Nelson Resources.	0.006	-25%	19,498,931	$17,572,755
FBR	FBR Ltd	0.004	-20%	4,455,043	$33,434,863
MOH	Moho Resources	0.008	-20%	813,476	$10,145,704
N1H	N1 Holdings Ltd	0.105	-19%	5,000	$11,447,224
NOR	Norwood Systems Ltd.	0.013	-19%	1,372,004	$8,254,842
TRU	Truscreen	0.014	-18%	435,138	$12,704,531
AHN	Athena Resources	0.005	-17%	77,417	$13,595,742
AYT	Austin Metals Ltd	0.005	-17%	1,905,000	$9,505,148
ERA	Energy Resources	0.003	-17%	296,418	$1,216,188,722
M4M	Macro Metals Limited	0.006	-14%	2,205,000	$30,242,396
NFL	Norfolkmetalslimited	0.120	-14%	1,014,316	$11,205,730
RGL	Riversgold	0.006	-14%	1,400,475	$14,585,988
TEM	Tempest Minerals	0.006	-14%	1,990,888	$7,713,134
CP8	Canphosphateltd	0.065	-13%	447,381	$23,007,040
A11	Atlantic Lithium	0.170	-13%	1,278,546	$145,962,492
AFA	ASF Group Limited	0.048	-13%	31,114	$43,581,864
WBE	Whitebark Energy	0.007	-13%	120,000	$6,828,101
PAT	Patriot Resourcesltd	0.050	-12%	440,590	$9,406,280
CC9	Chariotresources Ltd	0.150	-12%	63,563	$34,189,935
BMG	BMG Resources Ltd	0.016	-11%	13,255,926	$16,621,149
CRR	Critical Resources	0.008	-11%	250,938	$26,644,144
MQR	Marquee Resource Ltd	0.008	-11%	1,060,000	$7,359,455
PPY	Papyrus Australia	0.008	-11%	229,723	$5,425,936

IN CASE YOU MISSED IT

Latrobe Magnesium (ASX:LMG)is on the fast track to commercial production after being named in the $8.5bn US-Australia critical minerals deal.

Power Minerals’ (ASX:PNN) survey has increased its understanding of the Santa Anna carbonatite while identifying new targets.

Bayan Mining and Minerals (ASX:BMM) has secured processing technology to meaningfully participate in the US critical minerals initiatives.

The rising silver price presents West Australian explorer Norwest Minerals (ASX:NWM) with new opportunity at its Dales Gossan prospect.

StepChange (ASX:STH) has strengthened its foothold in the Tier 1 enterprise technology market by acquiring established WA ICT advisory firm BroadReach.

Drilling is underway at Black Bear’s (ASX:BKB) Shafter silver project, with rigs testing ground beyond the 17.6Moz foreign resource estimate.

Located adjacent to Genesis Minerals’ Laverton mill, Verity Resources (ASX:VRL) is ratcheting up the confidence level and scale of its 154,000oz Monument gold project.

QX Resources (ASX:QXR) has locked in New Resolution Geophysics to complete a helicopter radiometric and magnetic survey across Madaba.

Red Mountain Mining (ASX:RMX) has completed a technical study at Silver Dollar, pointing towards strong silver-gold-antimony prospectivity.

LAST ORDERS

Locksley Resources (ASX:LKY)has kicked off the next phase of its Desert Antimony Mine development, firing out expressions of interest to tier-1 US engineering firms to take charge of the scoping engineering design for its pilot plant.

The upcoming study will integrate metallurgical optimisation and engineering design into one fast-moving workflow, tightening timelines as LKY pushes ahead with its broader project build-out.

"The strong response to our Expression of Interest highlights confidence in our development strategy and confirms that we have access to the technical capability and local US experience required to advance the Project efficiently,” Locksley MD and CEO Kerrie Matthews said.

At Stockhead, we tell it like it is. While Locksley Resources 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.

Originally published as Lunch Wrap: ASX powers through the Fed fog; Marmota lights up with bonanza assays