Closing Bell: ASX breaks through to record new closing high

The ASX has broken through to new heights today, finishing the trading day above previous records on broad market strength.

After months of geopolitical instability and subdued trading, the ASX has clawed its way to a new record closing high. Pic: Getty Images

• ASX ends day on new record high at 8597 points

• 10 of 11 sectors higher with broad strength across market

• Materials leads gains, up 1.38pc

ASX almost breaks through 8600-point ceiling

The ASX 200 had one of its best trading days in months, rising 0.66% on broad strength across every sector except info tech.

It was looking like the Aussie bourse would break through the 8600-point ceiling, but a minor last-minute pullback saw us finish the day at 8597.7 points, breaking the last closing record of 8592.

Materials (+1.38%) and real estate (+1.77%) led gains, but huge swathes of the market were in the green today.

Source: Market Index

Info tech was the only pain point, shedding 0.73%, but it was small potatoes compared to gains made elsewhere.

Ironically, the ASX All Tech index still tipped into the green, adding 0.25% as the 46 stocks within the benchmark outperformed their peers.

Source: Market Index

All four banks forecast July interest rate cut

ANZ was the last major bank to change its RBA interest rate cut forecast today, switching its prediction from August to July.

The change comes after some soft retail sales data and gloomy consumer confidence stats amid ongoing global uncertainty.

“Given today’s data showing a weak six-month trend in retail sales, the most recent reads on consumer confidence showing the prior uptrend remains stalled and ongoing uncertainty around US trade policy as we approach the expiry of the tariff pause, we now expect the RBA to cut the cash rate by 25bp at its July meeting," ANZ Research noted.

AMP’s economists reckon it won’t be the last this year.

"While we continue to see conditions improving from here thanks to lagged impacts from the cuts since February, recent disappointing data points to further cuts from the RBA to deliver more to boost the economy," AMP notes.

"Our base case is for four more cuts in July, August, November and February."

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
LLM	Loyal Metals Ltd	0.225	73%	8775201	$13,095,298
LAT	Latitude 66 Limited	0.038	65%	2008053	$3,298,216
AN1	Anagenics Limited	0.006	50%	423765	$1,985,281
IPB	IPB Petroleum Ltd	0.006	50%	2580442	$2,825,612
PKO	Peako Limited	0.003	50%	120000	$2,975,484
SIS	Simble Solutions	0.006	50%	6284642	$4,329,321
EEL	Enrg Elements Ltd	0.002	33%	792525	$4,880,668
IS3	I Synergy Group Ltd	0.002	33%	1481093	$2,253,285
SRN	Surefire Rescs NL	0.002	33%	1748880	$3,729,668
NHE	Nobleheliumlimited	0.025	32%	829682	$11,390,975
T92	Terrauraniumlimited	0.038	31%	2952990	$2,955,546
CAN	Cann Group Ltd	0.014	27%	3119052	$6,997,938
OCN	Oceanalithiumlimited	0.063	26%	204757	$8,301,341
ADG	Adelong Gold Limited	0.005	25%	1917076	$8,274,707
DDT	DataDot Technology	0.005	25%	75858	$4,843,811
GGE	Grand Gulf Energy	0.0025	25%	975833	$5,640,850
RLG	Roolife Group Ltd	0.005	25%	17000	$6,371,125
DY6	Dy6Metalsltd	0.145	23%	2492717	$8,749,344
ION	Iondrive Limited	0.044	22%	4322377	$42,582,108
RPG	Raptis Group Limited	0.086	21%	45247	$24,898,625
TAT	Tartana Minerals Ltd	0.035	21%	138499	$6,210,231
SHE	Stonehorse Energy Lt	0.006	20%	1351898	$3,422,175
TSL	Titanium Sands Ltd	0.006	20%	833333	$11,723,736
VMLDB	Vital Metals Limited	0.08	19%	15353	$7,899,390
G50	G50Corp Ltd	0.155	19%	135148	$20,877,696

Making news…

Latitude 66 (ASX:LAT) is offloading its 17.5% interest in the Greater Duchess joint venture project, triggering a right of first refusal for JV partner Carnaby Resources (ASX:CNB).

LAT is looking to sell its interest for $2m, with some conditional payments on the table of up to $4m in cash or ASX-listed shares if the project is sold within 90 days of the transaction. Latitude has also set up a $750k loan facility with Argonaut to keep the wheels greased in the meantime.

Loyal Metals (ASX:LLM) has locked down the Highway Reward copper-gold mine in Queensland, historically one of the highest-grade copper mines to operate.

There’s been no new exploration on the land since 2005, and previous mining only drilled down to 220 metres for the open pit and 390 metres for the underground slope. LLM reckons modern exploration techniques will unlock the project’s hidden copper and gold potential.

Terra Uranium (ASX:T92) is also expanding its mineral portfolio after acquiring Dundee Resources. Dundee is bringing the Glen Eden, Bald Nob and Deepwater projects to T92’s ledger with potential for tin, tungsten, molybdenum, silver and base metals.

Glen Eden is of particular interest to Terra; it reckons it’s the largest undeveloped tungsten-molybdenum project in New South Wales, host to an exploration target of 20 to 30Mt at 0.18% to 0.29% tungsten equivalent.

Surefire Resources (ASX:SRN) hit a 65-metre section of visible sulphides in its latest drilling program at the Yidby gold project, identifying new zones of quartz porphyry prospective for gold mineralisation.

SRN has fired off 284 samples for assay, encouraged by the initial indicators of progress from the 15-hole program over 1909 total metres of drilling.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
SKN	Skin Elements Ltd	0.002	-33%	9290	$3,225,642
UBI	Universal Biosensors	0.025	-29%	391300	$10,432,360
AOA	Ausmon Resorces	0.0015	-25%	186447	$2,622,427
C29	C29Metalslimited	0.014	-22%	7663813	$3,135,388
MMR	Mec Resources	0.004	-20%	814645	$9,248,829
PIL	Peppermint Inv Ltd	0.002	-20%	100000	$5,752,724
RDN	Raiden Resources Ltd	0.004	-20%	740507	$17,254,457
VHL	Vitasora Health Ltd	0.032	-18%	8372418	$61,504,061
TAS	Tasman Resources Ltd	0.014	-18%	444464	$4,748,997
AVD	Avada Group Limited	0.1	-17%	15000	$10,192,203
AZL	Arizona Lithium Ltd	0.005	-17%	754677	$31,621,887
BNL	Blue Star Helium Ltd	0.005	-17%	2138225	$16,169,312
ICG	Inca Minerals Ltd	0.01	-17%	4990864	$18,916,681
PRM	Prominence Energy	0.0025	-17%	17500	$1,459,411
CUS	Coppersearchlimited	0.016	-16%	102995	$3,018,941
FCT	Firstwave Cloud Tech	0.016	-16%	1514451	$32,556,855
VMT	Vmoto Limited	0.081	-16%	2426	$37,699,804
GRV	Greenvale Energy Ltd	0.028	-15%	1298357	$17,964,320
AM5	Antares Metals	0.007	-13%	200000	$4,118,823
KRR	King River Resources	0.007	-13%	7193441	$11,853,903
RGL	Riversgold	0.0035	-13%	367757	$6,734,850
RNX	Renegade Exploration	0.0035	-13%	2091683	$5,153,454
VBX	VBX Limited	0.625	-12%	684883	$28,877,408
MDR	Medadvisor Limited	0.075	-12%	1302096	$53,106,730
SPG	Spc Global Holdings	0.3	-12%	193423	$65,613,840

IN CASE YOU MISSED IT

Break it Down: Trigg Minerals (ASX:TMG) takes in $12.5m strategic backing for North American antimony.

Harvest Technology Group (ASX:HTG) has subscribed for an initial $255,000 worth of convertible notes in TRU Recognition Holdings as it considers potential synergies between the respective technologies.

Pioneer Lithium (ASX:PLN) has completed the first part of a two-phase soil sampling program at the Skull Creek uranium project in the US.

Neurizon Therapeutics (ASX:NUZ) has inked a global licensing deal with Elanco Animal Health and affiliates for monepantel, the active pharmaceutical ingredient in ALS drug candidate NUZ-001.

LAST ORDERS

Lithium Universe (ASX:LU7) is extending into the solar panel recycling sector after acquiring the Microwave Joule Heating Technology through an exclusive licensing agreement with Macquarie University.

TRADING HALTS

Adavale Resources (ASX:ADD) – cap raise
Australian Pacific Coal (ASX:AQC) – Dartbrook operator update
Provaris Energy (ASX:PV1) – cap raise
Rimfire Pacific Mining (ASX:RIM)– arbitration announcement
TruScreen Group (ASX:TRU) – cap raise
Zimi Limited (ASX:ZMM) – cap raise

At Stockhead, we tell it like it is. While Lithium Universe 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 Closing Bell: ASX breaks through to record new closing high