Lunch Wrap: Oil and gold stocks surge following reports of Israeli strikes on Iran

The ASX slipped into the red by lunch after Israel launched strikes on Iran, sending oil and gold prices soaring.

ASX turns red as Israel hits Iran. Picture via Getty Images

• ASX turns red as Israel hits Iran and oil surges

• Gold jumps and Aussie dollar sinks on war jitters

• Accent crashes 20pc as weak sales spook market

The ASX started the morning with a bit of pep in its step, but that optimism didn’t last long. By around lunch in the eastern states, the market had reversed course and was down 0.3%. 

The turning point was reports that Israel had launched airstrikes on Iran and its nuclear facilities, jolting global markets and sending investors running for cover.

The news sparked an instant reaction across the board.

Oil prices spiked as expected, given how much of the world’s oil flows through the Strait of Hormuz, right in the crosshairs of this conflict. 

Gold also popped, briefly touching US$3410/oz, as investors piled into safe havens.

And while those surges might sound like good news for certain stocks of the ASX,  the broader market didn’t love it. 

Risk sentiment has taken a punch to the gut with this news, and traders are starting to close the books early ahead of what could be a tense weekend.

The big question now: does the conflict escalate from here? If it does, we’re in for a rougher ride next week.

The Aussie dollar also took a hit, dropping nearly 1% in less than an hour after the strikes were confirmed, to around US64.3 cents.

This is where things stood at about 1pm AEST:

Source: Market Index

In the large end of town,  the biggest thud came from Accent Group (ASX:AX1), the retail group behind Hype DC, Platypus and Glue Store. 

Accent’s shares crashed over 21% this morning after the company flagged weak sales post-Christmas and warned that full-year earnings will likely come in flat. 

That’s not what the market wanted to hear, especially after the stock had already lost more than 20% this year. 

And, Dalrymple Bay Infrastructure (ASX:DBI)also felt the pinch, dropping 5% after reports surfaced that Brookfield Infrastructure had offloaded a 23.2% chunk of its stake in the Queensland coal port. 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 13 :

Security	Description	Last	%	Volume	MktCap
SRN	Surefire Rescs NL	0.002	100%	2,004,907	$2,486,445
ENT	Enterprise Metals	0.003	50%	1,000,000	$2,362,635
ICU	Investor Centre Ltd	0.003	50%	200,328	$609,023
JNO	Juno	0.036	44%	326,919	$5,230,926
EM2	Eagle Mountain	0.007	40%	1,554,948	$5,675,186
PRM	Prominence Energy	0.004	33%	2,527,297	$1,167,529
8CO	8Common Limited	0.024	33%	1,279,353	$4,033,708
EAT	Entertainment	0.005	25%	10,000	$5,235,144
MRD	Mount Ridley Mines	0.003	25%	1,000,000	$1,556,978
MSG	Mcs Services Limited	0.005	25%	175,000	$792,399
OEL	Otto Energy Limited	0.005	25%	8,555,899	$19,180,039
SIS	Simble Solutions	0.003	25%	10,999	$1,752,661
UBI	Universal Biosensors	0.042	24%	68,082	$10,134,293
PHO	Phosco Ltd	0.077	22%	95,588	$27,614,252
A11	Atlantic Lithium	0.165	22%	218,948	$93,574,887
ICG	Inca Minerals Ltd	0.006	20%	5,675,253	$7,881,950
OLI	Oliver'S Real Food	0.006	20%	15,000	$2,703,660
RC1	Redcastle Resources	0.006	20%	700,000	$3,717,835
PVW	PVW Res Ltd	0.013	18%	315,106	$2,187,953
YAR	Yari Minerals Ltd	0.013	18%	5,986,573	$6,101,826
JCS	Jcurve Solutions	0.047	18%	343,790	$13,213,738
CDE	Codeifai Limited	0.041	17%	2,110,842	$15,065,346

Juno Minerals (ASX:JNO) has handed over its Mount Mason iron ore project to Gold Valley Yilgarn (GVY) in a $6 million deal, plus a 2% royalty on future production. GVY plans to fire up mining in mid-2026, using Juno’s existing infrastructure and a new haul road crossing Juno’s nearby Mount Ida site, which isn’t part of the sale. Juno keeps its key Mount Ida magnetite project and pockets cash plus future royalties.

Terra Metals (ASX:TM1) has locked in a $4m cap raise to fast-track work at its Dante critical minerals project in WA. The cash is coming from strategic backers GEAR, part of Indonesian giant Sinar Mas, and Matthew Latimore of M Resources. Existing top shareholder Tribeca will also chip in to hold its 15% stake. The funds will fuel more drilling, and prep for a maiden resource estimate, as Terra ramps up what it reckons is a district-scale find.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 13 :

Code	Name	Price	% Change	Volume	Market Cap
AOK	Australian Oil.	0.002	-33%	15,000	$3,005,349
AXP	AXP Energy Ltd	0.001	-33%	50,000	$10,027,021
BMO	Bastion Minerals	0.002	-33%	1,310,000	$2,710,883
OVT	Ovanti Limited	0.002	-33%	1,006,466	$9,016,545
NAE	New Age Exploration	0.003	-25%	401,015	$10,637,596
AX1	Accent Group Ltd	1.400	-22%	9,237,398	$1,085,140,142
AUK	Aumake Limited	0.002	-20%	12	$7,558,397
ERA	Energy Resources	0.002	-20%	204,755	$1,013,490,602
JAV	Javelin Minerals Ltd	0.002	-20%	122,699	$15,315,373
THR	Thor Energy PLC	0.009	-18%	10,000	$7,818,688
PL3	Patagonia Lithium	0.041	-18%	80,519	$5,970,518
AD1	Adneo Limited	0.045	-17%	123,182	$7,905,975
BSN	Basinenergylimited	0.015	-17%	977,951	$2,210,928
ENV	Enova Mining Limited	0.008	-17%	18,790,631	$12,721,507
ERL	Empire Resources	0.005	-17%	347,579	$8,903,479
FBR	FBR Ltd	0.005	-17%	2,952,279	$34,136,713
GGE	Grand Gulf Energy	0.003	-17%	350,926	$8,461,275
TMK	TMK Energy Limited	0.003	-17%	916,212	$30,667,149
ODA	Orcoda Limited	0.068	-16%	133,877	$15,188,651
CTT	Cettire	0.270	-16%	21,305,436	$121,996,230
MRR	Minrex Resources Ltd	0.009	-14%	1,938,452	$11,391,109
AM5	Antares Metals	0.006	-14%	1,110,000	$3,603,970
BYH	Bryah Resources Ltd	0.012	-14%	14,030,546	$12,179,349

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IN CASE YOU MISSED IT

Dimerix Limited (ASX:DXB) has reached 70pc of total adult patients to be dosed in its ACTION3 phase III clinical trial of DMX-200 in patients with focal segmental glomerulosclerosis.

LAST ORDERS

Antimony metallurgist David Fourie has joined the Trigg Minerals (ASX:TMG) team as a technical advisor for its net zero antimony strategy, centred on the Antimony Canyon project in the US.

Fourie played a central role in the design and ESG elements of the first “clean plant” antimony smelter built by SPMP to European environmental standards in Oman. SPMP is the largest antimony roaster outside of China, set to produce 20,000 tonnes of antimony products a year once the smelter reaches full capacity.

At Stockhead, we tell it like it is. While Trigg Minerals 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: Oil and gold stocks surge following reports of Israeli strikes on Iran