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ASX Lunch Wrap: ASX starts sluggishly as iron ore, energy and ANZ take a tumble

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The ASX 200 opened weak on Monday after Wall Street hit a record high on Friday. ANZ shares fell on CEO news, while energy and iron ore sectors also fell.

The Australian Stock Exchange (ASX) was weak on Monday. Image via Getty Images

  • ASX falls after Wall Street hits record

  • ANZ share price falls after new CEO appointed

  • Energy industry, iron ore also hit

Despite another record high on Wall Street, the Australian Stock Exchange (ASX) had a weak start to the week, falling by about 0.2.

The S&P 500 hit its 57th all-time high this year on Friday, even as traders had mixed reactions to the latest jobs report.

The report showed that the U.S added 227,000 jobs in November, slightly exceeding expectations. The market currently sees a 90% chance that the Federal Reserve will cut interest rates by 25 basis points later this month.

However, on the Australian Stock Exchange, investors appeared to shrug off the bullish momentum as the Australian dollar fell below 64 US cents this morning as iron ore prices fell.

Iron ore futures fell more than 1% in Singapore, dragging down the mining sector. Shares of major companies including BHP Billiton (ASX:BHP), Fortescue (ASX:FMG) and Rio Tinto (ASX:RIO) all fell.

The energy sector was also hit after Saudi Arabia cut oil prices for Asia by more than expected.

ASX lunch wrap-up: ASX opens weak as iron ore, energy and ANZ shares plunge

Source: Market Index

ASX lunch wrap-up: ASX opens weak as iron ore, energy and ANZ shares plunge

Source: Market Index

In the large-cap space, Australia and New Zealand Banking Group (ASX:ANZ) fell 3% after announcing Nuno Matos as the bank’s new chief executive. Matos, formerly the chief executive of HSBC Wealth and Personal Banking, takes over the role following the retirement of Shayne Elliott.

Platinum Asset Management (ASX:PTM) shares fell 16.3% after rival Regal Partners (ASX:RPL) ended takeover talks without reaching a new agreement.

Elsewhere, Woolworths (ASX:WOW) has reopened four of its distribution centres following a long workers’ strike. Woolworths reported a $140 million loss in Australian food sales during the period.

ASX SMALL CAP WINNERS

Here are the best performing ASX small-cap stocks on December 9 :

Code Name price % Change volume Market Cap
AMD Arrow Minerals 0.002 100% 5,600,328 $13,223,628
National Vocational Qualification Novick Technology Co., Ltd 0.130 40% 9,748,498 $20,872,673
Welcome to IGN Ignite Ltd 0.560 38% 1,137 $6,609,012
M24 Mamba Quest 0.015 36% 1,301,747 $2,068,905
Thyroid hormone Tragen 0.048 34% 200,205 $13,199,227
Icino XP Corporation Ltd 0.012 33% 3,050,975 $15,038,873
Yonhap News Agency KGL Resources Ltd 0.115 29% 602,900 $57,682,061
ton Triton Mining Ltd 0.009 29% 3,713,418 $10,978,721
Voiceover Dubbing Company 0.030 25% 7,520,219 $62,282,237
Add to Adawar Resources Ltd 0.003 25% 3,905,907 $2,469,864
NRZ Neurizer Ltd 0.003 25% 495,169 $5,635,721
Reserve Requirement Ratio Revolver Resources 0.040 25% 73,666 $8,739,976
Virtual Host Witt Metals Ltd 0.003 25% 8,949,264 $11,790,134
Acute lymphoblastic leukemia Aldoro Resources 0.285 twenty four% 2,462,427 $30,963,461
Korea Transportation Authority Krakatau resources 0.014 twenty three% 10,926,640 $5,193,179
Ankers Anax Metals Ltd 0.011 twenty two% 1,559,616 $7,842,914
Efficient Market Hypothesis European Metal Holdings 0.170 twenty one% 33,000 $29,042,259
Canadian Railways Catalina Resources 0.003 20% 695,000 $3,109,405
Baby Shekel Brenweg 0.024 20% 1,500 $4,561,225
Radiation therapy Radiopharmaceuticals 0.037 19% 29,244,800 $67,361,783
Television Diwang Co., Ltd 0.091 18% 5,151,329 $146,128,225

Arrow Minerals (ASX:AMD) shares have doubled after the company reported exciting results from its Niagara bauxite project in Guinea. New high-grade bauxite assays have expanded the mineralisation to 5 square kilometres, confirming the size and quality of the deposit.

The project, located near a multi-user railway, has already attracted the attention of potential bauxite customers, with record high bauxite prices and strong demand. The latest drill results highlight impressive alumina grades, including several intercepts exceeding 50% Al2O3. As drilling progresses and further results are anticipated, Arrow plans to conduct a scoping study in 2025.

Triton Minerals (ASX:TON) has agreed to sell 70% of its Mozambique graphite assets to Shandong Yulong Gold for US$17 million, to be paid in three stages by February 2025. Triton will retain a 30% stake in the asset.

The proceeds from the raise will be used to fund Triton’s joint venture, exploration of the Aucu gold-copper project and new acquisitions. The company said it also believes the partnership with Yulong will advance its graphite projects and help drive future growth.

Krakatoa Resources (ASX:KTA) has been granted an exclusive option to acquire an 80% interest in the Zopkhito project in Georgia, a large antimony and gold deposit. The project covers 1,779 hectares and contains foreign estimates of 225,000 tonnes of antimony ore and 7.1 million tonnes of gold, all of good quality.

KTA said only a small portion of the known veins have been explored, so there is still huge upside potential. The company has raised $1.28 million for the next steps, with directors’ participation pending shareholder approval.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small-cap stocks on December 9 :

Code Name price % Change volume Market Cap
era Energy Resources 0.002 -33% 511,198 $1,216,188,722
Mother Moab Mining Co 0.002 -33% 197,340 $4,700,998
88E 88 Energy Co., Ltd 0.002 -25% 237,328 $57,867,624
Type 3 diabetes 333D Co., Ltd 0.010 -twenty three% 799,865 $2,290,385
Ayit Austin Metals Ltd 0.004 -20% 8,188 $6,620,957
Bank of Montreal Fortress Minerals 0.004 -20% 309,108 $4,223,623
Bone marrow hematopoietic stem cell transplantation Mec Resources 0.004 -20% 3,379,331 $9,159,035
Compliance Surefire Rescs NL 0.004 -20% 7,631,286 $9,931,539
Methbupropion TMK Energy Co., Ltd 0.002 -20% 1,488,442 $23,313,913
EUR European Lithium Ltd 0.050 -19% 3,909,762 $86,683,604
Pal Paradigm Biology. 0.470 -19% 4,192,969 $202,596,090
Risk Autoregression Variscan Mining Ltd 0.009 -18% 4,632,012 $8,121,673
Armored personnel carrier Light Star Resources 0.024 -17% 44,878,937 $206,849,027
Phosphodiesterase Platinum Assets 0.870 -17% 7,955,433 $608,364,636
Nuclear Magnetic Resonance Renegade Quest 0.005 -17% 2,008,357 $7,704,021
multinational Merino Company 0.210 -16% 26,543 $13,269,143
1CG OneKey Group Co., Ltd 0.011 -15% 100,000 $12,335,278
Aziz ALTAMING LIMITED 0.023 -15% 300,739 $15,511,578
Efei Eastern Resources 0.036 -14% 484,152 $5,295,778
AL8 Audran Resources Ltd 0.024 -14% 514,622 $5,346,025
BLZ BRAYZ MINING COMPANY LIMITED 0.006 -14% 2,677,877 $8,774,908
Kansas Kingston resources 0.078 -13% 1,763,964 $63,647,221
Bone Densitometer BMG Resources Ltd 0.013 -13% 5,315,093 $11,366,957

IN CASE YOU MISSED IT

Recharge Metals (ASX:REC) has completed its acquisition of the advanced Carter uranium project and is advancing exploration with $2.5 million in funding, with drilling set to begin next year.

The project is located in the mineral-rich Powder River Basin in the United States, less than 250 kilometres from six permitted ISR uranium production sites and in an area with a history of uranium exploration.

The acquisition, first announced in late October last year, is timely, coinciding with the United States’ renewed interest in nuclear power.

At Stockhead, we call a spade a spade. While Recharge Metals is an advertiser of Stockhead, 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 in ASX lunchtime roundup: ASX opens weak as iron ore, energy and ANZ shares plunge

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