Lunch Wrap: ASX hits rocky patch as commodities and property prices take

• ASX slips as miners get whacked, retailers bounce
• Wall Street’s AI hangover gets ugly
• Aussie housing market hits the skids

The ASX was down 0.3% at lunchtime in Sydney on Monday.

And with the RBA tipped to hike rates again tomorrow, the cost of fighting inflation is starting to look almost as ridiculous as inflation itself.

Wall Street had a shocker on Friday, too.

The S&P 500 dropped 1.8% and the Nasdaq got properly belted, down 2.9% – as investors started questioning whether the AI spending circus was actually worth the ticket price.

Bitcoin wasn’t having much fun either, slipping 2.5%, while Binance continued dealing with the fallout from a US$6.3 billion hack of its hot wallets. Binance

Back on the ASX this morning, discretionary and industrial stocks were somehow having a decent crack.

Miners, on the other hand, were having a dog of a morning after commodity prices went belly-up on Friday.

Silver was down nearly 6%, gold shed almost 4%, while copper and lithium joined the stampede for the exits.

And if you reckon that’s ugly, spare a thought for the poor old property market, which is starting to look like a clearance sale nobody asked for.

According to Cotality, national home values slipped another 1.2% in October – making it seven straight months in the red and knocking roughly $63,400 off the value of a typical home since March.

Brisbane took a 2% hit, Perth lost 1.7% and Sydney dropped 1.6%.

In large cap news…

Westpac (ASX:WBC) was looking pretty chuffed with itself, up 1.6% after banking $6.8 billion in annual profit, down just 1%, while cash earnings of $7 billion snuck past forecasts.

Moody’s gave its balance sheet the tick of approval, and the annual dividend crept up to $1.54 a share.

Not a bad payday for a bank operating in a housing market where the for-sale signs are starting to outnumber the buyers.

Meanwhile, 4D Medical (ASX:4DX) was trying to recover after Friday’s savage 25.6% share-price dive.

The lung-imaging tech outfit has US regulatory backing and hospital customers, but its shares have still been absolutely flogged, losing more than 40% in a month.

Short interest was running at about 10.6% before Friday’s sell-off, although that alone doesn’t explain the plunge.

ResMed (ASX:RMD), meanwhile, served up a 5.9% revenue lift to US$1.41 billion and a 20% profit jump.

Sounds pretty flash, until you realise a US$61.8 million one-off gain helped fatten the bottom line, while software sales went backwards by 6.7%.

Over in the gold patch, Regis Resources (ASX:RRL) had something worth digging into, hitting more gold across Duketon, including 14.3 metres at 4.6g/t at Beamish South.

Not a bad result when you’ve already got processing infrastructure nearby.

And Capstone Copper Corp (ASX:CSC) discovered that even the stuff used to process copper can give miners a headache.

UBS chopped its 2027 production forecast to 209,000 tonnes as pricey acid squeezed operations at Mantoverde, but stuck with its Buy rating and $18 target.

ASX LEADERS

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

Security Description Last % Volume MktCap TSR Turnstone Resources 0.024 50% 400,000 $3,596,105 TXR Talonxresources Ltd 0.007 40% 275,423 $4,659,985 KYN Kyron Capital Group 0.018 29% 144,243 $1,846,901 SKM Skylarkmineralsltd 0.290 27% 3,442,712 $29,749,467 NOR Norwood Systems Ltd. 0.018 20% 214,702 $8,698,618 AAU Antilles Gold Ltd 0.006 20% 610,000 $18,880,041 TTT Titomic Limited 0.108 19% 3,274,517 $160,825,805 4DS 4Ds Memory Limited 0.007 17% 218,486 $16,658,794 LCL LCL Resources Ltd 0.008 14% 556,134 $8,438,550 LAC LAC Gold Ltd 0.250 14% 68,143 $47,279,407 NVA Nova Minerals 0.465 13% 271,052 $89,866,767 AGN Argenica 0.130 13% 14,842 $14,772,522 RRE Right Resources 0.088 13% 58,284 $9,719,880 M96 Maverick Minerals Au 0.005 13% 82,478 $7,393,913 TG1 Techgen Metals Ltd 0.009 13% 159 $4,361,590 MGL Magontec Limited 0.250 11% 15,500 $13,035,331 IBR Ironbearres Ltd 0.020 11% 319,506 $19,912,558 PWN Parkway Corp Ltd 0.010 11% 246,010 $24,987,695 REE Rarex Limited 0.010 11% 284,334 $10,948,953 RMX Red Mount Min Ltd 0.010 11% 225,066 $9,984,195 TRI Trivarx Ltd 0.010 11% 200,000 $10,383,241 KMD KMD Brands Limited 1.645 10% 113,560 $107,605,356 FCT Firstwave Cloud Tech 0.006 10% 40,000 $11,390,839 GDM Greatdivideminingltd 0.220 10% 44,545 $13,891,797 HRE Heavy Rare Earths 0.033 10% 42,606 $8,414,005

KMD Brands (ASX:KMD) is in exclusive talks with US brand group Bluestar Alliance over a possible takeover of the Kathmandu and Rip Curl owner, with discussions potentially running until December 23.

Nothing’s signed yet, though, so shareholders shouldn’t be counting their chickens.

PDI Gold (ASX:PDI) is splashing out $5.1 million for a 9.9% stake in Skylark Minerals (ASX:SKM) as part of Skylark’s $20 million capital raising.

The cash will help Skylark boost its ownership of the 1.2-million-ounce Zaranou gold project in Côte d’Ivoire from 51% to 90% and fund more drilling, with PDI backing the project’s growth potential.

ASX LAGGARDS

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

Security Description Last % Volume MktCap ATC Altech Batt Ltd 0.001 -33% 51,514 $4,003,584 RDS Redstone Resources 0.002 -33% 119,579 $3,914,945 RKB Rokeby Resources Ltd 0.002 -33% 54,282,142 $8,930,190 CQT Conneqt Health Ltd 0.006 -25% 1,638,286 $8,131,261 EDO Eldoradogoldltd 0.003 -25% 58,066,301 $40,564,875 MQR Marquee Resource Ltd 0.003 -25% 6,250 $4,543,187 X2M X2M Connect Limited 0.003 -25% 20,701,090 $10,378,192 ADX ADX Energy Ltd 0.013 -24% 5,471,280 $18,425,678 PIQ Proteomics Int Lab 0.093 -23% 485,630 $19,844,774 NUZ Neurizon Therapeutic 0.067 -22% 1,493,468 $68,082,103 COY Coppermoly Limited 0.004 -20% 77,809 $4,413,287 CR3 Core Energy Minerals 0.004 -20% 1,738,250 $4,501,938 EXT Excite Technology 0.004 -20% 12,680,956 $13,863,726 LCY Legacy Iron Ore 0.004 -20% 23,000 $48,810,213 LU7 Lithium Universe Ltd 0.002 -20% 3,209,000 $4,721,704 STV Swift TV Ltd 0.004 -20% 1,736,312 $7,251,677 RNT Rent.Com.Au Limited 0.040 -18% 195,333 $57,164,539 FEL Forte Energy Ltd 0.005 -17% 1,019,531 $5,196,023 HYD Hydrix Limited 0.003 -17% 2,750,000 $4,352,848 MEX Minerals Exploration 0.040 -17% 7,400 $9,214,008 D3E D3 Energy Limited 0.210 -16% 53,007 $37,964,052 TZL TZ Limited 0.016 -16% 50,000 $6,870,562 KPO Kalina Power Limited 0.011 -15% 6,505,725 $38,898,226 ABX ABX Group Limited 0.017 -15% 1,006,919 $10,774,087 ALY Alchemy Resource Ltd 0.006 -14% 778,593 $8,316,534

IN CASE YOU MISSED IT

American Tungsten & Antimony (ASX:AT4) has completed its acquisition of Nevada’s Del Sol refinery, supporting antimony operations and proposed tungsten processing.

Argent Minerals (ASX:ARD) has secured approvals for 8687m of gold drilling at Trunkey Creek, testing Wilson’s Reef’s full 500m strike.

Cannindah Resources (ASX:CAE) has extended a Southern Shoot intersection to 135m at 1.12% copper equivalent at Queensland’s Mt Cannindah.

Evion Group (ASX:EVG) has secured an option to acquire up to 75% of Nevada’s Blue Nose fluorspar project.

Geopacific Resources (ASX:GPR) has advanced Woodlark funding discussions and engineering preparations as drilling results highlight potential gold resource growth.

Jacaranda Natural Resources (ASX:JRL) has outlined a fresh copper trend at Motloutse, with Tlou rock chips returning up to 2% copper.

LAST ORDERS

ADX Energy (ASX:ADX) has appointed Donna Dawson as chief financial officer as it grows its European production and exploration portfolio.

Dawson brings more than 25 years’ finance leadership experience, predominantly in upstream oil and gas in Australia and the UK. Her expertise spans joint venture accounting, cost control, reporting, budgeting, tax and treasury.

Nordic Resources (ASX:NNL) has appointed former Rupert Resources chief Graham Crew as a non-executive director and named Ray Robinson general manager – technical and commercial to advance its Finnish gold projects.

Crew led Rupert’s A$3.1bn sale to Agnico Eagle, while Robinson will oversee studies and development planning at Kopsa. A 9,000m drilling program continues at the flagship gold-copper project, with first assays due soon.

Pacific Lime and Cement (ASX:PLA) has adopted a master plan through subsidiary MIPL for a 300ha township supporting its Kido/Rearea industrial precinct in Papua New Guinea.

Rearea Coastal Estate targets about 5,000 homes over 30 years, creating demand for locally produced lime, cement and building materials. The first stage comprises 310 lots, with initial sales targeted for the second half of 2027.

West Coast Silver (ASX:WCE) has received further evidence of bedrock gold mineralisation at Olsen Well, where earn-in partner Falcon Metals intersected gold 240m east of the discovery hole.

Falcon can earn 70% of WCE’s Errabiddy tenement, excluding graphite rights, and has expanded drilling to 7,500m to test the mineralised zones’ geometry and continuity. Assays remain pending for 36 holes.

At Stockhead, we tell it like it is. While the companies listed in Last Orders and In Case You Missed It 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.

The post Lunch Wrap: ASX hits rocky patch as commodities and property prices take a tumble appeared first on Stockhead.