The ASX is again feeling the full fury of what the market is dubbing the “Trump Slump” - a tariff tantrum from the erratic leader of the free world that left the index down a bruising 10 per cent in a month.
Banks are copping it on the chin yet again, while miners saw some reprieve today thanks to the iron ore price. Only gold seems kind, as the safe-haven glow shines bright amid Donald Trump’s chaos-stirring antics. The yellow metal is teasing US$3000 (A$4700) an ounce for the first time in history as the cashed-up sector continues its flurry of activity.
Surely this red tide can’t last forever - could we see a splash of green next week? Or is the market poised for a dreaded dead cat bounce before more bloodshed?
Some punters estimate Trump’s tariff sabre-rattling is a sly ploy to force inflation and interest rates down. In six months, the United States will likely be forced to refinance its unsustainable debt and lower energy costs. A weakened economy, DOGE and tariffs could be the US President’s plan to get a lower interest rate.
Originative nickel producer Nickel Industries took a 28 per cent nosedive on Tuesday, shedding $600 million in value as investors fretted over potential royalty hikes in Indonesia to fund social welfare programs such as free school lunches, and patch up the country’s budget.
Ora Banda smashed through a $2 billion market cap ceiling for the first time, riding high on two wide, high-grade gold lode discoveries that stretched its Riverina camp into a 4.7 kilometre target zone - more than doubling its gold length potential and hinting at years of extra mine life.
Fear not, loyal Bulls N’ Bears Runners fans—this week’s ASX Runners of the Week list was a rollicking race, with early frontrunners overtaken by fresh faces and late charges from familiar favourites. Here are a few gems in an otherwise dreary week.
Wide Open Agriculture Ltd (ASX: WOA)
218% up (from 1.1c to 3.5c)
Sustainable foods company Wide Open Agriculture was back for another lap, having maintained its strong momentum to take out this week’s Bulls N’ Bears ASX Runner of the Week.
The company started the week strong by announcing initial sales and purchase orders for more than 5 metric tonnes of its lupin protein isolate product on Monday. The sales were snagged by a raft of Latin American distributors, European health foods and an Aussie manufacturer.
The cash isn’t game-changing yet, but it was another tasty proof-of-concept for Wide Open Ag’s global plant-protein push.
On announcement, the stock closed up 72 per cent on Monday, before traders took hold on Thursday to push the share price to a high of 3.5 cents by lunchtime Friday. This was a 218 per cent gain from a close of 1.1c last week.
The company says its deals show lupins are finally cracking the nut of long commercialisation timelines, delivering protein with a neutral flavour and health credentials for food products such as powders, plant-based milks, yoghurts and even a soy-free tofu.
Fresh off its China win and Runner’s title just two weeks ago, Wide Open Ag is flexing on five continents, with more Asian saturation talks in the pipeline.
The sustainable food battler is backed by a scalable lupin supply from Western Australia, which enables it to target a premium market and is starting to look like a proper contender in the global health foods sector.
Renergen Ltd (ASX: RLT)
139% up (from 32c to 76.5c)
Renergen Limited had a late charge in Friday trading to nab silver on the ASX Runners list at the death this week.
The company’s share price rocketed up 139 per cent from a close of 32c last week to a high of 76.5c this Friday on just $70,000 worth of stock traded, after the company announced maiden commercial liquid helium sales from its fully operational Virginia gas plant in South Africa.
Renergen is an emerging high-grade helium producer with existing production and sales in compressed natural gas throughout Africa.
The company has been in the wars of late after it was forced to inform shareholders in February that it had entered business rescue discussions after questions were raised about its helium production and a legal dispute with a neighbour.
The company’s share price plunged by more than half over the past 12 months but rebounded in spectacular fashion on today’s sales announcement.
After facing challenges cooling large iso-containers to meet the extreme temperatures needed for liquid helium storage - -269 degrees Celsius - Renergen implemented an effective alternative solution by selling small 250-500-litre Dewars containers of liquid helium.
The company was glowing over its achievements, stating the commercial sales established by Renergen mark South Africa as one of just eight countries worldwide currently supplying the world with liquid helium.
Resolution Minerals Limited (ASX: RML)
122% up (from 0.9c to 2c)
Resolution Minerals shot out the gates into an early lead in this week’s Bulls N’ Bears ASX Runners list on the announcement that it had scooped up three cracking east coast antimony and gold exploration projects. It ended up having to settle for a bronze medal by Friday.
The company signed a binding agreement to acquire the Drake East antimony-gold, the Spur South gold-copper projects in New South Wales and the Neardie antimony project in Queensland.
The deal was an apparent steal at 25 million shares – costing 1c each - and $70k cash plus entitlement options for existing shareholders.
With the charging antimony and gold price holding all-time highs, grabbing hold of three new gold and antimony projects looks a smart tack.
Resolution says Drake East hosts high-grade antimony and gold mineralisation, with sample values as high as 5.72 per cent antimony, 60.9 grams per tonne (g/t) gold and 214g/t silver over a 15-kilometre strike.
The Neardie project has past-producing antimony mines with recorded mineralisation peaks of 19.5 per cent antimony, while Spur South’s magnetic anomaly hints at big-time gold potential in NSW’s prominent Macquarie Arc.
With antimony joining gold as a tariff-war darling, this sub-$10m minnow and its 194 square kilometres of drill-ready targets could be in line for a second wind.
Metal Powder Work’s patented DirectPowder process produces tailorable metal powders in a wide variety of alloys for the aerospace and defence industries. Credit: File
Metal Powder Works (ASX: MPW)
110% up (from 20c to 42c)
Impressive newcomer Metal Powder Works rounds out the Runners list this week. The metal powder company consumed the listed keyhole welding technology company, K-TIG Advanced Welding Systems, via a reverse takeover to top the charts on its debut on Tuesday. The company stormed up 110 per cent from an IPO price of 20c to a high 42c, powered by $3.6 million in trades.
The company says it has revolutionised powder production to create a patented process, which represents the first true innovation of powder manufacturing in more than 50 years.
Fresh from a $10m raise at 20c via broking outfit Morgans, the Pennsylvania-based Metal Powder re-listed to thunderous applause. The rally was made even more remarkable considering the market tanked 1 per cent that day.
The company’s flagship technology is its patented DirectPowder process, which turns premium bar stock into high-yield (95%+) metal powders from aluminium, copper, titanium and many more. The powders are particularly crucial for aerospace and defence uses.
Traditional atomisation that yields just 30 per cent powder from a glaringly energy-guzzling process would seem toast. Metal Powder’s tech apparently slashes energy usage and carbon dioxide emissions by as much as 83 per cent, serving a premium product to a $6.9 billion market that is hungry for additive manufacturing.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Andrew Todd
