Closing Bell: Another gloomy day for tech stocks as traders await US CPI data

Stockheads2024-12-11

ASX drops as tech stocks continue to slide Gold rebounds ahead of US inflation data South32 falls as Mozambique unrest disrupts production The ASX extended its losses on Wednesday following the weak ...

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Though the company says its workforce is safe, the unrest has caused uncertainty over its production targets.Meanwhile in the healthcare space, Chemist Warehouse could list on the ASX by as early as February 2025 after a $29 billion merger with Sigma Healthcare (ASX:SIG), pending shareholder voting on certain resolutions. SIG’s shares fell 0.2%.ASX SMALL CAP LEADERSToday’s best performing small cap stocks:Code Name Price % Change Volume Market Cap 1TT Thrive Tribe Tech 0.002 50% 275,092 $703,362 GGE Grand Gulf Energy 0.003 50% 100,000 $4,900,774 NES Nelson Resources. 0.003 50% 2,082,900 $4,343,855 NXD Nexted Group Limited 0.170 48% 1,532,101 $25,474,429 IBG Ironbark Zinc Ltd 0.004 40% 1,255,175 $4,584,120 AXL Axel Ree Limited 0.095 36% 21,928,470 $6,363,131 GCR Golden Cross 0.004 33% 2,484 $3,291,768 JAV Javelin Minerals Ltd 0.004 33% 5,480,224 $16,559,796 TYX Tyranna Res Ltd 0.004 33% 506,000 $9,863,776 YAR Yari Minerals Ltd 0.004 33% 3,566 $1,447,073 EMH European Metals Hldg 0.170 31% 81,848 $26,967,812 HOR Horseshoe Metals Ltd 0.013 30% 534,163 $6,632,817 VR1 Vection Technologies 0.029 30% 14,618,705 $29,710,579 APC Aust Potash Ltd 0.023 28% 774,008 $1,831,601 AAU Antilles Gold Ltd 0.005 25% 4,270,264 $7,431,504 PUA Peak Minerals Ltd 0.009 21% 6,543,043 $17,479,772 TFL Tasfoods Ltd 0.017 21% 104,746 $6,119,337 BLZ Blaze Minerals Ltd 0.006 20% 189,296 $6,267,791 CZN Corazon Ltd 0.003 20% 250,000 $1,919,764 HE8 Helios Energy Ltd 0.012 20% 1,542,327 $26,040,494 TEM Tempest Minerals 0.006 20% 100,000 $3,136,349 Wordpress Table PluginAntilles Gold (ASX:AAU) has updated the scoping study for the Nueva Sabana gold-copper mine in Cuba. The revised plan excludes mining in the fifth year and shows a slight drop in net profit but a 2% increase in IRR. Initial production will focus on gold and copper-gold concentrates, with an offtake agreement being negotiated to fund construction.Corazon Mining (ASX:CZN) has retracted its December 10 announcement about the strategic expansion of the MacBride Base & Precious Metal Project in Canada. The company found that the historical exploration data provided was incomplete and unreliable. However, it has expanded the MacBride project area from 26km² to 56km², covering a 14km strike length along the MacBride/Wellmet trend, with new mining claims awaiting approval.Helios Energy (ASX:HE8) has secured $150,000 in short-term loan funding to complete an updated resource report for its Presidio oil and gas project in Texas. The loans, provided by the company’s directors, personnel, and Gleneagle Securities, are in addition to the undrawn $500,000 facility from Gleneagle. The report will highlight the potential of Helios’ large acreage in the region.NextEd Group (ASX:NXD) has secured exclusive rights to re-enrol around 1800 students from International House (IH) after IH entered administration. This includes both English language and vocational students across Sydney, Melbourne, Adelaide and the Gold Coast.NextEd will also acquire relevant course materials, but will not be acquiring IH’s business or employees. The move is expected to give NextEd an additional $6-7 million in revenue for the second half of FY25.Axel REE (ASX:AXL) has announced record high assay results from its Caladão Project in Brazil, including grades of 28,321ppm TREO and 7606ppm MREO.The results, from a 2600m drilling program, show strong, near-surface mineralisation with impressive lateral continuity across a 30km² area, which represents just 10% of the total target area. The company believes these high grades highlight the scalability of the deposit.Dynamic Metals (ASX:DYM) has defined strong drill targets at the Cognac West gold prospect in WA, based on recent soil sampling and rock chip assays, including results of up to 2,040g/t gold.The company has refined high-grade zones with 755 infill soil samples, which will guide drilling in early 2025. Dynamic said it’s well-funded with $5.3 million in cash as of September 30.ASX SMALL CAP LAGGARDSToday’s worst performing small cap stocks:Code Name Price % Change Volume Market Cap VML Vital Metals Limited 0.002 -33% 1,074,000 $17,685,201 CT1 Constellation Tech 0.002 -25% 201,333 $2,949,467 EDE Eden Inv Ltd 0.002 -25% 700,000 $8,216,419 INF Infinity Lithium 0.025 -24% 1,234,498 $15,265,539 EE1 Earths Energy Ltd 0.011 -21% 1,050,329 $7,419,499 OLH Oldfields Holdings 0.060 -20% 100,000 $15,904,435 FHS Freehill Mining Ltd. 0.004 -20% 236,357 $15,392,639 T3D 333D Limited 0.008 -20% 33,333 $1,761,835 TSL Titanium Sands Ltd 0.004 -20% 356,043 $11,058,736 VEN Vintage Energy 0.004 -20% 11,846,544 $8,347,656 ACR Acrux Limited 0.033 -18% 4,180,503 $11,628,674 8VI 8Vi Holdings Limited 0.043 -17% 1,202 $2,179,394 KEY KEY Petroleum 0.050 -17% 8,000 $1,357,770 AOK Australian Oil. 0.003 -17% 610,000 $3,005,349 AUK Aumake Limited 0.005 -17% 55,000 $18,064,153 NAG Nagambie Resources 0.020 -17% 2,400,747 $19,119,256 MTC Metalstech Ltd 0.110 -15% 112,326 $25,680,133 GIB Gibb River Diamonds 0.036 -14% 80,821 $9,009,397 CAV Carnavale Resources 0.003 -14% 1,002,465 $14,315,764 CCO The Calmer Co Int 0.006 -14% 13,699,546 $15,465,705 CVB Curvebeam Ai Limited 0.120 -14% 233,499 $44,464,690 PLC Premier1 Lithium Ltd 0.006 -14% 4,000,000 $1,405,321 Wordpress Table PluginIN CASE YOU MISSED ITMithril Silver and Gold (ASX:MTH) is launching into the second stage of its 9000m drilling campaign, targeting a resource upgrade in the new year. The company is looking to drill more than 40,000m next year, driven by increasing demand for expansion as it works towards its goal of doubling the current 529,000oz gold equivalent resource.Nerve-repair company ReNerve (ASX:RNV) is partnering with Bahrain-based Union MediScience B.S.C to drive its international expansion. The agreement includes sales and marketing of ReNerve’s flagship product, the NervAlign Nerve Cuff, under an exclusive distribution arrangement for the Middle East.Wellnex (ASX:WNX) is aiming to list on the London Stock Exchange early in the new year, buoyed by the company achieving its strongest November on record, with sales of $3.16 million. The company is developing a range of brands spanning medical cannabis, pain relief and vitamins.Sunshine Metals (ASX:SHN) has boosted its Ravenswood Consolidated resource by 28% to 904,000oz AuEq. The growth is thanks to successful drilling at Liontown, where resources jumped 53%. When drilling resumes in 2025, Sunshine will focus on targeting western extensions of the Liontown mineralisation.Island Pharmaceuticals (ASX:ILA) has secured a key US patent for its lead drug candidate, ISLA-101, designed to reduce symptoms of dengue fever.“Method of viral inhibition” was granted by the United States Patent and Trademark Office, and covers the use of ISLA-101 to limit the severity of symptoms through its administration.It adds to a growing IP portfolio for Island, which includes Australia, Canada, Brazil and Singapore.ADX Energy (ASX:ADX) is monitoring well pressure, sampling, and analysing fluid data at the Welchau-1 discovery in Upper Austria to determine the next steps. Results are expected early in the new year and will guide decisions on further stimulation and testing operations.At Stockhead, we tell it like it is. While Mithril Silver and Gold, ReNerve, Wellnex, Sunshine Metals, Island Pharmaceuticals and ADX Energy are Stockhead advertisers, they did not sponsor this article.This article does not constitute financial product advice. 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