Lunch Wrap: ASX takes hydration break as banking losses offset energy gains | Stockhead
It’s been a rough day for the market so far, running just about flat as banking losses outweigh gains in tech and energy. Pic: Getty Images. ASX just about neutral at midday, five sectors higherGold continues. . .
It’s been a rough day for the market so far, running just about flat as banking losses outweigh gains in tech and energy. Pic: Getty Images. ASX just about neutral at midday, five sectors higherGold continues to rise, up 1. 3% overnightEnergy, healthcare, info tech lead gainsThe S&P/ASX 200 is looking mighty unsteady on its feet as of about 12. 30pm AEST, weaving in and out of positive territory at just about dead flat. Much like football fans at the World Cup, it feels like we’re stuck in a hydration break, waiting for the real action to start. Less exciting on the markets, unfortunately, than 10-man England’s pulsating 3-2 win over hosts Mexico at the Azteca. Oil pundits are feeling the heat as crude prices continue to fall, Brent down another 0. 5% to $US71. 78 a barrel asOPEC lifts its productionand flows through the Strait of Hormuz improve. Gold is also on the up, rising back to about US$4185/oz and giving gold equities a little breathing room after a month of choppy trade. Growth stocks in healthcare and info tech are catching a bid –Wisetech Global (ASX:WTC)andNextDC (ASX:NXT)among them – but losses in the heavyweight financials sector are stifling any broader momentum. Suncorp (ASX:SUN)fell 1. 3% on a mixed broker re-rate, which saw Jarden lower its target 10c to $19. 60, a $1. 20 raise from UBS to $20. 80 and an unchanged $20. 00 target from Goldman Sachs. The four major banks are all marginally lower as well, barNAB (ASX:NAB)which has edged up 0. 16% against the tide. Source: Market IndexBig caps on the moveGold minerVault Minerals (ASX:VAU)is finding itself the subject of a bidding war after the board determinedGenesis Minerals’ (ASX:GMD)unsolicited and binding takeover offer was superior toRegis Resources’ (ASX:RRL)proposed all scrip arrangement. The new deal implies a valuation of $5. 6bn at 0. 7629 Genesis shares for each VAU share held and 47. 5c per share in cash. VAU is riding high, up about 13% intraday, while Genesis is down 2. 5%. CheckoutStockhead’s breakdown of the gold merger here. Speaking of Regis, it added 2. 8% as investors cheered the sidestepped dilution. It also notched gold production toward the top of its FY26 guidance range (379,000oz against 350-380,000oz), raising output 12% quarter-on-quarter to pull 101,500 ounces out of the ground with AISC, capex and exploration costs expected to be within guidance ranges. Regis has five days to match Genesis’ offer, but with Genesis and Vault’s Leonora ops around 30km from each other they’ve always seemed more like logical partners. Capricorn Metals (ASX:CMM)tipped up about 2. 7%, producing 123,000 ounces of gold in FY26 versus predictions of 115,000-125,000oz. Outside of gold miners,Santos (ASX:STO)climbed 2% on an upgrade from Morgan Stanley, labelling the energy stock overweight and lifting its target 17c to $7. 67 a share. It’s the oil and gas giant’s best daily gain in about two months. Endeavour Group (ASX:EDV)dipped 0. 74% on opting to sell off some of its vineyard assets, looking to cut costs and shift to cheaper asset strategies. EDV reckons it could net $20 million in the sales, which involve its Oakridge vineyards in the Yarra Valley and other assets in South Australia, Barossa, Coonawarra and Tasmania. ASX DAILY WINNERSToday’s best performing stocks (including small caps) intraday:In the news…Newpeak Metals (ASX:NPM)has struck gold, zinc and silver mineralisation in a discovery hole drilled at the Las Opeñas gold project in Argentina. The full 663-metre drill hole produced a result of 0. 16g/t gold, 0. 65% zinc and 4. 53g/t silver, confirming the presence of a mineralised system. NPM is hitting the zone with five more holes over 1802 metres, looking to work toward a maiden resource estimate. Krakatoa Resources (ASX:KTA)has nabbed commitments for $1. 6 million in a placement at $0. 004 per new share, supporting its 2026 exploration season at the Zopkhito gold-antimony project in Georgia. Funds will go to resource definition drilling, underground panel and bulk sampling, metallurgical optimisation, preliminary mining studies and environmental baseline/permitting. Compumedics (ASX:CMP)says its achieved record shipped and invoiced revenue for the year, rising 18% to $60. 3 million. SaaS recurring revenue was a big contributor, up 70% through its Somfit and Nexus 360 platforms. CMP is looking to deliver double-digit revenue and EBITDA growth in FY27 too, with its new Somfit D platform poised to release in the US. ASX DAILY LAGGARDSIN CASE YOU MISSED ITAusgold (ASX:AUC)hascleared the runway for a Katanning gold final investment decisionby year-end. Australian Mines (ASX:AUZ)hasadded 14 gold targets at Boa Vistaas a district-scale opportunity takes shape. Buxton Resources (ASX:BUX)hasidentified a Broken Hill-style target at Zanthusin Western Australia. Osmond Resources (ASX:OSM)haspositioned Iberian One as a potential first European Union producerof key critical minerals. Patronus Resources (ASX:PTN)hastargeted high-grade gold below the Tally-Ho pitas follow-up exploration advances. Redcastle Resources (ASX:RC1)hasmoved closer to cashflowas R&R and Q&A gold production ramps up. Taruga Minerals (ASX:TAR)hasvalidated the Gwamogwamo gold-copper systemwith fresh rock chip sampling. Antipa Minerals (ASX:AZY)hasstrengthened Minyari’s development casewith pre-feasibility study testwork supporting the gold-copper project. LAST ORDERSGreenTech Metals (ASX:GRE)has appointed Dr Kevin Frost as chief geologist, adding discovery experience to the team as it advances the Munni Munni platinum group elements-copper-nickel project and Whundo copper-gold-zinc project in the West Pilbara. Frost was a winner of the prestigious AMEC Prospector Award on two occasions – for the Spotted Quoll nickel deposit in 2009 and the Gonneville Ni-Cu-PGE deposit in 2022. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.