It’s a sea of red on the ASX today.
The S&P/ASX200 dropped 132.40 points or 1.59% to 8,212.00, crossing below its 20-day moving average. The index has lost 1.28% for the last five days, but sits 2.06% below its 52-week high.
The bottom-performing stocks in this index are Polynovo Ltd, Metcash Limited (ASX:MTS) on the back of a Goldman Sachs (NYSE:GS) analyst downgrade and Audinate Group Ltd (ASX:AD8), down 6.93%, 5.92% and 6.71% respectively.
Only one sector made it into the green: Information Technology gained just 0.07%. The worst-performed sectors were Real Estate, Healthcare and Consumer Discretionary down 2.30%, 2.30% and 1.94% respectively.
Looking at the small cap sector, the S&P/ASX Small Ordinaries lost 1.07% today to finish at 3,190.20. Over the past five days, it has lost 0.74%.
Among the small caps, Polymetals Ltd hit a new record high today, rising as much as 10.23% to $0.485 while Yandal Resources Ltd (ASX:YRL) followed yesterday's 120% gain to again hit a two-year-high, increasing another 20.94% to $0.26 intra-day.
Other gains were Orthocell Ltd (ASX:OCC, OTC:ORHHF), which was up to 10.38% higher to $0.745, Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA) as much as 7.9% higher to $0.205, Magnetite Mines Ltd (ASX:MGT) up 5.88% to $0.18 and Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) up to 5.46% higher to $0.58.
Audinate navigates major challenges
Audinate has faced several challenges this quarter including shorter order lead times, increased inventory across the industry, slower clearance of raw material inventories by our manufacturing customers and softer than expected demand from end-users.
According to the company, these headwinds are expected to continue into Q2 FY25, leading to a Q2 gross profit run rate in line with Q1 FY25.
The company stated: “Previously, Audinate expected to generate a slightly lower FY25 US$ gross profit compared to FY24. However, due to the performance in the first half of the year, it is now unlikely we will achieve that result.
"Management will update the market on performance and outlook after completion of trading in Q2 FY25, anticipating a moderately stronger second half.
“As previously communicated, FY25 is a transitional year as our manufacturing customers work through their inventory, and we wait for a recovery in end-user demand to drive future orders. We expect this transition to last only a year, returning to growth in FY26 and more normal customer order patterns.”
Five at five
CuFe secures land access green light from Aboriginal Corporation for West Arunta exploration
CuFe Ltd (ASX:CUF) has struck a land access deal with Parna Ngururrpa (Aboriginal Corporation), the Registered Native Title Body Corporate responsible for the Ngururrpa Native Title Determination, to explore in the West Arunta region of WA.
Read more
Resource Mining Corporation secures A$1 million funding facility for Mpanda Project in Tanzania
Resource Mining Corporation Ltd (ASX:RMI) has entered into a funding agreement with RiverFort Global Capital Ltd, securing up to A$1 million in a bridging loan to support exploration at the Mpanda Copper-Gold Project in Tanzania.
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Anson Resources second geotechnical engineering survey supports Green River DLE extraction plant site
Anson Resources Ltd (ASX:ASN, OTCQB:ANSNF) has completed a second geotechnical engineering study on the proposed location of a direct lithium extraction processing (DLE) extraction plant for its Green River Lithium Project in south-eastern Utah, USA, finding the subsurface conditions to be suitable.
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Sunstone Metals lays foundation for tier-1 project with maiden El Palmar gold-copper resource
Sunstone Metals Ltd (ASX:STM) has calculated its maiden mineral resource estimate (MRE) for the El Palmar gold-copper porphyry project in northern Ecuador and the results establish a foundation for a large-scale Tier-1 discovery.
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Magnetite Mines a founding member of consortium to spearhead South Australia's green iron revolution
Magnetite Mines Ltd (ASX:MGT) is a foundation member of Green Iron SA, alongside Aurizon Holdings, Flinders Port Holdings (FPH) and GHD, a new consortium focused on pioneering a green iron industry in South Australia.
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On your six
Tech Bytes: Optus partners with Elon Musk’s Starlink for business connectivity
Optus has forged a partnership with Elon Musk's Starlink to provide enterprise-level internet services, targeting remote Australian towns.
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The two to watch
As there were two great achievements to herald on video today, here's two to watch:
Iondrive battery recycling achieves 100% nickel recovery in breakthrough tests
Iondrive Ltd CEO Dr Ebbe Dommisse sits down with Proactive’s Tylah Tully to discuss promising results from the latest tests on lithium-ion battery recycling.
Watch
Sunstone Metals reveals maiden gold-copper resource at El Palmar
Sunstone Metals Ltd (ASX:STM) managing director Patrick Duffy joins Proactive’s Tylah Tully to discuss the maiden mineral resource estimate (MRE) for the El Palmar gold-copper porphyry project in northern Ecuador.
Watch