News the US is now on a mission to Mars and tariffs are imminent, has led the ASX on a topsy-turvy journey today.
Stocks rapidly retreated at midday, as newly minted President Donald Trump threatened to hit Canada and Mexico with tariffs starting next month.
The dollar also took a tumble.
“We’re thinking in terms of 25% on Mexico and Canada,” Trump told reporters after his inauguration according to Bloomberg. “I think we’ll do it on February 1.”
The AUD/USD plunged 1.3% to US62.09c on the news after earlier hitting a three-week high of US62.89.
The S&P/ASX200 gained 55.0 points or 0.65% to 8,402.4. Over the last five days, the index has gained 2.10% and is currently 1.30% off its 52-week high.
Top-performing stocks in this index were Liontown Resources (ASX:LTR) Ltd and HUB24 Ltd, up 14.29% and 11.88% respectively.
Most sectors were higher today, with Financial and Communications Services leading the way, up 1.21% and 0.91% respectively. The worst performer was Utilities, which lost 1.36%.
The small ordinaries had a solid day. The S&P/ASX Small Ordinaries was 1.07% higher to 3,195.00. The index is 3.48% higher over the last five days.
Liontown continues to deliver
Liontown Resources Ltd has reported solid operational and financial results from its Kathleen Valley Lithium Operation for the December 2024 quarter.
The company shipped 81,341 dry metric tonnes (dmt) of spodumene concentrate to customers during the period, marking significant progress in its ramp-up efforts.
The strong operational performance translated into good financial outcomes, with net cash from operating activities totalling A$16.7 million. Liontown closed the quarter with a cash balance of A$192.9 million as of December 31, 2024.
Production, costs and shipment volumes at Kathleen Valley were all in line with expectations, underscoring the company’s successful execution of its operational plan for the quarter.
Liontown continues to advance its strategic goals, leveraging the high-grade lithium resource at Kathleen Valley to meet growing demand from the global electric vehicle and battery industries.
“Liontown has continued to make strong progress at Kathleen Valley during the December 2024 quarter, with the ramp-up of production continuing to meet, and in some areas exceed expectations," Liontown’s managing director and CEO Tony Ottaviano said.
"We are now a fully operational producer, having shipped over 100,000 wet metric tonnes of spodumene concentrate to customers since the commencement of production at the end of July 2024.
“Notably, the company generated positive net cash from operations in the first full quarter since we commenced production, in July 2024. Our performance this quarter reinforces that Liontown is firmly on track to achieve its ambition of becoming an established world-class producer in the lithium sector.”
HUB24 record $5.5 billion inflows
HUB24 Ltd has announced a record-breaking performance for the second quarter of the 2025 financial year, reporting platform net inflows of A$5.5 billion.
This represents a 23% increase compared to the previous corresponding period (pcp), bolstered by A$1.5 billion in large-scale migrations from Equity Trustees (EQT).
The company's first-half FY25 platform net inflows reached A$9.5 billion, a 31% rise on pcp, showcasing its continued growth momentum.
Total (EPA:TTEF) funds under administration (FUA) climbed to A$120.9 billion as of December 31, 2024, reflecting a 33% increase on pcp. Of this, platform FUA stood at A$98.9 billion, up 36%, while Portfolio, Administration and Reporting Services (PARS) accounted for A$22 billion, a 17% rise.
HUB24 maintained its industry leadership, being ranked first for quarterly and annual net inflows.
In a strategic development, HUB24 Super has been selected as the successor fund for ClearView WealthFoundations, which holds A$1.3 billion in FUA. The migration is expected to occur in the second half of FY25, transitioning to the Discover product within HUB24 Super.
The company also launched a pilot for Engage, the latest evolution of its market-leading reporting capabilities. Engage is designed to enhance the customer experience with greater customisation and advanced reporting tools.
Meanwhile, HUB24's subsidiary, Class, is expanding its offerings with new integrations, including property valuations and title searches, further strengthening its service suite.
HUB24's robust performance underscores its position as a key player in the wealth management technology sector, continuing to deliver strong growth and innovation.
Kali Metals up 21.74%
Kali Metals Ltd climbed 21.74% to $0.14 after increasing the size of a gold anomaly at the Marble Bar Project by 80% to more than 9 kilometres while D3 Energy Ltd was as much as 8.75% higher to $0.087 on completing successful production testing in South Africa.
Other positive moves in the small cap sector were made by Nova Minerals Ltd, as much as 7.94% higher to $0.34, Astral (JO:ARLJ) Resources NL was up 3.7% to $0.14, gold producer Ora Banda Mining Ltd hit $0.735, a rise of 3.53%, Aurum Resources Ltd climbed 3.45% to $0.30, Tolu Minerals Ltd lifted 3.23% to $0.96 and Race Oncology Ltd was 3.19% higher to $1.295.
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