The ASX surged more than 1pc today, getting a strong boost from a resurgent healthcare sector. Pic: Getty Images

ASX goes on the offence, up 1.13pc
8 of 11 sectors higher, led by healthcare and materials
Strength in resources, banks and healthcare drive gains

 

ASX roars higher, rotating back out of defensive sectors

After playing it safe yesterday, the ASX came charging out of the gate this morning, up 1% by lunchtime.

The market held onto that momentum throughout the trading day, finishing up 1.13% with a very respectable 100-point gain.

A resurgence in the healthcare sector – led by CSL (ASX:CSL) up 3.85% – gave the ASX legs, and more gains in resources and banking stocks kept it churning.

Race Oncology (ASX:RAC) also surged 48% on discovering the true mechanism of its (E,E)-bisantrene anticancer drug (more on that below) while Clarity Pharma (ASX:CU6) jumped 12% on no news.

The ASX 200 Banks index jumped 1.45% overall. The seven majors added between 0.6% and 1.95% with ANZ (ASX:ANZ) taking that particular crown.

Crowd favourite Commonwealth (ASX:CBA) was right behind, up 1.65%.

ASX SectorsSource: Market Index
ASX IndicesSource: Market Index

Gold futures have outstripped spot prices, lifting again to US$3897.3 an ounce. That kicked the XGD up another 3%.

The All Ords Gold index gained more than 20% over the month of August, and has lifted by almost 100% for the year to date.

Standouts included Focus Minerals (ASX:FML) which surged 32% on nothing but gold price gains, ROX Resources (ASX:RXL) up just under 14%, Ora Banda (ASX:OBM) jumping 8.9% and Westgold Resources (ASX:WGX) building on yesterday’s momentum with another 8% lift.

On the red side of the balance sheet, defence stocks Electro Optics Systems (ASX:EOS) and Droneshield (ASX:DRO) gave up some of their recent gains, falling 12.7% and 11.6% respectively.

Bougainville Copper (ASX:BOC) also retreated from yesterday’s high, shedding 6% but up 70% for the year.

 

ASX Leaders

Today’s best performing stocks (including small caps):

Code Name Last % Change Volume Market Cap DTM Dart Mining NL 0.005 150% 2.72E+08 $2,749,113 IXRR Ionic Rare Earths – Rights 0.005 150% 26754211 $759,261 SCN Scorpion Minerals 0.031 72% 7603437 $9,437,511 NES Nelson Resources. 0.01 67% 51288050 $13,031,566 BLZ Blaze Minerals Ltd 0.003 50% 100000 $5,750,000 RAC Race Oncology Ltd 4.61 48% 2971470 $541,188,535 C7A Clara Resources 0.005 43% 42519946 $2,601,533 TMB Tambourahmetals 0.175 40% 43817284 $20,872,327 SER Strategic Energy 0.007 40% 14387378 $5,494,667 T88 Taitonresources 0.095 36% 213636 $5,212,016 AUH Austchina Holdings 0.002 33% 2587500 $4,538,075 CR9 Corellares 0.004 33% 289928 $3,022,709 FML Focus Minerals Ltd 1.6 32% 1997133 $346,735,960 JBY James Bay Minerals 1 30% 4751988 $76,328,768 IPD Impedimed Limited 0.048 30% 7553233 $75,337,456 PEN Peninsula Energy Ltd 0.645 29% 11626373 $191,309,279 CTO Citigold Corp Ltd 0.009 29% 7106573 $21,000,000 PVT Pivotal Metals Ltd 0.009 29% 1376175 $6,350,581 BLG Bluglass Limited 0.014 27% 17170921 $28,341,474 CNB Carnaby Resource Ltd 0.42 25% 2061411 $76,510,268 OIL Optiscan Imaging 0.115 25% 932745 $96,064,250 1AD Adalta Limited 0.0025 25% 2773843 $2,920,411 STG Straker Limited 0.355 22% 535072 $18,658,397 MTB Mount Burgess Mining 0.011 22% 4029391 $3,830,745 TEM Tempest Minerals 0.011 22% 7092632 $9,916,155 WordPress Table

 

In the news…

Dart Mining (ASX:DTM) has put drill bit to ground at the Coonambula antimony-gold project in central Queensland, where DTM is looking to earn up to 51%.

The company hit antimony mineralisation in the first hole. Assays aren’t due until November, but visual estimations pegged one intersection at 0.6m at 70% antimony from 42m downhole.

Race Oncology (ASX:RAC) has unlocked the true mechanism of action behind its (E,E)-bisantrene anticancer drug. RAC says it acts by binding to G4-DNA and RNA structures and bisantrene is not a doxorubicin-like chemotherapeutic.

Management says the revelation has major clinical and commercial implications and the new information will aid in better targeting clinical use.

Tambourah Metals (ASX:TMB) has $4.5 million total in the bank after nabbing a cool $3 million in a strategic placement with Tribeca Investment Partners. The funding will go directly into the drill bit at Beatty Park South, an emerging gold discovery TMB is keen to investigate.

Taiton Resources (ASX:T88) has also wrapped up a capital raise, securing commitments to add $2 million to the coffers in a placement at $0.15 per share. Like TMB, Taiton is putting the money toward drilling programs, at the Challenger West and Highway projects.

 

ASX Laggards

Today’s worst performing stocks (including small caps):

Code Name Price % Change Volume Market Cap MEL Metgasco Ltd 0.002 -33% 175178 $5,511,260 IS3 I Synergy Group Ltd 0.018 -31% 149434 $45,127,292 LNU Linius Tech Limited 0.0015 -25% 704348 $13,179,029 MTL Mantle Minerals Ltd 0.0015 -25% 2417027 $14,466,230 PGY Pilot Energy Ltd 0.007 -22% 10134125 $19,427,940 C29 C29Metalslimited 0.019 -21% 554663 $4,180,518 FBR FBR Ltd 0.004 -20% 7830460 $32,759,864 PRX Prodigy Gold NL 0.002 -20% 4588780 $16,854,657 QXR Qx Resources Limited 0.004 -20% 1003430 $8,189,555 APL Associate Global 0.115 -18% 12000 $8,041,940 RKB Rokeby Resources Ltd 0.005 -17% 3430296 $10,955,291 PEC Perpetual Res Ltd 0.011 -15% 42301745 $12,297,421 GDM Greatdivideminingltd 0.305 -15% 64188 $16,258,998 SNX Sierra Nevada Gold 0.051 -15% 3189666 $9,879,547 FAU First Au Ltd 0.0085 -15% 3228628 $26,164,847 AUK Aumake Limited 0.003 -14% 2093500 $10,581,756 C1X Cosmosexploration 0.06 -14% 718431 $7,592,662 ENT Enterprise Metals 0.006 -14% 1722159 $10,089,221 PRM Prominence Energy 0.003 -14% 1481228 $3,112,117 SP8 Streamplay Studio 0.012 -14% 12419204 $17,939,103 EOS Electro Optic Sys. 8.95 -14% 7504272 $2,000,913,267 WAK Wakaolin 0.04 -13% 177027 $32,116,207 AJX Alexium Int Group 0.007 -13% 5500 $12,873,043 ARV Artemis Resources 0.007 -13% 32497554 $30,167,377 BNL Blue Star Helium Ltd 0.007 -13% 5413765 $28,823,082 WordPress Table

 

In Case You Missed It

Arika Resources (ASX:ARI) has discovered a new wide gold lode at the Landed at Last prospect of the Yundamindra JV project in WA.

TG Metals (ASX:TG6) has wrapped up metallurgical testwork on stockpiles at its Van Uden gold project in WA, boosting confidence in the asset’s path forward.

Auravelle Metals (ASX:AUV) has returned up to 25.4g/t gold in resamples from maiden RC drilling on the Sheoak prospect at its Nuckulla Hill gold project in South Australia.

Early drilling by Perpetual Resources (ASX:PEC) has delivered outstanding grades at the Igrejinha asset, pointing to a fertile critical minerals system.

Ballard Mining (ASX:BM1) has cleared all regulatory hurdles to enable mining and processing to begin at its Mt Ida project in the Goldfields.

Stellar Resources (ASX:SRZ) has secured a third project in North West Tasmania’s tin province to add to a tin portfolio that includes the Heemskirk and East Renison projects.

DY6 Metals (ASX:DY6) is swiftly advancing its rare earth, gallium and niobium opportunities in Malawi with sampling programs at the Tundulu and Machinga projects.

Red Mountain Mining (ASX:RMX) has confirmed the potential of Red Mountain’s Oaky Creek prospect with antimony results of up to 39.3%.

James Bay Minerals (ASX:JBY) is acquiring the high-grade Shafter silver project in Texas, including existing infrastructure.

 

Trading halts

Adelong Gold (ASX:ADG) – exploration results and ASX query
Carnavale Resources (ASX:CAV) – cap raise
Catalina Resources (ASX:CTN) – exploration results
NexGen Energy (ASX:NXG) – cap raise
3D Energi (ASX:TDO) – cap raise

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.