• ASX opens lower for November led by financial sector sell-off
• Macquarie Group falls after profit falls
• Ironbark Zinc up 75% under new leadership

The ASX had a strong start to November, losing around 0.5%. This This rise follows a tough overnight session on Wall Street, where major technology stocks faced significant selling.

Energy shares were little moved on the ASX today despite crude oil prices rising 3% due to rising tensions in the Middle East.

Financial stocks took the hardest hit next Macquarie Group (ASX:MQG) 2.5% decrease.

Although a 14% year-on-year increase in net profit was reported, this figure showed a 23% decrease compared to the previous half. Additionally, revenue from Macquarie’s market-facing businesses, which includes Macquarie Capital, fell 10% compared to the previous period and 34% compared to the same period last year.

Miners have also struggled with falling iron ore prices despite some hopeful signs from the Chinese real estate market.

Still in capital letters Fletcher Building (ASX:FBU) It has made some gains despite facing litigation from the New Zealand Commerce Commission over allegations of unfair supply agreements related to its Winstone Wallboards unit.

packaging giant Amcor (ASX:AMC) It fell 4.5% even after reaffirming its FY25 outlook and slightly increasing its quarterly dividend.

insurance group Tower (ASX:TWR) It fell 4% following the announcement of CEO Blair Turnbull’s departure. Pengana Capital Group (ASX:PCG) It fell 6% as it sought approval to increase its buyback limit.

Elsewhere, gold miner Capricorn Metals (ASX:CMM) It has raised $200 million to fund future projects.

However, the biggest decline today is AFT Pharmaceuticals (ASX:AFP)The decline of more than 10% was attributed to weak sales in international markets and Asia, after it was announced that an operating loss of approximately $2 million was expected in the first half of 2024.

US elections and the Fed are in focus next week

Today’s data in China showed unexpected growth in manufacturing activity last month; Caixin manufacturing purchasing managers index rose to 50.3.

This It follows Beijing’s recent stimulus package aimed at supporting the economy.

Next week, the market’s attention will focus on the US Presidential Election on Tuesday, which is expected to create some volatility in the market.

Besides elections, major economic events include global PMI data and major monetary policy announcements from the US and UK.

On Thursday, the Federal Open Market Committee (FOMC) and the Bank of England (BOE) are expected to announce a 25 basis point interest rate cut.

ASX SMALL CAP LEADERS

Today’s best-performing small-cap stocks:

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Iron Shell Zinc (ASX:IBG) He was flying after announcing two major steps forward for the Company: the appointment of highly experienced and successful gold industry leader Nikolai Zelenski as the Company’s incoming chairman of the board of directors, and a firm commitment from institutional and sophisticated investors to raise $10 million for the new gold industry. equity financing.

Read more about this here: Russian gold magnate flew to Ironbark

Australian Silica Quartz (ASX:ASQ) News came that the company found gold in the Koolyanobbing metal project, which it owns 100%, based on analyzes obtained from the last RC drilling campaign in the laboratory. ASQ reported discovering high-grade gold mineralization at the Gold Wishbone mine, with the best results coming from near surface, such as 14.2 g/t gold over 2 meters from 11 metres, and 1 meter including 27.7 g/t gold from 11 metres. hole ASQRC015 is a significant upgrade over previously reported results.

Vection Technologies (ASX:VR1) Brexia Med rose on the news that it received a $1.6 million Artificial Intelligence (“AI”) software license agreement for its healthcare project. The contract will be valid for three years, with an option for an additional two years for $1 million. Brexia Med will use TDB’s Algho AI software as part of an innovative “Hub & Spoke” healthcare model that aims to meet the growing demand for localized private healthcare services and includes advanced AI technology for patient screening to streamline healthcare delivery.

Australian Silica Quartz(ASX:ASQ) In a region known for its long-operating iron ore mine, the Koolyanobbing metals project near Southern Cross in Western Australia was boosted by some ‘high-grade’ gold gains.

Although the hits were relatively narrow, they were of a really high order. A reassay of a hole drilled from 8 meters to 4.44 g/t at the Gold Wishbone mine yielded a 2 m section (first meter 27.7 g/t) of 14.2 g/t from 11 m and the coarse determined that the gold was greater than 1.5 g/t. 100um. The strike of 2m at Emu at 2.9 g/t from 63m and 1m at 3.8g/t from 64m was an upgrade on the previously reported 8m at 0.7g/t from 60m. There is also a newly reported 1m at 0.6g/t which is not on the featured list.

This is all an early door thing. Air core drilling for Golden Wishbone is planned for late 2024, following the 16-hole, 1479 m reverse circulation program that yielded today’s analyses. The Golden Swing is a 650-metre-long in-ground gold anomaly at the top of what ASQ says is an 8km gold trend; this includes a 1930s abandoned well that produced 204 ounces of gold at 18 g/t from a single vein.

Magma Mines is a subsidiary. Kubbe Gold Mines (ASX:DME) It enters into a Public-Private Partnership with the Fijian Ministry of Agriculture and Waterways. The Ministry’s Technical Assessment Committee confirmed that Magma met all the criteria for an Emergency Cleanup Licence. Once approved, Magma will be able to dredge up to 9 kilometers upstream of the mouth of the Sigatoka River and extract material under license from the Ministry of Land and Mineral Resources. The company is completing a feasibility study and will submit an Environmental Impact Study for its Mining Lease application.

ASX SMALL CAP LAGGARDS

Today’s worst-performing small-cap stocks:

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IN CASE YOU MISSED IT

Astral Resources (ASX:AAR) It increased global gold resources to 1.46 Moz after updating resources at the Feysville project to 5 Mt grading 1.2 g/t, or 196,000 ounces of contained gold. This includes initial resources for the Kamperman and Rogan Josh deposits.

Dimerix (ASX:DXB) is working with the University of Michigan’s Rare Kidney Diseases Nephrotic Syndrome Study Network (NEPTUNE) to biomarker profile and prospectively identify focal segmental glomerulosclerosis (FSGS) patients for the company’s ACTION3 trial through the university’s proprietary NEPTUNE MATCH network.

The ACTION3 Phase 3 clinical trial aims to enroll approximately 286 patients worldwide with FSGS, a rare disease classified within nephrotic syndrome. Biomarker profiling among NEPTUNE MATCH participants will help identify FSGS patients who meet inclusion/exclusion criteria and may benefit from a treatment with a mechanism of action such as the company’s DMX-200 treatment.

TRADE STOPPED

Xanadu Mines Ltd (ASX:XAM)
E&P Financial Group Limited (ASX: EP1)
St. Barbara (ASX: SBM)
Peak Rare Earths (ASX: PEK)
Bastion Minerals (ASX: BMO)
Haranga Resources (ASX: HAR)
Megado Minerals (ASX:MEG)
Mint Innovation (ASX:PIL)
IRIS Metals (ASX: IR1)
Structural Monitoring Systems Plc (ASX: SMN)
Battery Minerals of the Future (ASX: FBM)
Castle Minerals (ASX: CDT)
FBR (ASX:FBR)
BMG Resources (ASX: BMG)
Bellavista Resources (ASX: BVR)
WIA Gold (ASX: WIA)
Australian Potash (ASX:APC)
Star Minerals (ASX: SMS)
TMK Energy (ASX:TMK)
Alara Resources (ASX: AUQ)

At Stockhead, we tell it like it is. Although Astral Resources and Dimerix are Stockhead advertisers, they did not sponsor this article.

Today’s Closing Bell is brought to you by Webull Securities. Webull Securities (Australia) Pty. Ltd. is a CHESS sponsored broker and an ASX registered trading participant.

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

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