ASX Dips as Market Loses Momentum, Energy Sector Shines
The Australian Securities Exchange (ASX) experienced a slight downturn today, with the benchmark S&P/ASX 200 index shedding 0.1%, equivalent to 8.6 points. This minor dip follows a robust gain of over 1.8% witnessed yesterday, suggesting a period of consolidation and strategic repositioning among investors.
The market showed promise leading up to midday, exhibiting a build-up of momentum. However, this energy appeared to wane in the afternoon, leading to a general fatigue across trading floors. Significant losses in the Information Technology and Gold sub-indices weighed heavily on the broader market, proving too substantial for other sectors to offset.
Overall, six out of the eleven ASX sectors managed to finish in positive territory, with the Energy sector emerging as the strongest performer. This was complemented by gains in defensive sectors, indicating a shift towards less volatile assets as traders adopted a more risk-averse stance. Conversely, the Information Technology sector bore the brunt of the day’s losses. The market breadth was weak, with 119 out of 200 stocks declining.
Sector Performance Breakdown
- Energy: This sector led the gains, demonstrating resilience and attracting investor interest.
- Defensive Sectors: Healthcare, Utilities, and Consumer Staples also outperformed, reflecting a move towards safer investments.
- Information Technology: This sector experienced significant declines, acting as a drag on the overall market.
- Gold: The Gold sub-index also faced considerable pressure, contributing to the day’s weaker performance.
Company Highlights and Notable Moves
Several individual companies made headlines today, with a mix of positive and negative movements.
Qoria (ASX:QOR): The cybersecurity firm’s shares ticked up by 2.4%. This positive movement was attributed to strong revenue performance from US-based Aura, a company Qoria is in the process of merging with. Aura reported a 30% year-on-year increase in annual recurring revenue (ARR) for February, reaching US$238 million. Additionally, Aura saw a 35% rise in subscribers and a 13% reduction in customer acquisition cost during the same period.
Catapult Sports (ASX:CAT): This company saw its stock add 3.1%. Catapult Sports provided a positive forecast for its annual contract value (ACV) for the 2026 financial year, projecting it to be between $133 million and $134 million.
Weebit Nano (ASX:WBT): The semiconductor company’s shares were placed in a trading halt as it prepares for a $100 million equity raise. Weebit Nano intends to use these funds to accelerate the commercialisation of its ReRAM technology.
ASX (ASX:ASX) and AMP (ASX:AMP): Both the ASX itself and financial services group AMP experienced minor dips in their share prices following the announcement of new board appointments. The ASX fell 1.13% after welcoming Vic Jokovic as a non-executive director. AMP’s share price slid 0.39% after appointing Adrian Ryan as its acting chief financial officer.
ASX Leaders: Top Performing Stocks
Today’s market saw a range of smaller companies achieve significant gains. The following table outlines some of the best-performing stocks:
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AOK | Australian Oil. | 0.004 | 100% | 13,764,775 | $3,148,325 |
| WEL | Winchester Energy | 0.003 | 50% | 2,760,627 | $3,136,038 |
| KLI | Killiresources | 0.205 | 46% | 4,642,836 | $19,638,809 |
| IG6 | International Graphite | 0.063 | 40% | 1,511,871 | $8,917,095 |
| EMD | Emyria Limited | 0.047 | 27% | 1,900,231 | $29,842,592 |
| H2G | Greenhy2 Limited | 0.0125 | 25% | 709,893 | $7,646,612 |
| ARV | Artemis Resources | 0.005 | 25% | 13,315,168 | $15,083,689 |
| DKM | Duketon Mining | 0.135 | 23% | 184,948 | $13,481,593 |
| KAI | Kairos Minerals Ltd | 0.038 | 23% | 64,159,948 | $104,389,097 |
| AL3 | Aml3D | 0.205 | 21% | 7,975,604 | $93,929,858 |
Developments in the News
Several companies have been active in the news cycle, with updates on projects and strategic initiatives.
Australian Oil (ASX:AOK): The company is gearing up to commence oil production from its Emu Apple Oil Field, with operations slated to begin on March 31, 2026. AOK anticipates transporting approximately 800 barrels of oil to IOR Energy Pty Ltd for refining into products such as diesel. Furthermore, the company is exploring avenues to boost near-term production, including exploration activities across its PL 264 and PL30 licences.
Killi Resources (ASX:KLI): Killi Resources has secured a collaborative exploration grant from the Queensland government for its Baloo prospect, which is part of the Mt Rawdon West project. This funding will support the drilling of two holes, totalling 900 metres, to conduct an initial drill test of the Mt Rawdon Fault. KLI is targeting a 1400-metre-long anomaly identified as copper-gold-molybdenum-bismuth, situated at the convergence of significant intrusive bodies. Preliminary soil sampling results have indicated grades of up to 1760 parts per billion for gold and 602 parts per million for copper.
International Graphite (ASX:IG6): The company has entered into a partnership with a European chemical manufacturer to establish a graphite processing facility in Italy. This joint venture, with International Graphite holding a 49% stake and ALKEEMIA holding 51%, aims for an initial production capacity of around 10,000 tonnes of graphite annually, commencing in late 2027. The proposed location for this new facility is Porto Marghera, a prominent commercial and industrial port in Venice.
Duketon Mining (ASX:DKM): Duketon Mining has deployed a drilling rig to commence a maiden drilling program at its Barlee project. This program will test six gold-in-soil targets. The company has successfully completed heritage clearances, aeromagnetic surveys, and structural and targeting modelling in preparation for the drill testing of these targets, which previously yielded gold grades up to 235 parts per billion in soil sampling.
ASX Laggards: Worst Performing Stocks
On the other side of the spectrum, several companies experienced significant declines in their share prices today. The following table lists some of the day’s worst performers:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NGY | Nuenergy Gas Ltd | 0.05 | -43% | 9,616,020 | $168,871,906 |
| GGE | Grand Gulf Energy | 0.002 | -33% | 375,000 | $9,361,275 |
| MOM | Moab Minerals Ltd | 0.0015 | -25% | 250,000 | $4,031,405 |
| MRQ | Mrg Metals Limited | 0.003 | -25% | 3,000,000 | $11,941,605 |
| TEG | Triangle Energy Ltd | 0.003 | -25% | 401,043 | $8,891,778 |
| ROG | Red Sky Energy. | 0.002 | -20% | 12,650,000 | $13,555,568 |
| FRB | Firebird Metals | 0.18 | -18% | 170,366 | $40,119,508 |
| BIT | Biotron Limited | 0.0025 | -17% | 160,000 | $8,105,598 |
| BLU | Blue Energy Limited | 0.005 | -17% | 49,525 | $18,071,842 |
| EGY | Energy Tech Ltd | 0.02 | -17% | 55,000 | $11,998,861 |
In Case You Missed It: Other Market News
- Airtasker (ASX:ART) and Nine Entertainment (ASX:NEC): These two companies have entered into a $5 million media deal involving an exchange of advertising for a convertible note.
- Viking Mines (ASX:VKA): Expanded geophysical surveys conducted by Viking Mines have identified the Linka prospect as being on the eastern flank of a significantly larger tungsten system located in Nevada.
- Waratah Minerals (ASX:WRM): Ongoing drilling operations at Waratah Minerals’ Spur project have yielded significant gold intersections from both the Spur and Consols zones.
- HRE (ASX:HRE): Research by HRE has uncovered previously unrecognised monazite and xenotime minerals along the Bonython Critical Mineral Corridor.
- Resolution Minerals (ASX:RML): Sampling of historical stockpiles at the Johnson Creek mill has returned results of 1.85% tungsten for Resolution Minerals.
- OMG Group (ASX:OMG): The group has reported net sales of $896,723 for January and February of FY26, marking a substantial 53% increase compared to the previous corresponding period.
- Javelin Minerals (ASX:JAV): Javelin Minerals is commencing an RC drilling program at its Eureka gold project, situated in Western Australia.
- Dart Mining (ASX:DTM): The company has announced rock chip results from its Chandlers project, with assays reaching as high as 109g/t gold and 105g/t silver.
- Energy Transition Minerals (ASX:ETM): ETM is set to launch a $10 million exploration project focusing on the Kvanefjeld project in Greenland.
- Caprice Resources (ASX:CRS): Caprice Resources has intersected a notable intercept in the southern part of the Vadrians system, including a 3-metre section grading 25.3g/t gold.
- Blue Star (ASX:BNL): The company has transitioned its Galactica helium project to full-time operations following the integration of six wells into its processing facility.
- Adavale Resources (ASX:ADD): Adavale Resources has expanded its resource drilling efforts by deploying a second rig at the London-Victoria gold mine in New South Wales.
- Rhythm Biosciences (ASX:RHY): Rhythm Biosciences has achieved its first commercial sale of the geneType cancer risk assessment test in the Philippines.
Trading Halts
The following companies have entered trading halts:
- Atomo Diagnostics (ASX:AT1): Awaiting an update from the FDA regarding its FebriDx application.
- Blue Star Helium (ASX:BNL): Related to a capital raise.
- Buxton Resources (ASX:BUX): In relation to an asset sale agreement.
- Impact Minerals (ASX:IPT): Related to a capital raise.
- Weebit Nano (ASX:WBT): Related to a capital raise.
