The ASX 200 edged higher today, up just 1.2 points to 8,484, ignoring a negative lead from United States equity futures and declines across regional equity markets.
The US lead came after President Trump signed an order to raise tariffs on steel and aluminium imports to a flat 25% "without exceptions or exemptions".
However, as was the case last week, IG Markets analyst Tony Sycamore said "things are never set in stone when it comes to Trump's tariffs.
"Just hours after confirming the tariffs would take effect on March 4 "without exceptions or exemptions," President Trump noted he would give "great consideration" to a tariff exemption on Australian steel, citing that Australia is one of the few countries with which the US has a surplus.
Sycamore said while this was potentially good news for Australia, "our steel and aluminium exports to the US are only modest. The more significant risk is the uncertainty the simmering trade war brings to markets."
Reporting season today produced a mix of winners and losers. Seven West Media surged 6.06% to $0.175, driven by a positive advertising outlook despite declining revenues and profits.
Conversely, biotech giant CSL's share price fell 3.74% to $260.24 after reporting revenues and profits that missed expectations.
Gold record
The best barometer of trade war uncertainty is gold, which Sycamore said hit another fresh record high today of $2,942, now up 11.5% in the first six weeks of this year.
And on the ASX gold stocks generally benefitted with Evolution Mining surging 6.41% to $6.31, De Grey Mining adding 5.83% to $2.18, Northern Star Resources gaining 4.75% to $18.66 and Regis Resources climbing 1.38% to $3.31.
Consumer sentiment
Ahead of next week’s Reserve Bank of Australia (RBA) Board meeting, the Westpac Consumer Sentiment Index snapped a two-month losing streak, rising 0.1% in February to 92.2, remaining in cautious territory.
Meanwhile, the National Australia Bank (NAB) Business Confidence index bounced to +4 in January from -2 prior, marking its first positive reading since October.
Solis Minerals surges
After delivering news of widespread copper mineralisation at the Cinto Project on the coast of Peru, Solis Minerals Ltd shares surged by 49.21% to close at $0.094.
Nexus Minerals Ltd rose up to 18.87% to a daily high of $0.063 after starting a 10-metre regional drilling program at the Wallbrook Gold Project and fellow WA gold explorer Yandal Resources Ltd increased 12.5% to $0.18.
Other movers in the small caps sector were Cyclone Metals Ltd, as much as 10.91% higher to $0.061, Aurum Resources Ltd lifted 10.53% to a daily peak of $0.315, Anteris Technologies Global Corp was 9.79% higher to $10.91, Titan Minerals Ltd reached $0.485, a lift of 7.78%, Ora Banda Mining Ltd pushed up 5.75% to $0.92 while fellow gold producer Alkane Resources Ltd hit $0.615, an increase of 5.13% and Magnetite Mines Ltd was 4.35% higher to $0.096.
Five at Five
Elixir Energy expands in gas-rich Taroom Trough through Santos farm-ins
Elixir Energy Ltd has expanded its position at the Grandis Project in the gas-rich Taroom Trough of Queensland by executing two farm-in agreements with a subsidiary of energy major Santos Ltd.
Solis Minerals identifies extensive copper mineralisation at Cinto Project, Peru
Solis Minerals Ltd has leveraged rock chip and channel sampling to identify widespread copper mineralisation at the Cinto Project on the Peruvian coast, highlighting potential for a large porphyry-style copper system.
Nexus Minerals kicks off 11,000-metre regional drilling program at Wallbrook Gold Project
Nexus Minerals Ltd has begun an 11,000-metre regional aircore drilling program at the Wallbrook Gold Project 140 kilometres northeast of Kalgoorlie in Western Australia, following up on a new gold discovery at the Payns prospect.
GTI Energy fields positive leaching results for Lo Herma ISR Uranium Project
Agitation leach studies for the Lo Herma ISR Uranium Project of GTI Energy Ltd demonstrate that mineralisation is amenable to the alkaline in-situ leach process (ISL or ISR) with recoveries of approximately 75%.
This is consistent with other ISR projects in the Southern Powder River Basin of Wyoming, USA, and is the method used successfully at other deposits in this region.
Riversgold has 'Section 29 Closing Date' set for Northern Zone Gold Project application
Progress has been made on Mining Lease application M25/389 for the Northern Zone Gold Project of Riversgold Ltd near Kalgoorlie in Western Australia with the 'Section 29 Closing Date' set for May 29, 2025.
On your six
Apollo Minerals advances Salanie gold drilling in Gabon
Apollo Minerals Ltd managing director Neil Inwood talked with Proactive’s Tylah Tully about recent drilling progress at the Salanie Gold Project in Gabon and a strategic investment from Capital DI Limited.