ASX Today: Small caps extend five-day advance as Micro-X surges 60%

Samso Market close Roundup | Wednesday, September 23, 2026 | 4:30 pm AEST

Australian small caps continued to outperform on Wednesday, with the S&P/ASX Small Ordinaries gaining for the session and extending its five-day advance to 1.48%, while the broader market finished only marginally higher.

The Small Ordinaries closed at 3,422.90, up 4.80 points or 0.14%, having traded as high as 3,445.10 during the session. Over the past five trading days, the index has added 49.80 points.

That compared with a more subdued session for the S&P/ASX 200, which finished at 8,765.30, up 7.50 points or 0.09%.

Micro-X leads small-cap movers

Micro-X Ltd (ASX:MX1) was the standout small-cap performer, surging 60% to A$0.048.

SRJ Technologies Group PLC (ASX:SRJ) followed with a 50% rise to A$0.005, while Po Valley Energy Ltd (ASX:PVE) advanced 34.83% to A$0.120.

A cluster of companies posted gains above 30%, with TrivarX Ltd (ASX:TRI) and Osteopore Ltd (ASX:OSX) both climbing 33.33%, alongside Ovanti Ltd (ASX:OVT), also up 33.33%.

Arrow Minerals Ltd (ASX:AMD) gained 30.43% to A$0.030.

Rounding out the leading small-cap performers, Percheron Therapeutics Ltd (ASX:PER), Moho Resources Ltd (ASX:MOH) and Tempest Minerals Ltd (ASX:TEM) each advanced 25%.

The gains underline the stronger momentum at the smaller end of the market, although several of the largest percentage moves occurred in stocks trading at only a few cents, where small absolute price movements can produce outsized percentage changes.

ASX 200 gives back early gains

The broader market endured a choppy session.

The ASX 200 opened at 8,757.80 and quickly climbed to an intraday high of 8,791.90, roughly 0.4% above the previous close.

Those gains faded through the morning, with the index falling as low as 8,742.70 before recovering during the afternoon. Another push towards 8,780 late in the session also faded, leaving the benchmark only slightly higher at the close.

The market's internal picture was similarly mixed, with strength in resources offset by weakness across much of the rest of the index.

Australia’s September flash purchasing managers’ indices added the economic backdrop to the session.

The composite output index fell to 50.8 from 52.7, its weakest reading of the third quarter. Services activity slowed to 51.4 from 53.2, while the manufacturing PMI dropped to 49.3 from 52.0.

Gold and resources stocks outperform

Materials were one of the standout areas of the market, with gold and mining stocks dominating the large-cap leader board.

Newmont Corporation gained 3.88%, while Northern Star Resources Ltd rose 3.51% and Capricorn Metals Ltd advanced 3.39%.

Perseus Mining Ltd added 3.23%, while battery and mining exposure also attracted buyers, with IGO Ltd up 3.09% and PLS Group Ltd gaining 3.03%.

Greatland Resources Ltd advanced 2.96% and Genesis Minerals Ltd gained 2.78%.

Outside resources, James Hardie Industries PLC rose 2.71% and AMP Ltd added 2.36%.

The market's sector heat map showed materials clearly among the strongest areas over the session, while much of energy, financials, technology, communication services and utilities remained under pressure.

Atlas Arteria and Telix lead declines

Atlas Arteria was the weakest large-cap performer, falling 5.28%, while Telix Pharmaceuticals Ltd dropped 4.82%.

Aristocrat Leisure Ltd declined 2.78% and Xero Ltd shed 2.75%.

Computershare Ltd and Insurance Australia Group Ltd each fell 2.73%, while REA Group Ltd lost 2.58% and Suncorp Group Ltd slipped 2.48%.

ALS Ltd was down 2.20%, while CAR Group Ltd rounded out the larger decliners with a 2.02% fall.

Small caps maintain momentum

Despite surrendering much of its intraday gain, the Small Ordinaries continued to outperform the large-cap benchmark over the latest five-session period.

The index has risen from below 3,400 last week to 3,422.90, with Wednesday's broad spread of double-digit individual gains keeping investor attention firmly on emerging companies.

The next test will be whether that momentum can continue and broaden beyond the more speculative end of the market, particularly if large caps remain caught between strength in resources and weakness across other major sectors.

Samso Midday Market Roundup | Wednesday, September 23, 2026 | 1:13pm AEST

Australian shares were almost unchanged at midday on Wednesday as gains across gold and lithium companies offset weakness in banks, energy producers and several large technology stocks.

The S&P/ASX 200 was 1.50 points, or 0.02%, higher at 8,759.30 at 1:13pm AEST, recovering from a late-morning decline but remaining below its early high.

The All Ordinaries added 3.70 points, or 0.04%, to 8,954.70, while smaller companies continued to outperform. The S&P/ASX Small Ordinaries gained 16.90 points, or 0.49%, to 3,435.00, taking its advance over five sessions to 1.84%.

Gold producers featured prominently among the gainers, while Core Lithium jumped more than 11%. On the other side of the market, Xero extended its decline, Tuas fell sharply following its results and Insurance Australia Group weakened after its proposed RAC Insurance acquisition was opposed by the competition regulator.

ASX today: midday market snapshot

The ASX 200 traded between 8,742.70 and 8,791.90 during the session. It initially rose approximately 0.39% before falling 0.17% below Tuesday’s close and subsequently recovering.

The Small Ordinaries also eased from its session high of 3,445.10, although it retained a stronger percentage gain than the large-cap benchmark.

Sector performance remained uneven. By late morning, financials had fallen around 1.1%, while materials had advanced approximately 1.8%. Utilities and energy were also under pressure.

Gold miners rally across the market

Gold shares advanced across large, mid and smaller capitalisation groups, with buying extending well beyond companies releasing individual announcements.

Northern Star Resources gained 3.78%, Newmont Corporation rose 3.44%, Perseus Mining added 2.93% and Evolution Mining advanced 2.71%.

Among other producers, Catalyst Metals climbed 6.40%, Pantoro gained 6.32% and Resolute Mining rose 4.01%.

The sector received a positive overnight lead from bullion, which gained approximately 0.49% to US$4,364 an ounce. Silver rose 2.09%, while copper advanced 2.03%.

Greatland combines bullion support with an operating update

Greatland Resources advanced 4.17%, with its corporate presentation providing additional company-specific information for investors.

The update showed full-year production of 329,000 ounces of gold and 14,600 tonnes of copper, exceeding guidance. All-in sustaining costs of $2,179 an ounce were below the guided range.

Greatland also reported $1.29 billion in cash and no debt, placing its operating performance and balance sheet alongside the stronger gold price as factors for investors to assess.

Lithium stocks rise despite a reversal in Chinese futures

Australian lithium companies retained substantial gains even as Chinese lithium carbonate futures reversed an initially positive opening.

The futures contract opened approximately 1.2% higher before falling 1.9% to 130,600 yuan a tonne.

Despite that move, Core Lithium jumped 11.33%, Liontown Resources gained 4.17%, IGO advanced 3.39% and Pilbara Minerals rose 2.78%.

Core Lithium’s advance followed recent progress restarting its Finniss operation. The recommissioned processing plant produced its first spodumene concentrate earlier in September, with the first shipment targeted for the December quarter.

The sector was also trading in the wake of Titan Australia Mining’s agreed $333 million takeover of Global Lithium Resources, which sent the target’s shares almost 50% higher in the previous session.

The divergence between Australian lithium equities and Chinese futures means the share-price gains cannot be explained solely by a stronger lithium price during Wednesday’s trade.

Falling oil weighs on ASX energy shares

Energy companies faced a weaker commodity backdrop as oil prices retreated.

The overnight update showed West Texas Intermediate crude falling 2.73% to US$89.85 a barrel, while Brent traded below US$100.

Diplomatic efforts involving the United States and Iran raised hopes of improved oil flows through the Strait of Hormuz. Saudi Arabia’s restart of its East-West pipeline also supported expectations for exports through the Red Sea port of Yanbu.

The outlook remained dependent on further developments, but the weaker oil-price lead was accompanied by declines in Australian producers.

Woodside Energy fell 1.99%, while Karoon Energy lost 2.77%.

Australian PMI data shows slower growth and persistent cost pressures

Australia’s September flash purchasing managers’ indices added a softer economic backdrop to the session.

The composite output index fell to 50.8 from 52.7, its weakest reading of the third quarter. Services activity slowed to 51.4 from 53.2, while the manufacturing PMI dropped to 49.3 from 52.0.

The manufacturing result indicated the first contraction since March, with readings below 50 signalling declining activity.

Private-sector employment fell for the first time in four months, while input-price inflation accelerated to a three-month high.

The figures presented a difficult combination ahead of next week’s Reserve Bank meeting: economic activity was slowing, but businesses continued to face cost pressures.

Xero falls as technology and growth stocks weaken

Xero declined 5.67%, extending a sell-off that has taken its shares to levels last seen in 2019.

The company has been trading against a backdrop of elevated Australian bond yields, expectations of another interest-rate increase and questions about how artificial intelligence could affect software businesses. Investors have also been assessing the costs and margin implications of its Melio acquisition.

Other growth-oriented companies weakened. TechnologyOne fell 2.46%, REA Group lost 3.26% and CAR Group declined 2.44%.

REA announced a new non-executive director, although that announcement did not include a financial update.

IAG declines after RAC Insurance acquisition opposed

Insurance Australia Group fell 2.29% after the Australian Competition and Consumer Commission opposed its proposed acquisition of RAC Insurance.

The regulator concluded that the transaction would be likely to substantially lessen competition in Western Australia’s motor vehicle and home insurance markets.

The decision provided a company-specific development within a financial sector already trading lower.

Tuas and Nufarm retreat despite headline growth

Tuas dropped 17.38% following its full-year results, despite reporting higher revenue and underlying profit.

Revenue increased 24% to S$187.6 million, while underlying net profit rose to S$29.6 million, exceeding one set of analyst estimates.

However, mobile subscriber numbers were below those forecasts. The proposed acquisition of M1 had also lapsed, and Tuas flagged S$15 million to S$30 million in additional cybersecurity expenditure during the coming year.

Nufarm declined 5.31% after forecasting underlying EBITDA of $370 million to $380 million, representing growth of approximately 25% at the midpoint.

Alongside that earnings outlook, the company outlined $90 million to $110 million in material items after tax, associated largely with restructuring and planned factory closures.

Both updates illustrated how stronger headline earnings can sit alongside other developments that affect investors’ assessment of a business.

ASX small-cap movers: Ovanti, Critical Resources and Micro-X

Ovanti surged 66.67% after its wholly owned subsidiary secured a Malaysian High Court judgment worth RM5.17 million, equivalent to approximately A$1.78 million.

The company is pursuing additional recovery actions. The judgment establishes a legal outcome; the timing and extent of cash recovery remain separate considerations.

Critical Resources gained 28.57% after securing exclusivity to negotiate the acquisition of a 90% interest in the 164-square-kilometre Gonini Gold Project in Suriname. The proposed acquisition remains at the negotiation stage.

Micro-X rose 33.33%, while Anax Metals advanced 29.41%. Their low nominal share prices mean relatively small price changes can translate into large percentage movements.

Samso Concluding Comments

The almost unchanged ASX 200 concealed considerable movement beneath the surface. Gold and lithium companies were attracting buying, while financials, energy and several growth stocks were moving in the opposite direction.

The lithium rally was particularly worth watching because Australian shares retained gains despite Chinese futures turning lower. Recent operational developments and the Global Lithium takeover offer possible explanations, although their contribution to each company’s move cannot be measured from share prices alone.

The corporate updates also provided a useful reminder that growth figures require context. Tuas reported higher revenue and profit, while Nufarm outlined stronger underlying earnings, yet both shares declined as investors assessed additional costs and other developments.

Heading into the afternoon, the immediate question is whether resources strength can extend to more of the market. Until then, the index remains finely balanced, with company-specific developments offering more detail than the headline market move.

Samso Market Update | Wednesday, September 23, 2026 | 11:00 AEST

The Australian share market slipped marginally into negative territory on Wednesday morning, surrendering an early advance despite gains across gold miners and selected resources stocks.

The S&P/ASX 200 was down 4.5 points, or 0.05%, at 8,753.30, compared with Tuesday’s close of 8,757.80.

The benchmark had climbed to 8,791.90 earlier in the session, putting it approximately 0.4% above the previous close, before retreating towards its morning low of 8,751.40.

Newmont, Northern Star and Capricorn Metals were among the stronger large-cap performers, while Atlas Arteria, Telix Pharmaceuticals and several technology-related names declined. At the smaller end of the market, Micro-X and Critical Resources recorded substantial percentage gains.

ASX today: key market moves

• ASX 200: Down 0.05% to 8,753.30 at 11:06am AEST.

• Session range: Between 8,751.40 and 8,791.90.

• Gold miners: Newmont rose 3.88%, Northern Star gained 3.51% and Capricorn Metals added 3.39%.

• Large-cap decliners: Atlas Arteria fell 5.28% and Telix Pharmaceuticals lost 4.82%.

• Small-cap movers: Micro-X jumped 30%, while Critical Resources advanced 28.57%.

Gold and resources stocks support the Australian share market

Materials provided support as gold miners featured prominently among the morning’s large-cap gainers.

Newmont Corporation rose 3.88%, followed by Northern Star Resources, up 3.51%, and Capricorn Metals, up 3.39%. Perseus Mining advanced 3.23%, while Genesis Minerals gained 2.78%.

Buying also extended to other resources companies, with IGO rising 3.09% and Pilbara Minerals adding 3.03%.

The gains helped cushion the benchmark against weakness elsewhere. Materials remained positive, while energy, information technology, communication services and utilities were among the weaker sectors.

The result was an uneven session: resources shares attracted buying, but that strength had not been sufficient to keep the ASX 200 above its previous close.

Atlas Arteria and Telix lead large-cap declines

Atlas Arteria fell 5.28%, making it the weakest performer in the large-cap group covered by the morning snapshot.

Telix Pharmaceuticals declined 4.82%, while Aristocrat Leisure lost 2.78% and Xero fell 2.75%.

Computershare and Insurance Australia Group each declined 2.73%. REA Group was down 2.58%, while Suncorp Group slipped 2.48%.

The falls across these businesses offset part of the resources advance and contributed to the benchmark’s reversal from its early high.

ASX small caps: Micro-X and Critical Resources jump

Price movements were considerably larger among selected small-cap companies.

Micro-X (ASX: MX1) jumped 30%, while Critical Resources (ASX: CRR) advanced 28.57%.

Critical Resources announced that it had secured exclusivity to acquire a 90% interest in the 164-square-kilometre Gonini Gold Project in Suriname. The proposed transaction would give the company exposure to the Guiana Shield gold province.

The announcement concerns an exclusive opportunity to pursue the acquisition; it does not represent a completed purchase.

Several other small caps recorded gains of at least 25%. Declines were also substantial in parts of the market, with WHK down 25% and CHM, ICL and MHK each falling approximately 16.7%.

These individual moves do not establish the direction of the broader small-cap market, but they highlight the scale of the morning’s stock-specific price changes.

What to watch through the afternoon

The immediate question is whether strength in gold and resources companies can be sustained and accompanied by a recovery elsewhere in the market.

A return above 8,757.80, the previous closing level, would put the benchmark back into positive territory. Whether it can remain there will depend on the balance between continued resources buying and weakness across other sectors.

Samso Concluding Comments

Wednesday’s morning session illustrates why the headline index tells only part of the market story. The ASX 200 was slightly lower, yet several gold miners recorded gains exceeding 3%, while selected small caps moved considerably further.

For investors, the useful distinction is between a change in share price and a change in the underlying business. Critical Resources’ proposed entry into a gold project introduces a development for shareholders to assess, including the acquisition terms, remaining conditions and the work required to establish the project’s potential.

The afternoon session will show whether the resources advance can support a broader recovery. For now, the market remains selective, with substantial differences between individual companies and sectors.

Samso Pre-Open Market Update | Wednesday, September 23, 2026

The Australian share market is pointing to a firmer start on Wednesday, with ASX futures rising as record copper prices and another Nasdaq high provide positive leads for resources and technology shares. Falling oil prices are creating a different outlook for energy producers, while interest-rate expectations remain in focus ahead of next week’s Reserve Bank decision.

SPI 200 futures were up 18 points, or approximately 0.2%, at 8.30 am AEST, easing from an earlier indication of a 27-point rise. The positive lead follows Tuesday’s 0.30% gain in the ASX 200 and a stronger 0.75% advance in the Small Ordinaries.

ASX today: key points before the market opens

• ASX futures: Up 18 points, or around 0.2%, ahead of Wednesday’s session.

• Copper: Futures reached a record near US$6.92 a pound.

• Wall Street: The Nasdaq gained 0.5% to a record close; the S&P 500 was virtually unchanged.

• Oil: Brent retreated below US$100 a barrel as tentative diplomacy raised hopes of improved supply.

• Gold: Recovered to around US$4,362 an ounce, with US-listed gold miners advancing.

• Stocks to watch: Ballard Mining, Capricorn Metals and Nufarm.

• Economic calendar: Australian flash PMIs precede Thursday’s employment report and next week’s RBA meeting.

ASX 200 outlook after Tuesday’s technology rebound

The S&P/ASX 200 begins Wednesday at 8,757.8, having gained 25.9 points on Tuesday. The All Ordinaries rose 31.9 points, or 0.36%, to 8,951, while the Small Ordinaries finished at 3,418.1.

Technology supported Tuesday’s recovery. WiseTech Global rose 2.86%, TechnologyOne added 2.67% and Xero gained 1.61%. Global Lithium Resources jumped 49.62% following a proposed $333 million acquisition by Titan Australia Mining.

Energy moved in the opposite direction, with Woodside Energy falling 2.37% and Santos losing 1.39% as crude prices retreated.

Wednesday’s overnight leads again favour different parts of the market. Stronger metals prices and gains in overseas mining shares provide support for resources sentiment, while weaker crude creates another test for oil producers. Futures indicate an opening bias rather than a guaranteed result for the session.

Copper price record puts ASX mining stocks in focus

Copper futures reached a fresh record near US$6.92 a pound, extending their six-session advance to approximately 8%. The rally has developed against a backdrop of firm demand and persistent supply constraints.

The Global X Copper Miners ETF gained 2.85% overnight, providing a positive lead for Australian copper producers and developers.

Gold also recovered from an intraday decline to trade around US$4,362 an ounce, up approximately 0.4%. The VanEck Gold Miners ETF advanced 3.6%, while silver miners gained 3.9%.

Iron ore moved against the stronger metals trend, falling 1% to US$96.60 a tonne. Coking coal rose 0.8% to US$265 a tonne and thermal coal gained 1.2% to US$144.

These differences matter for the ASX resources sector, where companies’ commodity exposure varies considerably.

Oil prices fall below US$100 as diplomacy draws attention

Brent crude fell approximately 1.9% to US$98.50 a barrel, after briefly trading below US$98. West Texas Intermediate was around US$94.59, down 1.2%.

Tentative diplomatic progress between the United States and Iran, alongside indications that Saudi Arabia was restarting its East-West pipeline, raised hopes that more oil could reach international markets.

However, the outlook for the Strait of Hormuz remains uncertain. Conditions attached to reopening the waterway and conflicting statements about timing leave oil prices sensitive to further developments.

US energy shares declined, including a 1.8% fall in ConocoPhillips. Woodside and Santos will again be among the Australian companies watched for their response to the weaker crude-price lead.

Nasdaq record masks a mixed Wall Street session

The Nasdaq Composite rose 0.5% to 27,244.28, reaching another closing high as semiconductor shares extended their advance for a sixth session.

The S&P 500 was virtually unchanged at 7,764.64, while the Dow Jones Industrial Average fell 185.62 points, or 0.4%, to 51,863.69.

Monolithic Power Systems gained 8.09%, SanDisk rose 6.78% and Lennar added 6.37%. Decliners included Gen Digital, down 6.35%, GoDaddy, down 6.24%, and Royal Caribbean, down 6.17%.

Materials gained 1.9%, consumer staples rose 1.2% and information technology added 0.63%. Financials fell 1.98% and energy declined 1.01%, illustrating the uneven participation beneath the headline indices.

JPMorgan Chase lost 3.4% as investors assessed the implications of higher funding costs and a relatively flat yield curve for bank margins. The US 10-year Treasury yield was near 4.96%.

European and Asian share markets

European markets finished mixed. The FTSE 100 fell 0.3% to 10,708.33, Germany’s DAX was effectively unchanged at 25,578.85 and France’s CAC 40 gained 0.2% to 8,154.91.

In Asia, the Shanghai Composite added 0.1% to 3,952.13 and Hong Kong’s Hang Seng rose 0.2% to 25,087.75. India’s Sensex declined 0.4% to 74,529.08.

Japan’s cash equity market was closed on Tuesday and remains closed on Wednesday for public holidays.

Chinese technology shares attracted attention after Alibaba unveiled new AI-chip technology ahead of the expected meeting between US President Donald Trump and Chinese President Xi Jinping. Trade, tariffs, critical minerals and AI remain significant themes for investors following the relationship.

Australian dollar, Bitcoin and bond yields

The Australian dollar was around US71.17 cents, while the US dollar index edged 0.1% higher to 100.54 and the euro eased to US$1.1449.

Bitcoin traded near US$86,192, down approximately 0.3% over 24 hours. Despite its recent rebound, it remained below its October 2025 record.

Australia’s 10-year government bond yield was around 5.30%, keeping borrowing costs and equity valuations in focus.

ASX stocks to watch: Ballard Mining, Capricorn Metals and Nufarm

Ballard Mining (ASX: BM1): Mt Ida gold resource increases

Ballard Mining increased the global mineral resource at its Mt Ida gold project by 56% to 1.84 million ounces at 2.8 grams per tonne gold.

The Baldock deposit grew 35% to 1.36 million ounces at 3.5 grams per tonne. A feasibility study and maiden ore reserve are targeted for mid-2027.

Capricorn Metals (ASX: CMM): Karlawinda expansion completed

Capricorn Metals completed the Karlawinda expansion on schedule, lifting steady-state processing capacity to 6.5 million tonnes annually.

The expanded operation is expected to produce approximately 150,000 ounces of gold a year, with a mine life exceeding 10 years based on existing reserves.

Nufarm (ASX: NUF): earnings and leverage outlook

Nufarm expects underlying earnings before interest, tax, depreciation and amortisation of A$370 million to A$380 million for the year to September, representing growth of approximately 25% at the midpoint.

Leverage is expected to decline to around 2.0 times from 2.7 times a year earlier.

Australian economic calendar: PMIs, jobs and the RBA

Australia’s preliminary September manufacturing and services purchasing managers’ indexes are the main domestic releases on Wednesday. The previous services reading was 53.2 and manufacturing stood at 52.0; readings above 50 indicate expansion.

Thursday’s employment report will provide another measure of economic conditions before the RBA’s September 28–29 policy meeting.

Markets anticipate a high probability of a 25-basis-point cash-rate increase to 4.60%. The coming data could influence those expectations, with implications for banks, property companies and consumer-facing businesses.

Samso Concluding Comments

The pre-open picture brings together three forces that could affect Australian companies differently: stronger copper, renewed technology buying and cheaper oil.

For resource investors, a record copper price improves the revenue backdrop, but the effect on individual companies depends on production, costs, funding and the time required to bring a project into operation. Development milestones remain central to that assessment.

Ballard’s resource growth and Capricorn’s processing expansion illustrate two different stages of the gold investment cycle. One increases the resource available for further study; the other expands the capacity to process ore. Their significance needs to be assessed against each company’s valuation and remaining execution requirements.

Wednesday’s opening direction may follow the overnight market, but the more useful question is whether company progress supports a lasting improvement in earnings or project value.