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Highlights:
ASX falls nearly 1% today, breaking a seven-day winning streak.
Energy sector hit hardest, with several large-cap stocks falling significantly.
Small-cap stocks like Anax Metals and XPON Technologies show notable growth.
The ASX 200 dropped almost 1% on Monday, ending a seven-day winning streak. The overall market trend saw a decline across all sectors, with the Energy sector particularly impacted. A downturn in oil prices has added pressure to major players like Woodside Energy (ASX:WDS), Santos (ASX:STO), and Yancoal (ASX:YAL), which saw considerable losses. Despite the broad market weakness, small-cap stocks in sectors such as uranium and digital technology stood out.
Energy Sector Declines
The Energy sector faced significant setbacks, with major companies like Woodside Energy (ASX:WDS) and Santos (ASX:STO) registering losses. This follows a downward trend in oil prices, which has been ongoing for several weeks. On the other hand, companies such as AXP Energy (ASX:AXP) and Pancontinental Energy (ASX:PCL) posted gains, with both companies performing well despite the sector's overall downturn.
Gold Sector Resilient
While most sectors were in the red, the Gold sector provided some relief. Even though the gold price faced a dip last week, companies like Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) saw positive movements. In particular, Anax Metals (ASX:ANX) caught attention with a strong rise, bolstered by a significant funding deal that could propel the Whim Creek copper project in Western Australia. Other notable gold stock movements included Gold Road Resources (ASX:GOR) and Sarama Resources (ASX:SRR), which saw positive growth.
Small-Cap Stocks Shine
In contrast to the overall market trend, small-cap stocks showed resilience. Anax Metals (ASX:ANX) surged following the announcement of a significant funding agreement to advance its copper project. XPON Technologies (ASX:XPN) also made headlines, surging after it finalized a buyout of Alpha Digital, a move expected to enhance its digital marketing capabilities. SmartPay (ASX:SMP) saw its stock rise following exclusive talks with a buyer offering a premium price per share, which could lead to a potential deal.
Sector-Wide Pullback Continues
The broader market struggled to maintain its momentum, with all sectors ending the day in negative territory. The overall performance reflected a market adjusting after several consecutive days of growth. As investors continue to respond to broader economic factors, sectors like Energy, Materials, and Financials saw the most significant declines.
