ASX top losers today: Why these 20 stocks dropped and what investors are watching next

On May 6, 2025, the Australian Securities Exchange (ASX) witnessed notable declines across various sectors, with 20 companies among the top losers. This downturn reflects broader market sentiments influenced by global economic uncertainties, including trade tensions and fluctuating commodity prices.

What Caused C29 Metals Ltd Share Price to Drop Over 13%?

C29 Metals Ltd saw its share price tumble 13.04% to close at AUD 0.04, making it the biggest decliner on the ASX for the day. The company’s small market cap of AUD 6.97 million and exposure to copper and lithium exploration leave it particularly sensitive to shifts in commodity prices. The ongoing decline in base metal prices—particularly copper—on fears of slowing Chinese demand and oversupply conditions has raised investor caution. C29’s 12-month loss of over 42% highlights persistent weakness in junior explorers, compounded by thinning trade volumes and limited institutional coverage.

Why Did Connected Minerals Ltd Shares Fall by 11.11%?

Connected Minerals Ltd, a small-cap technology firm, declined by 11.11% to AUD 0.12. With a market capitalisation of just under AUD 5 million, this microcap stock remains extremely volatile. Despite a sharp 566% gain over the past year—likely off a low base—the recent correction may reflect speculative unwinding. The technology sector faced broad pressure, with investors rotating out of risk-heavy microcaps amid elevated volatility in global tech indices. Lack of liquidity and institutional backing remains a challenge for continued upward momentum.

What Drove the Slide in RLF Agtech Ltd Shares?

RLF Agtech Ltd fell 11.11% to AUD 0.04. The agri-science and crop nutrition company has struggled amid funding concerns and a weak outlook for agriculture-linked biotech investments. The stock’s 37.56% annual decline underscores the market’s limited confidence in near-term profitability. A relatively light turnover of AUD 2,184 indicates limited buyer interest, raising concerns about capital inflows from institutional or retail sources.

Asara Resources Ltd: Why Did the Stock Decline 10.84%?

Asara Resources Ltd dropped 10.84% to AUD 0.037 despite delivering over 230% gains year-on-year. The sharp reversal suggests that investors may be taking profits in resource plays amid volatile commodity trends. The basic materials sector experienced pressure due to concerns over demand from China and pricing corrections in the metals segment. Traders may also be pricing in financing risks, as junior explorers continue to face higher capital costs. Its market cap stood at AUD 40.74 million.

Why Did Anteris Technologies Global Corp Fall 10.71%?

Anteris Technologies Global Corp declined 10.71% to AUD 6.25, underlining persistent pressure on the healthcare technology segment. With a 70% fall over the past year and a market capitalisation of AUD 96.22 million, the cardiovascular-focused medtech firm remains under scrutiny regarding its path to profitability. The company may be affected by high burn rates, capital-raising uncertainties, and regulatory timelines. Daily turnover of AUD 78,181 reflected a relatively active session, possibly driven by institutional sell orders or reaction to corporate disclosures.

Prescient Therapeutics Ltd: What Triggered the 8% Fall?

Prescient Therapeutics Ltd dropped 8% to AUD 0.046. The biotech firm, focused on cancer therapies, remains in pre-revenue stages and highly dependent on capital markets for funding. In an environment of higher interest rates and risk-off sentiment, such firms often become targets for short selling or capital flight. Flat year-on-year performance suggests investor hesitancy, possibly awaiting updates on clinical trials or partnerships.

Ordell Minerals Ltd: Why Did Shares Slide Nearly 8%?

Ordell Minerals Ltd declined 7.76% to AUD 0.535. The resource explorer, with a market cap of AUD 19.25 million, has seen a steep 73.25% drop over the past year. This recent fall appears consistent with broader bearishness in speculative mining stocks as global metal prices retreat and funding for junior miners becomes increasingly scarce. Turnover of AUD 17,320 signals relatively low investor engagement.

Besra Gold Inc: Is Gold’s Retreat Behind the Stock Drop?

Besra Gold Inc fell 6.67% to AUD 0.042. The gold sector was hit by profit-taking after recent highs, as spot gold prices declined from their peak in April. The company has lost over 56% in the past year and has a market cap of AUD 17.45 million, highlighting ongoing operational or funding challenges. As a low-priced gold explorer, Besra remains vulnerable to commodity cycles and investor rotation into more stable producers.

Why Did Janison Education Group Ltd Shares Decline?

Janison Education Group Ltd fell 6.45% to AUD 0.145. The edtech company has struggled with scaling post-pandemic digital learning solutions amid intensifying competition and slower-than-expected international expansion. With nearly 50% erosion in share price over the past 12 months, investor sentiment remains cautious, awaiting more definitive signs of revenue turnaround.

Norwest Minerals Ltd: What’s Behind the 6.25% Drop?

Norwest Minerals Ltd declined to AUD 0.015, losing 6.25%. Weak investor confidence in speculative resource stocks, especially those with no near-term production plans, has hurt performance. Turnover of just over AUD 29,000 reflects thin liquidity, with retail investors possibly dominating trades. Institutional interest appears low amid persistent uncertainty around exploration outcomes.

Why Are Vanadium Resource Stocks Like VR8 Declining?

Vanadium Resources Ltd also dropped 6.25% to AUD 0.015. The broader vanadium sector has faced declining prices and tepid demand, particularly from steel producers and battery storage developers. VR8’s 64% year-on-year decline highlights weak investor confidence. Limited trading volumes suggest the decline is driven by broader market concerns rather than company-specific developments.

What Caused the Drop in Skycity Entertainment Group Ltd?

Skycity Entertainment Group Ltd fell 6.22% to AUD 0.98 amid challenges in the consumer cyclical sector. With a market cap of AUD 745 million, this is among the larger companies in the top losers list. Investors appear concerned about the impact of weakening discretionary spending, higher operating costs, and regulatory scrutiny on gaming operations across Australia and New Zealand. The stock has lost over a third of its value over the past year.

Advance Metals Ltd: Profit Booking or Structural Weakness?

Advance Metals Ltd declined 6.12% to AUD 0.046. Despite a strong year-to-date performance of 84%, the recent drop may signal profit-taking. Investors may also be reacting to delays or cost escalations in project timelines, which remain common in resource juniors. Trading volumes exceeded AUD 100,000, suggesting increased activity from speculative investors or early backers exiting.

Kingsrose Mining Ltd: Why Did the Stock Drop by Over 6%?

Kingsrose Mining Ltd fell 6.06% to AUD 0.031. Though the company has reduced its 12-month losses to under 10%, broader risk aversion in the small-cap mining segment has constrained its upside. Turnover remains low, suggesting limited institutional participation. Concerns over funding and viability of long-term exploration programs remain a persistent overhang.

Cann Group Ltd: What’s Weighing on this Healthcare Player?

Cann Group Ltd dropped 5.88% to AUD 0.016, continuing its long-term downtrend with a 72.72% decline over the past year. Regulatory bottlenecks and tepid product uptake in the medicinal cannabis sector remain key challenges. Investors appear increasingly sceptical about Cann’s growth narrative, especially given constrained capital availability in the sector.

What’s Behind the Drop in Nanoveu Ltd?

Nanoveu Ltd saw a 5.71% decline to AUD 0.033. Although the company has doubled its value over the past year, its volatile performance and niche product focus raise sustainability questions. The recent pullback reflects broader weakness in micro-cap tech firms with low recurring revenue visibility.

Why Did Talisman Mining Ltd Lose Ground?

Talisman Mining Ltd declined 5.71% to AUD 0.165. The stock is down nearly 39% over the past year amid declining investor appetite for mid-stage exploration assets. Concerns about capital expenditure and project delays remain, particularly given the cautious stance of institutional investors toward non-producing resource firms.

Carnegie Clean Energy Ltd: Sector Weakness or Company Specific?

Carnegie Clean Energy Ltd dropped 5.41% to AUD 0.035. The renewables-focused utility company has been under pressure amid rising project financing costs and competitive clean energy economics. A 30% annual decline underlines growing investor wariness toward capital-intensive clean energy plays with delayed revenue cycles.

Hawk Resources Ltd and Power Minerals Ltd: Common Themes Behind Declines?

Hawk Resources Ltd fell 5.26% to AUD 0.018, while Power Minerals Ltd dropped 5% to $0.057. Both are micro-cap miners with limited institutional backing and high dependence on exploration outcomes. With Hawk down nearly 60% and Power down over 50% year-on-year, their stock performance mirrors a broader investor pullback from speculative plays amid economic uncertainty.

What Broader Trends Are Driving ASX Market Declines?

The 6 May selloff across ASX sectors was shaped by rising concerns about global growth and commodity demand. Soft economic data from China and renewed geopolitical tensions in Eastern Europe have injected volatility into commodity-linked equities. Investors also appear concerned about future interest rate policy shifts by the Reserve Bank of Australia and U.S. Federal Reserve, which could impact capital access and corporate valuations.

The basic materials sector bore the brunt of the declines, with high-beta resource stocks facing funding constraints and waning investor enthusiasm. Meanwhile, healthcare and tech microcaps experienced drawdowns as part of a broader de-risking trend. Institutional flows suggested net outflows from speculative pockets of the market, with limited buying support from foreign institutional investors (FIIs).

What Comes Next for ASX Losers?

Analysts expect continued volatility in the coming weeks unless commodity markets stabilise or investor risk appetite returns. For speculative and pre-revenue companies, especially in healthcare and basic materials, access to capital markets may remain tight. Investors are likely to closely track China’s industrial output, central bank commentary, and ASX earnings results for signals on potential turnarounds.