From copper to credit: Why these ASX stocks surged and what it means for investors

Why Did ASX Small-Cap Stocks Surge on 24 April 2025?

The Australian share market ended higher on 24 April 2025, driven by a widespread rally across small-cap equities, especially in the basic materials, energy, and healthcare sectors. The S&P/ASX 200 index closed 0.6% higher at 7,968.2, reflecting positive investor sentiment following global signals of easing trade tensions and increased probability of a near-term interest rate cut by the Reserve Bank of Australia. The biggest percentage gainers on the ASX were primarily micro- and small-cap stocks, with some companies posting daily returns exceeding 30%.

Much of the bullish momentum was attributed to global macroeconomic developments, with United States President Donald Trump suggesting a potential rollback of punitive tariffs on Chinese imports. Investors viewed this as a strong signal of trade détente, igniting risk-on flows into emerging sectors and undervalued small caps. Domestically, growing speculation around a May rate cut supported the thesis of improving credit conditions, especially for debt-reliant explorers and early-stage growth firms.

Which ASX Companies Delivered the Highest Returns on the Day?

Anteris Technologies Global Corp was the day’s best-performing ASX-listed stock, with its shares surging 33.45% to close at AUD 7.50. The healthcare firm, which specialises in cardiovascular solutions, rebounded despite being down more than 67% on a twelve-month basis. Investor sentiment may have been buoyed by strategic positioning ahead of potential product milestones or acquisition speculation within the medtech space.

Bridge Saas Ltd saw a 27.78% jump to AUD 0.023. The software-as-a-service provider, valued at just AUD 4.6 million, recorded minimal turnover but still managed a significant gain. Thin liquidity and rotation into tech micro-caps may have exaggerated the movement, although broader sector optimism played a role as investors re-evaluated early-stage SaaS plays amid expectations of looser monetary policy.

True North Copper Ltd advanced 23.08% to AUD 0.24, continuing its strong upward trajectory, having already gained more than 200% over the past year. The copper developer has benefited from sustained bullishness in the copper market, with analysts citing growing demand from electric vehicle manufacturing, clean energy infrastructure, and data centre expansions requiring copper-intensive builds.

Strike Resources Ltd rose 21.88% to AUD 0.039. While its one-year performance remains in the red, Strike’s exposure to iron ore assets in Peru and Western Australia gives it leverage to any resurgence in commodity pricing. Today’s move likely reflects a broader rebound in metals explorers.

Novo Resources Corp jumped 20.00% to AUD 0.12, amid a wider resurgence in interest for gold-exposed plays. Despite a 25% drop over 12 months, Novo’s diversified resource portfolio and recent operational updates may have instilled confidence in its longer-term positioning.

What Themes Drove Gains in the Mining and Energy Sectors?

Basic materials stocks accounted for the bulk of the top 20 ASX gainers. Hammer Metals Ltd, Mamba Exploration Ltd, Papyrus Australia Ltd, Cyprium Metals Ltd, Koonenberry Gold Ltd, Perpetual Resources Ltd, Voltaic Strategic Resources Ltd, Rimfire Pacific Mining Ltd, Argent Minerals Ltd, and Critica Ltd all posted gains between 14% and 19%. These companies are largely engaged in early-stage gold, copper, rare earths, or critical minerals exploration.

Copper miners such as Cyprium Metals benefited from rising spot copper prices, which have recently crossed USD 4.50/lb due to tight global inventories and surging demand from renewables and artificial intelligence data infrastructure. Similarly, Koonenberry Gold, now up nearly 295% on a one-year basis, continues to attract momentum traders and long-term gold bulls betting on persistent inflation and geopolitical risks.

Among uranium-focused stocks, Elevate Uranium Ltd climbed 14.63% to AUD 0.235, despite a 50% one-year decline. The company’s Namibian tenements are increasingly being viewed as valuable strategic assets as nations expand nuclear capacity to meet climate goals and reduce dependence on fossil fuels.

Energy sector representation also came via Top End Energy Ltd, which gained 14.93%. While conventional oil and gas assets remain volatile, today’s move likely reflected broader support for upstream plays given firming crude prices and forecasts of tighter supply in H2 2025.

How Did Healthcare and Financial Services Perform?

Vitasora Health Ltd, another healthcare name, jumped 18.18% to AUD 0.039. The company’s digital wellness platform and recent expansion into remote diagnostics may be drawing speculative investor interest, particularly with rising global demand for home-based medical technologies. With a year-to-date return matching today’s daily gain, Vitasora could be viewed as a turnaround story in a heavily scrutinised sector.

Pioneer Credit Ltd emerged as the sole representative from financial services, gaining 13.75% to AUD 0.455. Despite being slightly negative over the past year, the debt acquisition and collection firm may have benefited from increased investor confidence in domestic credit markets, as well as rising collections efficiency post-pandemic.

What Does the Broader Economic Context Suggest?

Investor optimism was strongly influenced by international signals. United States President Donald Trump’s remarks about reducing tariffs on Chinese goods between 50% and 65% was interpreted as a potential end to the ongoing trade war. The announcement supported equities worldwide, and Australia, as a resource-heavy exporter tied to Chinese demand, saw a disproportionate benefit in its commodity-linked equities.

Back home, rate cut expectations firmed after a decline in Australia’s March retail sales and soft labour market data. A potential May cut by the Reserve Bank of Australia could ease borrowing costs and support corporate refinancing, especially for capital-intensive explorers and high-growth tech firms.

In commodity markets, the rally in iron ore, uranium, copper, and gold is underpinned by both structural and cyclical factors. The energy transition, decarbonisation goals, and AI-driven infrastructure spending continue to push demand for battery metals, rare earths, and construction inputs.

What Can Investors Infer From the Day’s Market Leaders?

The overwhelming presence of basic materials and micro-cap companies among the top gainers on 24 April 2025 suggests growing investor appetite for high-beta names in resource-rich sectors. Despite the speculative nature of many of these trades, the consistency across energy, copper, uranium, and gold names points to thematic allocation, not just technical rebounds.

While liquidity in these counters remains thin, and many companies operate at pre-revenue stages, broader market catalysts such as rate expectations, trade shifts, and commodity strength provide a tailwind for selective exposure. Risk-tolerant investors may find opportunities in the current rotation, but selectivity and due diligence remain paramount.

As the ASX enters the final stretch of April, investors are closely watching both monetary policy cues and the federal election landscape. While today’s rally may reflect a short-term bounce, continued performance will depend on execution from these companies and macroeconomic clarity on rates, trade, and demand cycles.