Company Interview / Henry says these stocks are down but not out

Key points:

Geopolitical risk weighs on the ASX, but insurers, defensives and energy show resilienceAmplia Therapeutics (ASX:ATX) and biotech baskets stand out with strong gainsGold producers such as Northern Star (ASX:NST) and Kingsgate (ASX:KCN) face heavy sellingSunrise Energy Metals (ASX:SRL) seen as a highly volatile scandium and critical‑metals opportunity

Henry Jennings from Marcus Today sets out a cautiously constructive view on a volatile start to the week for the ASX, with geopolitical tension in the Strait of Hormuz and uncertainty around Donald Trump’s 48‑hour ultimatum to Iran weighing on sentiment. Jennings notes the index pares early losses, highlighting relative strength in insurers, defensives such as health care and utilities, and oil and gas names including Woodside (ASX:WDS) and Santos (ASX:STO).

Biotechs are another bright spot. Jennings points to Amplia Therapeutics (ASX:ATX), which he says is surging about 100% on the back of positive pancreatic cancer trial updates. He references his own biotech baskets, which he states are still showing gains since August–September despite a broader “risk off” backdrop, suggesting selective risk appetite is holding up.

By contrast, gold producers are under heavy pressure as investors raise cash. Jennings highlights Northern Star Resources (ASX:NST), Kingsgate Consolidated (ASX:KCN), Ora Banda Mining (ASX:OBM) and Southern Gold (ASX:SAU) as examples of sharp falls he regards as potentially overdone. He also flags Sunrise Energy Metals (ASX:SRL) as an ultra‑volatile scandium play backed by high‑profile investors, viewing it as a speculative critical‑metals exposure that may suit technically minded traders.