Good morning, and welcome to Stockhead’s Top 10 at shortly-before-11-ish, which is meant to highlight the best (and sometimes worst) performing ASX stocks in morning trade using live data, to provide a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms that have made announcements.
The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.
Briefly, here’s what’s been happening already this morning: The ASX 200 Futures were pointing slightly higher pre-market despite a cool down on Wall Street on Friday.
Locally, dental group Pacific Smiles turned down an unsolicited off-market takeover bid from Genisis Capital. Overseas, REA Group is waiting on a response from the UK property portal Rightmove – it’s the fourth offer REA has put forward, but so far it’s seen little more than a cool acknowledgement that the offer is there.
The all-important iron ore price has climbed another by 0.5% to US$103 a tonne after rising by 4% on Friday, as the stimulus packages in China start to breathe life into the property sector.
The big picture economic news this morning is that Federal Treasurer Jim Chalmers has turned in his homework for the year, and delivered a budget surplus of $15.8 billion – $6.4 billion more than last time.
It’s the first time a federal government has delivered two surpluses in a row in about two decades, so Chalmers gets to take his pick from the sticker book, and is first in line for recess and lunch today.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
Security Description Last % Volume MktCap ODE Odessa Minerals 0.004 100.0 14,844,354 $2,086,565 CDE Codeifai 0.0015 50.0 204,554 $2,641,295 VML Vital Metals 0.003 50.0 750,000 $11,790,134 IBX Imagion Biosys 0.035 40.0 681,536 $891,164 ALR Altair Minerals 0.004 33.3 137,511 $12,889,733 AOK Australian Oil. 0.004 33.3 303,559 $2,833,920 CTO Citigold Corp 0.004 33.3 2,381,914 $9,000,000 ENT Enterprise Metals 0.004 33.3 125,693 $3,309,952 FGH Foresta Group 0.004 33.3 10,027,115 $7,066,137 BUR Burley Minerals 0.069 30.2 223,805 $7,969,660
Odessa Minerals (ASX:ODE) was up early on Monday on news that the company has received firm commitments from professional and sophisticated investors for a Placement to raise $1,112,500 (before costs) by way of a two tranche placement. The placement will fund exploration at Odessa’s projects, including exploration and drilling of the company’s Lyndon Uranium Project.
Citigold (ASX:CTO) was up on the heels of a quarterly report this morning, outining how things are going at its high-grade, production-ready Charters Towers gold project. The report says that while gold is the main focus of the company’s work in the area, it is keeping a keen eye out for other critical minerals as well.
Enterprise Metals (ASX:ENT) was gaining on news that it has received the results of a recent 81 sample UltraFine orientation soil sampling program completed within the Mandilla Tenement E15/1437 in Western Australia. The results have identified a cluster of +30ppb gold results within shallow soils east of the Emu Rocks Granite, which the company says is “in the general area where the 744oz Ausrox gold nugget was purported to have been found in 2013”.
Burley Minerals (ASX:BUR) was up on news that it has been granted an exploration licence over the Cane Bore Iron Ore Project within the Hamersly Province of the Pilbara, Western Australia, less than 100km by sealed road from the export Port of Onslow. The company says it is a “major milestone for Burley as Cane Bore has the potential for significant CID-style iron resources, rivalling its neighbours in the local region”.
LAGGARDS
Stocks highlighted in red have made market-moving announcements (click headings to sort).
Code Company Price % Volume Market Cap WEL Winchester Energy 0.001 -33.3 3,272 $2,044,528 AAU Antilles Gold 0.003 -25.0 1,050,880 $7,422,971 ATH Alterity Therapeutics 0.003 -25.0 2,115,853 $21,281,344 LNU Linius Tech 0.0015 -25.0 750,785 $11,730,481 AKN Auking Mining 0.004 -20.0 726,202 $1,677,851 EEL ENRG Elements 0.002 -20.0 4,213 $2,612,540 IPB IPB Petroleum 0.005 -16.7 65,000 $4,238,418 ASQ Australian Silica 0.022 -15.4 100,000 $7,328,370 ERL Empire Resources 0.003 -14.3 1,000,000 $5,193,696 BRU Buru Energy 0.07 -11.4 542,492 $53,036,261
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The post Top 10 at 11: Exploration and fundraising is exciting the market this morning appeared first on Stockhead.
