Top 10 at 11: Hefty moves by some hefty companies are making waves this morning

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.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading – for better or worse – and then I do my best to make sense of who’s moving where and why it might be happening.

Here’s what’s been happening since the doors were opened this morning…

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code Company Price % Volume Market Cap SLZ Sultan Resources Ltd 0.022 38% 637,000 SLZ RML Resolution Minerals 0.004 33% 12,500 RML ABC Adbri Limited 2.95 30% 1,013,473 ABC M2M Mtmalcolmminesnl 0.032 28% 1,332,751 M2M NEU Neuren Pharmaceut. 21.83 27% 576,296 NEU LNK Link Admin Hldg 2.165 27% 894,669 LNK LIS Lisenergylimited 0.225 22% 298,936 LIS CAV Carnavale Resources 0.006 20% 238,904 CAV RVS Revasum 0.155 19% 4,833 RVS ZNC Zenith Minerals Ltd 0.165 18% 6,021 ZNC

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Mt Malcolm Mines (ASX:M2M) is on the move this morning, on news of visual confirmation of the presence of pegmatite in historic drill spoil following an on-ground inspection of the Company’s Lake Johnston Project’s tenure.

Sultan Resources (ASX:SLZ) is up this morning, since revealing last week that it submitted a programme of works to facilitate drilling to test the Calesi magmatic nickel prospect, which is the subject of a farm-in agreement with Rio Tinto Exploration (RTX), a subsidiary of Rio Tinto.

Large cap Adbri (ASX:ABC) is soaring this morning, up around 30% after the company revealed it had received a non-binding indicative takeover proposal from CRH and the Barro Group at a price of $3.20 cash per share, a 41% premium to last close.

Another large cap, Neuren Pharmaceuticals (ASX:NEU), is rising very quickly this morning, following news of positive feedback from its Phase 2 trial of NNZ-2591 in children with Phelan-McDermid syndrome, including “significant” improvements that were “consistently seen across clinically important aspects of Phelan-McDermid syndrome, including communication, behaviour, cognition/learning and socialisation”.

Link Administration Holdings (ASX:LNK) is climbing quickly this morning, on news that it has entered into a scheme implementation deed with Mitsubishi UFJ Trust & Banking Corporation (The Trust Bank), a consolidated subsidiary of Mitsubishi UFJ Financial Group, under which The Trust Bank has agreed to acquire 100% of the shares in Link Group by way of a scheme of arrangement.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code Company Price % Volume Market Cap STK Strickland Metals 0.098 -39% 12,790,904 $261,001,611 KEY KEY Petroleum 0.001 -33% 1,000,000 $2,951,892 VML Vital Metals Limited 0.007 -30% 5,585,195 $53,061,498 RHY Rhythm Biosciences 0.145 -22% 616,262 $40,911,379 HCT Holista CollTech Ltd 0.011 -21% 106,364 $3,903,201 88E 88 Energy Ltd 0.004 -20% 1,445,018 $123,204,013 KPO Kalina Power Limited 0.004 -20% 100,020 $11,050,640 MYE Metarock Group Ltd 0.11 -15% 29,978 $39,788,669 IBG Ironbark Zinc Ltd 0.006 -14% 14,772 $11,157,108 OAR OAR Resources Ltd 0.003 -14% 2 $9,243,713

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Strickland Metals (ASX:STK) is falling this morning, despite news of “excellent drill results” from the first three diamond holes and four RC holes from the initial 19 hole program at Marwari.

Rhythm Biosciences (ASX:RHY) is down this morning after releasing an update into the company’s progress, as it “its operations and resources … to adopt the new stringent IVDR (In Vitro Diagnostic Medical Device Regulation) requirements for all products in development”.

Vital Metals (ASX:VML) is showing a drop this morning, after it finalised the issue of 588,917,200 shares to Shenghe Resources at $0.01 per share to raise approximately A$5.9 million, alongside an agreement to sell its stockpiled rare earth material to Shenghe for approximately A$2.6 million, leaving the company “funded to deliver into key milestones in 2024”.

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