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 – for better or worse – and then I do my best to make sense of who’s moving where and why it might be happening.
Anyway… 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 Description Last % Volume MktCap FRE Firebrick Pharma 0.1 96% 2,869,900 $9,126,284 IEC Intra Energy Corp 0.002 33% 575,000 $2,536,172 SI6 SI6 Metals Limited 0.004 33% 3,000,000 $7,106,578 TMK TMK Energy Limited 0.004 33% 162,500 $20,267,144 AMD Arrow Minerals 0.005 25% 3,864,262 $37,918,825 RR1 Reach Resources Ltd 0.0025 25% 206,565 $7,380,040 AKO Akora Resources 0.18 20% 348,857 $14,247,422 FZR Fitzroy River Corp 0.15 20% 24,737 $13,494,281 ADD Adavale Resource Ltd 0.006 20% 110,000 $5,079,898 LPD Lepidico Ltd 0.003 20% 2,291,630 $19,095,770
The big mover this morning is Firebrick Pharma (ASX:FRE) , which has announced that its Nasodine nasal spray is being launched today in the United States. The company points out that the spray will be marketed in the US “for ‘nasal hygiene’ without any therapeutic claims”, bypassing the need for the spraty to receive FDA approval. It was up close to +100% in early trade.
AKORA Resources (ASX:AKO) was moving well this morning, on news that it has organised a capital raising for up to $3.8 million through a placement of fully paid ordinary shares to raise approximately $0.8 million – and a 1 for 5 pro-rata non-renounceable entitlement offer of fully paid ordinary shares to eligible shareholders to raise approximately $3 million. There was also an investor presentation but it was really long and I’m in a hurry.
Similarly, Burley Minerals (ASX:BUR) is moving on up on news of a $1.8m capital raise consists of a combination of a share placement and share purchase plan, consisting of a $1.3m placement at $0.05 per share to existing shareholders representing a 6% premium to the last closing price.
Tower (ASX:TWR) is rising this morning on revised guidance that full year underlying NPAT is expected to be greater than $35m, much juicier that the previous advice that it expected underlying NPAT to be at the top end of or exceeding a range of between $22m and $27m.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
Code Description Last % Volume MktCap OSX Osteopore Limited 0.11 -63% 55,655 $3,098,607 DUB Dubber Corp Ltd 0.063 -53% 5,417,516 $77,144,481 1MC Morella Corporation 0.003 -25% 266,602 $24,715,198 EPM Eclipse Metals 0.009 -25% 19,309 $26,530,266 88E 88 Energy Ltd 0.004 -20% 17,082,297 $125,620,313 WML Woomera Mining Ltd 0.004 -20% 6 $6,090,695 MX1 Micro-X Limited 0.1 -17% 567,929 $62,258,445 ADY Admiralty Resources 0.005 -17% 26,200 $9,776,844 CUF Cufe Ltd 0.01 -17% 14,000 $13,753,348 5EA 5Eadvanced 0.165 -15% 423,118 $62,992,785
Dubber Corp’s (ASX:DUB) woes are continuing this morning, coming out of a voluntary suspension and sinking like a stone. In late February, the company halted trade after discovering that up to $26.6 million was missing after an audit.
Dubber MD and CEO Steve McGovern was suspended on 1 March and fired on 09 April, following an investigation, and the company said it was “finalising the structure and terms of an equity capital raising to replenish its balance sheet”.
DUB is down more than -70% this morning.
The post Top 10 at 11: A ‘non-therapeutic’ med launch hits big, DUB hits the skids appeared first on Stockhead.
