Top 10 at 11: ASX opens higher as energy stocks light the fuse
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.
With the market opening at 10am sharp eastern time, the data is taken at 10.30am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
The ASX 200 opened 0.25% higher on Thursday, trying to keep the momentum going after scraping a second straight record close on Wednesday.
If you're looking for action this morning, look no further than energy.
ASX energy stocks are on fire, and it's because the oil price jumped by 4% overnight.
Crude prices rose sharply off the back of two big drivers: a bigger-than-expected drawdown in US oil inventories, and fresh jitters in the Middle East.
The US is apparently pulling some personnel out of Iraq and other hot zones in the Mid East as tensions with Iran crank up again.
Gold stocks are also catching a bid, thanks to a softer-than-expected US inflation read last night.
The hearing tech giant trimmed its earnings guidance, but still reckons implant growth will hit 10% for FY25. COH's shares opened 1% lower.
WINNERS
Code Name Last % Change Volume Market Cap
ADD Adavale Resource Ltd 0.002 50% 1,009,043 $2,287,279
MPR Mpower Group Limited 0.011 38% 1,137,874 $2,749,626
RML Resolution Minerals 0.026 37% 26,960,983 $9,989,950
BLZ Blaze Minerals Ltd 0.004 33% 186,000 $4,700,843
RAN Range International 0.002 33% 250,030 $1,408,935
RLC Reedy Lagoon Corp. 0.002 33% 599,068 $1,165,060
SRN Surefire Rescs NL 0.002 33% 252,500 $3,729,668
DVL Dorsavi Ltd 0.021 31% 20,630,136 $11,699,807
BIT Biotron Limited 0.003 25% 311,631 $2,654,492
EDE Eden Inv Ltd 0.003 25% 1,006,868 $8,219,762
In the news...
MPower (ASX:MPR) is handing over the keys to almost its entire renewable energy platform, including the Lakeland solar project, in a $19 million deal with climate investor Wollemi. After the sale, it expects to walk away with around $3.8 million in surplus cash. Shareholders will vote on the deal soon, and if it goes through, MPower will rebrand as MPR Australia.
Dorsavi (ASX:DVL) has scored exclusive worldwide rights to cutting-edge RRAM tech from NTU Singapore, a deal it said could supercharge its next-gen wearable sensors. The tech offers faster, low-power memory that fits perfectly into dorsaVi's FDA-cleared motion devices. dosaVi now plans to integrate the memory into its sensors for use across healthcare, elite sport, and workplace safety, with an eye on expanding into AI, robotics and IoT.
LAGGARDS
Code Name Last % Change Volume Market Cap
ALV Alvomin 0.020 -48% 1,511,674 $5,972,315
BMO Bastion Minerals 0.002 -33% 2,364,092 $2,710,883
FTC Fintech Chain Ltd 0.002 -33% 2,232,998 $1,952,309
1AD Adalta Limited 0.002 -20% 12,000 $2,516,766
AAU Antilles Gold Ltd 0.004 -20% 1,032,221 $11,556,840
OVT Ovanti Limited 0.002 -20% 8,495,935 $6,983,788
ROG Red Sky Energy. 0.004 -20% 55,000 $27,111,136
ICG Inca Minerals Ltd 0.005 -17% 799,600 $9,458,340
IFG Infocusgroup Hldltd 0.005 -17% 450,000 $1,655,771
AQX Alice Queen Ltd 0.003 -14% 991 $4,373,740
In the news...
Alvo Minerals (ASX:ALV) is back trading after locking in $751k from the institutional leg of its entitlement offer, with strong backing from existing investors and its own board. The retail offer, aiming to raise another $811k, is now open and runs until 20 June. The cash will go towards exploration at its copper-zinc Palma Project in Brazil, while Alvo keeps an eye out for other gold and copper assets in the region.
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