Top 10 at 11: ASX surges as Iran-Israel conflict fizzles out; GBM Resources leads early gainers
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 10.15am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX flying high, up almost 1%
The '12-day war' between Israel and Iran may have just quietly come to a close, after US President Trump announced the two countries had agreed to a staged ceasefire.
While Iran did attack a US military base in Qatar, it was thankfully a token retaliation with plenty of warning.
Both the US and Qatar were given a heads-up about the incoming missile barrage several hours before it launched, giving Qatar time to close its airspace and US forces to shelter in place.
There were no injuries from the attack, and markets responded like the missiles were waving white flags, roaring back to life after almost two weeks of off-risk trading.
The ASX is responding in kind this morning, adding 0.97% as of about 10:30 am AEST, with every sector bar energy and utilities on the up.
Oil prices tumbled more than 7% to US$71.48 a barrel of Brent overnight, and have fallen even further this morning, down another 3.5% to US$68.92 a barrel.
The ASX All Ords Gold is also dragging as an apparent return to normality dampens demand for gold, while the All Tech and Banks Indexes are flying, up more than 1% each.
Let's see who else is celebrating as the threat of war fades…
WINNERS
Code Name Last % Change Volume Market Cap
GBZ GBM Rsources Ltd 0.013 117% 26018785 $7,026,420
AXP AXP Energy Ltd 0.0015 50% 5007393 $6,684,681
JAY Jayride Group 0.0015 50% 300001 $1,427,889
LNR Lanthanein Resources 0.0015 50% 2000000 $2,810,182
MEL Metgasco Ltd 0.003 50% 100000 $3,665,173
TMK TMK Energy Limited 0.003 50% 46897 $20,444,766
SPQ Superior Resources 0.004 33% 429638 $7,112,948
SRL Sunrise 0.815 25% 193018 $71,647,874
OVT Ovanti Limited 0.0025 25% 2145407 $6,011,030
INF Infinity Lithium 0.017 21% 695086 $6,616,289
In the news...
GBM Resources (ASX:GBZ) will soon be well-funded and debt-free, if the company's fund raising and reconsolidation plans resolve as expected.
GBZ is looking to offload a $6.2m convertible note debt facility with Collins St Asset Management by raising $13m through a placement that will see incoming chair Ian Middlemas subscribe for $1.2m in shares.
The company has also reached an agreement with farm-in partner Wise Walkers to reconsolidate full ownership of the Twin Hills gold asset, converting $2m already spent on the farm-in into equity in GBZ.
If all goes as planned, GBZ will be unencumbered by debt, with full ownership of its 1.84-million-ounce gold inventory across the Twin Hills and Yandan projects.
LAGGARDS
Code Name Last % Change Volume Market Cap
GMN Gold Mountain Ltd 0.001 -33% 86226800 $8,429,639
HLX Helix Resources 0.001 -33% 2000000 $5,046,291
JAV Javelin Minerals Ltd 0.002 -33% 2410345 $18,378,447
TEG Triangle Energy Ltd 0.002 -33% 2946596 $6,267,702
HCD Hydrocarbon Dynamics 0.0015 -25% 2185 $2,156,219
WBE Whitebark Energy 0.003 -25% 30000 $2,749,334
CUL Cullen Resources 0.004 -20% 1366467 $3,467,009
AZL Arizona Lithium Ltd 0.005 -17% 255412 $31,621,887
DGR DGR Global Ltd 0.005 -17% 1753600 $6,262,176
ANX Anax Metals Ltd 0.006 -14% 6462132 $6,179,653
In the news...
Triangle Energy (ASX:TEG) has handed off the Cliff Head Oil JV to Pilot Energy (ASX:PGY), completing the sale of the asset in return for $7.5m as well as up to another $7.5m in royalties.
Anax Metals (ASX:ANX) has launched an arbitration notice with the Singapore International Arbitration Centre after failing to reach a marketing agreement with a cornerstone investor.
The investor made commitments via convertible note subject to conditions including the grant of exclusive marketing rights for 100% of commodities produce by Anax's projects.
The two parties were unable to agree to terms, with Anax alleging the convertible noteholder did not negotiate in good faith. The company is therefore seeking a declaratory relief to clarify the legal rights and obligations of both parties.
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