Top 10 at 11: ASX starts week lower but fintech Quickfee surges

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 in the east, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX starts week lower

The ASX has started the week down 0.35% – at about 11am (AEST) – after weaker key US economic data, as well as following the quarterly rebalance of key indexes.

Wall Street ended Friday’s session with mixed results following weak jobs data and ahead of this week’s US inflation data.

The S&P 500 fell 0.3%, the Dow dropped 0.5% and the tech-heavy Nasdaq ended flat.

Bitcoin is hovering at about US$110,900, while the Australian dollar traded near US65.56¢.

Eight of the 11 ASX sectors are in the red, with the energy sector weighing heavily, while tech leads the gainers.

SMALL CAP WINNERS

Fintech Quickfee (ASX:QFE) is up 74% in morning trade after announcing it’s selling its US Pay Now (ACH card and connect) business to Aiwyn, Inc. for US$26.35 million (A$40 million), reflecting a 5x revenue multiple based on FY25 revenue of US$5.3m.

QuickFee said it will retain its US Finance loan book and product, while most US Pay Now staff will transition to Aiwyn, a KKR and Bessemer backed provider of payments and accounting solutions. The company will retain its US loan book and finance product, but notes it will benefit from a newly established reseller agreement with Aiwyn. 

Memphasys (ASX:MEM) is up 71% today after inking a five-year exclusive commercial distribution agreement with International Technical Legacy (ITL), a regional leader in the Middle East and North Africa in IVF services for its Felix male fertility sperm preparation system.

The agreement has an initial minimum order value of $325,000, automatically triggered once CE Mark approval is received.  The deal spans 15 countries representing ~353 clinics performing ~140,000 IVF cycles annually.

Imagion Biosystems (ASX:IBX) is up 50% today after announcing its US based contract manufacturer has begun manufacturing of its MagSense HER2 imaging agent for its planned phase II breast cancer trial, expected to start later this year.

Manufacturing is expected to finish by the end of September, with analytical testing to support use in the phase II trial to follow. The company also announced it has started its AI imaging protocol optimisation collaboration with IBX, Siemens and Wayne State University (WSU) and is preparing its IND application with the US Food and Drug Administration (FDA).

SMALL CAP LAGGARDS

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

At Stockhead, we tell it like it is. While Imagion Biosystems is a Stockhead advertiser, the company did not sponsor this article.