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Top 10 at 10: Gold acquisitions, messy legal stuff, and this is why we have the African Discount
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Stockhead’s Top 10 at 10, published at ~10.40am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.
It’s 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.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| AVW | Avira Resources Ltd | 0.002 | 100% | 504,303 | $2,133,790 |
| MKG | Mako Gold | 0.0125 | 39% | 22,072,827 | $5,961,685 |
| CBE | Cobre | 0.088 | 31% | 15,148,538 | $19,223,037 |
| VMS | Venture Minerals | 0.009 | 29% | 4,653,350 | $15,470,091 |
| JTL | Jayex Technology Ltd | 0.01 | 25% | 175,582 | $2,250,228 |
| NES | Nelson Resources | 0.005 | 25% | 1,000,091 | $2,454,377 |
| ROG | Red Sky Energy. | 0.005 | 25% | 50,000 | $21,208,909 |
| AQD | Ausquest Limited | 0.012 | 20% | 875,570 | $8,251,492 |
| ESR | Estrella Res Ltd | 0.006 | 20% | 966,084 | $8,796,859 |
| HOR | Horseshoe Metals Ltd | 0.006 | 20% | 288,991 | $3,232,393 |
Mako Gold (ASX:MKG) is ‘boots on the ground’ at the flagship ~900koz Napié gold project in Côte d’Ivoire in readiness for “an impending resurgence in the interest in gold exploration”.
Due diligence on acquiring the neighbouring Goldridge ground is also progressing, the company says.
An early stage survey undertaken by junior Cobre (ASX:CBE) and mid-tier miner Sandfire (ASX:SFR) along the Kalahari Copper Belt has dialled in on “priority settings” for potential large scale copper-silver deposits.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| SRX | Sierra Rutile | 0.075 | -42% | 504,394 | $55,150,738 |
| DXN | DXN Limited | 0.001 | -33% | 3,636 | $3,230,010 |
| CXL | Calix Limited | 1.68 | -28% | 505,373 | $424,490,524 |
| ETR | Entyr Limited | 0.011 | -27% | 5,541,533 | $29,746,558 |
| MHC | Manhattan Corp Ltd | 0.003 | -25% | 1,457,619 | $11,747,919 |
| TAS | Tasman Resources Ltd | 0.004 | -20% | 13,888 | $3,563,346 |
| BDT | BirdDog Technology | 0.07 | -19% | 62,309 | $16,601,533 |
| KNM | Kneomedia Limited | 0.0025 | -17% | 150,000 | $4,599,814 |
| M4M | Macro Metals Limited | 0.0025 | -17% | 41,670 | $7,401,233 |
| NVQ | Noviqtech Limited | 0.0025 | -17% | 88,957 | $3,928,336 |
The ‘African discount’ is commonly applied by analysts on account of the political risks of operating in Africa.
Iluka (ASX:ILU) mineral sands spinout Sierra Rutile (ASX:SRX) is the latest African mining stock to be hit with jurisdictional curveballs as the Government of Sierra Leone demands a substantial payment.
This would make mining of Area 1 uneconomic, the company says.
SRX has also issued a suspension notice to for operations at Area 1, which will take effect from 11 March 2024.
Environmental tech company Calix Limited (ASX:CXL) will move its Leilac-2 research project to another site after weak cement demand forced owner Heidelberg Materials to end clinker production at its Hanover cement plant in Germany.
Leilac-2 – which could help de-carbonise the heavily pollutive cement industry — is well advanced, and was on track for construction in 2024.
Video stock BirdDog Technology (ASX:BDT) is mired in messy legal proceedings in California and Australia.
