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Top 10 at 10: Megaport shocks market with mega earnings upgrade
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Stockhead’s Top 10 at 10, published at ~10.30am 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 |
|---|---|---|---|---|---|
| LNU | Linius Tech Limited | 0.0045 | 50% | 1,039,544 | $9,689,239 |
| MP1 | Megaport Limited | 5.58 | 40% | 2,893,624 | $630,525,928 |
| CLE | Cyclone Metals | 0.002 | 33% | 500,000 | $13,623,972 |
| FFG | Fatfish Group | 0.02 | 33% | 2,871,269 | $15,545,698 |
| GSN | Great Southern | 0.03 | 30% | 200,000 | $15,260,661 |
| AVE | Avecho Biotech Ltd | 0.006 | 20% | 1,207,535 | $9,189,347 |
| ITM | Itech Minerals Ltd | 0.295 | 18% | 948,948 | $29,233,391 |
| XTC | Xantippe Res Ltd | 0.0035 | 17% | 651,402 | $31,740,299 |
| PGM | Platina Resources | 0.03 | 15% | 8,006,933 | $16,202,689 |
| BAT | Battery Minerals Ltd | 0.004 | 14% | 10,959,004 | $11,749,298 |
Video archiver Linius Tech (ASX:LNU) says quarterly cash receipts were 3.4x higher in the March quarter than Q2 FY23, at a record high of $201,000.
There is also a steady flow of new deals being closed from the commercial pipeline.
Data centre/ NaaS stock Megaport (ASX:MP1) now expects normalised EBITDA to be materially above market consensus of $9m in FY23 and $30m in FY24.
MP1 now expects to report normalised EBITDA in FY23 in the range of $16m to $18m, and $41m to $46m in FY24.
Tech venture firm Fatfish Group (ASX:FFG) raised $1.3m from an institutional investor at A$0.025/sh.
Avecho Biotech (ASX:AVE) has reached the final stages of preparation for a pivotal Phase III study investigating the efficacy of its proprietary cannabidiol (CBD) soft-gel capsule in the treatment of insomnia.
And explorer Itech Minerals (ASX:ITM) has returned “outstanding” drill results from the SugarLoaf graphite prospect, including 27m @ 7.7% TGC from 8m and 13m @ 26.1% TGC from 73m.
15 out of 17 drill holes hit significant mineralisation over 2.3km.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| AQN | Aquirianlimited | 0.2 | -22% | 8,262 | $20,744,658 |
| MCT | Metalicity Limited | 0.002 | -20% | 298,160 | $8,761,348 |
| SIT | Site Group Int Ltd | 0.004 | -20% | 20,466,875 | $6,506,226 |
| SRX | Sierra Rutile | 0.22 | -17% | 2,957,687 | $112,422,658 |
| SHE | Stonehorse Energy Lt | 0.015 | -17% | 1,734,451 | $12,319,831 |
| EX1 | Exopharm Limited | 0.016 | -16% | 88,313 | $2,987,019 |
| BPP | Babylon Pump & Power | 0.006 | -14% | 50,000 | $17,204,399 |
| OAR | OAR Resources Ltd | 0.003 | -14% | 2,250,000 | $8,438,633 |
| CPT | Cipherpoint Limited | 0.007 | -13% | 230,126 | $9,273,934 |
| RMX | Red Mount Min Ltd | 0.0035 | -13% | 1,114,908 | $9,087,404 |
Iluka Resources (ASX:ILU) mineral sands spinout Sierra Rutile Holdings, (ASX:SRX) had a shocker in the march quarter.
Rutile production of 32kt was down 13% on Q4 2022, as a result of various operational issues, while sales and realised prices were also softer.
“Full year 2023 guidance remains in place, noting production and capex estimated to be at the lower end of guidance, resulting in unit costs likely to be at the higher end of guidance,” it says.
