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Top 10 at 10: Oil and gas minnows light up, cancer fighter deflates on shock Medicare move
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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 |
|---|---|---|---|---|---|
| GLV | Global Oil & Gas | 0.019 | 73% | 23,569,199 | $3,771,676 |
| SGC | Sacgasco Ltd | 0.01 | 67% | 3,989,293 | $3,694,343 |
| CLE | Cyclone Metals | 0.0015 | 50% | 63,151 | $10,264,505 |
| AJQ | Armour Energy Ltd | 0.004 | 33% | 249,000 | $14,764,026 |
| MCT | Metalicity Limited | 0.002 | 33% | 3,000,050 | $5,604,129 |
| VPR | Volt Power Group | 0.002 | 33% | 500,000 | $16,074,312 |
| MGA | Metalsgrovemining | 0.125 | 25% | 94,351 | $3,625,050 |
| M3M | M3Mininglimited | 0.165 | 22% | 4,114,646 | $5,535,193 |
| PYR | Payright Limited | 0.006 | 20% | 420,791 | $4,404,426 |
| RR1 | Reach Resources Ltd | 0.014 | 17% | 38,563,806 | $33,060,608 |
Global Oil & Gas (ASX:GLV) has been offered the rights to a 4,858km2 oil and gas block in proven hydrocarbon bearing basins offshore Peru, boarding the prolific +1.6 billion-barrels-produced Talara basin.
PNOC Exploration – a subsidiary of the Philippines National Oil Company — will farm in Sacgasco’s (ASX:SGC) redevelopment of the Cadlao Oil Field, including the drilling of the Cadlao 4 well.
Metalsgrove Mining (ASX:MGA) has uncovered a big REE soil anomaly at Bruce, part of the Arunta project in WA.
And M3 Mining (ASX:M3M) has hit a highlight 20m at 5.7 g/t Au from 24m in scout drilling at El Capitan, part of the Edjudina project near Kalgoorlie.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| PEB | Pacific Edge | 0.23 | -39% | 7,994 | $307,938,783 |
| SNX | Sierra Nevada Gold | 0.11 | -24% | 500 | $6,036,040 |
| MRD | Mount Ridley Mines | 0.002 | -20% | 377,380 | $19,462,207 |
| VAL | Valor Resources Ltd | 0.004 | -20% | 125,290 | $19,015,174 |
| LDX | Lumos Diagnostics | 0.014 | -15% | 128,209 | $4,956,931 |
| CTN | Catalina Resources | 0.003 | -14% | 40,000 | $4,334,704 |
| M4M | Macro Metals Limited | 0.003 | -14% | 2,000,000 | $6,954,772 |
| PRX | Prodigy Gold NL | 0.006 | -14% | 670,357 | $12,257,755 |
| MEG | Megado Minerals Ltd | 0.053 | -13% | 492,240 | $15,521,789 |
| 88E | 88 Energy Ltd | 0.007 | -13% | 648,681 | $160,862,946 |
Cancer diagnostics company Pacific Edge (ASX:PEB) says Medicare coverage of Cxbladder tests in the US market is expected to cease from 17 July 2023.
As a direct result, PEB’s revenue is expected to reduce substantially from current levels until Cxbladder tests regain coverage.
In the year ended March 2023 (FY 23), tests for Medicare and Medicare Advantage were ~60% of US commercial tests, or ~13,800 tests, and generated ~$15.3 million, or 77.3%, of FY23 total operating revenue.
