Top 10 at 10: Which stocks are leading the winners today as ASX rises?

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.

The Aussie bourse has opened higher on the second day of trading for 2023 after slumping more than 1% yesterday. The benchmark S&P/ASX 200 is up 0.29% in the opening minutes of trade.

On Wall Street, the S&P 500 closed 0.4 % weaker, the tech-focused Nasdaq index lost  0.8%, while the Dow Jones Industrial Average fell 0.3%.

Investors are cautious of what 2023 may bring, including how high central banks may raise interest rates to contain inflation, alongside how China’s reopening may impact the global economy.

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Cyclone Metals (ASX:CLE) has announced it has completed the acquisition of Labrador Iron Pty Ltd, which owns 100% of the Block 103 Magnetite Iron Ore Project.

Block 103 is located within the heart of the Labrador Trough which is considered one of the largest iron ore belts in the world, and accounts for 99% of Canada’s iron ore.

The project covers an area of 7,275 hectares and is located 30km northwest of the mining town of Schefferville in Quebec.

ECS Botanics (ASX:ECS) has entered into a binding three year agreement with German company Ilios Santé GmbH for the supply of medicinal cannabis products, which will generate a minimum of $ 9.9m in revenue for the company.

ÉCS’s Head of European Operations, Michael Clark said securing an agreement with a long term partner in Germany was an essential building block of ECS’ EU market access strategy.

“Ensuring that our German partner not only had the necessary narcotic licenses but also has its own clinic network, and the ability to adapt to future changes in cannabis legislation were key elements in securing the agreement,” he said.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).