Top 10 at 11: A 'non-therapeutic' med launch hits big, DUB hits the skids

Good morning, and welcome to Stockhead’s Top 10 at shortly-before-11-ish, which is meant to highlight the best (and sometimes worst) performing ASX stocks in morning trade using live data, to provide a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms that have made announcements.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading – for better or worse – and then I do my best to make sense of who’s moving where and why it might be happening.

Anyway… here’s what’s been happening since the doors were opened this morning…

WINNERS

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

Code	Description	Last	%	Volume	MktCap
FRE	Firebrick Pharma	0.1	96%	2,869,900	$9,126,284
IEC	Intra Energy Corp	0.002	33%	575,000	$2,536,172
SI6	SI6 Metals Limited	0.004	33%	3,000,000	$7,106,578
TMK	TMK Energy Limited	0.004	33%	162,500	$20,267,144
AMD	Arrow Minerals	0.005	25%	3,864,262	$37,918,825
RR1	Reach Resources Ltd	0.0025	25%	206,565	$7,380,040
AKO	Akora Resources	0.18	20%	348,857	$14,247,422
FZR	Fitzroy River Corp	0.15	20%	24,737	$13,494,281
ADD	Adavale Resource Ltd	0.006	20%	110,000	$5,079,898
LPD	Lepidico Ltd	0.003	20%	2,291,630	$19,095,770

The big mover this morning is Firebrick Pharma (ASX:FRE) , which has announced that its Nasodine nasal spray is being launched today in the United States. The company points out that the spray will be marketed in the US “for ‘nasal hygiene’ without any therapeutic claims”, bypassing the need for the spraty to receive FDA approval. It was up close to +100% in early trade.

AKORA Resources (ASX:AKO) was moving well this morning, on news that it has organised a capital raising for up to $3.8 million through a placement of fully paid ordinary shares to raise approximately $0.8 million – and a 1 for 5 pro-rata non-renounceable entitlement offer of fully paid ordinary shares to eligible shareholders to raise approximately $3 million. There was also an investor presentation but it was really long and I’m in a hurry.

Similarly, Burley Minerals (ASX:BUR) is moving on up on news of a $1.8m capital raise consists of a combination of a share placement and share purchase plan, consisting of a $1.3m placement at $0.05 per share to existing shareholders representing a 6% premium to the last closing price.

Tower (ASX:TWR) is rising this morning on revised guidance that full year underlying NPAT is expected to be greater than $35m, much juicier that the previous advice that it expected underlying NPAT to be at the top end of or exceeding a range of between $22m and $27m.

LOSERS

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

Code	Description	Last	%	Volume	MktCap
OSX	Osteopore Limited	0.11	-63%	55,655	$3,098,607
DUB	Dubber Corp Ltd	0.063	-53%	5,417,516	$77,144,481
1MC	Morella Corporation	0.003	-25%	266,602	$24,715,198
EPM	Eclipse Metals	0.009	-25%	19,309	$26,530,266
88E	88 Energy Ltd	0.004	-20%	17,082,297	$125,620,313
WML	Woomera Mining Ltd	0.004	-20%	6	$6,090,695
MX1	Micro-X Limited	0.1	-17%	567,929	$62,258,445
ADY	Admiralty Resources	0.005	-17%	26,200	$9,776,844
CUF	Cufe Ltd	0.01	-17%	14,000	$13,753,348
5EA	5Eadvanced	0.165	-15%	423,118	$62,992,785

Dubber Corp’s (ASX:DUB) woes are continuing this morning, coming out of a voluntary suspension and sinking like a stone. In late February, the company halted trade after discovering that up to $26.6 million was missing after an audit.

Dubber MD and CEO Steve McGovern was suspended on 1 March and fired on 09 April, following an investigation, and the company said it was “finalising the structure and terms of an equity capital raising to replenish its balance sheet”.

DUB is down more than -70% this morning.