Top 10 at 11: ASX bounces out the gate as resources stocks surge

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX 200 Resources soars on open

After a week of wait-and-see gloom surrounding the Iran-Israel conflict and a tentative ceasefire, the ASX has finally found its feet.

The ASX 200 has jumped 0.61% out of the gate as of about 10:30 am, driven by strong momentum in the ASX 200 Resource index (+2.39%) and the wider materials sector (+2.6%).

There’s also momentum building in info tech (+0.94%), telecommunications (+0.9%) and energy (+0.71%).

Gold and oil both tipped up marginally overnight, adding 0.1%. Brent has since risen again slightly, adding another $0.10 or so to US$67.86 a barrel.

Both US and European markets moved higher overnight, perhaps indicating that the international economy has found an equilibrium again… at least for now.

To no one’s surprise, it’s resource stocks dominating our Top 10 movers this morning…

WINNERS

In the news…

Argosy Minerals (ASX:AGY) has offloaded 60 metric tonnes of battery quality lithium carbonate in an offtake deal with a Hong Kong based chemical company.

Management says it’s joined an exclusive group of lithium carbonate product exporters at a challenging time for the industry, reflecting the strong fundamentals of its Rincon lithium project in the lithium triangle.

Uvre (ASX:UVA) has produced some quality gold results in rock chips from its New Zealand gold project; 18.4 g/t gold at the Waitekauri project on the North Island, and 9.3 g/t from the Oturehua project on the South Island.

UVA is in the midst of acquiring Waitekauri through the purchase of Otagold Ltd. As part of the transaction, Norm Seckold and Peter Nightingale will join the board as non-executive directors.

Seckold has extensive resources experience. He currently holds chair positions with Alpha HPA (ASX:A4N), Nickel Industries (ASX:NIC), Fulcrum Lithium (ASX:FUL) and Sky Metals (ASX:SKY).

LAGGARDS

At Stockhead, we tell it like it is. While Uvre is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.