Top 10 at 11: ASX climbs higher as Peak Rare Earths’ Chinese suitor ups its takeover offer
Pic via Getty Images
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 in the east, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
Aussie market opens higher
The Aussie share market opened higher on its final trading day of a volatile week, tracking gains on Wall Street overnight amid growing optimism of a US Federal Reserve rate cut.
US 10-year Treasury yields slipped to 4.16% after data showed US private payrolls increased less than anticipated in August with US weekly jobless claims were higher than expected.
At 10.45am the S&P/ASX 200 Index gained 37.70 points or 0.43% after opening slightly higher with eight of the 11 sectors in the green.
Brent crude is hovering near US$67 a barrel, WTI around US$63, and gold at US$1,602 an ounce after hitting record highs earlier this week. Iron ore on the Singapore Exchange climbed to US$104.80 a tonne.
Bitcoin is trading near US$10,400, while the Aussie dollar is at ~US65.16.
SMALL CAP WINNERS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CHM | Chimeric Therapeutic | 0.003 | 50% | 293,723 | $6,509,117 |
| ANR | Anatara Ls Ltd | 0.011 | 38% | 6,042,990 | $1,708,723 |
| MTL | Mantle Minerals Ltd | 0.002 | 33% | 1,604,932 | $9,671,169 |
| PEK | Peak Rare Earths Ltd | 0.42 | 25% | 8,604,253 | $144,229,892 |
| KRR | King River Resources | 0.009 | 20% | 8,407,089 | $10,976,903 |
| SHO | Sportshero Ltd | 0.04 | 18% | 25,153 | $27,308,596 |
| CTO | Citigold Corp Ltd | 0.007 | 17% | 3,949,102 | $18,000,000 |
| GDM | Greatdivideminingltd | 0.4 | 16% | 5,000 | $15,581,540 |
| ERG | Eneco Refresh Ltd | 0.015 | 15% | 15,000 | $3,540,659 |
| RAN | Range International | 0.004 | 14% | 300,000 | $3,287,516 |
In the news…
Shares in Peak Rare Earths (ASX:PEK) jumped 25% in early morning trade after Chinese suitor Shenghe Resources sweetened its takeover offer.
Under the revised scheme, Shenghe now values Peak at ~$195 million, offering shareholders no less than $0.443 a share in cash. That’s about a 32% premium to where Peak was trading on September 4.
The improved offer follows the original takeover deal announced back in May. Shenghe originally offered ~$150.5m, plus the proceeds of a $7.5m cap raise, to buy out the rest of Peak it doesn’t already own, which valued Peak at roughly 36 cents a share.
King River Resources (ASX:KRR) is up 20% today after announcing former senior executive at Spartan Resources (ASX:SPR) Graham Gadsby as its new managing director starting on October 14.
At Spartan, Gadsby held top roles including general manager operations and chief geologist, helping drive exploration and develop gold projects in Western Australia — including the significant Never Never and Pepper gold deposits.
A seasoned geologist, Gadsby holds a Master of Science in Mining Geology from Camborne School of Mines and a Bachelor of Science in Exploration and Resource Geology from Cardiff University, with the company saying he brings both leadership and technical expertise to King River’s next chapter.
SMALL CAP LAGGARDS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| 4DS | 4Ds Memory Limited | 0.01 | -64% | 79,843,140 | $57,705,164 |
| T88 | Taiton Resources | 0.07 | -20% | 16,000 | $6,552,249 |
| SIS | Simble Solutions | 0.004 | -20% | 4,077,965 | $5,411,652 |
| TMK | TMK Energy Limited | 0.0025 | -17% | 250,000 | $30,667,149 |
| MGT | Magnetite Mines | 0.068 | -15% | 902,677 | $10,104,619 |
| M2M | Mt Malcolm Mines NL | 0.018 | -14% | 334,452 | $6,524,282 |
| PKO | Peako Limited | 0.003 | -14% | 1,155 | $5,207,097 |
| CTN | Catalina Resources | 0.0035 | -13% | 82,689 | $9,704,076 |
| PVT | Pivotal Metals Ltd | 0.007 | -13% | 120,000 | $7,257,807 |
| M4M | Macro Metals Limited | 0.008 | -11% | 949,099 | $37,977,303 |
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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