Top 10 at 11: ASX higher on resources strength as gold peaks again; biotechs on the up

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.

Precious metal miners continue to climb

It’s all about that gold and silver once again on the ASX this morning, with the market climbing 0.22% or 19 points.

That progress has been almost entirely on the back of the materials sector, with only four of 11 sectors moving higher so far today.

Not surprising, since gold hit a new all-time overnight. Gold futures shot up 2.1% to US$3,781.80 an ounce.

They’ve climbed a touch higher since, now hovering around US$3783.0 an ounce.

Yesterday, Deutsche Bank analysts forecast gold prices could hit US$4,000 by the end of the year.

Oil crept down marginally, still trading within a narrow band around US$66.50 a barrel of Brent crude oil.

SMALL CAP WINNERS

In the news…

Bio-gene Technology (ASX:BGT) has confirmed the efficacy of its Flavocide tick control treatment, with laboratory studies highlighting mortality rates of above 90% for Ixodes scapularis nymphs, a major vector of Lyme disease in the United States.

BGT’s testing demonstrated the prototype formulation offers residual activity for up to four weeks post-application under lab conditions, which were designed to model natural tick habitats such as mulch, leaf litter, and turfgrass.

Algorae Pharmaceuticals (ASX:1AI) has inked an exclusive commercial licensing agreement with Sakar Healthcare, launching five oncology medicines in Australia and New Zealand.

The company’s ongoing research and development initiatives are evaluating 21 oncology drug targets generated by 1AI’s proprietary AI drug discovery platform.

Way2Vat (ASX:W2V) is poised to acquire RBC VAT, a premier international VAT advisory and VAT compliance specialist, in a binding share purchase agreement to acquire 100% of its capital.

W2V expects the acquisition to generate $3 million in revenue and add $875,000 of EBITDA in terms of annual numbers, having also secured commitments to raise $4.1m in a capital raise at $0.008 per share.

Maronan Metals (ASX:MMA) has fielded a strong preliminary economic assessment for a starter zone mine and either toll treatment or a standalone processing facility at the Maronan underground project.

Either option would deliver a 10-year mine life at 1.2 million tonnes per annum throughput, potentially producing 5.4 million ounces of silver per year at steady state production rates.

Depending on which development option MMA chooses, the company expects the to hold a net present value of between $337m and $362m and an ASIC of between $30.18 and $36.43 an ounce.

SMALL CAP LAGGARDS

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