Top 10 at 11: ASX opens higher as energy stocks light the fuse
ASX energy stocks are on fire this morning. Picture 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 10.30am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
The ASX 200 opened 0.25% higher on Thursday, trying to keep the momentum going after scraping a second straight record close on Wednesday.
If you’re looking for action this morning, look no further than energy.
ASX energy stocks are on fire, and it’s because the oil price jumped by 4% overnight.
Crude prices rose sharply off the back of two big drivers: a bigger-than-expected drawdown in US oil inventories, and fresh jitters in the Middle East.
The US is apparently pulling some personnel out of Iraq and other hot zones in the Mid East as tensions with Iran crank up again.
Gold stocks are also catching a bid, thanks to a softer-than-expected US inflation read last night.
In the big-cap space, Cochlear (ASX:COH) made headlines, but not the good kind.
The hearing tech giant trimmed its earnings guidance, but still reckons implant growth will hit 10% for FY25. COH’s shares opened 1% lower.
WINNERS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ADD | Adavale Resource Ltd | 0.002 | 50% | 1,009,043 | $2,287,279 |
| MPR | Mpower Group Limited | 0.011 | 38% | 1,137,874 | $2,749,626 |
| RML | Resolution Minerals | 0.026 | 37% | 26,960,983 | $9,989,950 |
| BLZ | Blaze Minerals Ltd | 0.004 | 33% | 186,000 | $4,700,843 |
| RAN | Range International | 0.002 | 33% | 250,030 | $1,408,935 |
| RLC | Reedy Lagoon Corp. | 0.002 | 33% | 599,068 | $1,165,060 |
| SRN | Surefire Rescs NL | 0.002 | 33% | 252,500 | $3,729,668 |
| DVL | Dorsavi Ltd | 0.021 | 31% | 20,630,136 | $11,699,807 |
| BIT | Biotron Limited | 0.003 | 25% | 311,631 | $2,654,492 |
| EDE | Eden Inv Ltd | 0.003 | 25% | 1,006,868 | $8,219,762 |
In the news…
MPower (ASX:MPR) is handing over the keys to almost its entire renewable energy platform, including the Lakeland solar project, in a $19 million deal with climate investor Wollemi. After the sale, it expects to walk away with around $3.8 million in surplus cash. Shareholders will vote on the deal soon, and if it goes through, MPower will rebrand as MPR Australia.
Dorsavi (ASX:DVL) has scored exclusive worldwide rights to cutting-edge RRAM tech from NTU Singapore, a deal it said could supercharge its next-gen wearable sensors. The tech offers faster, low-power memory that fits perfectly into dorsaVi’s FDA-cleared motion devices. dosaVi now plans to integrate the memory into its sensors for use across healthcare, elite sport, and workplace safety, with an eye on expanding into AI, robotics and IoT.
LAGGARDS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ALV | Alvomin | 0.020 | -48% | 1,511,674 | $5,972,315 |
| BMO | Bastion Minerals | 0.002 | -33% | 2,364,092 | $2,710,883 |
| FTC | Fintech Chain Ltd | 0.002 | -33% | 2,232,998 | $1,952,309 |
| 1AD | Adalta Limited | 0.002 | -20% | 12,000 | $2,516,766 |
| AAU | Antilles Gold Ltd | 0.004 | -20% | 1,032,221 | $11,556,840 |
| OVT | Ovanti Limited | 0.002 | -20% | 8,495,935 | $6,983,788 |
| ROG | Red Sky Energy. | 0.004 | -20% | 55,000 | $27,111,136 |
| ICG | Inca Minerals Ltd | 0.005 | -17% | 799,600 | $9,458,340 |
| IFG | Infocusgroup Hldltd | 0.005 | -17% | 450,000 | $1,655,771 |
| AQX | Alice Queen Ltd | 0.003 | -14% | 991 | $4,373,740 |
In the news…
Alvo Minerals (ASX:ALV) is back trading after locking in $751k from the institutional leg of its entitlement offer, with strong backing from existing investors and its own board. The retail offer, aiming to raise another $811k, is now open and runs until 20 June. The cash will go towards exploration at its copper-zinc Palma Project in Brazil, while Alvo keeps an eye out for other gold and copper assets in the region.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Related Topics
Related Stories
SUBSCRIBE
Get the latest breaking news and stocks straight to your inbox.
It's free. Unsubscribe whenever you want.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
