Top 10 at 11: ASX plunges 0.31pc in first hour of trade

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 flashes red across the board

It’s been building over the last couple of days, but Aussie traders have officially had enough of the chaos, and they’re pulling back sharply in the first hour of trade this morning.

After small dips over the last week or so, the ASX has finally pulled back into a correction, losing 0.31%.

The sectors are all in the red except energy, but that’s barely worth a mention at +0.01% as of about 10:30 am AEST.

The All Ords Gold index is also slightly up, adding just 0.04%, but otherwise it’s a sea of negatives on the market this morning.

We’re not alone – European markets fell to month lows last night, and while the US was closed for the Juneteenth holiday, futures are predicting near full percentage point plunges for the S&P500 and Nasdaq tomorrow.

As Eddy Sunarto reported this morning, the global economy is teetering on the edge as we wait to see if US President Donald Trump will involve the US directly in the Israel-Iran conflict.

In the meantime, let’s see who’s making moves on the ASX.

WINNERS

In the news…

Hydrogen compression and shipping solution company Provaris Energy (ASX:PV1) has teamed up with global shipping leader “K” LINE.

K LINE, otherwise known as Kawasaki Kisen Kaisha, will provide technical, commercial and operation support, offering its extensive global shipping expertise as PV1 develops its hydrogen transport and storage model.

PV1’s main focus is the proprietary H2Neo Carrier and H2Leo Barge, which offer a combination of offshore compression, storage and shipping solutions for hydrogen gas transportation.

LAGGARDS

In the news…

Bowen Coking Coal (ASX:BCB) has signalled it’s considering placing the Burton Mine Complex operation into a temporary pause if an effort to transition the project to an owner-operator model is unsuccessful.

The company is exploring a range of options to fund the transition plan and provide immediate liquidity, but the most recent Resources and Energy Quarterly forecasts falling demand for met coal as low emissions steel production gains pace.

Dreadnought Resources (ASX:DRE) hit gold in 20 of 46 drill holes over various prospects at the Mangaroon gold project in WA, but results of up to 6m at 22.9 gold from 12m of depth weren’t enough to wow investors.

Some of that disappointment can be explained by a lack of results at the Lead Mine and Two Peaks prospects, where DRE hit nothing of consequence and will need to review its drill orientation.

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