Top 10 at 11: ASX pulls back from early gains; ASX biotechs go global

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 surges out the gate

It was briefly an excellent start for the ASX 200 this morning, up 0.59% as of about 10:30 am AEST with 7 of 11 sectors in the green… that didn’t last the 20 minutes it took to finish writing this piece.

We’re now up just 0.02% at just after 11 am AEST, with only two sectors making any progress to speak of.

Materials has added 1.88% and energy just 0.04% with discretionary (-0.72%) leading losses. It’s looking like we may be in for a chaotic day of trade this Friday morning.

Several biotech companies are topping our small cap winners charts this morning despite a general sector malaise (healthcare is down -0.20%), branching out into new markets with international commercial launches.

WINNERS

In the news…

Biotech Tissue Repair (ASX:TRP) is a step closer to establishing commercial-scale production for its TR Pro wound care products after teaming up with Advanced Cosmeceuticals in Australia and Amellie and Proud Co in Thailand.

While TRP will retain global rights to its TR Pro products, the two distribution partners will lead commercial launch strategies, offering Tissue Repair access to established commercial channels.

Concussion management technology company HitIQ (ASX:HIQ) has expanded into the UK market, launching its PROTEQT system for rugby players and similar ‘collision sports’ like hockey.

HIQ is running a dual business model with both upfront product sales and an ongoing subscription; players receive a new instrumented mouthguard each year that includes the latest innovations.

A startingly high-grade gold hit of 1.2m at 543 g/t has brought Falcon Metals (ASX:FAL) sharply into the spotlight, as the company drills the first wedge hole at the Blue Moon prospect.

FAL was topping ASX charts last week on claims they’d found Bendigo-style gold mineralisation after hitting 0.3m at 48.7 g/t gold at Blue Moon.

These latest results certainly support that assertion – the Bendigo Goldfield has produced 22 million ounces of gold since it was first discovered in 1851, a bounty Falcon is keen to tap into.

LAGGARDS

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