Top 10 at 11: ASX pushes higher as Stakk lands another big US contract

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.

Choppy start to trade

It was an uncertain start to trade in the first 45 mins or so this morning, with the bourse zigzagging across the neutral line.

The ASX 200 looks to be making a slightly stronger move at time of writing, however, tipping up by about 0.33%, riding higher on some continued momentum in our resource stocks as energy drags.

The gold price rally that started late yesterday afternoon continued through the night. Gold futures popped to a new high at US$3868 per ounce.

Oil gave up most of its recent gains as OPEC+ flagged another production lift, sliding more than 3% to US$67.51 a barrel of Brent.

Those expecting a second gold rally may be disappointed, though, as much of that momentum was spent yesterday, but more than one tailwind is forming for commodities this morning.

Copper also had a fantastic performance last night, surging 2.6% as aluminium gained 1.3%.

While iron ore did dip marginally, falling 0.1% to US$105.35 per tonne, the scene is set for some solid potential resources gains today.

What’s Bitcoin doing? Who cares? Actually, we do… it’s up a solid 2% having held the line around US$109k last week. It’s currently changing hands for about US$14.6k and looking in decent shape again for the moment.

SMALL CAP WINNERS

In the news…

Embedded finance company Stakk (ASX:SKK) has secured a major contract win, inking a three-year agreement with T-Mobile USA. The deal will see SKK’s image capture, authentication, OCR and document/data orchestration capabilities integrated into T-Mobile’s new app.

The contract follows on from a similar one with major US trading platform Robinhood, which saw the company soar 267% in a single day. Both deals with derive revenue from a monthly platform fee as well as usage-based transaction fees.

WestStar Industrial (ASX:WSI) has won a contract to provide procurement and construction services for Alcoa’s Pinjarra alumina refinery through a subsidiary.

The $115 million deal includes structural mechanical and piping, electrical and instrumentation and civil supply, construction and commissioning works for the refinery’s residue filtration stage 2 project.

SMALL CAP LAGGARDS

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