Top 10 at 11: ASX rebounds powerfully as Wall Street rallies

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.

ASX roars back to life

After getting absolutely hammered across the board on rising global bond yields yesterday, the Australian market has staged a strong recovery in the first hour of trade.

The ASX 200 is up 0.7% as of about 10:30 am AEST, with 10 of 11 sectors higher and every index in the green.

The bourse is following Wall Street higher after bond yields regulated somewhat overnight, with technology stocks in particular bouncing back.

Our own info tech sector is leading gains this morning, adding 1.54%.

Energy has been the only drag, falling on a sharp plunge in oil prices after OPEC+ signalled it would increase production again. Brent slid 2.2% overnight, falling to US$US$67.60 a barrel, and has edged marginally lower since.

Gold is still singing along near all-time highs. Spot rose 0.85% to US$3557.9 an ounce, while futures slid 0.54% to US$3615 an ounce.

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In the news…

Pearl Gull Iron (ASX:PLG) is $4.5 million richer after offloading its Coackatoo Island project to a cohort of three companies.

Under the agreement with Buccaneer Resources Pty Ltd, Crestlink Pty Ltd and JCA WA Nominees Pty Ltd, PLG will also receive a milestone royalty and a 4% equity interest in Crestlink.

Thor Energy (ASX:THR) has inked a term sheet with DISA Technologies to recover uranium and other critical minerals from historically abandoned waste dumps at Thor’s Colorado uranium claims.

DISA will be the operator of the Colorado projects and to pay all associated costs of economic evaluation, permitting, processing and ongoing remediation, while THR receives a gross revenue share.

Lithium Universe (ASX:LU7) has validated the Jet Electrochemical Silver Extraction technology in lab-scale trials, extracting 95% of silver.

The technology demands less power and acid reagents, producing substantially less waste while also reducing costs. LU7 says the next step will be to test the purity levels of the silver.

BPH Global (ASX:BP8) is moving into the critical mineral space, executing a 12-month agreement with Marchwood Laboratory Services to measure rare earth elements, precious metals, and critical minerals in seaweed samples.

Management says it’s a major step toward recovering critical minerals from seaweed as a natural bio-accumulator, with a strategic emphasis on Lanthanum, Terbium, Yttrium, and Neodymium as highly sought after minerals.

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