Top 10 at 11: ASX rises 0.49pc as sentiment flips once again

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 flips the script once again

It can be a challenge to get a handle on the market’s mood these days. On Tuesday, the ASX200 hit a new record closing high, adding more than 0.7% in a single day. Within 24 hours, we’d reversed the vast majority of that progress, down almost 0.8%.

This morning, things are looking up again.

The ASX 200 has risen 0.49% in the first half hour of trade, gaining broadly across sectors.

Financials is leading, adding 0.79% with some strong support from the ASX 200 Banks index (+0.77%), while energy lags 0.05% as the only sector in the red.

Both the Australian dollar and gold gained ground against the US dollar overnight during a very volatile US session that saw the S&P500 plunge 1% before recovering about as much to finish up 0.3%.

That’s set the stage for some stirrings of momentum in the gold and resources indices, which have been struggling in recent days.

Let’s check out which small caps are making the most of the market recovery.

WINNERS

In the news…

BPH Global (ASX:BP8) has bumped up its seaweed sale revenue for the June sales period, lifting total revenue by 17.7% to a little over $177,000.

The sales were made to wholesale buyers in Indonesia, with new international contracts already in the pipeline for the July reporting period.

Vintage Energy (ASX:VEN) has offloaded its interest in the PEP 171 to Beach Energy (ASX:BPT) in return for $1.25m.

At the same time, VEN is launching a suite of production improvement measures at the Odin and Vali gas field. If successful, management estimates an uplift in gas production of between 2.1MMscf/d and 5.6MMscf/d, potentially paying back the cost of the program within three months.

Adelong Gold (ASX:ADG) has officially transitioned into gold producer status after achieving first gold pour at the Challenger gold mine in NSW.

ADG is celebrating the success of its partnership with project operator Great Divide Mining (ASX:GDM) in reaching this milestone, as the two companies work to realise the value of Challenger’s 188,000oz gold bounty.

LAGGARDS

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