Top 10 at 11: Cautious open to ASX trading as Ovanti targets US expansion

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.

Uncertain start to trade despite buoyant international markets

The ASX 200 is up just 0.05% as of about 10:30 am AEST, with just 4 of 11 sectors in the green.

International markets rose sharply overnight, adding more than 1% both in the US and Europe, but the Aussie bourse is looking cautious out of the gate this morning.

Both oil and gold prices fell overnight, shedding 6% and 1.8% respectively, which will pressure energy and gold mining stocks in trade today.

The ASX All Ords gold sub-index is down more than 2% at present as a tenuous ceasefire set in between Israel and Iran, with the ASX 200 Banks index pulling in the other direction, up 0.95%. A win for stability … for now.

Let’s see which stocks are making moves this morning.

WINNERS

In the news…

Ovanti (ASX:OVT) has brought ZIP Co (ASX:ZIP) executive Peter Maher onto the board as CEO of the company’s buy now, pay later division in the US.

Maher is current USA head of enterprise merchant partnerships at ZIP, with extensive experience in commercial expansion, enterprise growth and platform integrations in North America.

He’ll be leading the company’s US market entry strategy, managing commercial partnerships, platform activation and consumer product launch.

Reedy Lagoon (ASX:RLC) has drummed up a set of drilling targets at the Burracoppin gold project with a combination of magnetic and soil sampling data.

The company will be drill testing an 800m mafic unit at Lady Janet, two 500m targets at Windmills, a gold in soil anomaly at Shear Luck and three targets at the Zebra prospect, with two stretching over more than 200m of strike.

Summit Minerals’ (ASX:SUM) first try at rare earth metallurgical testing for its Equador project in Brazil has yielded promising results, with unoptimised gravity work delivering recoveries above 50%.

The company says theses results demonstrate the mineralisation at Equador can be upgraded substantially using simple, well-established density-based separation methods.

Adelong Gold (ASX:ADG) has tapped experienced geologist Luke Olson as exploration manager, beginning July 1. Olson most recently worked on the Lauriston and Apollo Gold projects, both of which are now owned by ADG.

The company is looking to ramp-up exploration across its Victorian gold portfolio and will be keen to leverage his local expertise.

LAGGARDS

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

At Stockhead, we tell it like it is. While Ovanti is a Stockhead advertiser, it did not sponsor this article.