Top 10 at 11: Clothing retailer Mosaic Brands up 26pc on $33.5m turnaround in FY23

Stockhead’s Top 10 at 10, published when it’s good and ready each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.

It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Clothing retailer Mosaic Brands (ASX:MOZ) is on the winners board this morning after announcing it had delivered a $33.5 million turnaround in FY23 and is accelerating its strategy with 40 new mega stores planned for FY24.

MOZ delivered FY23 EBTDA of $17.1 million against a FY22 loss of $16.4 million.

“This $33 million turnaround is not simply a result of customers returning to in-store shopping post the pandemic,”  MOZ CEO Scott Evans told the market.

“It is a recognition by the Group that retail has forever changed, customer expectations have shifted dramatically and that resuming our consistent pre-Covid profitability required taking a leap forward rather than taking a step back.”

MOZ’s brands include Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads and Beme.

Arrow Minerals (ASX:AMD) is up after announcing it has secured rights to earn a 100% interest in the Simandou North Iron Project in Guinea, West Africa, through a staged earn-in.

AMD has executed a binding term sheet  to acquire the remaining 39.5% interest in private Singaporean registered company Amalgamated Minerals Pte. Ltd, which holds majority interest in the project, considered host to the largest undeveloped high-grade iron ore province in the world.

The explorer holds a 33.3% interest in the project and is in the process of earning in to increase this interest to a 60.5% controlling interest and says the latest agreement provides a mechanism by which AMD can advance to a 100% interest.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

On the wrong side of the fence today is Western Australia copper and gold explorer  Lodestar Minerals (ASX:LSR) after announcing a $825k capital raising to repay debt and for working capital.

LSR says it will place 137.5 million fully paid ordinary shares at 6 cents/share to raise $825,000 (before costs). One free attaching unlisted option exercisable at 2 cents on or before August 31, 2024 will be issued for every two shares applied for with the issue of such options is subject to shareholder approval.

LSR says $550k of the funds raised will be used to repay debt and $275k will be used towards the Earaheedy drilling program and for general working capital.