Good morning, and welcome to Stockhead’s Top 10 at shortly-before-11-ish, which is meant to highlight the best (and sometimes worst) performing ASX stocks in morning trade using live data, to provide a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms that have made announcements.

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

Briefly, here’s what’s been happening already this morning: The ASX finished yesterday in a bit of a funk, a lot of which stemmed from the supermarket giants Coles Group (ASX:COL) and Woolworths (ASX:WOW) getting slapped with some really serious allegations by the ACCC.

By day’s end, it was only the goldies and Energy stocks – specifically uranium – that made any real headway, and this morning things weren’t looking too rosy either, with the ASX Futures index pointing down 0.1% a couple of hours before the session began.

Expect things to be pretty sluggish in the run up to today’s RBA rate call, which is due just after lunch (2:30pm to be precise) – and pretty much everyone expecting that rates aren’t going to move… except for my taxi driver from last night, but I suspect he’d been drinking, so I’m not sure his claims that interest rates “will be way past 9% by Christmas” should be considered ‘sound financial advice’.

In the opening minutes of the session, the market defied the Futures prediction, jumping 18 points before settling to +0.04% above open as investors get ready for whatever news the RBA has to offer when they’re done having lunch.

 

WINNERS

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

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Element 25 (ASX:E25) was up on exciting news that it has been selected for award negotiations for a US$166 million grant from the US Department of Energy (DoE) under the Battery Materials Processing Grant Program. The funding will support the construction of Element’s proposed battery-grade high-purity manganese sulphate monohydrate (HPMSM) facility in Louisiana, USA, and the funding is additional to the US$115 million already committed by offtake partners General Motors and Stellantis.

Recent diamond drilling has confirmed a thick zone of antimony copper mineralisation at West Cobar Metals’ (ASX:WC1) Bulla Park project. The drilling supports further confidence of a large antimony copper system at Bulla Park, alongside previous drilling results that include 33m at 0.47% Cu and 0.15% Sb from 229m.

Online retailer Cettire (ASX:CTT) was up after the company delivered a banger of an annual report, which includes news that it has managed to achieve sales revenue of $742 million, an increase of 78% above last year’s result. Cettire’s online stores now boast 692,000 active users, who have contributed to a 61% increase in gross revenue from return business.

Clover Corp (ASX:CLV) was up, despite delivering an annual report this morning that showed a total revenue of $62.2 million which was in line with guidance, but also marked a decline from the previous year’s $79.9 million. Clover also reported that net profit after tax (NPAT) also saw a significant drop, falling to $1.5 million from $6.2 million in FY23.

Poseidon Nickel (ASX:POS) has reported finding several gold anomalies extending over multiple soil traverses (between 400m to 800m) following reconnaissance soil sampling at its Black Swan project. The company also said a coherent gold anomaly has been defined (up to 54ppb Au) that is 1.4km by 1km in size and remains open to the south at its Wilson’s prospect.

 

LAGGARDS

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

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

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