Top 10 at 11: Energy stocks lead ASX higher, with gold miners close behind

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 10:15, once trading kicks-off in earnest.

In brief, this is what the markets have been up to this morning.

Over the pond, US markets initially showed strong gains in early trading, but they were pared back as the Trump administration clarified the tariff pause on smart phones and computers from China was a temporary measure before a more comprehensive semiconductor tariff is introduced.

US inflation also climbed, rising from 3.1% to 3.6% in March, now back at its highest level since October 2023.

Fortunately for US government debt, Treasury bond yields are regulating down after ripping higher amidst the tariff yo-yoing last week. 10-year yields fell by 12 points and 2-year yields by 11.

Markets curbed their early enthusiasm but still finished in the green. A lack of escalating tariffs on automobile parts buoyed the bigger stocks, lifting Ford 4.6% and General Motors 3.46%.

The Dow notched a 0.8% uptick, the S&P500 0.8% and the Nasdaq 0.6%.

Breaking the pattern of the last couple weeks, European stocks also climbed and outperformed US markets.

Strength in the Banking sector gave Euro shares a strong boost – the FTSE300 lifted 2.6% and the UK FTSE100 2.1%.

Back home, the ASX has made some small progress, lifting about 0.3% in early morning trading on the back of a 1.27% lift for the energy sector. Consumer discretionary, info tech and telecommunications sectors are lagging, while the rest remain in the green.

Now, onto our market movers for the morning.

WINNERS

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Making news this morning…

Melbana Energy (ASX:MAY) is up as much as 42% to $0.034 a share in early trading, after transitioning to full-time production at the Block 9 PSC onshore Cuba oil asset. The company increased production at Unit 1B from 293 barrels of oil per day to 488 BOPD, a 66% increase.

Boosting its share price 38%, Southern Hemisphere Mining (ASX:SUH) has established a “clear correlation” between the 1km by 2km Curiosity copper target and a large magneto-tulleric resistivity anomaly that implies potential for a large porphyry copper-gold deposit.

A $15.2m strategic investment from First Quantum Minerals has lifted Prospect Resources’ (ASX:PSC) shares 30%. The new funds will support development of the Mumbezhi copper project, with phase 2 drilling set to begin Q2 2025. PSC has also entered into a placement agreement with long-term shareholder Eagle Eye to raise an additional $2.8m for a total of $18.5m.

Finally, Bryah Resources (ASX:BYH) has kicked off a strategic review of its gold assets in WA, citing high gold prices as the core incentive for beginning gold-focused exploration and drilling. Investors rewarded the move with a 25% uptick to BYH’s share price.

LAGGARDS

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While gold is still steady near all-time highs, the market was unimpressed by Iceni Gold’s (ASX:ICL) latest drilling results at the 14 Mile Well gold project in WA , which peaked at 2m at 1.89 g/t gold from 121m within a larger intersection of 10m at 0.67 g/t gold from 115m.

Fellow gold miner Bellevue Gold (ASX:BGL) shares also fell after securing $156.5m in an institutional placement. The company intends to apply the funding to the closure of hedged ounces throughout the 2025 calendar year, improving exposure to the current gold price.

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

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