Top 10 at 11: Gold stocks prop up ASX after shaky start to trade
Traders are squirreling money away in the safe haven of gold as geopolitical uncertainty rises. Pic: Getty Images
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.
ASX wobbles on open
The ASX has had a questionable start to trading this morning, up just 1.1 points or 0.01%. 7 of 11 sectors are in decline as of about 10:30 am AEST.
The energy sector is putting in some work, climbing 2.67% despite a 0.6% dip in oil prices overnight.
Most of the strength is coming from our gold stocks, however, with the ASX All Ords Gold up almost 3% in this first hour of trade.
The ASX 200 Resources index is also benefiting, up 0.73%.
WINNERS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SRN | Surefire Rescs NL | 0.002 | 100% | 1000000 | $2,486,445 |
| ENT | Enterprise Metals | 0.003 | 50% | 1000000 | $2,362,635 |
| ICU | Investor Centre Ltd | 0.003 | 50% | 200328 | $609,023 |
| PRM | Prominence Energy | 0.004 | 33% | 1756858 | $1,167,529 |
| A11 | Atlantic Lithium | 0.17 | 26% | 70826 | $93,574,887 |
| EDE | Eden Inv Ltd | 0.0025 | 25% | 80323 | $8,219,762 |
| MRD | Mount Ridley Mines | 0.0025 | 25% | 1000000 | $1,556,978 |
| ROG | Red Sky Energy. | 0.005 | 25% | 160000 | $21,688,909 |
| SIS | Simble Solutions | 0.0025 | 25% | 10999 | $1,752,661 |
| MKL | Mighty Kingdom Ltd | 0.019 | 19% | 859281 | $7,778,267 |
In the news…
None of our Top 10 stocks for this morning had market sensitive announcements.
That said, gold prices shot up 1.8% overnight, hitting US$3402.4 an ounce as tensions between Israel and Iran escalate and softening US economic data raised the likelihood of interest rate cuts.
They’ve continued to rise in today’s trade, now hovering around US$3411.14 an ounce of gold.
That may be part of why Surefire Resources (ASX:SRN) and Enterprise Metals (ASX:ENT) are climbing this morning, as both companies hold gold projects among their portfolios.
LAGGARDS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| BMO | Bastion Minerals | 0.002 | -33% | 1310000 | $2,710,883 |
| OVT | Ovanti Limited | 0.002 | -33% | 806217 | $9,016,545 |
| PAB | Patrys Limited | 0.001 | -33% | 1250000 | $3,086,171 |
| JAV | Javelin Minerals Ltd | 0.002 | -20% | 92699 | $15,315,373 |
| ADG | Adelong Gold Limited | 0.005 | -17% | 823435 | $12,412,060 |
| FBR | FBR Ltd | 0.005 | -17% | 702773 | $34,136,713 |
| IPT | Impact Minerals | 0.005 | -17% | 1384174 | $23,731,980 |
| SHE | Stonehorse Energy Lt | 0.005 | -17% | 16666 | $4,106,610 |
| TMK | TMK Energy Limited | 0.0025 | -17% | 916212 | $30,667,149 |
| ODA | Orcoda Limited | 0.07 | -14% | 42500 | $15,188,651 |
In the news…
Orcoda (ASX:ODA) managing director Geoffrey Jamieson will take on a dual role, picking up the chief financial officer responsibilities on top of his current duties as Samuel Yue resigns from the board for personal reasons.
ODA says this is a temporary measure as the company searches for a new CFO.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Related Topics
Related Stories
UNLOCK INSIGHTS
Discover the untold stories of emerging ASX stocks.
Daily news and expert analysis, it's free to subscribe.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
