Surf's up among some of the market's large caps this morning. Pic via Getty Images.
Top 10 at 11: Hefty moves by some hefty companies are making waves this morning
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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.
The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading – for better or worse – and then I do my best to make sense of who’s moving where and why it might be happening.
Here’s what’s been happening since the doors were opened this morning…
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| SLZ | Sultan Resources Ltd | 0.022 | 38% | 637,000 | SLZ |
| RML | Resolution Minerals | 0.004 | 33% | 12,500 | RML |
| ABC | Adbri Limited | 2.95 | 30% | 1,013,473 | ABC |
| M2M | Mtmalcolmminesnl | 0.032 | 28% | 1,332,751 | M2M |
| NEU | Neuren Pharmaceut. | 21.83 | 27% | 576,296 | NEU |
| LNK | Link Admin Hldg | 2.165 | 27% | 894,669 | LNK |
| LIS | Lisenergylimited | 0.225 | 22% | 298,936 | LIS |
| CAV | Carnavale Resources | 0.006 | 20% | 238,904 | CAV |
| RVS | Revasum | 0.155 | 19% | 4,833 | RVS |
| ZNC | Zenith Minerals Ltd | 0.165 | 18% | 6,021 | ZNC |
Mt Malcolm Mines (ASX:M2M) is on the move this morning, on news of visual confirmation of the presence of pegmatite in historic drill spoil following an on-ground inspection of the Company’s Lake Johnston Project’s tenure.
Sultan Resources (ASX:SLZ) is up this morning, since revealing last week that it submitted a programme of works to facilitate drilling to test the Calesi magmatic nickel prospect, which is the subject of a farm-in agreement with Rio Tinto Exploration (RTX), a subsidiary of Rio Tinto.
Large cap Adbri (ASX:ABC) is soaring this morning, up around 30% after the company revealed it had received a non-binding indicative takeover proposal from CRH and the Barro Group at a price of $3.20 cash per share, a 41% premium to last close.
Another large cap, Neuren Pharmaceuticals (ASX:NEU), is rising very quickly this morning, following news of positive feedback from its Phase 2 trial of NNZ-2591 in children with Phelan-McDermid syndrome, including “significant” improvements that were “consistently seen across clinically important aspects of Phelan-McDermid syndrome, including communication, behaviour, cognition/learning and socialisation”.
Link Administration Holdings (ASX:LNK) is climbing quickly this morning, on news that it has entered into a scheme implementation deed with Mitsubishi UFJ Trust & Banking Corporation (The Trust Bank), a consolidated subsidiary of Mitsubishi UFJ Financial Group, under which The Trust Bank has agreed to acquire 100% of the shares in Link Group by way of a scheme of arrangement.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| STK | Strickland Metals | 0.098 | -39% | 12,790,904 | $261,001,611 |
| KEY | KEY Petroleum | 0.001 | -33% | 1,000,000 | $2,951,892 |
| VML | Vital Metals Limited | 0.007 | -30% | 5,585,195 | $53,061,498 |
| RHY | Rhythm Biosciences | 0.145 | -22% | 616,262 | $40,911,379 |
| HCT | Holista CollTech Ltd | 0.011 | -21% | 106,364 | $3,903,201 |
| 88E | 88 Energy Ltd | 0.004 | -20% | 1,445,018 | $123,204,013 |
| KPO | Kalina Power Limited | 0.004 | -20% | 100,020 | $11,050,640 |
| MYE | Metarock Group Ltd | 0.11 | -15% | 29,978 | $39,788,669 |
| IBG | Ironbark Zinc Ltd | 0.006 | -14% | 14,772 | $11,157,108 |
| OAR | OAR Resources Ltd | 0.003 | -14% | 2 | $9,243,713 |
Strickland Metals (ASX:STK) is falling this morning, despite news of “excellent drill results” from the first three diamond holes and four RC holes from the initial 19 hole program at Marwari.
Rhythm Biosciences (ASX:RHY) is down this morning after releasing an update into the company’s progress, as it “its operations and resources … to adopt the new stringent IVDR (In Vitro Diagnostic Medical Device Regulation) requirements for all products in development”.
Vital Metals (ASX:VML) is showing a drop this morning, after it finalised the issue of 588,917,200 shares to Shenghe Resources at $0.01 per share to raise approximately A$5.9 million, alongside an agreement to sell its stockpiled rare earth material to Shenghe for approximately A$2.6 million, leaving the company “funded to deliver into key milestones in 2024”.
