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. Here’s what’s happened so far.

Pre-market, the ASX was expected to open higher this morning, after Wall Street recorded modest gains overnight across the major indices.

The headline news involves a lawsuit from ASIC, which is taking QBE Insurance (ASX:QBE) to task for being inconsistent with its discounting to customers, but this has been rattling around for a couple of years now and there’s not much in the way of new info.

On a macro-economic scale, China is being unusually quiet about when it’s going to hold its week-long People’s Congress, where it’s expected the details of a major economic support package will be announced.

Normally, we get a week’s notice before the big event, and the current best-guess is that it won’t be happening until November, possibly as China – along with the rest of the world – waits to see if the US is going to dodge a bullet, or vote its way into four more years of kleptocratic insanity on November 05.

When the market  opened, it jumped immediately to a 0.15% gain for the ASX 200, with Real Estate the first bull out of the gate on +0.6% early doors.

 

WINNERS

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

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Eastern Metals (ASX:EMS) was up early on news that reconnaissance drilling completed at two new targets, Kelpie Hill and Windmill Dam, and at the advanced Evergreen prospect within the 100%-owned Cobar Project in NSW. Initial assays have come back with results such as 7m @ 4.3g/t Au, 2.7g/t Ag, 0.3% Pb from 50m and 1m @ 4.17g/t Au, 2.7g/t Ag from 82m, with the second and third holes returning 3.05m @ 3.9% Zn, 2% Pb, 29.5g/t Ag from 298.5 and 0.5m @ 7.2% Zn, 2.4% Pb from 299m.

Energy Resources of Australia (ASX:ERA) was up this morning after letters went out to shareholders about the previously announced, Rio-backed pro-rata renounceable entitlement offer of new ERA ordinary shares to raise up to approximately $880 million.

Arrow Minerals (ASX:AMD) was up on news that the company has inked an MoU with Baosteel for potential mine gate sales of its iron ore, enabling access to the Simandou port and rail, the world’s largest and newest bulk infrastructure development. Arrow has also begun the next phase metallurgical testwork on the Simandou Formation Oxide BIF identified at its Simandou North Iron Project.

Venus Metals (ASX:VMC) was up, but its announcement this morning was just an AGM announcement, which isn’t terribly exciting.

 

LAGGARDS

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

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At Stockhead we tell it like it is. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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