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Top 10 at 11: It’s the tail end of quarterlies today, so there’s nowhere to hide if the news ain’t so great
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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, to provide a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.
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 amidst all the chaos and shouting that many people find quite alarming, since I work on my own, and from home.
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 | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| CT1 | Constellation Tech | 0.003 | 50% | 207,505 | $2,949,467 |
| RBR | RBR Group Ltd | 0.003 | 50% | 334 | $3,236,809 |
| CYQ | Cycliq Group Ltd | 0.004 | 33% | 500,364 | $1,072,550 |
| MHC | Manhattan Corp Ltd | 0.004 | 33% | 50,000 | $8,810,939 |
| NVQ | Noviqtech Limited | 0.003 | 20% | 151,250 | $3,273,613 |
| OAR | OAR Resources Ltd | 0.003 | 20% | 166,666 | $6,609,319 |
| SHV | Select Harvests | 3.75 | 18% | 225,239 | $384,966,552 |
| DEL | Delorean Corporation | 0.035 | 17% | 113,597 | $6,471,627 |
| OSL | Oncosil Medical | 0.007 | 17% | 173,671 | $11,847,247 |
| RML | Resolution Minerals | 0.0035 | 17% | 267,375 | $3,779,990 |
Cycliq (ASX:CYQ) is up this morning, with news that it has appointed Andrew Chapman as non-executive interim chair of the company, stepping into a vacancy left by the departure of Xavier Kris, who has been on the Cycliq board since August 2020.
Manhattan Corp (ASX:MHC) delivered its quarterly yesterday, which isn’t exactly earth-shattering but there was still enough in it to give investors a bit of a goose this morning in the opening minutes of the session.
Mantle Minerals (ASX:MTL) also dropped its quarterly report, which was mostly just a re-hash of how the company’s exploration is going – ‘good’ is probs the best word for it – and a short note at the end that says Mantle’s got close to $2 million in the bank to keep digging, so hooray.
Bubs Australia (ASX:BUB) is surging this morning after handing in its quarterly homework, and the news from there is actually pretty great. Bubs says that Q2 group gross revenue of $25.7 million, up 79.7% on PCP, while Q2 Group net revenue came in at $20.2 million, up 92.1% on PCP.
Noviqtech (ASX:NVQ) also dropped its homework off this morning, climbing after the company offered a fairly upbeat look at the previous quarter, which included getting its Carbon Central platform into pre-release availability. The best part of the announcement was, without question, this: “Giving customers the ability to sign-up by themselves without the need for a lengthy sales process is expected to massively accelerate our sales process.” Genius.
Oar Resources (ASX:OAR). Quarterly. Everything’s looking good. There’s money in the bank. NEXT!
Select Harvests (ASX:SHV) is crowing about a win this morning, with the board revealing that its 2024 crop has come in nicely, and the actual harvest (I think it’s almonds…) will kick off next week. The company is also confident that they’re going to deliver into an easier market this season, as the previous season for US almonds saw an alarming rise in the number of nuts that came out wonky.
Delorean (ASX:DEL) handed in its report card for the quarter, and the news that the company is focused on project delivery, enabling it to “return to growth and profitability”, plus close to $5 million smackers in the bank, saw investors lining up behind it early on.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| EDE | Eden Inv Ltd | 0.0015 | -25% | 2,197 | $7,356,542.23 |
| CI1 | Credit Intelligence | 0.096 | -20% | 143,143 | $10,565,425.32 |
| SOV | Sovereign Cloud Holdings | 0.053 | -20% | 299,274 | $22,400,444.35 |
| CUF | Cufe Ltd | 0.018 | -18% | 2,132,858 | $25,214,472.03 |
| PAR | Paradigm Biopharmaceuticals | 0.31 | -17% | 714,368 | $131,470,940.63 |
| MCL | Mighty Craft Ltd | 0.015 | -17% | 780,300 | $6,572,378.97 |
| AYT | Austin Metals Ltd | 0.005 | -17% | 19,800 | $7,711,148.09 |
| PUR | Pursuit Minerals | 0.005 | -17% | 620,400 | $17,663,828.49 |
| RR1 | Reach Resources Ltd | 0.0025 | -17% | 1,414,219 | $9,630,891.34 |
| GLN | Galan Lithium Ltd | 0.455 | -16% | 958,085 | $190,875,031.20 |
Mighty Craft (ASX:MCL) is down this morning after delivering a business update that all-but confirms that the liquor industry isn’t what it used to be. The company sold more beer (4.6 million litres of the stuff, an 11% increase on PCP), but somehow managed a -5% drop in group revenue, most likely due to an underperforming spirits division that only shifted 81,000 bottles, a 25% fall on PCP.
Sovereign Cloud Holdings (ASX:SOV) is falling this morning because its quarterly was less-than-glowing as well – the company did manage to sign up $2.9m in contracts, mostly from new non-government clients, but a change in billing from from fixed licence fees to a consumption model has kneecapped revenue to the tune of -40%.
