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.

Briefly, here’s what’s been happening already this morning: Local markets opened sharply higher this morning, tracking another positive session on Wall Street that saw the S&P 500 come within a whisker of fresh all-time highs again overnight. Early local gains were led by movement among Resources and Banking stocks, pushing the ASX 200 up by 0.7% in the opening minutes of the session, and up 1.4% 20 minutes into the day.

Let’s go.

 

WINNERS

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

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Miramar Resources (ASX:M2R) was the only company in the top 10 on Friday morning with news, after the company announced the commencement of the maiden drilling campaign within the Company’s 100%-owned Bangemall Project portfolio in the Gascoyne region of WA, co-funded through the WA Government’s Exploration Incentive Scheme (EIS) to test several airborne +/- ground EM anomalies at Mount Vernon and Trouble Bore highlighted by Miramar’s exploration programs.

Other stocks to watch this morning include Poseidon Nickel (ASX:POS) , which is climbing after the company refiled news of gold mineralisation, “very similar to nearby gold mines including Kanowna Belle and Gordon Sirdar”, at the company’s Black Swan prospect in the WA Goldfields. Poseidon refiled the announcement after it tripped over the rules around announcing visual gold during early exploration while showing off some of the 52 gold nuggets with a combined weight of 17.9g the company has picked up.

Elixir Energy (ASX:EXR) was also up Friday after delivering an update on its Daydream-2 program in the 100%-owned Grandis Project in Queensland’s Taroom Trough. Elixir says the flow test of the Lorelle Sandstone post stimulation is complete, with work moving on to the stimulation of the 5 upper zones. Lorelle Sandstone flows gas at stabilised flow rates of 2.1 and 2.5 MMSCFPD, which is approaching requirements for the entire project to clear the modelled pre-production economic hurdle.

 

LAGGARDS

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

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Site Group International (ASX:SIT) has fallen on Friday morning on news that the High Court of Australia has rejected its appeal against the decision of the Full Federal Court of Australia that its subsidiary, Productivity Partners, engaged in conduct in breach of the Australian Consumer Law in proceedings commenced by the ACCC. With the appeals process exhausted, the matter will now proceed to a penalty hearing “sometime in 2025”, with Site flagging that “any ultimately adverse resolution could have a material negative impact on Site’s financial performance and financial position”.

 

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

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