Top 10 at 11: Nervous wait ahead of China news; but oil stocks, Panther Metals race out the blocks
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Good morning, and welcome to Stockhead’s Top 10 at somewhere near 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.
The ASX opened flattish as the market eagerly awaits a briefing from China’s leading economic planner later today.
Zheng Shanjie, chairman of the National Development and Reform Commission, is expected to discuss fiscal measures designed to stimulate economic growth.
Investors are awaiting insights and whether there will be new stimulus coming out of the meeting.
The CSI 300 index, the benchmark that tracks the performance of the top 300 stocks listed on the Shanghai and Shenzhen stock exchanges, has been rallying by almost 30% since September 13 after previously announced stimulus.
Iron ore futures in Singapore climbed almost 3% to $US111.75 a tonne this morning on anticipation, pushing iron ore stocks higher.
Energy stocks also scooted right off the blocks after crude prices surged by another 4% last night following a 10% rally last week.
So far, investors have mostly downplayed the tensions in the Middle East, focusing instead on the impact of falling interest rates on the stock markets.
However, if Iran were to block the Strait of Hormuz—through which 20% of the world’s oil supply passes—this could really shake things up.
Meanwhile overnight, big tech stocks dragged Wall Street lower as traders adjusted their expectations for a smaller rate cut from the Fed Reserve next month.
At the moment, there’s an 85% chance of a 25 basis point cut at the Fed’s November meeting, but the odds of no-cut has jumped to 15% from zero just a week ago.
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
Security | Description | Last | % | Volume | MktCap |
---|---|---|---|---|---|
PUR | Pursuit Minerals | 0.003 | 50% | 1,052,630 | $7,270,800 |
PNT | Panther Metals | 0.027 | 35% | 6,337,088 | $4,706,973 |
AAU | Antilles Gold Ltd | 0.004 | 33% | 18,283,534 | $5,567,228 |
BNL | Blue Star Helium Ltd | 0.004 | 33% | 320,000 | $7,293,320 |
RNE | Renu Energy Ltd | 0.002 | 33% | 1,001,664 | $1,206,201 |
TMK | TMK Energy Limited | 0.003 | 25% | 1,668,796 | $13,843,224 |
CUL | Cullen Resources | 0.006 | 20% | 30,492 | $3,467,009 |
PIQ | Proteomics Int Lab | 0.783 | 19% | 393,390 | $86,461,794 |
AQC | Auspaccoal Ltd | 0.140 | 17% | 227,191 | $64,056,111 |
LNR | Lanthanein Resources | 0.004 | 17% | 259,999 | $7,330,908 |
Panther Metals (ASX:PNT) jumped after announcing that numerous gold nuggets were discovered at the Comet Well and Comet Well South project areas, including a striking gold in quartz specimen. These initial finds occurred during drill preparations, and subsequent detecting activities near the upcoming drill sites revealed even more nuggets. Additional detecting is currently ongoing across both project areas.
Also, assays have now been submitted for Burtville East, following up on a previous 600m RC programme conducted in 2022, which yielded impressive results. One drill hole, BVE006, showed 15m at 53.94g/t Au from 27m, with a standout intercept of 1m at 478g/t from 28m.
Antilles Gold (ASX:AAU) has set an ambitious production target of around 4500 tonnes per annum (tpa) for antimony from its La Demajagua mine in Cuba. Recent metallurgical tests conducted have led to revised production estimates. The mine is expected to produce approximately 50,000 tpa of a gold-arsenopyrite concentrate, along with around 5560tpa of a gold-silver-antimony concentrate.
Following alkaline leaching, about 3980tpa of antimony precipitate with an estimated 48% antimony content will be produced. When blended with the gold-silver-antimony concentrate, the final product will yield roughly 9540tpa, containing significant amounts of gold, silver, and antimony.
With current metal prices, Antilles said the projected annual revenue from the gold-silver-antimony concentrate could reach around US$84 million over the first nine years of operation.
TMK Energy (ASX:TMK) said drilling has begun for up to three new coal seam gas pilot production wells at the Lucky Fox Pilot Well Project. The first well, LF-05, started drilling operations yesterday and is currently preparing to drill the surface section.
Each well is expected to take about seven to ten days to complete, and once drilling is finished, they will be put into production immediately. The program aims to demonstrate that commercial gas production can be achieved from the upper coal seam in this area.
West Cobar Metals (ASX:WC1) has announced significant increases in mineral resource estimates at the Salazar Project, particularly at the Newmont deposit, following a recent air core drilling program. The resource for rare earth elements (REEs) has grown by 46% to 123 million tonnes, with an average grade of 1,145 ppm TREO.
Additionally, the inferred resource for titanium dioxide has risen by 45% to 42 million tonnes at 5.2% TiO₂, while scandium resources have increased by 25% to 15 million tonnes at 100 ppm Sc.
Overall, the total REE mineral resource at the Salazar Project now stands at 230 million tonnes, with an average grade of 1,178 ppm TREO. The alumina resource remains at 4 million tonnes, containing 29.7% Al₂O₃, which could potentially be upgraded to high-purity alumina feedstock.
Stocks highlighted in red have made market-moving announcements (click headings to sort).
Code | Company | Price | % | Volume | Market Cap |
---|---|---|---|---|---|
EXR | Elixir Energy Ltd | 0.071 | -57% | 17,316,594 | $197,473,782 |
IVX | Invion Ltd | 0.003 | -25% | 90,868 | $27,066,367 |
RIL | Redivium Limited | 0.004 | -20% | 4,754,462 | $13,734,274 |
AKN | Auking Mining Ltd | 0.005 | -17% | 1,000,000 | $2,115,421 |
FHS | Freehill Mining Ltd. | 0.005 | -17% | 2,100,000 | $18,471,167 |
HTM | High-Tech Metals Ltd | 0.125 | -14% | 20,000 | $3,588,966 |
OMA | Omegaoilgaslimited | 0.260 | -12% | 467,558 | $84,501,852 |
BLU | Blue Energy Limited | 0.008 | -11% | 21,400 | $16,658,762 |
EXL | Elixinol Wellness | 0.004 | -11% | 15,628 | $5,945,320 |
RWD | Reward Minerals Ltd | 0.063 | -9% | 65,000 | $15,721,867 |
Elixir Energy (ASX:EXR) dropped over 50% following the conclusion of operations at the Daydream-2 well, where the stabilised gas flow rate was lower than expected.
Although five out of six stimulated zones flowed gas, the final stabilised rate was only 1.0 MMCFPD, down from a maximum of 2.6 MMSCFD. This reduction was due to issues like condensate or water banking around the wellbore, which are common in early-stage gas plays and could be resolved with improved operational management.
Elixir, however, reported that all licence commitments for ATP 2044 have been met and the well will be retained for future production.