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Top 10 at 11: Rock chips, milk and musical chairs are what’s in the news
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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 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 – for better or worse – and then I do my best to make sense of who’s moving where and why it might be happening.
Anyway… here’s what’s been happening since the doors were opened this morning…
The ASX rose sharply this morning, putting on close to +1.0% before easing slightly in the first hour of play.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| AUG | Augustus Minerals | 0.100 | 163.2 | 13,783,222 | $3,244,060 |
| C7A | Clara Resources | 0.021 | 90.9 | 1,349,013 | $2,201,529 |
| SVG | Savannah Goldfields | 0.035 | 52.2 | 352,868 | $6,464,953 |
| AVE | Avecho Biotech Ltd | 0.003 | 50.0 | 500,000 | $6,338,594 |
| RNE | Renu Energy Ltd | 0.006 | 50.0 | 66,542 | $2,904,536 |
| SM1 | Synlait Milk Ltd | 0.330 | 43.5 | 382,938 | $50,273,782 |
| IBG | Ironbark Zinc Ltd | 0.004 | 33.3 | 2,567,312 | $5,077,718 |
| SFG | Seafarms Group Ltd | 0.004 | 33.3 | 258,702 | $14,509,798 |
| XPN | Xpon Technologies | 0.015 | 25.0 | 1,667,747 | $4,349,298 |
| ADD | Adavale Resource Ltd | 0.005 | 25.0 | 3,158,088 | $4,261,061 |
Augustus Minerals (ASX:AUG) was well out in front early on news of substantial fresh rock chips from its Ti-Tree project in the Gascoyne region, with chips coming in as high as 35% copper and 236g/t silver from rock chip assays at the company’s Tiberius prospect.
Savannah Resources (ASX:SVG) was up on news of the completion of the Share Purchase Agreement for the sale of Savannah’s remaining shareholding in Renison Coal, the entity that owns the Ashford Coking Coal Project, to Clara Resources.
Meanwhile, Clara Resources Australia (ASX:C7A) was up on news that it has sold its holding in LSE-listed First Tin via an Institutional Bookbuild conducted by UK-based Arlington Group at GBP£0.04, to raise net proceeds of about A$4.3 million, settling on 12 July 2024.
Synlait Milk (ASX:SM1) was up on news that A2 Milk (ASX:A2M) is set to vote in favour of Synlait receiving a $130 million shareholder loan from Bright Dairy International Investment, a related company of Bright Dairy Holding, Synlait’s 39.01% shareholder.
LAGGARDS
Stocks highlighted in red have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| OLH | Oldfields Holdings | 0.050 | -43.8 | 56,179 | $17,778,279 |
| 1TT | Thrive Tribe Tech | 0.002 | -33.3 | 1,350 | $1,411,865 |
| 88E | 88 Energy Ltd | 0.002 | -33.3 | 5,864,106 | $86,678,016 |
| APC | Aust Potash Ltd | 0.002 | -25.0 | 2,034,441 | $8,040,379 |
| LPD | Lepidico Ltd | 0.002 | -20.0 | 11,000 | $21,472,798 |
| MAY | Melbana Energy Ltd | 0.026 | -18.8 | 18,501,372 | $107,846,531 |
| OEL | Otto Energy Limited | 0.011 | -15.4 | 1,083,859 | $62,335,127 |
| IAM | Income Asset | 0.071 | -14.5 | 2,061 | $27,462,278 |
| TMX | Terrain Minerals | 0.003 | -14.3 | 1,000,000 | $5,010,847 |
| AX8 | Accelerate Resources | 0.019 | -13.6 | 1,398,535 | $13,656,587 |
