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: The ASX 200 Futures was pointing 0.3% lower before the market opened this morning, with local investors waiting on data today around construction and retail spending.

Up the big end of town, REA Group (ASX:REA) has had its offer for UK real estate portal Rightmove rejected, with the Murdoch-owned REA expressing its disappointment that the UK takeover target never really came to the table to talk about the $12 billion deal.

And Qatar Airways has signalled its desire to purchase 25% of Australia’s Virgin Airlines (ASX:VAH) from US private equity firm Bain Capital, which could spell trouble for Qantas (ASX:QAN). The deal is in its infancy, and there are several major hoops that still need to be jumped through – including approval from the Foreign Investment and Review Board.

Overnight, gold fell by 1% to US$2,634 an ounce, oil prices rose by 0.2% with Brent crude trading at US$71.87 a barrel earlier this morning – but petrol around Australia is really cheap at the moment, according to the Australian Institute of Petroleum.

And the increasingly important iron ore price has jumped overnight by 6% to $US108.90 a tonne, which is likely to put more vim and vigour in the step of the ASX’s big miners later today.

 

WINNERS

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

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NickelSearch (ASX:NIS) was up on news that it has commenced reconnaissance work at the recently acquired Mt Isa North project, with geologists onsite prepping for the company’s maiden drilling campaign. Rock chip and grab samples collected and assayed during the due diligence site visit returned copper, gold and silver grades including 24.8% Cu & 1.23g/t Au, and 30.0% Cu & 64.7g/t Ag from different areas of the project.

Lunnon Metals (ASX:LM8) has revealed that it has identified a new gold zone from surface at its Kambalda gold and nickel project, with fresh significant, near surface, high-grade intercepts from the current diamond drill and in-fill reverse circulation program returning 23m at 16.61g/t Au from surface including 6m at 62.47g/t Au from 17m in hole FOS24RC_056, and 13m at 4.10g/t Au from 3m in hole FOS24RC_023.

5E Advanced Materials (ASX:5EA) was rising on news that it has received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM), expressing potential for the creation of a debt facility to backstop project debt financing of up to $285 million, which would be utilised for commercial scale development and construction of 5E’s Boron Americas Complex, under the Make More in America Initiative.

On the wrong side of the ledger this morning, Frontier Energy (ASX:FHE) has taken a big hit early on Tuesday, after the company revealed that the Australian Energy Market Operator has declined to assign any Certified Reserve Capacity credits (RCCs) to the company’s Waroona renewable energy project, placing Frontier in a position where it has had to mutually terminate its debt mandate with Infradebt, which was contingent on the final allocation and price of RCCs. However, the company says it has already identified alternative funding solutions, including bonds, equipment financing and equipment supplier equity opportunities that it says “have the potential to provide greater flexibility with the Project development strategy (compared to traditional debt) and could limit development delay, expected to be less than a year”.

 

LAGGARDS

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

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This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. At Stockhead, we tell it like it is, while Frontier Energy is a Stockhead advertiser, it did not sponsor this article.

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