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: Wall Street lifted overnight, but the rally after some pretty serious volatility has come with a warning sticker from Goldman Sachs, which is saying there’s a 25% chance of a US recession on the horizon.
Locally, though, the markets have opened slightly lower, down by 0.43% in the opening 20 minutes of the session.
Here’s which stocks are making waves, and why, this morning.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| AMD | Arrow Minerals | 0.003 | 50.0 | 3,792,321 | $21,078,730 |
| HCD | Hydrocarbon Dynamic | 0.003 | 50.0 | 100,000 | $1,617,165 |
| MHC | Manhattan Corp Ltd | 0.0015 | 50.0 | 100,000 | $2,936,980 |
| MHI | Merchant House | 0.099 | 41.4 | 35,316 | $6,598,655 |
| LBT | LBT Innovations | 0.021 | 40.0 | 12,565,038 | $23,515,417 |
| HCL | Highcom Ltd | 0.245 | 40.0 | 2,812,616 | $17,969,468 |
| HLX | Helix Resources | 0.004 | 33.3 | 1,400,000 | $9,792,581 |
| IEC | Intra Energy Corp | 0.002 | 33.3 | 325,000 | $2,536,172 |
| POS | Poseidon Nick Ltd | 0.004 | 33.3 | 610,200 | $11,140,604 |
| YAR | Yari Minerals Ltd | 0.004 | 33.3 | 26,227 | $1,447,073 |
Arrow Minerals (ASX:AMD) was moving early on Wednesday after releasing an exploration target estimate for its Niagara Bauxite Project, which the company says has come in at approximately 170 – 340Mt at a grade range of approximately 40-46% Al2O3, and 1-4% SiO2, which the company has reminded investors is a “conceptual” figure, not an official mineral resource estimate.
Manhattan Corp (ASX:MHC) was up early after revealing that the entitlement offer announced by the company on Tuesday, 30 July 2024 is now open. The company is looking to raise up to $1.5 million, through a 1 for 2 non-renounceable pro-rata entitlement offer of 1,468,490,084 new Shares on a pre-Consolidation basis, at an issue price of $0.001 per New Share.
Australian med-tech LBT Innovations (ASX:LBT) gained on news that it has inked a deal to sell five of its APAS Independence instruments – used for environmental monitoring during drug manufacturing – to AstraZeneca AB and to provide annual maintenance and support services over seven years, with the contract worth between $3.4 million and $4.1 million.
HighCom (ASX:HCL) was back in the winner’s circle on Wednesday, after providing fresh guidance for its FY24 results, revealing that revenue has come in at the lower end ($46 million) of the estimate given to the market in May. The company says that a delay in finalising a recent contract has pushed that revenue out to FY25, and that the company has seen an improvement in cash holdings from $1.6 million to $6.2 million, with new orders of ballistic products for US domestic and international customers valued at $13.7 million to be delivered soon.
LAGGARDS
Stocks highlighted in red have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| SI6 | SI6 Metals Limited | 0.001 | -50.0 | 450,000 | $4,737,719 |
| CAZ | Cazaly Resources | 0.016 | -27.3 | 2,453,764 | $10,148,666 |
| KPO | Kalina Power Limited | 0.003 | -25.0 | 269 | $9,945,576 |
| RNE | Renu Energy Ltd | 0.003 | -25.0 | 25,913 | $2,904,536 |
| EVR | Ev Resources Ltd | 0.004 | -20.0 | 30,000 | $6,981,357 |
| SKN | Skin Elements Ltd | 0.004 | -20.0 | 300,000 | $2,947,430 |
| RWL | Rubicon Water | 0.26 | -18.8 | 64,000 | $55,228,511 |
| EEL | Enrg Elements Ltd | 0.0025 | -16.7 | 1,010,000 | $3,029,895 |
| GAS | State GAS Limited | 0.047 | -14.5 | 1,074,086 | $15,082,473 |
| EPM | Eclipse Metals | 0.006 | -14.3 | 180,000 | $15,755,989 |
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
