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Welcome to Stockhead’s Top 10 at shortly-before-11, highlighting the most notable performers among ASX stocks in morning trade. This update aims to provide a concise overview of the biggest movers based on live data, focusing on those that have made significant announcements.
The ASX opened at 10 a.m. (Eastern Time) and initial data was collected at 10:15 a.m., ensuring that all ASX stocks had commenced trading by that point.
This morning’s market activity follows a challenging previous day, primarily influenced by serious allegations levied against supermarket giants Coles Group (ASX:COL) and Woolworths (ASX:WOW) by the ACCC. The ASX concluded yesterday's session on a negative note, with only gold and uranium stocks showing notable resilience. As trading began today, early signs were not promising, with the ASX Futures index indicating a 0.1% decline a couple of hours before the market opened.
Anticipation builds ahead of the Reserve Bank of Australia (RBA) rate decision, scheduled for just after lunch at 2:30 p.m. Market sentiment remains cautious, with most observers anticipating no change in interest rates. However, an intriguing perspective came from a taxi driver the previous evening, who claimed that rates could soar past 9% by Christmas. Such assertions are likely best viewed with skepticism, especially considering the driver's state at the time.
Despite earlier predictions of sluggishness, the market surprised by initially climbing 18 points before stabilizing to a modest 0.04% increase as investors await the RBA's announcement.
WINNERS
Highlighted stocks have made significant market-moving announcements:
Company Name Tickers Last Price % Change
BPM Minerals ASX:BPM 0.14 16.70%
Clover Corporation ASX:CLV 0.45 21.60%
Cettire ASX:CTT 1.81 36.10%
Element 25 ASX:E25 0.4175 94.20%
Enrg Elements ASX:EEL 0.003 50.00%
Eclipse Metals ASX:EPM 0.006 20.00%
Helix Resources ASX:HLX 0.005 25.00%
Poseidon Nickel ASX:POS 0.0035 16.70%
Seafarms Group ASX:SFG 0.003 20.00%
West Cobar Metals ASX:WC1 0.047 74.10%
Element 25 (ASX:E25) has seen a significant increase following news of its selection for award negotiations regarding a substantial grant from the U.S. Department of Energy. This funding, part of the Battery Materials Processing Grant Program, will support the construction of a facility in Louisiana for producing battery-grade high-purity manganese sulfate monohydrate. This comes on top of previous commitments from major partners like General Motors and Stellantis.
West Cobar Metals (ASX:WC1) also gained traction after confirming the presence of a thick zone of antimony copper mineralization at its Bulla Park project through recent diamond drilling. This promising discovery adds to previous drilling successes and bolsters confidence in the potential of the Bulla Park site.
Cettire (ASX:CTT) has enjoyed an upward trend following the release of an impressive annual report. The company reported significant sales growth, with a marked increase in active users contributing to higher gross revenue compared to the previous year.
Clover Corporation (ASX:CLV) has experienced a rise in its stock value, despite reporting a decline in annual revenue compared to the previous year. The company’s figures aligned with guidance, yet a notable drop in net profit has drawn attention.
Poseidon Nickel (ASX:POS) has reported multiple gold anomalies extending across substantial soil traverses following recent reconnaissance soil sampling at its Black Swan project. A coherent gold anomaly, defined at up to 54ppb Au, spans a significant area and remains open for further exploration.
