Top 10 at 11: ASX climbs as energy stocks rocket higher

Despite falls in US markets on Friday the ASX has risen 0.21pc in the first hour of trade, led higher by a 6pc jump in energy stocks.

Despite losses on Wall Street the ASX has gained 0.21pc in the first hour of trade, propped up by surging energy stocks. Pic: Getty Images

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX climbs despite Wall Street pain

The ASX is rising in early trade, up 0.21% as of about 10:30 am AEST despite full percentage point falls in US markets overnight.

The energy sector is surging, up more than 6%, with strong support from the ASX 200 Resources sector, which is up 1.5%.

Oil prices surged 7% on Friday and have continued to rise, providing momentum for oil and gas and utility stocks. Santos (ASX:STO) is up over 12% after revealing it received a non-indicative binding proposal from a consortium led by the Abu Dhabi National Oil Company, granting due diligence on a potential $30bn cash takeover.

At $7.82, its shares are trading well below the $8.89 bid price, which represents a 28% premium to its last close of $6.96.

But uranium companies are also surging.

Deep Yellow (ASX:DYL), Paladin Energy (ASX:PDN), Boss Energy (ASX:BOW) and Bannerman Energy (ASX:BMN) have all hiked more than 10%.

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
BIT	Biotron Limited	0.003	50%	370000	$2,654,492
PRM	Prominence Energy	0.005	25%	289900	$1,556,706
TEM	Tempest Minerals	0.005	25%	200000	$3,511,212
ICE	Icetana Limited	0.051	24%	243958	$21,804,862
ATX	Amplia Therapeutics	0.069	21%	9024299	$22,113,302
AR9	Archtis Limited	0.075	21%	338479	$17,853,963
AZL	Arizona Lithium Ltd	0.006	20%	1726225	$26,351,572
RC1	Redcastle Resources	0.006	20%	1426639	$3,717,835
PGO	Pacgold	0.077	18%	524013	$9,940,387
AON	Apollo Minerals Ltd	0.007	17%	12300	$5,570,741

In the news...

Tempest Minerals (ASX:TEM) reckons it's sitting on an exceptional iron ore development at the Yalgoo project’s Remorse deposit, after some recent metallurgical test work produced iron ore concentrate grading at 70% iron content.

In a rare win for patients with advance pancreatic cancer, Amplia Therapeutic’s (ASX:ATX) ACCENT trial has achieved a pathological complete response, meaning there were no signs of cancer in the patient’s tissue after it was surgically removed.

The company was investigating the use of its FAK inhibitor narmafotinib in combination with standard-of-care chemotherapies gemcitabine and Abraxane in patients with metastatic pancreatic cancer.

A contract with the US Department of Defense has turned heads for archTIS (ASX:AR9), after the company locked in a deal to deploy its NC Protect secure software collaboration solution to an initial 1000 users.

AR9 expects to expand to the full DoD network in the coming months, with potential to expand its user base 6-fold. The initial license sale carries a value of $38,500.

Redcastle Resources (ASX:RC1) has inked a memorandum of understanding with a contract miner to manage mining works at the Queen Alexandra and Redcastle Reef projects on a profit-sharing basis.

The agreement covers gold mineralisation down to 70m of depth, with Redcastle retaining rights to the mined gold and control of downstream transportation and processing.

Pacgold (ASX:PGO) has hit more broad, shallow gold at the Alice River gold project, with RC drilling producing up to 48 metres at 2.1 g/t gold from 76 metres, and higher-grade intersections of 15m at 5g/t and 2m at 29 g/t gold.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
PRX	Prodigy Gold NL	0.001	-50%	250000	$6,350,111
RAN	Range International	0.001	-50%	450000	$1,878,581
RLC	Reedy Lagoon Corp.	0.001	-50%	85604	$1,553,413
AUH	Austchina Holdings	0.001	-33%	328	$4,538,075
FTC	Fintech Chain Ltd	0.002	-33%	17241	$1,952,309
SFG	Seafarms Group Ltd	0.001	-33%	75000	$7,254,899
GLE	GLG Corp Ltd	0.1	-23%	59324	$9,633,000
CTN	Catalina Resources	0.004	-20%	5108813	$12,130,095
ENT	Enterprise Metals	0.002	-20%	143661	$2,953,293
EQX	Equatorial Res Ltd	0.13	-19%	4000	$21,031,256

At Stockhead, we tell it like it is. While Redcastle Resources is a Stockhead advertiser, it did not sponsor this article. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Top 10 at 11: ASX climbs as energy stocks rocket higher