Top 10 at 11: ASX dips in early trade despite surges in global markets

The ASX looks to be ending its streak of wins today, down more than 0.2pc in early trading.

The ASX has slipped in early trading, threatening to end a seven-day winning streak. 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 10:15, once trading kicks off in earnest.

In brief, this is what the markets have been up to this morning.

Strong gains in global markets on Friday have sown fertile ground for another day of progress on the ASX, following on from a decisive win for Labor in the Federal Election over the weekend.

There were mixed movements in Mag7 stocks – Apple (-3.7%) and Amazon (-0.1%) both suffered from tariff impact-related falls. Moving in the other direction, Meta gained 4.3% and Nvidia 2.6%.

Strong US jobs data coupled with positive signs in the US-China trade talks contributed to ease investor fears.

All three major indices rose more than 1% in response. The Dow gained 1.4%, the Nasdaq 1.5%, and the S&P500 posted its ninth consecutive session of gains, lifting 1.5%.

Over the week, the Dow added 3%, the Nasdaq 2.4% and the S&P500 2.9%.

Euro stocks climb, oil and gold decline

It was a similar story in Europe.

Industrial and technology sector stocks were up more than 3% each, responding to similar movements in the US.

The Euro FTSE300 surged 1.8%, and the UK FTSE100 jumped 1.2%. That broke the UK market’s longest running streak of gains, marking fifteen consecutive sessions in the green.

The FTSE300 gained 2.2% over the last five days, while the FTSE100 lifted 3%.

Turning our attention to bellwether commodities, oil and gold are both still sliding.

Brent crude fell 1.4% to US$61.29 a barrel, and gold 0.7% to US$3,243.30 an ounce.

Oil prices are likely to remain under pressure in the coming week, as several OPEC+ members are expected to increase output, raising production by as much as 2.2 million barrels per day by November.

Reuters has reported several members of OPEC+ will suggest oil output increases for a second consecutive month in June, with member states unwilling to continue to prop-up prices through production cuts.

A softening of trade war fears drove some base metals up – copper futures rose 1% and aluminium 0.6% - but iron ore once again languished, slipping 1.1% to US$98.19 a tonne.

ASX has a wobbly start to the day

The ASX has gone for a dip in early morning trade, falling 0.21% as of about 11am AEST.

Falling oil prices are weighing heavily on the Energy sector today, down more than 2% in the first hour of trading.

Industrials (+0.77%), Consumer Discretionary (+0.67%), Real Estate (+0.36%) and Healthcare (+0.30%) are pulling in the other direction, but a fall in financial (-0.85%) and resource (-0.46%) stocks is weighing too heavily on the market at present.

The ASX All Technology index is up 0.4%, bucking against the Info Tech sector’s minor 0.04% dip.

Now, onto our winners and laggards for the morning.

WINNERS

Code	Description	Last	%	Volume	MktCap
XPN	Xpon Technologies	0.023	283%	35551212	$2,174,649
ANX	Anax Metals Ltd	0.012	140%	32269127	$4,414,038
SPX	Spenda Limited	0.008	60%	19338450	$23,076,077
AXP	AXP Energy Ltd	0.0015	50%	254982	$6,574,681
RLL	Rapid Lithium Ltd	0.003	50%	5051636	$2,489,889
KGD	Kula Gold Limited	0.009	29%	474189	$6,448,776
EQX	Equatorial Res Ltd	0.115	28%	118000	$11,830,082
CTN	Catalina Resources	0.0025	25%	213317	$3,327,519
EVR	Ev Resources Ltd	0.005	25%	81824	$7,943,347
NWM	Norwest Minerals	0.016	23%	7368260	$6,306,554

Making news this morning…

XPON Technologies (ASX:XPN) is riding higher after snapping up 100% of shares in Alpha Digital Design Consultants (Aust) Pty Ltd, a leading Australian digital marketing business and a long-term channel partner for XPN.

XPON reckons Alpha Digital is an immediate value opportunity, having generated $4.6m in revenue and achieving an EBITDA of $700k (unaudited) in the last financial year.

XPN will look to “accelerate the AI transformation of Alpha Digital” to offer a wider range of AI solutions.

A cornerstone investment of $3.3m into Anax Metals (ASX:ANX), coupled with a funding package of up to $103m, has set the company up for a day of positive trading.

The convertible note investment from Mineral Development Partners Pte Ltd valued ANX shares at $0.015, a 200% premium to the company’s current share price.

MDP is also offering an investment package of up to $103m to earn an interest of up to 19.99% in ANX and up to 81.1% in its subsidiary, as Anax Metals develops the Whim Creek joint venture project.

LAGGARDS

Code	Name	Price	% Change	Volume	Market Cap
88E	88 Energy Ltd	0.001	-33%	4462150	$43,400,718
BIT	Biotron Limited	0.002	-33%	126478	$3,981,738
EEL	Enrg Elements Ltd	0.001	-33%	151	$4,880,668
VML	Vital Metals Limited	0.002	-33%	3921087	$17,685,201
ARN	Aldoro Resources	0.25	-25%	3045491	$59,433,082
AON	Apollo Minerals Ltd	0.012	-25%	10638119	$14,855,310
ERA	Energy Resources	0.0015	-25%	70023	$810,792,482
AVE	Avecho Biotech Ltd	0.004	-20%	4866757	$15,867,318
NC6	Nanollose Limited	0.035	-19%	261255	$10,749,239
NGS	NGS Ltd	0.022	-19%	100000	$3,658,036

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 dips in early trade despite surges in global markets