Top 10 at 11: ASX surges as Iran-Israel conflict fizzles out; GBM Resources leads early gainers

The ASX has shot up 0.97pc in the first hour of trade as Israel and Iran agree to a ceasefire. Tech and banking stocks are flying high, while energy and utilities fall.

Global markets are jubilant as the threat of war eases, trading sharply higher as oil prices plummet. 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 flying high, up almost 1%

The “12-day war” between Israel and Iran may have just quietly come to a close, after US President Trump announced the two countries had agreed to a staged ceasefire.

While Iran did attack a US military base in Qatar, it was thankfully a token retaliation with plenty of warning.

Both the US and Qatar were given a heads-up about the incoming missile barrage several hours before it launched, giving Qatar time to close its airspace and US forces to shelter in place.

There were no injuries from the attack, and markets responded like the missiles were waving white flags, roaring back to life after almost two weeks of off-risk trading.

The ASX is responding in kind this morning, adding 0.97% as of about 10:30 am AEST, with every sector bar energy and utilities on the up.

Oil prices tumbled more than 7% to US$71.48 a barrel of Brent overnight, and have fallen even further this morning, down another 3.5% to US$68.92 a barrel.

The ASX All Ords Gold is also dragging as an apparent return to normality dampens demand for gold, while the All Tech and Banks Indexes are flying, up more than 1% each.

Let’s see who else is celebrating as the threat of war fades…

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
GBZ	GBM Rsources Ltd	0.013	117%	26018785	$7,026,420
AXP	AXP Energy Ltd	0.0015	50%	5007393	$6,684,681
JAY	Jayride Group	0.0015	50%	300001	$1,427,889
LNR	Lanthanein Resources	0.0015	50%	2000000	$2,810,182
MEL	Metgasco Ltd	0.003	50%	100000	$3,665,173
TMK	TMK Energy Limited	0.003	50%	46897	$20,444,766
SPQ	Superior Resources	0.004	33%	429638	$7,112,948
SRL	Sunrise	0.815	25%	193018	$71,647,874
OVT	Ovanti Limited	0.0025	25%	2145407	$6,011,030
INF	Infinity Lithium	0.017	21%	695086	$6,616,289

In the news...

GBM Resources (ASX:GBZ) will soon be well-funded and debt-free, if the company’s fund raising and reconsolidation plans resolve as expected.

GBZ is looking to offload a $6.2m convertible note debt facility with Collins St Asset Management by raising $13m through a placement that will see incoming chair Ian Middlemas subscribe for $1.2m in shares.

The company has also reached an agreement with farm-in partner Wise Walkers to reconsolidate full ownership of the Twin Hills gold asset, converting $2m already spent on the farm-in into equity in GBZ.

If all goes as planned, GBZ will be unencumbered by debt, with full ownership of its 1.84-million-ounce gold inventory across the Twin Hills and Yandan projects.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
GMN	Gold Mountain Ltd	0.001	-33%	86226800	$8,429,639
HLX	Helix Resources	0.001	-33%	2000000	$5,046,291
JAV	Javelin Minerals Ltd	0.002	-33%	2410345	$18,378,447
TEG	Triangle Energy Ltd	0.002	-33%	2946596	$6,267,702
HCD	Hydrocarbon Dynamics	0.0015	-25%	2185	$2,156,219
WBE	Whitebark Energy	0.003	-25%	30000	$2,749,334
CUL	Cullen Resources	0.004	-20%	1366467	$3,467,009
AZL	Arizona Lithium Ltd	0.005	-17%	255412	$31,621,887
DGR	DGR Global Ltd	0.005	-17%	1753600	$6,262,176
ANX	Anax Metals Ltd	0.006	-14%	6462132	$6,179,653

In the news...

Triangle Energy (ASX:TEG) has handed off the Cliff Head Oil JV to Pilot Energy (ASX:PGY), completing the sale of the asset in return for $7.5m as well as up to another $7.5m in royalties.

Anax Metals (ASX:ANX) has launched an arbitration notice with the Singapore International Arbitration Centre after failing to reach a marketing agreement with a cornerstone investor.

The investor made commitments via convertible note subject to conditions including the grant of exclusive marketing rights for 100% of commodities produce by Anax’s projects.

The two parties were unable to agree to terms, with Anax alleging the convertible noteholder did not negotiate in good faith. The company is therefore seeking a declaratory relief to clarify the legal rights and obligations of both parties.

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 surges as Iran-Israel conflict fizzles out; GBM Resources leads early gainers