Top 10 at 11: Investors buy up defensive stocks as stormy waters continue for global markets

The ASX will once again follow US markets down today, falling 2pc in early trading as tech, healthcare and energy stocks take the brunt. Europe bucked the trend, gaining more than 3pc.

Markets continue to navigate difficult waters despite Trump's 90-day tariffs pause. 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.

It’s beginning to feel a little like Groundhog Day. The ASX has once again reversed fortunes, falling more than 2% in early trading despite gaining more than 4% yesterday.

Tech, Healthcare and Energy stocks have been driven firmly back into the red, down between 2.65% and 3.98% after leading the bourse higher yesterday.

Despite the partial tariff pause, the ongoing trade war between the US and China (tariffs on Chinese goods have now reached 145%) was too much for investors, who sold off stocks in resources, airlines, automotive, semiconductor, banking and consumer stocks in the US overnight.

Nvidia dropped 6%; Bankers including Goldman Sachs, Wells Fargo, Northern Trust and US Bancorp all shed 5%.

All 30 stocks on the Philadelphia Semi Conductor Index lost ground, with Microchip Technology and Marvell Technology lopping 15% and 16% off share prices respectively.

The Blue-Chip Dow Jones fell 2.5%, the S&P500 shed 3.5% and the tech-heavy Nasdaq slumped 4.3%.

In what’s turning into somewhat of a pattern, European stocks went the other way. Technology, banking, industrial and financial service stocks led both indexes up. The European FTSE300 lifted 3.8%, while in London the FTSE100 had its best day in five years, climbing 3.2%.

Alas, today the ASX is once again following US markets down.

Back home, here's what ASX stocks have been up to…

WINNERS

(Click headings to sort)

Code	Description	Last	%	Volume	MktCap
IPB	IPB Petroleum Ltd	0.006	50%	125,000	$2,825,612
AUK	Aumake Limited	0.004	33%	5,000	$9,032,076
MMR	Mec Resources	0.004	33%	280,000	$5,549,298
ARI	Arika Resources	0.021	31%	14,589,591	$10,136,138
GLL	Galilee Energy Ltd	0.009	29%	49,083	$4,717,017
EYE	Nova EYE Medical Ltd	0.11	26%	1,952,033	$24,714,939
FRX	Flexiroam Limited	0.005	25%	167,500	$6,069,594
GCM	Green Critical Min	0.01	25%	2,432,078	$15,693,426
H2G	Greenhy2 Limited	0.01	25%	351,608	$4,785,473
IPT	Impact Minerals	0.005	25%	11,820,395	$14,810,653

Making news this morning…

A second production well at Jade Gas Holdings (ASX:JGH) has intersected over 800m of net coal reservoir, for a combined 1500m of gassy coal. The company’s shares jumped 27% intraday on the success of this second of two initial gas production wells, with negotiations underway for near-term commercial opportunities.

Spacetalk (ASX:SPA) jumped more than 20% on releasing its quarterly activity report, which marked a 47% year-on-year increase in terms of paid subscribers, with annual recurring revenue also increasing by 21% quarter-on-quarter to A$11.6m.

LAGGARDS

 (Click headings to sort)

Code	Name	Price	% Change	Volume	Market Cap
FAU	First Au Ltd	0.001	-50%	6,142,566	$4,143,987
RLC	Reedy Lagoon Corp.	0.001	-50%	100,000	$1,553,413
ECT	Env Clean Tech Ltd.	0.002	-33%	3,923,844	$10,940,431
SKN	Skin Elements Ltd	0.002	-33%	81,000	$3,225,642
SFG	Seafarms Group Ltd	0.0015	-25%	90,000	$9,673,198
ALM	Alma Metals Ltd	0.004	-20%	15,888	$7,931,727
ERA	Energy Resources	0.002	-20%	242,314	$1,013,490,602
OVT	Ovanti Limited	0.004	-20%	5,768,549	$13,507,739
VFX	Visionflex Group Ltd	0.002	-20%	399,999	$8,419,651
CPO	Culpeominerals	0.011	-15%	1,333	$2,859,509