Top 10 at 11: ASX opens flat as falling oil price and US losses weigh on market

The ASX has had a quiet start, down just 0.05pc in the first hour. With six sectors up and five sectors down, the market could go either way.

With six sectors up and five down, the ASX could go in either direction today. 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.

The announcement of a fresh tariff from President Trump targeting any films made outside of the US plunged US streaming services into the red during a low-energy trading session that saw the S&P500 break its nine-day winning streak.

Netflix and Amazon took a 1.9% hit each, while Paramount Global shed 1.6% and Warner Bros Discovery lost a full 2.0%.

Concerningly, mentions of ‘recession’ in S&P500 earnings calls have surged to their highest levels since 2023 according to an analysis of company transcripts by Goldman Sachs, with 24% of companies mentioning the threat in their calls, compared to just 2% last quarter.

Oil continues to fall

OPEC’s plans to increase oil production led to yet another fall in global oil prices, down about 2% on average overnight, applying pressure to energy stocks which also fell about 2%.

Major oil and gas companies Occidental Petroleum and Chevron fell 4.4% and 2.2% respectively.

All three major indices fell. The S&P500 tracked down 0.6%, the Dow 0.2% and the Nasdaq 0.7%.

Europe went the other way, extending to a 10-day winning streak.

Real Estate shares lifted 0.8%, but the Euro energy sector was no better off than its US or Australian counterparts, down 0.6%.

The FTSE300 lifted 0.2%, but the UK FTSE100 was closed for a Bank holiday.

A weakening dollar and anticipation of a US Fed interest rate decision later this week pushed gold higher, lifting 2.4% to US$3,322.30 an ounce.

Aluminium fell marginally, copper lifted about 0.6% and iron ore once again moved lower, shedding 0.8% to US$97.41 a tonne as China considers potential steel production cuts amidst growing stockpiles.

ASX opens relatively flat

The ASX is down just 0.05% as of 10:34 AM AEST, having tipped up about 0.05% in the first minutes of trading.

The sectors are pulling fairly evenly in opposite directions, with Real Estate (+0.79%), Telecoms (+0.46%) and Info Tech (+0.41%) leading gains while Consumer Staples (-0.95%), Healthcare (-0.63%) and Utilities (-0.38%) weigh the bourse down.

Overall, six sectors are up and five down. The ASX could really go either way today.

Looking at the indices, the All Ords Gold is up almost 3% as a falling US dollar and new tariff talk pushes the safe haven commodity higher, and the Small Ords and Tech indices are also moving up, gaining 0.71% and 0.69% respectively.

Let’s take a look at who’s making waves this morning…

WINNERS

Code	Description	Last	%	Volume	MktCap
BP8	Bph Global Ltd	0.003	50%	190000	$2,101,969
WCN	White Cliff Min Ltd	0.033	43%	82551387	$43,595,827
DTR	Dateline Resources	0.031	41%	67445684	$60,842,510
PLC	Premier1 Lithium Ltd	0.018	38%	42242971	$4,784,788
AN1	Anagenics Limited	0.008	33%	325000	$2,977,922
VEN	Vintage Energy	0.004	33%	746250	$5,697,666
BYH	Bryah Resources Ltd	0.005	25%	48000	$3,479,814
AVL	Aust Vanadium Ltd	0.012	20%	479761	$86,346,581
PIL	Peppermint Inv Ltd	0.003	20%	63349	$5,594,098
TMK	TMK Energy Limited	0.003	20%	900609	$25,555,958

In the news…

White Cliff Minerals (ASX:WCN) has struck some broad, high-grade copper at the Rae copper project in Canada, with results up to 175m at 2.5% copper and 8.66 g/t silver from just 7.6m of depth and 14m at 7.55% copper and 25.8 g/t silver from 138m.

With a collection of other strong, broad copper results in hand, the company says the 175-metre drill hole ranks among some of the best copper intersections globally over the last 50 years, ranking within the top 10 reported in terms of grade-metre results.

With gold prices once again on the rise, Premier1 Lithium (ASX:PLC) has unearthed some bonanza-grade gold intersections at the Yalgoo project in WA, hitting 3m at 31.5 g/t gold from 97m and 1m at 91.9 g/t gold within the same drill result.

The results are a good sign for the company, as they come from a maiden program and delivered some of the highest-grade results on the project to-date.

LAGGARDS

Code	Name	Price	% Change	Volume	Market Cap
AXP	AXP Energy Ltd	0.001	-33%	165000	$9,862,021
BIT	Biotron Limited	0.002	-33%	70000	$3,981,738
PAB	Patrys Limited	0.002	-33%	370000	$6,172,342
VFX	Visionflex Group Ltd	0.002	-33%	15181	$10,103,581
TFL	Tasfoods Ltd	0.003	-25%	38125	$1,748,382
AVE	Avecho Biotech Ltd	0.004	-20%	850000	$15,867,318
HLX	Helix Resources	0.002	-20%	300000	$8,410,484
LNR	Lanthanein Resources	0.002	-20%	28836	$6,109,090
HCF	Hghighconviction	0.03	-17%	42623	$698,633
SHP	South Harz Potash	0.005	-17%	318260	$6,495,472

At Stockhead, we tell it like it is. While White Cliff Minerals 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 opens flat as falling oil price and US losses weigh on market