Top 10 at 11: ASX opens in the green with support from bank and energy stocks

The ASX has lifted marginally in opening trade, after a mixed session on Wall Street and weakness in Europe.

The ASX has made a positive start to the day, lifting 0.16pc in the first hour of trading. 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.

Tax cut bill passes House

Markets in the US overnight weren’t sure which way to jump.

President Trump’s tax bill is a step closer to fruition, after passing the Republican-dominated House by a single vote.

Because of rules around budget reconciliation bills, it now only needs a simple majority to pass in the Senate, which is also majority Republican.

Considering historical precedent, it’s extremely unlikely the bill will fail to pass the Senate, although it’s likely to undergo some changes in the process.

Several Republican senators have pushed back against increasing the federal debt limit, criticising the outsized increase to government debt over the next decade.

The independent Congressional Budget office reckons the bill will increase US sovereign debt by US$3.8 trillion over 10 years, which is more than 10% of current debt.

We’ll see if those numbers change with the final version of the bill.

Mixed US session, Europe slumps

In the meantime, US Treasury bond yields have fallen slightly, easing off highs, and tech stocks made a recovery, lifting the Nasdaq into the green to post a 0.3% gain.

The Dow ended pretty much dead flat, while the S&P500 dipped just 0.04%.

Over in Europe, things were looking a little rockier than yesterday.

Hamburg Commercial Bank’s eurozone purchasing manager’s index slipped from 50.4 in April to 49.5 in May against expectations of a rise to 50.6, indicating a minor economic contraction.

Consumer discretionary stocks, as well as automobile and parts securities led European markets down. The FTSE300 fell 0.7%, and the UK FTSE100 0.5%.

ASX lifts marginally at open bell

Back at home, the ASX has lifted out of the gate, although only by about 0.16% as of 10:30 am AEST.

The Energy and Info Tech sectors are leading gains, supported by a 0.58% uplift in the ASX200 Banks index.

Uranium stocks are making big gains in the Energy sector this morning, with Boss Energy (ASX:BOE) up 10.99%, Lotus Resources (ASX:LOT) up 8.82% and Deep Yellow (ASX:DYL) gaining 7.61%.

Let’s see what else is making moves…

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
BMO	Bastion Minerals	0.002	100%	1299995	$903,628
AXP	AXP Energy Ltd	0.0015	50%	50000	$6,574,681
MOM	Moab Minerals Ltd	0.0015	50%	1042927	$1,733,666
TMK	TMK Energy Limited	0.004	33%	36750	$30,667,149
BPP	Babylon Pump & Power	0.005	25%	8000000	$11,082,268
BYH	Bryah Resources Ltd	0.005	25%	2100000	$3,479,814
CAV	Carnavale Resources	0.005	25%	16666	$16,360,874
EVR	Ev Resources Ltd	0.005	25%	500000	$7,943,347
CCO	The Calmer Co Int	0.003	20%	1351982	$7,528,289
FBR	FBR Ltd	0.006	20%	3288732	$28,447,261

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
FTC	Fintech Chain Ltd	0.003	-50%	2185603	$3,904,618
ALR	Altairminerals	0.002	-33%	1756764	$12,890,233
VML	Vital Metals Limited	0.002	-33%	5110645	$17,685,201
OVT	Ovanti Limited	0.003	-25%	378539	$11,174,060
CHM	Chimeric Therapeutic	0.004	-20%	5476493	$9,253,431
EPM	Eclipse Metals	0.005	-17%	1	$17,194,914
DTM	Dart Mining NL	0.003	-14%	100000	$4,193,195
OLI	Oliver'S Real Food	0.006	-14%	1663	$3,785,123
TMS	Tennant Minerals Ltd	0.006	-14%	300000	$6,691,233
AVG	Aust Vintage Ltd	0.075	-13%	841853	$28,333,811

In the news...

Fintech Chain (ASX:FTC) has applied to delist from the ASX, due to a consistently low share price, with low liquidity, and negative market sentiment.

Vital Metals (ASX:VML) has consolidated its shares, reducing its quoted securities from 5 trillion to 117 million.

The company’s shares have been consolidated on a 50 to one basis, with both shares and performance rights following the same ratio.

Australian Vintage (ASX:AVG) says it's in the early stages of a turnaround, but both sales and cash flows have been declining in recent years.

The company argues it’s confident the sacrifices made this year will contribute to a positive 2026 financial year, but nonetheless, sales are down 3%.

AVG also has net debt of about $76 million, and cash outflows of about $13m for the full year.

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 in the green with support from bank and energy stocks