Top 10 at 11: Exploration and fundraising is exciting the market this morning

Stockhead’s Top 10 at 11 is a short, sharp update to help frame the trading day.

Pic: Getty Images

Good morning, and welcome to Stockhead’s Top 10 at shortly-before-11-ish, which is meant to highlight the best (and sometimes worst) performing ASX stocks in morning trade using live data, to provide a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms that have made announcements.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.

Briefly, here’s what’s been happening already this morning: The ASX 200 Futures were pointing slightly higher pre-market despite a cool down on Wall Street on Friday.

Locally, dental group Pacific Smiles turned down an unsolicited off-market takeover bid from Genisis Capital. Overseas, REA Group is waiting on a response from the UK property portal Rightmove – it’s the fourth offer REA has put forward, but so far it’s seen little more than a cool acknowledgement that the offer is there.

The all-important iron ore price has climbed another by 0.5% to US$103 a tonne after rising by 4% on Friday, as the stimulus packages in China start to breathe life into the property sector.

The big picture economic news this morning is that Federal Treasurer Jim Chalmers has turned in his homework for the year, and delivered a budget surplus of $15.8 billion – $6.4 billion more than last time.

It’s the first time a federal government has delivered two surpluses in a row in about two decades, so Chalmers gets to take his pick from the sticker book, and is first in line for recess and lunch today.

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Security	Description	Last	%	Volume	MktCap
ODE	Odessa Minerals	0.004	100.0	14,844,354	$2,086,565
CDE	Codeifai	0.0015	50.0	204,554	$2,641,295
VML	Vital Metals	0.003	50.0	750,000	$11,790,134
IBX	Imagion Biosys	0.035	40.0	681,536	$891,164
ALR	Altair Minerals	0.004	33.3	137,511	$12,889,733
AOK	Australian Oil.	0.004	33.3	303,559	$2,833,920
CTO	Citigold Corp	0.004	33.3	2,381,914	$9,000,000
ENT	Enterprise Metals	0.004	33.3	125,693	$3,309,952
FGH	Foresta Group	0.004	33.3	10,027,115	$7,066,137
BUR	Burley Minerals	0.069	30.2	223,805	$7,969,660

Odessa Minerals (ASX:ODE) was up early on Monday on news that the company  has received firm commitments from professional and sophisticated investors for a Placement to raise $1,112,500 (before costs) by way of a two tranche placement. The placement will fund exploration at Odessa’s projects, including exploration and drilling of the company’s Lyndon Uranium Project.

Citigold (ASX:CTO) was up on the heels of a quarterly report this morning, outining how things are going at its high-grade, production-ready Charters Towers gold project. The report says that while gold is the main focus of the company’s work in the area, it is keeping a keen eye out for other critical minerals as well.

Enterprise Metals (ASX:ENT) was gaining on news that it has received the results of a recent 81 sample UltraFine orientation soil sampling program completed within the Mandilla Tenement E15/1437 in Western Australia.  The results have identified a cluster of +30ppb gold results within shallow soils east of the Emu Rocks Granite, which the company says is “in the general area where the 744oz Ausrox gold nugget was purported to have been found in 2013”.

Burley Minerals (ASX:BUR) was up on news that it has been granted an exploration licence over the Cane Bore Iron Ore Project within the Hamersly Province of the Pilbara, Western Australia, less than 100km by sealed road from the export Port of Onslow. The company says it is a “major milestone for Burley as Cane Bore has the potential for significant CID-style iron resources, rivalling its neighbours in the local region”.

LAGGARDS

Stocks highlighted in red have made market-moving announcements (click headings to sort).

Code	Company	Price	%	Volume	Market Cap
WEL	Winchester Energy	0.001	-33.3	3,272	$2,044,528
AAU	Antilles Gold	0.003	-25.0	1,050,880	$7,422,971
ATH	Alterity Therapeutics	0.003	-25.0	2,115,853	$21,281,344
LNU	Linius Tech	0.0015	-25.0	750,785	$11,730,481
AKN	Auking Mining	0.004	-20.0	726,202	$1,677,851
EEL	ENRG Elements	0.002	-20.0	4,213	$2,612,540
IPB	IPB Petroleum	0.005	-16.7	65,000	$4,238,418
ASQ	Australian Silica	0.022	-15.4	100,000	$7,328,370
ERL	Empire Resources	0.003	-14.3	1,000,000	$5,193,696
BRU	Buru Energy	0.07	-11.4	542,492	$53,036,261

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: Exploration and fundraising is exciting the market this morning