Top 10 at 11: Oil price recovery lifts ASX despite heavy losses in US markets

The ASX is higher in the first hour of trading on the back of strengthening oil prices, despite falls across the board in US markets overnight.

Rising oil prices have boosted the ASX energy sector, lifting the market. 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 was a day of bloodletting for the US overnight.

The indices were sharply down during US trading as traders considered the possibility of delayed interest rate cuts from the US Fed in the face of resurging inflation.

Much of the damage was felt in tech stocks, especially the Magnificent Seven, which are looking considerably less magnificent at the moment.

Nvidia plunged 6.87%, followed by Tesla (-4.94%), Apple (-3.89%), Microsoft (-3.66%), Meta (-3.68%), Amazon (-2.93%) and Google-parent Alphabet (-2.00%).

The tech-heavy Nasdaq stumbled 3.1%, but blue chips in the Dow fared little better, shedding 1.7% as the wider S&P500 fell 2.2%.

Flipping the script, European stocks didn’t climb in response, instead chipping the FTSE300 down 0.3% after disappointing earnings reports. Tariff threats hit advanced technology manufacturer ASML hard, shedding 8% from the stock’s share price.

The UK-based FTSE100 did buck the trend, however, adding 0.3% and rising for a fifth session straight as oil prices recovered 2%.

Turning our attention to the ASX, things are looking better than might be expected, considering how much damage occurred in global markets overnight.

The ASX has lifted 0.22% in the first hour of trading, pushed higher by a strong recovery in energy sector stocks, up 2.55% after falling 2.64% yesterday.

Woodside Energy (ASX:WDS) has jumped 2.48% as of 10:30 am AEST, joined by Santos (ASX:STO) up 2.28%, Ampol (ASX:ALD) up 5.88% and Whitehaven Coal (ASX:WHC)up 2.8%.

As for the other sectors, materials have lifted 0.93%, real estate 0.65% and utilities 0.31%. The rest of the sectors are edging into the red, led down by info tech at -0.34%.

Now, for the early riser winners on the ASX today.

WINNERS

Code	Description	Last	%	Volume	MktCap
AVM	Advance Metals Ltd	0.054	54%	22,839,118	$7,491,219
SKN	Skin Elements Ltd	0.003	50%	2,000,000	$2,150,428
BM8	Battery Age Minerals	0.067	31%	5,947,370	$6,075,673
VKA	Viking Mines Ltd	0.009	29%	2,822,073	$9,297,031
BUR	Burleyminerals	0.055	25%	182,551	$6,616,322
LIN	Lindian Resources	0.12	20%	1,044,481	$115,317,224
ADG	Adelong Gold Limited	0.006	20%	5,506,004	$6,987,431
ALY	Alchemy Resource Ltd	0.006	20%	70,000	$5,890,381
CTN	Catalina Resources	0.003	20%	273,190	$4,159,399
TMS	Tennant Minerals Ltd	0.006	20%	1,768,433	$4,779,452

Making news this morning…

Bonanza gold peaking at 446 g/t gold has boosted Advance Metals (ASX:AVM) shares in early trading, rewarding the company’s drilling efforts at the Myrtleford project in the Victorian Goldfields.

Battery Age Minerals (ASX:BM8) shares also surged this morning, after identifying very high grades of up to 1,500 g/t germanium in historical sampling records at the Bleiberg zinc-lead-germanium mine in Austria.

Burley Minerals (ASX:BUR) stock jumped on launching a share placement and entitlement offer to raise up to $1m. The new funding will support a maiden drilling program at the Cane South target at the Cane Bore Iron Ore project.

LAGGARDS

Code	Name	Price	% Change	Volume	Market Cap
ASR	Asra Minerals Ltd	0.002	-33%	11,445,721	$7,119,380
CRR	Critical Resources	0.003	-25%	32,608	$9,856,885
SIS	Simble Solutions	0.003	-25%	30,000	$3,505,321
TAS	Tasman Resources Ltd	0.003	-25%	153,818	$3,220,998
BPP	Babylon Pump & Power	0.004	-20%	300,000	$12,497,745
IPB	IPB Petroleum Ltd	0.004	-20%	1,484	$3,532,015
OLI	Oliver'S Real Food	0.004	-20%	135,147	$2,703,660
RAN	Range International	0.002	-20%	202,782	$2,348,226
VRC	Volt Resources Ltd	0.004	-20%	130,000	$23,423,890
BPM	BPM Minerals	0.03	-17%	828,924	$3,142,812

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: Oil price recovery lifts ASX despite heavy losses in US markets