Top 10 at 11: ASX plunges 0.31pc in first hour of trade

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 10.15am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX flashes red across the board
It's been building over the last couple of days, but Aussie traders have officially had enough of the chaos, and they're pulling back sharply in the first hour of trade this morning.
After small dips over the last week or so, the ASX has finally pulled back into a correction, losing 0.31%.
The sectors are all in the red except energy, but that's barely worth a mention at +0.01% as of about 10:30 am AEST.
The All Ords Gold index is also slightly up, adding just 0.04%, but otherwise it's a sea of negatives on the market this morning.
We're not alone – European markets fell to month lows last night, and while the US was closed for the Juneteenth holiday, futures are predicting near full percentage point plunges for the S&P500 and Nasdaq tomorrow.
As Eddy Sunarto reported this morning, the global economy is teetering on the edge as we wait to see if US President Donald Trump will involve the US directly in the Israel-Iran conflict.
In the meantime, let's see who's making moves on the ASX.
WINNERS
Code Name Last % Change Volume Market Cap
SKN Skin Elements Ltd 0.003 50% 337063 $2,150,428
RNX Renegade Exploration 0.004 33% 71227 $3,865,090
AUK Aumake Limited 0.0025 25% 176755 $6,046,718
FIN FIN Resources Ltd 0.005 25% 100000 $2,779,554
GGE Grand Gulf Energy 0.0025 25% 1453193 $5,640,850
ALR Altairminerals 0.003 20% 312349 $10,741,860
BLU Blue Energy Limited 0.006 20% 628542 $9,254,868
BNL Blue Star Helium Ltd 0.006 20% 252223 $13,474,426
PV1 Provaris Energy Ltd 0.012 20% 479226 $6,980,013
DXN DXN Limited 0.055 17% 281887 $14,039,071
In the news...
Hydrogen compression and shipping solution company Provaris Energy (ASX:PV1) has teamed up with global shipping leader 'K' LINE.
K LINE, otherwise known as Kawasaki Kisen Kaisha, will provide technical, commercial and operation support, offering its extensive global shipping expertise as PV1 develops its hydrogen transport and storage model.
PV1's main focus is the proprietary H2Neo Carrier and H2Leo Barge, which offer a combination of offshore compression, storage and shipping solutions for hydrogen gas transportation.
LAGGARDS
Code Name Last % Change Volume Market Cap
BCB Bowen Coal Limited 0.195 -44% 331897 $37,715,145
RLC Reedy Lagoon Corp. 0.001 -33% 135000 $1,165,060
RPG Raptis Group Limited 0.115 -28% 123036 $56,109,577
EEL Enrg Elements Ltd 0.0015 -25% 532818 $6,507,557
DRE Dreadnought Resources 0.009 -25% 31724505 $60,954,000
WEC White Energy Company 0.035 -20% 113 $13,711,276
OMG OMG Group Limited 0.004 -20% 900000 $3,641,474
OVT Ovanti Limited 0.002 -20% 52423 $7,513,788
VRC Volt Resources Ltd 0.004 -20% 63043 $23,423,890
AMS Atomos 0.005 -17% 7147 $7,290,111
In the news...
Bowen Coking Coal (ASX:BCB) has signalled it's considering placing the Burton Mine Complex operation into a temporary pause if an effort to transition the project to an owner-operator model is unsuccessful.
The company is exploring a range of options to fund the transition plan and provide immediate liquidity, but the most recent Resources and Energy Quarterly forecasts falling demand for met coal as low emissions steel production gains pace.
Dreadnought Resources (ASX:DRE) hit gold in 20 of 46 drill holes over various prospects at the Mangaroon gold project in WA, but results of up to 6m at 22.9 gold from 12m of depth weren't enough to wow investors.
Some of that disappointment can be explained by a lack of results at the Lead Mine and Two Peaks prospects, where DRE hit nothing of consequence and will need to review its drill orientation.

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News.com.au

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Barry FitzGerald: Magmatic adding serious value with WA gold deal

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The Advertiser

an hour ago

• The Advertiser

Australian stock market snaps five-week winning streak

Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents

Daily Telegraph

an hour ago

• Daily Telegraph

‘Had to wait': TikToker's horror ING ordeal

Don't miss out on the headlines from Banking. Followed categories will be added to My News. A Melbourne woman was left without money for two days after ING suspended her account for what they deemed to be 'suspicious activity'. In an ordeal that has left her switching banks, Katie McMaster posted to TikTok after being left without access to her card and unable to withdraw money due to a flag on her account. She said she was initially sent an email on Tuesday, telling her that her accounts had been suspended and she needed to verify her identity. Ms McMaster called ING to verify the email was legit, where she was told she would need to wait up to two days for the fraud team to get back to her. 'They said I need to wait for the fraud team to contact me. I can't speak to them, they wouldn't transfer me to them, I had to wait for them to email me,' she said in the video. After two days – and calling ING multiple times – Ms McMaster finally had her accounts unsuspended. She said the fraud team told her there was just 'one person' managing the fraud inbox. Speaking to Ms McMaster said the 'suspicious activity' turned out to be a transfer with her friend for payment of a Usher ticket. 'I don't know if my TikTok helped, but suddenly, they moved pretty quickly,' she said. Ms McMaster said the verification process as a whole did not feel secure. 'They're sending you emails but then when you ring them and you're on hold, they say ING will never ask you to provide verification via email,' she said. She also said she did not have the option to go into a branch, as there are none in Melbourne. 'It was frustrating just waiting, I probably wouldn't have minded so much if they kept me in the loop,' she said. Ms McMaster said she will be diversifying her banking in the future. Picture: TikTok The suspension on her account was removed two days later. Picture: TikTok Ms McMaster said she is now moving banks after being with ING for more than a decade due to the ordeal, with many users on TikTok commenting about similar experiences. A spokeswoman for ING said the bank does place temporary 'holds' on an account if the bank detects 'suspicious transactions'. 'This often involves temporarily placing a hold on a customer's account until we can confirm the transactions with the customer,' she said. 'We recognise that temporarily pausing activity on an account can impact customers, so we always check they have access to essential funds, ensuring they are not placed in financial hardship.' Originally published as 'Had to wait': TikToker's horror ING ordeal