ASX jumps 0.66pc, approaching all-time highs
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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.
US markets approach all-time highs
It was another day of gains in the US overnight, with all three major indices posting solid advances.
The Nasdaq lifted 0.8%, recovering its year-to-date losses caused by the tariff war, while the S&P500 is about 3% off its all-time highs after gaining 0.6%.
The vast majority of the S&P500 and Nasdaq's strength is coming from tech and communications stocks, which have been moving from strength to strength as AI demands increase.
While the gains have not been even across the board, several tech stocks stand out in what was a fairly bearish market until last month.
Netflix Inc is up 35% for the last six months, Microsoft 7.37% and Meta 8.67%.
Asustek Computer (better known as Asus) added 6.16% while Broadcom Inc has surged more than 50% in the same period.
The same pattern holds largely true for the Australian market as well. The Telecomm sector has gained more than 13% for the year so far, the largest percentage increase for that period of any ASX sector.
Telstra (ASX:TLS) has added more than 21% to its share price in the year to date, entertainment company EVT (ASX:EVT) has surged 42%, Aussie Broadband (ASX:ABB) is up 17% and internet provider TPG (ASX:TPG) has gained 16%.
ASX continues to build momentum
The ASX has surged 0.66% in the first hour of trade, closing in an all-time highs that now sit just over 1% away.
Every sector is flashing green, with particular strength in Energy, which has rocketed more than 2% higher on the back of rising oil prices.
Crude hit a 2-week high overnight, rising 1.5% to US$65.63 a barrel of Brent.
Resources stocks are also making moves, driving the ASX 200 Resources index almost 1% higher, while the Banks and Tech sectors bring up the rear, adding 0.65% and 0.48% to their indices respectively.
The ASX is unlikely to set a new all-time high today… but we're well within shouting distance of it this week.
WINNERS
Code Name Last % Change Volume Market Cap JAY Jayride Group 0.002 100% 627513 $1,427,889 MOM Moab Minerals Ltd 0.002 100% 1000000 $1,733,666 BM8 Battery Age Minerals 0.067 37% 1573826 $5,972,699 EEL Enrg Elements Ltd 0.002 33% 500000 $4,880,668 NAE New Age Exploration 0.004 33% 241447 $7,978,197 SFG Seafarms Group Ltd 0.002 33% 290025 $7,254,899 EPM Eclipse Metals 0.02 33% 32168721 $42,987,285 ADN Andromeda Metals Ltd 0.0145 32% 36818467 $41,946,774 MIO Macarthur Minerals 0.018 20% 138888 $2,994,983 ARV Artemis Resources 0.006 20% 1847664 $12,642,647
In the news...
Andromeda Metals (ASX:ADN) has secured a $75m debt facility with Merrick Capital after an extensive due diligence period, obtaining both an endorsement of its Great White project's economics and a large chunk of the change needed to develop the project.
ADN plans to use kaolin from the Great White project to produce 4N high purity alumina, a valuable critical mineral used in lithium-ion batteries and semiconductors among other high-tech applications.
LAGGARDS
Code Name Last % Change Volume Market Cap BRX Belararoxlimited 0.061 -27% 1077443 $13,253,417 BP8 Bph Global Ltd 0.0015 -25% 20000 $2,101,969 PRM Prominence Energy 0.003 -25% 4125 $1,556,706 TAS Tasman Resources Ltd 0.02 -20% 8700 $4,603,565 TEG Triangle Energy Ltd 0.002 -20% 843 $5,223,085 TMX Terrain Minerals 0.002 -20% 1712757 $5,621,392 GGE Grand Gulf Energy 0.0025 -17% 180000 $8,461,275 PIL Peppermint Inv Ltd 0.0025 -17% 174011 $6,828,269 PRX Prodigy Gold NL 0.0025 -17% 6392507 $9,525,167 5EA 5Eadvanced 0.52 -15% 10490 $9,136,299
At Stockhead, we tell it like it is. While Andromeda Metals 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 surges at open with all sectors in the green
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