Top 10 at 11: ASX plunges 0.31pc in first hour of trade
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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It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said. Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said. Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said.
