Tacos may be a tasty treat, but leave much to be desired when it comes to trading strategies. 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 10.15am in the east, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX surges in early trade
The TACO (Trump Always Chickens Out) trade abounds!
The ASX is ripping higher this morning, adding 0.74% by 10:30 AEDT as Trump backs down from using military force in Greenland.
Global markets raced higher like they’d been waiting for the starting gun, reversing much of yesterday’s damage.
Yep, we’re living in a pre-programmed simulation. Pretty much confirmed at this point. Although, it’s beginning to feel more like an abusive relationship:
Trump lashes out at his latest geopolitical target.
Traders get spooked and respond with a sharp market retreat.
Trump backs down, the market rebounds and slaps its rose-coloured glasses straight back on.
Rising out of the latest bruised trough, it’s traditionally defensive sectors leading gains on the ASX this morning.
Nine of 11 sectors are on the up, with just materials and info tech sitting in the negative.
Gold futures retreated marginally overnight – down about 1% to US$4794 per ounce – which could trigger another round of profit taking in gold stocks.
Keep an eye out for a swathe of earning reports today, a raft of big names will be releasing their latest numbers.
A handful have already bitten the bullet – Fortescue (ASX:FMG), Regis (ASX:RRL), RPMGlobal (ASX:RUL) and Resolute Mining (ASX:RSG) among them.
SMALL CAP WINNERS
In the news…
Aruma Resources (ASX:AAJ) has laid claim to the Tillex copper project in the Timmins mineral district of Ontario, Canada.
AAJ is inheriting data from over 10,000 metres of diamond drilling already completed on the tenure, which produced very broad intersections of copper. Past operators at Tillex hit up to 110m at 1.69% copper and 7.05g/t silver from just 34m.
The project also offers some high-grade silver results of up to 5m at 355.3g/t Ag from 89m, and enjoys access to established mining, processing and haulage infrastructure.
Osteopore (ASX:OSX) has expanded its reach into the Hong Kong market with an exclusive distribution agreement with MontsMed Hong Kong Company.
The deal will initially focus on the orthopaedic trauma reconstruction market, which OSX management reckons has the highest potential for penetration.
While the Hong Kong market is relatively small, OSX sees it as a gateway for further growth into Chinese markets.
Enova Mining (ASX:ENV) has polished off 65% of a 10 to 15-hole program at the East Salinas rare earth project in Brazil.
ENV is following up on earlier results of 2.17% total rare earth oxides, with neodymium-praseodymium grades of up to 7209 ppm and heavy rare earths of 2508 ppm.
The company expects results from the first 345 core samples by early February.
PTR Minerals (ASX:PTR) has drummed up strong heavy mineral results at its Rosewood titanium project, with broad assays up to 42m at 11.9% HM from surface, and 5m at 23.5% HM from 10m.
PTR is working toward a maiden mineral resource estimate for Rosewood, targeting the second quarter this year.
SMALL CAP LAGGARDS
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
