ASX top gainers surge on April 10 as Zip Co, Nova Eye, and hydrogen stocks defy global market fears

As global equity markets remain caught in the crossfire of intensifying trade hostilities and economic uncertainty, the Australian Securities Exchange (ASX) saw an unexpected rally on April 10, 2025. A diverse group of stocks, ranging from biotech and fintech to green hydrogen and critical minerals, delivered standout gains that surprised even seasoned market watchers. This shift in sentiment comes at a time when broader investor confidence remains shaken by U.S. tariff escalations and growing fears of a recession impacting the Australian economy.

Against this backdrop, twenty companies trading above one cent registered the highest percentage returns on the ASX, led by Nova Eye Medical Limited, Global X Ultra Long Nasdaq 100 Complex ETF, Wide Open Agriculture Ltd, and Zip Co Ltd. Their strong performance points to a temporary revival of risk appetite, even as macroeconomic clouds continue to loom.

Which companies topped the ASX on April 10, and what drove the surge?

Leading the day’s gains was Nova Eye Medical Limited, a microcap healthcare player whose stock soared 32.18% to close at $0.115. Despite the impressive one-day spike, the company’s share price remains down 58.93% over the past year. Nova Eye Medical, formerly known as Ellex Medical Lasers, specialises in minimally invasive glaucoma treatment devices. The stock’s rally could reflect speculative optimism following recent operational updates or renewed interest in niche medtech solutions as the sector seeks to rebound from post-pandemic valuation pressures.

Also drawing investor attention was the Global X Ultra Long Nasdaq 100 Complex ETF, which gained 31.73% to close at $7.68. This exchange-traded fund, designed to offer magnified exposure to the Nasdaq 100, has faced steep losses this year amid rising global interest rates and U.S. technology volatility. However, a partial rebound in American tech equities seems to have sparked risk-on behaviour among Australian investors. With a market capitalisation of $64.51 million and a turnover exceeding $7.8 million for the day, the ETF’s performance signals increased appetite for high-leverage vehicles, even in uncertain times.

Wide Open Agriculture Ltd, operating in the consumer defensive sector, posted a 27.78% gain to close at $0.023. Although its share price remains down 79.09% on a 12-month basis, the company’s pivot toward plant-based foods and regenerative farming has caught attention as investors reassess sustainability plays. The firm’s emphasis on carbon-neutral production processes and regenerative agriculture has historically set it apart from traditional food suppliers, even as execution challenges and input cost inflation have weighed heavily on its valuation.

Metals and minerals explorer Iris Metals Ltd jumped 25.81% to $0.195. The company has exposure to lithium and gold exploration in Australia and the U.S., positioning it as a long-term play on battery metals. Despite being down 57.61% over the year, the stock’s rally likely reflects growing optimism over lithium’s supply-demand dynamics, particularly amid calls for Australia to increase value-added processing in the critical minerals sector.

Arika Resources Ltd and Ragusa Minerals Ltd both climbed 25% to close at $0.02. These basic materials stocks represent junior exploration plays with speculative potential, especially as investor narratives around resource security continue to strengthen in the context of shifting geopolitical alliances. With market caps of just $12.67 million and $2.85 million, respectively, their surges reflect increased trading activity on very low liquidity rather than fundamental re-rating.

How are technology and fintech stocks contributing to renewed investor momentum?

Among the most watched names on April 10 was Zip Co Ltd, which surged 21.07% to $1.47 with a daily turnover of over $35 million. The buy-now-pay-later provider has shown signs of stabilisation over the past year, with its stock price up 6.16% despite significant regulatory headwinds and operational restructuring. The April 10 rally could be linked to investor reappraisal of BNPL’s long-term viability, particularly after signs of rationalisation in the sector and potential mergers to reduce duplication and improve profitability. Zip Co’s market capitalisation, now at $1.91 billion, makes it one of the larger players among the day’s top gainers.

Spacetalk Ltd and Yojee Ltd each recorded 25% and 20% gains respectively, showcasing renewed enthusiasm in small-cap technology. Spacetalk, which provides wearable safety tech for children, has seen persistent struggles with market penetration and profitability. Yojee, a logistics SaaS provider leveraging AI for last-mile delivery, has returned 172.73% over the past year, making it one of the few multi-bagger performers in this cohort. Its jump to $0.15 on April 10 likely reflects momentum-driven buying, especially given its role in digitising supply chain systems across Southeast Asia.

Anteris Technologies Global Corp also featured prominently, rallying 19.91% to $5.42. Despite a 76.69% decline year-over-year, the cardiovascular device company remains a speculative long-term bet for biotech-focused investors. Its daily turnover, though modest at $37,828, points to renewed hope for its flagship 3D aortic valve replacement technology, currently progressing through clinical development.

Why are investors turning back to energy and resources amid global economic concerns?

Several energy and basic materials companies stood out among the top gainers, including Gold Hydrogen Ltd, which rose 22.73% to $0.675. While down 50% on the year, the hydrogen energy play continues to benefit from media and investor focus on Australia’s potential role in supplying green hydrogen to Asia. As governments across the Indo-Pacific scale up their energy transition plans, companies like Gold Hydrogen are increasingly viewed as strategic assets, albeit with long lead times and high technical risk.

Uranium developer Aura Energy Ltd added 21.21% to $0.12, reflecting persistent interest in nuclear energy as a clean baseload alternative. With policymakers in Europe and Asia re-committing to nuclear investment, Australia’s untapped uranium potential continues to support speculative flows into developers.

Also gaining were Golden Horse Minerals Ltd, up 21.15% to $0.315, and Canadian Phosphate Ltd, up 20% to $0.03. These firms tap into agricultural and energy-linked resource themes — particularly phosphate, which plays a critical role in fertiliser production. With food security now a national policy concern across several countries, phosphate supply chains have become increasingly geopolitically sensitive.

Condor Energy Ltd and Alara Resources Ltd also gained 20%, buoyed by higher commodity prices and a weakening Australian dollar, which tends to benefit export-driven miners.

What economic backdrop is influencing Australian markets, and how are policymakers responding?

The ASX rally occurred even as Australia grapples with economic fallout from the Trump administration’s newly implemented 125% tariffs on a range of Chinese goods. While the direct trade exposure between Australia and the U.S. remains modest, the indirect impact via China — Australia’s largest trading partner — is far more substantial. Any retaliatory tariffs by Beijing could ripple through sectors including mining, education, agriculture, and tourism, all of which have high China dependency.

Treasurer Jim Chalmers has convened emergency discussions with business leaders and regulatory authorities to assess the economic damage, while also reaffirming that Australia’s fiscal buffers remain strong. He criticised the opposition for fuelling “needless recession panic” and hinted at possible corporate tax adjustments for small and mid-sized businesses to help preserve margins.

Meanwhile, the Reserve Bank of Australia continues to face mounting pressure to lower interest rates, though its board has thus far signalled that it will wait until May to assess inflation and jobs data. Critics argue that the delay could prove costly if confidence deteriorates further in response to prolonged trade tensions.

What does the April 10 rebound signal for Australian investors going forward?

Although the ASX’s top gainers list for April 10 reflects a clear bounce in high-risk sectors, it also highlights how quickly sentiment can turn when macroeconomic narratives shift. The surge in microcap stocks, leveraged ETFs, and emerging energy plays reveals a temporary window of optimism driven by bottom-fishing, sector-specific speculation, and broader market rotation.

Still, the persistence of trade instability, high borrowing costs, and global growth concerns suggests that caution remains warranted. Investors are increasingly seeking not just value, but resilience — favouring companies with adaptable strategies, robust balance sheets, and exposure to long-term structural trends.

If anything, the April 10 gains underscore a renewed but fragile willingness to look beyond the current malaise — even if the path ahead remains clouded by policy risk and economic unpredictability.