The ASX 300 is slumping again…
The post Here are the top movers on the ASX 300 today appeared first on The Motley Fool Australia. –
The S&P/ASX 300 Index (ASX: XKO) is continuing its poor run with consecutive days in negative territory.
During early afternoon trade, the ASX 300 is down 0.53% to 7,457 points. This means that over the course of the past 4 days, the ASX 300 has shaved off 2%.
Let’s take a look at which ASX companies are the biggest movers today.
Chorus Ltd (ASX: CNU)
The Chorus share price is having a day out today, rocketing 13.4% to $6.85 after touching a high of $7.01 this morning. This comes after the New Zealand Commerce Commission released a draft decision proposing an initial regulated base asset (RAB) for Chorus’ fibre business.
Investors appear to be excited about the latest update. The company is aiming to ensure the final RAB reflects the full costs of its structural separation with the government.
Australian Strategic Materials Ltd (ASX: ASM)
The Australian Strategic Materials share price is advancing 10.05% to an all-time high of $12.105. With no news out of the company, investors are buying up its shares as the hype around rare earths continues.
Rare earth elements are critical in the making of high technology devices such as smart phones, computers and TVs. In addition, they are used in defence industries to construct aircraft, ships, and high-tech ground vehicles.
Netwealth Group Ltd (ASX: NWL)
Another significant mover today is the Netwealth share price, up 9.69% to $15.62. While its shares fell 4.81% yesterday, it appears investors are taking advantage of the share price weaknesses. This comes after a number of brokers rated the Australian superannuation and fintech firm with a positive outlook.
Ord Minnett raised its price target for Netwealth shares by 9.4% to a bullish price of $17.50. Based on the current share price, this implies an upside of around 11%.
And the biggest fallers?
Mineral Resources Ltd (ASX: MIN)
Heading south is the Mineral Resources share price, down a sizeable 7.63% to $51.63. A possible catalyst could be a drop in the iron ore spot price, which has shed almost 2.17% to US$157.50 per tonne. Over the past month, the steel-making ingredient has lost almost 30%.
BHP Group Ltd (ASX: BHP)
Also weighed down by the iron ore price slump is the BHP share price. The mining giant’s shares are sinking 6.73% to $44.49. It’s worth noting that the company’s shares have fallen more than 15% in the last week, despite delivering a sound FY21 result.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.