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Which ASX 300 shares are leading the way on Monday?

Which shares are making a move on the ASX 300?
The post Which ASX 300 shares are leading the way on Monday? appeared first on The Motley Fool Australia. –

The S&P/ASX 300 Index (ASX: XKO) is off to a poor start on Monday, erasing all of last week’s gains.

During afternoon trade, the ASX 300 is down 1.54% to 7,294 points. Currently, the index is around 4.5% off its all-time high of 7,625 points reached on 13 August.

Let’s take a look at which ASX companies are the biggest movers today.

AusNet Services Ltd (ASX: AST)

The Ausnet share price is rocketing 17.93% to $2.335 in early afternoon trade.

The energy provider received a non-binding offer from Brookfield Asset Management to acquire 100% of its shares at $2.50 apiece. This represents 26% premium to Ausnet’s last closing price of $1.98 and a 35% premium to its 30-day volume-weighted average share price (VWAP).

Ausnet has decided to let Brookfield conduct due diligence on an exclusive basis to put forward an offer.

Novonix Ltd (ASX: NVX)

The Novonix share price is storming 4.83% to another all-time high of $4.29.

The company hasn’t released any market-sensitive news of late, however, anticipated demand in lithium-ion batteries seems to be the catalyst. Furthermore, the spot price for lithium carbonate has roared to 153,000 Chinese yuan per metric tonne (roughly A$32,700).

Novonix has also been added to the ASX 300 Index today after surging in value due to investor interest.

Endeavour Group Ltd (ASX: EDV)

Another strong mover for the start of the week is the Endeavour share price, up 3.42% to $6.66.

The drinks company hasn’t released any price-sensitive news to the ASX since its full-year results late last month.

It appears investors are buying up Endeavour shares after they hit a monthly low of $6.43 on Friday. Its shares were recently trading as high as $7.50 in August.

And which ASX 300 companies are heading the other way?

Champion Iron Ltd (ASX: CIA)

Freefalling today is the Champion Iron share price, down a sizeable 14.38% to $4.375.

The iron ore miner’s shares are coming under pressure following weakness in the spot price of iron ore. The steel-making ingredient’s price has fallen by more than 23% over the past month.

Paladin Energy Ltd (ASX: PDN)

Also being weighed down by investors today is the Paladin share price, down 15.53% to 87 cents.

The uranium company’s shares are plunging after investors are largely taking profit off the table. Its shares rose to incredible highs over the last few weeks, reaching a multi-year high of $1.12.

It is worth noting that the company’s share price is up 520% since this time last year and above 260% year-to-date.

The post Which ASX 300 shares are leading the way on Monday? appeared first on The Motley Fool Australia.

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More reading

Novonix (ASX:NVX) share price leaps to another new all-time high
Why ASX uranium shares are diving double-digits on Monday

ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink

Why the Paladin Energy (ASX:PDN) share price is down 15% on Monday
Ausnet (ASX:AST) share price rockets 20% on fresh takeover bid

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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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