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Which ASX 300 shares are the major movers on Thursday?

Here’s the ASX shares that are leading the way…
The post Which ASX 300 shares are the major movers on Thursday? appeared first on The Motley Fool Australia. –

The S&P/ASX 300 Index (ASX: XKO) is rebounding in positive territory on Thursday, after losing ground from yesterday’s weak performance.

At the time of writing, the ASX 300 is up 1.06% to 7,355.3 points. This means that the index is hovering around 2% higher in the past 5 trading days.

Let’s take a look at which ASX companies are making headlines today.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is surging 15.75% to $16.54 in mid-afternoon trade.

The fintech company released its September quarterly update, highlighting record numbers for its funds under administration (FUA).

Netwealth reported that it held $52 billion in FUA, an increase of a mammoth 52.7% over the prior corresponding period.

Looking ahead, the company upgraded its FUA net inflow guidance for FY22 to $12.5 billion. This is a 25% jump from the previous $10 billion forecasted.

Liontown Resources Limited (ASX: LTR)

Another big mover on the ASX 300 is the Liontown share price, up 12.86% to $1.58.

The emerging lithium producer hasn’t reported anything today, however, its demerger with Minerals 260 Ltd (ASX: MI6) has been completed.

Liontown Resources is now focusing on developing its wholly-owned world-class Kathleen Valley Lithium Project. The asset is considered a tier-1 battery metals site with excellent grade and scale in one of Western Australia’s best mining districts.

Perseus Mining Limited (ASX: PRU)

Adding gains to the ASX 300 is the Perseus share price, up 9.68% and nearing its multi-year high of $1.70.

The gold miner provided investors with its successful exploration drilling results at the Yaoure Gold Mine in Cote d’Ivoire.

The infill drilling campaign confirmed the strong potential for further mineral resources beneath the currently operating CMA open pit. This will be used to upgrade the current Inferred Mineral Resource estimate to Indicated status.

It is expected that a Pre-Feasibility Study (PFS) for an underground mining operation will be completed by late June 2022.

And which ASX 300 companies are heading the other way?

Redbubble Ltd (ASX: RBL)

In decline today is the Redbubble share price, down 12.61% to $3.985.

The e-commerce company’s shares are coming under pressure following a disappointing trading update.

Redbubble announced that its trading performance in the first quarter came in line with expectations, despite losses across key metrics.

Total revenue fell by 28% to $126.7 million for the 3 months ending 30 September. This predominately led to gross profit sinking 34% to $42.4 million.

The company is forecasting a slow and steady return to pre-COVID 19 levels during the backend of FY22.

Coronado Global Resources Inc (ASX: CRN)

Also being weighed down by investors today is the Coronado share price, down 5.18% to $1.465.

The coal miner hasn’t reported any price-sensitive news since its half-year results in mid-August. However, it appears investors are taking profit after its shares reached a 52-week high of $1.68 on Tuesday.

The post Which ASX 300 shares are the major movers on Thursday? appeared first on The Motley Fool Australia.

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More reading

Why A2 Milk, HUB24, Netwealth & Perseus shares are storming higher

Redbubble (ASX:RBL) share price sinks 13% following trading update
Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping

ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again

Netwealth (ASX:NWL) share price jumps 10% following record quarter

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.

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