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Which ASX shares are the top movers in the ASX 300 today?

Which ASX 300 shares are making a move today?
The post Which ASX shares are the top movers in the ASX 300 today? appeared first on The Motley Fool Australia. –

The S&P/ASX 300 Index (ASX: XKO) is sliding on Tuesday, rubbing out yesterday’s 0.54% gain.

During early-afternoon trade, the ASX 300 is down 0.90% to 7,319.6 points. This means that the index has dropped around 2.3% in the past month.

Let’s take a look at which ASX companies are the strong performers today.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is on fire again today, adding another 8.10% to $1.335. This means that over the past week; the energy producer’s shares are up almost 30%.

The company provided investors with a positive update on Monday after market close relating to a supply agreement with BP.

In addition, the price of oil improved overnight further fuelling the company’s share price ascent.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is pushing higher with a 6.19% gain to $3.26.

The Australian-based coal miner has experienced a significant rise in coking coal prices. At current, the steel making ingredient is fetching for a record US$204.75 a tonne.

Investors are indeed buying up Whitehaven shares as the company will be producing bumper profits for the time being.

Santos Ltd (ASX: STO)

Also flying higher is the Santos share price, up 5.34% to $7.10 apiece.

The oil and gas company hasn’t released any news in the past few weeks. However, the price of oil lifting will further boost its revenues for Santos.

Just last week, Swiss investment firm, UBS raised its price target on Santos shares by 2.4% to $8.65. Based on the current share price, this implies an upside of around 22%.

Now, let’s take a look at the weaker ASX 300 companies.

Liontown Resources Limited (ASX: LTR)

Falling today is the Liontown share price, down 6.54% to $1.43, with no new market announcements from the company.

Investors have sold off the emerging lithium producer’s shares after they reached an all-time high of $1.655 last week. Since January 2021, its shares have accelerated by more than 320% and 670% in the last year.

Liontown Resources is 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.

Megaport Ltd (ASX: MP1)

Another company’s shares being weighed down by investors today is the Megaport share price, down 6.45% to $16.10.

The elasticity connectivity and network services interconnection provider did not release any announcements. It appears investors believe in JPMorgans’ assessment last month, downgrading Megaport’s rating to “underweight” from previously being “neutral”. The broker cut its outlook by 3.2% to $15 per share.

The post Which ASX shares are the top movers in the ASX 300 today? appeared first on The Motley Fool Australia.

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More reading

ASX 200 energy shares are surging, crude oil to hit US$90/b by year end: analyst

Why Beach, Collins Foods, Origin, & Tuas shares are racing higher

Technology shares are dragging the ASX 200 down on Tuesday

Why this broker sees the Santos (ASX:STO) share price jumping 20%
Here’s what’s driving support for ASX 200 energy shares

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 MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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