The ASX 300 is flat but these are the strongest performers among the index.
The post Which shares are leading the ASX 300 on Tuesday? appeared first on The Motley Fool Australia. –
The S&P/ASX 300 Index (ASX: XKO) is relatively flat today, despite some companies charging strongly on Tuesday.
At the time of writing, the ASX 300 is up 0.22% to 7,549 points. However, the index reached another record high at 7,568 points during market open.
Let’s take a look at which top ASX 300 shares are some of the biggest movers today.
Novonix Ltd (ASX: NVX)
First up, Novonix is taking up the number 1 spot on the ASX 300, surging 18.54% higher to $3.58. That means that the company’s share price is up almost 60% in just 1 month.
Novonix shares came out of a trading halt today following an important market announcement. The company advised that United States energy giant, Phillips 66 has agreed to a strategic investment. As such, the Phillip 66 will acquire a 16% interest in Novonix.
Pilbara Minerals Ltd (ASX: PLS)
Next up, Pilbara Minerals has also moved higher, accelerating 11.43% to a record high of $2.34.
With no news out of the company, a possible catalyst for its strong share price rise is soaring lithium prices. The battery-making ingredient is up 1.6% week-on-week to a month to date average price of 94,000 yuan per tonne (A$19,807).
In addition, JPMorgan put an overweight rating on Pilbara Minerals, raising its price by 56% to $2.50 per share. Based on the current share price, this implies an upside of roughly 7%.
Galaxy Resources Limited (ASX: GXY)
Another lithium company, Galaxy Resources is pushing 9.63% higher to $5.35, also an all-time high for the company. Again, the company has not released any news to the market, but its shares are hopping on the back of strong lithium prices.
What about the ASX 300 fallers?
Heading the other way, Ramelius Resources Limited (ASX: RMS) is down 5.28% to $1.525 following weakness in the spot price of gold. This has also affected St Barbara Ltd (ASX: SBM) which is shedding 4.67% to $1.635 and Silver Lake Resources Limited. (ASX: SLR), down 3.85% to $1.375.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Pilbara Minerals (ASX: PLS) share price up 9% to all-time high
ASX 200 midday update: James Hardie hits record high, Pilbara Minerals rockets
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.