Top 10 at 11: Sayona Mining falls after Piedmont Lithium plans to sell out

Estimated read time 3 min read

Stockhead’s Top 10 at 10, published each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.

It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.

 

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code Description Last % Volume MktCap KNM Kneomedia Limited 0.003 50% 40,000 $3,066,543 MSI Multistack International 0.007 40% 45,529 $681,520 TRI Trivarx Ltd 0.029 32% 1,152,914 $7,442,131 PUR Pursuit Minerals 0.005 25% 100,000 $11,775,886 88E 88 Energy Ltd 0.006 20% 83,902,511 $123,627,103 POS Poseidon Nick Ltd 0.007 17% 109,686 $22,281,209 AM7 Arcadia Minerals 0.067 16% 9,999 $6,324,906 EGR Ecograf Limited 0.15 15% 396,238 $59,024,136 IFL Insignia Financial 2.6 15% 1,604,038 $1,506,576,462 GGE Grand Gulf Energy 0.008 14% 747,625 $14,666,729

WordPress Table Plugin

 

88 Energy (ASX:88E) has announced a 20% working interest has been successfully transferred to the company as part of stage one of a three-stage farm-in deal relating to petroleum exploration licence 93 (PEL 93), which is in the Owambo Basin in Nambia.

88E’s wholly-owned Nambian subsidiary executed the farm-in agreement for up to 45% non-operated working interest in the onshore PEL 93 covering 18,500km2 of underexplored ground within the Owambo Basin.

Insignia Financial (ASX:IFL) has reported an underlying net profit after tax (UPAT) of $95.5 million, up 1.2% on pcp and statutory net profit after tax (NPAT) loss of $49.9 million, which it put down to expenditure on strategic initiatives and remediation.

However, despite the interim loss, shareholders appear to be welcoming its upgraded outlook. The wealth manager says in its ASX announcement that FY24 group net revenue margin is expected to be between 45.5-46 bps (previously 44.8-45.8 bps) while EBITA margin has increased as well, while in-year transformation costs and benefits remain on track.

 

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code Company Price % Volume Market Cap

WordPress Table Plugin

Sayona Mining (ASX:SYA) has fallen after Piedmont Lithium (ASX:PLL) announced it would sell the shares it owns in the lithium play. Through a secondary block sale via Canaccord Genuity 1,152.2 million shares of SYL will be sold at 5.2 cents/share representing the 20-day VWAP, resulting in gross proceeds of ~$59.9 million for PLL.

PLL says the decision to divest the SYA shares aligns with its committment to maintain a prudent balance sheet while simultaneously minimising dilution of PLL shareholders.

Discount retailer The Reject Shop (ASX:TRS) reported its revenue rose 4% to $458.3 million in H1 FY24 but its net profit after tax fell 11 % to $14.5 million.

TRS also reported there was an increase in theft or “shrinkage” during the half.

“Like many Australian retailers, The Reject Shop is facing some near-term margin pressure from higher shrinkage and rising cost,” chairman Steven Fisher says in the ASX announcement.

 

 

 

The post Top 10 at 11: Sayona Mining falls after Piedmont Lithium plans to sell out appeared first on Stockhead.

You May Also Like