{"id":6187,"date":"2024-02-21T23:55:29","date_gmt":"2024-02-21T23:55:29","guid":{"rendered":"https:\/\/economicherald.net\/?p=6187"},"modified":"2024-02-21T23:55:29","modified_gmt":"2024-02-21T23:55:29","slug":"top-10-at-11-sayona-mining-falls-after-piedmont-lithium-plans-to-sell-out","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6187","title":{"rendered":"Top 10 at 11: Sayona Mining falls after Piedmont Lithium plans to sell out"},"content":{"rendered":"

Stockhead\u2019s Top 10 at 10, published each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.<\/p>\n

It\u2019s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.<\/p>\n

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every\u00a0ASX\u00a0stock has started trading.<\/p>\n

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WINNERS<\/h2>\n

Stocks highlighted in yellow have made market-moving announcements\u00a0(click\u00a0headings to sort).<\/em><\/strong><\/p>\n

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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 <\/p>\n

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88 Energy (ASX:88E)<\/strong><\/a> 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.<\/p>\n

88E\u2019s 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.<\/p>\n

Insignia Financial (ASX:IFL)<\/strong><\/a> 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.<\/p>\n

However, despite the interim loss, shareholders appear to be welcoming its upgraded outlook. The wealth manager says in its ASX announcement <\/a>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.<\/p>\n

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LOSERS<\/h2>\n

Stocks highlighted in yellow have made market-moving announcements\u00a0(click headings to sort).<\/em><\/strong><\/p>\n

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Code Company Price % Volume Market Cap <\/p>\n

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Sayona Mining (ASX:SYA)<\/strong><\/a> has fallen after Piedmont Lithium (ASX:PLL)<\/strong><\/a> 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.<\/p>\n

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.<\/p>\n

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

TRS also reported there was an increase in theft or \u201cshrinkage\u201d during the half.<\/p>\n

\u201cLike many Australian retailers, The Reject Shop is facing some near-term margin pressure from higher shrinkage and rising cost,\u201d chairman Steven Fisher says in the ASX announcement.<\/a><\/p>\n

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The post Top 10 at 11: Sayona Mining falls after Piedmont Lithium plans to sell out<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Stockhead\u2019s Top 10 at 10, published each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data. 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