There was no clear direction for ASX hydrogen shares in the first quarter of financial year 2021. Though, many of the market’s favourites posted notable movements.
As some jumped close to 70%, others dumped a quarter of their value.
And while all that was happening, the broader market stayed relatively flat. The benchmark All Ordinaries Index (ASX: XAO) fell just 1% over the three months ended 30 September.
So, what went on with some of the market’s most notable ASX hydrogen shares in the September quarter? Let’s take a look.
Peaks and troughs for ASX hydrogen shares in Q1
ASX hydrogen shares put on a mixed performance over the first quarter, with some, like Frontier Energy Ltd (ASX: FHE), posting major gains.
The Frontier Energy share price lifted 68% over the period, closing September at 37 cents.
The company worked to secure a water supply needed to produce green hydrogen using energy from its Western Australia-based Bristol Springs Solar Project.
Its agreement with Water Corporation – announced on Thursday – will save the company from kicking off its back-up plan – building a desalination facility.
The Province Resources Ltd (ASX: PRL) share price also had a great quarter, gaining 54% to trade at 8 cents.
The big news from the company behind the HyEnergy Project last quarter came in August when it announced it had secured an additional 2,217 square kilometres of land for the project.
The Pure Hydrogen Corporation Ltd (ASX: PH2) share price also had a good run in the September quarter, gaining 23% to close the period at 27 cents.
However, the quarter wasn’t a good one for every major ASX hydrogen share.
The Hazer Group Ltd (ASX: HZR) share price dumped 25% over the period, slumping to trade at 57 cents.
The major drag on the stock was news a critical part of its demonstration plant had failed, delaying the company’s planned hydrogen production until 2023. The stock fell 17% on the back of the news.
And while most of its income comes from non-hydrogen sources, the S&P/ASX 200 Index (ASX: XJO) iron ore giant behind hydrogen-focused Fortescue Future Industries, Fortescue Metals Group Limited (ASX: FMG), saw its share price fall 4% last quarter.
The post There were big winners and losers among ASX hydrogen shares in Q1. Here’s the lowdown appeared first on The Motley Fool Australia.
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More reading
- Why Fortescue’s green hydrogen plans just got a $13 million boost
- Is the October outlook brightening for the Fortescue share price?
- The Fortescue share price has just capped off a disappointing quarter. What now?
- Fortescue share price higher on green hydrogen update
- Here’s why the Fortescue share price was crushed in September
Motley Fool contributor Brooke Cooper 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 Scott Phillips.
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