The S&P/ASX 300 Index (ASX: XKO) is surging during afternoon trade as we continue to progress through the earnings season.
At the time of writing, the ASX 300 is again moving into uncharted territory, hitting a record high of 7,600 points, up 0.58%.
Here are some of the top movers on the ASX 300 today.
Who are the biggest winners today?
Novonix Ltd (ASX: NVX)
The battery materials company’s shares are picking up where they left off yesterday, soaring another 17.77% to $4.11. This means that its shares are now up almost 50% since this time last week.
It appears investors are buoyant on the company’s prospects after yesterday’s important market announcement. Phillips 66 made a strategic investment to acquire 16% of Novonix.
Galaxy Resources Limited (ASX: GXY)
Next up is Galaxy shares, which has risen 6.23% to $5.63. The company appeared on the top movers list yesterday following renewed interest in the lithium space by investors. In addition, the spot price for the battery making ingredient has accelerated since, as a result of recent consumer restocking in China.
Orocobre Limited (ASX: ORE)
Whilst no surprise here, following suit is lithium peer, Orocobre. The company’s shares are pushing 6% higher to $9.89. It’s worth noting that JPMorgan upgraded its rating on Orocobre yesterday, lifting its 12-month price target by 30% to $10.90. Based on the current share price, this implies an upside of around 10.2%.
And the biggest losers?
Accent Group Ltd (ASX: AX1)
On the other side of the spectrum, Accent shares are tumbling 6.07% lower to $2.63 following a broker downgrade by Citigroup.
According to the update, the investment bank cut its rating to sell from a neutral stance. Furthermore, Citi reduced its price target on Accent shares by 19% to $2.50.
Megaport Ltd (ASX: MP1)
Also in decline, Megaport shares. The network as a service (NaaS) solutions company reported its full-year results yesterday, sending its shares higher.
However, investors appear to have turned the other way after JPMorgan relegated the Megaport share price to an underweight rating. The broker cut its view on the company’s shares by 3.2% to $15.
At current, Megaport shares are trading down 5.75% to $16.87.
The post Which shares are the biggest movers on the ASX 300 this Wednesday? appeared first on The Motley Fool Australia.
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More reading
- The Megaport (ASX:MP1) share price slides 5% on Wednesday
- ASX 200 midday update: CBA results and $6bn buyback, IAG falls
- 2 top ASX dividend shares tipped to grow at a solid rate
- The ASX reporting wrap-up: Challenger, Megaport, James Hardie
- ASX 200 rises, Challenger and James Hardie up on results
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 Accent Group and 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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