Which shares are leading the ASX 300 on Tuesday?

The ASX 300 is flat but these are the strongest performers among the index.

| More on:
Graphic showing yellow arrow above vertical columns indicating a rising share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

Man drawing an upward line on a bar graph symbolising a rising share price.
Broker Notes

Broker says WiseTech shares can hit $135

Bell Potter has good things to say about this rebounding tech stock.

Read more »

a man holds a firework sparkler in both hands as a shower of sparkly confetti falls from the sky around him as he smiles and closes his eyes in a celebratory scene.
Broker Notes

Stock market outlook: Macquarie 'ready to party like its 1999'

It may not be too late to invest in the share market according to the broker.

Read more »

A woman wearing dark clothing and sporting a few tattoos and piercings holds a phone and a takeaway coffee cup as she strolls under the Sydney Harbour Bridge which looms in the background.
Broker Notes

The smartest Australian stocks to buy with $400 right now

Let's see why these shares are highly rated by brokers.

Read more »

Woman and man calculating a dividend yield.
Share Market News

What ASX 200 investors just learned about the next RBA interest rate move

Will ASX 200 investors get a much-awaited interest rate cut in August?

Read more »

person with large headphones looking puzzled holding their hand to their chin.
Broker Notes

Does Macquarie prefer Harvey Norman or JB Hi-Fi shares?

Both companies have market-beating long-term track records.

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Why Capricorn Metals, Insignia, Perseus Mining, and Qoria shares are storming higher

These shares are having a strong session on Tuesday. But why?

Read more »

A young man sits at his desk with a laptop and documents with a gas heater visible behind him as though he is considering the information in front of him. about the BHP share price
Broker Notes

Leading broker has just downgraded BHP shares. Is it time to sell?

Macquarie sees little upside. But why?

Read more »

A blockchain investor sits at his desk with a laptop computer open and a phone checking information from a booklet in a home office setting.
Broker Notes

Are non-bank lenders a lucrative alternative to the big 4 banks?

The big 4 banks are widely perceived as being fully valued or overvalued.

Read more »