Closing Bell is Stockhead’s daily recap of the ASX’s biggest winners and losers.

Data is taken at the market close – at 4.10pm AEDT.

Stocks highlighted in yellow rose (or fell) after making announcements during intraday trade.

WINNERS

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Lion Energy (ASX:LIO) led the pack after the company announced results from a report carried out by oil & gas consulting group Miller and Lents for Lion’s Seram PSC in Indonesia, in which Lion holds a 2.5pc stake.

The report showed a “significant increase in oil reserves” for the project’s Oseil oil field, with proven and probable reserves reported as 4.37MMbbl, Lion said.

After ripping higher, shares in LIO went into a trading halt shortly after midday, pending a further announcement.

Also doubling up was ASX debutante Island Pharmaceuticals (ASX:ILA), the latest biotech to join the boards with a formula for fighting mosquito diseases, particularly dengue fever.

LOSERS

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