Here are the Top 25 ASX large cap movers for Wednesday

The winning streak for local stocks ran out of steam today, as all the major ASX200 indexes dipped into the red.

After two straight days of >1% gains, the ASX200 Materials index (mining) dipped by around 0.70% in Wednesday trade.

The ASX200 Energy index has been no a rollercoaster so far this week, and today fell by more than 1% — offsetting gains of a similar amount on Tuesday.

In a relatively flat session across Asian markets, the ASX200 financials index finished around 0.80% lower with all of the major banks in the red.

25 BIG CAP WINNERS

(Stocks highlighted in yellow made market-moving announcements).

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Capricorn Metals (ASX:CMM) led the way for larger cap stocks (defined here as stocks with a market cap north of $500m), with a healthy 22.6% gain.

Investors applauded the company’s decision to acquire the Mt Gibson gold project in WA’s Murchison region.

Capricorn has completed a JORC 2012 compliant Inferred Mineral Resource Estimate of 2,083,000 ounces of gold at Gibson, and said it snapped up the project at a cost of less than $20 per resource ounce “plus a 1% NSR royalty (for gold production in excess of 90,000 ounces)”.

Electricity group Spark Infrastructure (ASX:SKI) gained 5%, after advising that the Ontario Teachers’ Pension Plan Board and private equity group Kohlberg Kravis Roberts & Co had sweetened their offer for a takeover.

And salary packaging group McMillan Shakespeare (ASX:MMS) also finished on the winner’s list after investors responded positively to its FY21 trading update.

25 BIG CAP LOSERS

(Stocks highlighted in yellow made market-moving announcements).

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Nickel Mines’ (ASX:NIC) trading update showed it booked quarterly production of 10,143 tonnes of nickel metal with a 15.4% uplift in free cash flow to $57.7m, but investors wanted more as the stock closed more than 10% lower.

Reporting season also proved fruitless for Mount Gibson Iron (ASX:MGX), which fell ~7% following its quarterly production update.

MGX “advanced its development and production plans during the June quarter and despite increasing COVID-related labour and cost pressures, finished the financial year in a robust position”, CEO Peter Kerr said.