Top 10 at 11: Sayona Mining falls after Piedmont Lithium plans to sell out

Stockhead’s Top 10 at 10, published each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.

It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code	Description	Last	%	Volume	MktCap
KNM	Kneomedia Limited	0.003	50%	40,000	$3,066,543
MSI	Multistack International	0.007	40%	45,529	$681,520
TRI	Trivarx Ltd	0.029	32%	1,152,914	$7,442,131
PUR	Pursuit Minerals	0.005	25%	100,000	$11,775,886
88E	88 Energy Ltd	0.006	20%	83,902,511	$123,627,103
POS	Poseidon Nick Ltd	0.007	17%	109,686	$22,281,209
AM7	Arcadia Minerals	0.067	16%	9,999	$6,324,906
EGR	Ecograf Limited	0.15	15%	396,238	$59,024,136
IFL	Insignia Financial	2.6	15%	1,604,038	$1,506,576,462
GGE	Grand Gulf Energy	0.008	14%	747,625	$14,666,729

88 Energy (ASX:88E) has announced a 20% working interest has been successfully transferred to the company as part of stage one of a three-stage farm-in deal relating to petroleum exploration licence 93 (PEL 93), which is in the Owambo Basin in Nambia.

88E’s wholly-owned Nambian subsidiary executed the farm-in agreement for up to 45% non-operated working interest in the onshore PEL 93 covering 18,500km2 of underexplored ground within the Owambo Basin.

Insignia Financial (ASX:IFL) has reported an underlying net profit after tax (UPAT) of $95.5 million, up 1.2% on pcp and statutory net profit after tax (NPAT) loss of $49.9 million, which it put down to expenditure on strategic initiatives and remediation.

However, despite the interim loss, shareholders appear to be welcoming its upgraded outlook. The wealth manager says in its ASX announcement that FY24 group net revenue margin is expected to be between 45.5-46 bps (previously 44.8-45.8 bps) while EBITA margin has increased as well, while in-year transformation costs and benefits remain on track.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code	Company	Price	%	Volume	Market Cap
SYA	Sayona Mining Ltd	0.051	-20%	1,066,854,065	$658,770,945
NES	Nelson Resources	0.004	-20%	1,000,000	$3,067,972
PUA	Peak Minerals Ltd	0.002	-20%	34,000	$2,603,442
SIT	Site Group Int Ltd	0.002	-20%	186,525	$6,506,226
TRS	The Reject Shop	4.54	-16%	13,465	$206,489,333
TX3	Trinex Minerals Ltd	0.005	-17%	200,000	$8,922,148
VRC	Volt Resources Ltd	0.005	-17%	61,804	$24,780,640
MAF	MA Financial Group	4.74	-16%	397,380	$1,002,224,778
1MC	Morella Corporation	0.003	-14%	8,212	$21,625,798
AVE	Avecho Biotech Ltd	0.003	-14%	162,645	$11,092,540

Sayona Mining (ASX:SYA) has fallen after Piedmont Lithium (ASX:PLL) announced it would sell the shares it owns in the lithium play. Through a secondary block sale via Canaccord Genuity 1,152.2 million shares of SYL will be sold at 5.2 cents/share representing the 20-day VWAP, resulting in gross proceeds of ~$59.9 million for PLL.

PLL says the decision to divest the SYA shares aligns with its committment to maintain a prudent balance sheet while simultaneously minimising dilution of PLL shareholders.

Discount retailer The Reject Shop (ASX:TRS) reported its revenue rose 4% to $458.3 million in H1 FY24 but its net profit after tax fell 11 % to $14.5 million.

TRS also reported there was an increase in theft or “shrinkage” during the half.

“Like many Australian retailers, The Reject Shop is facing some near-term margin pressure from higher shrinkage and rising cost,” chairman Steven Fisher says in the ASX announcement.