ASX standouts: Tuesday's movers & gainers

The ASX opened just -0.03% lower despite a sharp decline for the US market overnight. 

Omicron concerns have intensified as Europe begins to reimpose restrictions and the US braces for a 'tidal wave' of covid cases.

ASX gainers 

Magellan Financial Group (ASX: MFG) is staging a small bounce after nose diving -33% yesterday. Its stock is up 2.6% as the market opened. 

Energy stocks are bouncing back after a sharp decline on Monday. Washington H. Soul Pattinson and Co (ASX: SOL) is leading the charge, up 3.4%.

Iron ore majors continue to defy expectations of weaker Chinese demand and slowing economic growth.

Fortescue Metals Group (ASX: FMG) has rallied for seven consecutive sessions, up 1.2% on Tuesday to a 3-month high. 

BHP Group (ASX: BHP) is up 0.7% and testing 3-month highs.

While Rio Tinto (ASX: RIO) is lagging, up 0.3% and close to 2-month highs. 

ASX losers 

Afterpay (ASX: APT) tanked another -3.3% to a fresh 14-month low. This follows a -5.3% decline from its soon-to-be parent company, Block (formerly Square). 

Interestingly, Afterpay appointed Lonergan Edwards & Associates to provide an independent expert’s view of Block’s takeover. The report considered fair value of the scheme consideration to be in the range of $89.16 to $104.90 based on the recent trading range for Block shares and on a 100% controlling interest basis. 

This means that Afterpay seems to be vastly undervalued by the expert’s standards. 

A risk off attitude is running its course across speculative growth darlings like Brainchip (ASX: BRN), Novonix (ASX: NVX), Vulcan Energy (ASX: VUL) and Imugene (ASX: IMU). All four stocks are down between -4.0% and -7.6%.

Pilbara Minerals (ASX: PLS) has plunged -6.2% after providing an update on ongoing work programs to increase its lithium production.

The company flagged that utilisation of its facilities has been lower than initially forecast due to equipment failures, additional maintenance downtime and industry wide labour shortages.