Midday Market Movers

Stocks making the biggest moves at noon: Cyclopharm, Praemium, Evolution Mining and more

Thu 23 Jan 25, 1:14pm (AEDT)
Scientific laboratory workers with beakers
Source: iStock

These are the ASX companies and sectors making headlines in afternoon trade.

Cyclopharm (ASX: CYC) – Shares in the radiopharmaceutical company rallied 12.2% after signing a major contract with Hospital Corporation of America Healthcare (HCA), one of the largest single healthcare providers in the US. This agreement will allow the deployment of Technegas in up to 169 nuclear medicine departments across HCA's network. The agreement also paves the way for discussions with the HealthTrust Purchasing Group (HealthTrust), HCA's affiliated group purchasing organisation, which manages contracts and purchasing for over 1,800 hospitals across the US

Praemium (ASX: PPS) – Shares in the fund administrator surged 15.7% after reporting its December quarter funds under management figures. For the quarter, total funds under administration rose 29% year-on-year to $62.1 billion. "The December quarter was noteworthy for the very well received launch of Spectrum, our next generation IDPS where we have a strong pipeline, and further improvement across most growth metrics from the previous quarter," said CEO Anthony Wamsteker.

Coronado Global (ASX: CRN) – Shares gained 6.3% after the coal miner reported a solid December quarter update. The company opened its Mammoth Underground Mine in December, a major milestone in progressing its growth portfolio. During the quarter, Coronado produced 6.9 million tonnes of coal, marking an 8.8% year-on-year increase.

Netwealth (ASX: NWL) – Shares ticked 2.1% higher after the company reported a 30.2% jump in funds under administration to $101.6 billion for the 2024 calendar year. Macquarie analysts had expected $99.4 billion, representing a 2.2% beat. Netwealth shares struggled for more upside after the stock rallied strongly earlier this week, in response to strong FUA numbers from peers Hub24.

Regis Resources (ASX: RRL) – Shares up 2.6% after the company reported a solid set of December quarter production figures, including gold sales of 118.1koz and $215 million in operating cash flow. "Our assets performed in-line with expectations and the development of our growth projects remain on track, establishing a solid position for the remainder of FY25 and well beyond," said Managing Director Jim Beyer.

Iluka Resources (ASX: ILU) – Shares in the mineral sands producer dipped another 6.4% after falling 7% on Wednesday. Although yesterday's Q4 production report highlighted strong operational results, it flagged ongoing challenges in the mineral sands market and weaker-than-expected 2025 production guidance. The average target price for Iluka Resources was cut by 5.7% overnight (11 ratings) to $6.10.

Evolution Mining (ASX: EVN) – Shares dipped 5.0% after Citi downgraded the stock to Neutral from Buy, citing valuation concerns. The stock rallied 4.0% on Wednesday after reporting its December quarter production figures. Evolution has not traded close to $6.0 since November 2020. While the result delivered slightly better-than-expected gold production, most analysts believe the company is fulled valued after the recent run.

Lithium miners continue to ease after a broad-based selloff on Wednesday, potentially driven by recent rollbacks on EV-related policies in the US. Stocks such as Ioneer (-10.7%), Vulcan Energy (-4.5%), Galan Lithium (-4.2%), Liontown Resources (-3.9%), Core Lithium (-3.0%) and MinRes (-2.6%) are leading the declines.

Iron ore miners also extended their declines, led by Champion Iron (-1.9%), Fortescue (-1.8%), Rio Tinto (-1.1%), and BHP (-1.0%).

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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