Midday Market Movers

Stocks making the biggest moves at noon: Energy Resources of Australia, PWR Holdings and more

Wed 20 Nov 24, 12:16pm (AEDT)
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These are the companies and sectors making headlines in afternoon trade.

Energy Resources of Australia (ASX: ERA) – Shares in the uranium company rallied 25% after completing its Entitlement Offer Shortfall Bookbuild. The entitlement offer raised $766.5 million, which is expected to provide sufficient cash to fund the planned Ranger Project Area rehabilitation-related expenditure through 3Q27. Rio Tinto, a major shareholder of ERA, participated in the offer and will own about 98.43% of the company. Since Rio owns almost all of ERA, it plans to use its legal rights to fully take over the company through a process called "compulsory acquisition."

Emeco Holdings (ASX: EHL) – Shares rallied 4.6% after an FY25 trading update guided to full-year operating EBITDA of at least $300 million as well as:

  • Annualised 2H25 operating EBIT is expected to drive return on capital towards 18%

  • FY25 stay-in-business capex is expected to be approximately $160–165 million

  • Growth capex is expected to be minimal, with a focus on delivering earnings growth and strong free cash flow in FY25

Gold miners – Gold prices rose 0.78% overnight and are currently up another 0.23% on Wednesday. Some of the top performing gold names in afternoon trade include Catalyst Metals (+6.3%), Genesis Minerals (+2.2%), Perseus Mining (+2.1%), St Barbara (+2.1%) and West African Resources (+1.7%)

Stocks moving on no market-sensitive news – Paradigm Biopharmaceuticals (+10.2%), Terracom (+4.8%), Catapult Group (+4.3%)

PWR Holdings (ASX: PWH) – Shares nosedived 29.5% after the company guided first-half FY25 net profit to $3.2–3.7 million, compared to the $8.9 million consensus. The miss was underpinned by:

  • "OEM – three niche OEM EV programs are not proceeding in FY25 despite PWR receiving purchase orders in FY24 for the FY25 work program. Whilst several new programs are in various stages of discussion, the volatility of the EV market is creating unpredictability."

  • "Production costs are higher than pcp as they cannot be immediately reduced to match lower than expected volumes and, accordingly, are expected to disproportionately impact forecast earnings for H1 FY25."

Webjet Group (ASX: WJL) – Shares dipped 9.7% after the company delayed the release of its 1H25 results due to significant demerger complexities. The company expects to be in a position to lodge its earnings by no later than 29 November 2024.

Stocks moving on no market-sensitive news – Li-S Energy (-14.9%), Appen (-8.5%), AMA Group (-5.8%), Cettire (-5.8%), Neuren Pharmaceuticals (-4.8%)

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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