Stocks making the biggest moves at noon: Tech, Banks, Uranium, Next Science and more

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

Uranium stocks – The uranium sector is experiencing a broad-based pullback following a sharp rally over the previous three trading sessions. Uranium stocks surged on Wednesday, 16 October after Amazon announced a US$500 million investment in small modular nuclear reactors. Today's weakness is led by names including Aura Energy (-5.4%), Bannerman Energy (-4.8%) and Nexgen Energy (-4.3%).

The tech sector – Soaring bond yields are taking some heat out of growth and yield-sensitive pockets of the market. The US 10-year yield rose 11 bps overnight to 4.19%, up from the 3.70% on 18 September, when the Fed kicked off its cutting cycle with a jumbo sized 50 bp rate cut. Most large cap tech names are trending lower, led by NextDC (-2.5%), WiseTech Global (-2.5%), Appen (-2.3%) and Megaport (-2.3%).

Major banks – The rise in bond yields is also weighing on major bank shares, including Macquarie (-1.7%), NAB (-1.4%), CBA (-1.3%), Westpac (-1.2%) and ANZ (-0.7%).

Plenti Group (ASX: PLT) – Shares in the fintech lender soared 17% after a 2Q25 update highlighted unaudited cash NPAT growth of 260% to $5.5 million, underpinned by an 11% rise in loan originations and new loan origination campaigns. The company outlined objectives for FY25, including plans to reduce cost-to-income ratio to less than 24% and deliver $25 million in efficiencies.

Praemium (ASX: PPS) – Praemium shares hit a 12-month high after reporting 33% growth in total funds under administration to a record $59.4 billion. “The September quarter was extremely pleasing. We are well placed for further growth with the launch of Spectrum, our next generation IDPS. Every service, and virtually every growth metric has improved from the previous quarter," said CEO Anthony Wamsteker.

Next Science (ASX: NXS) – Shares in the biotech company tumbled 33% to record lows after its 3Q25 report flagged a 7% drop in sales to $4.7 million and a cash position of $1.0 million. Management cited that a combination of a sales force restructure and continued focus on revenue quality as the key drivers of the poor sales outcome. Next Science has commercialised various products based on its XBIO technology to reduce surgical site and post-surgical infections.

Metcash (ASX: MTS) – Shares dipped 4.9% after Goldman Sachs downgraded the stock from Neutral to Sell, and lowered its target price to $3.10. The analysts cited headwinds including eroding market share in hardware and an inorganic growth strategy that lowers returns on invested capital.

Mineral Resources (ASX: MIN) – The diversified miner stock fell 4.4% after Citi analysts downgraded the stock from a Buy to Neutral. The analysts retained a $50 target price but cited short-term challenges for lithium prices, "We’ve put through chunky downgrades across our lithium producer coverage universe driven by our lower lithium deck," the report said.

Polynovo (ASX: PNV) – The biotech stock slipped 4.8% to a four-month low after JPMorgan initiated coverage of the stock. The analysts were Neutral rated with a $2.35 target price vs. Monday's close of $2.38.

Iluka Resources (ASX: ILU) – Shares in the mineral sands producer eased 3.8% after reported a mixed 3Q24 report. The company's quarterly zircon, rutile and synthetic rutile production of 138,300 beat market expectations of 115,600. However, year-to-date revenues are down 10.2% to $838 million amid lower production of finished goods and an ongoing pause at its SR1 rutile kilns.