Why these ASX shares are in trading halts

Syrah Resources Ltd (ASX:SYR) shares are one of three in trading halts on Tuesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The market has continued to sink lower on Tuesday and is down a sizeable 0.9% at lunch

Three shares that have missed out on today's declines due to being suspended or halted are listed below. Here's why they aren't trading today:

Freedom Insurance Group Ltd (ASX: FIG)

The shares of this embattled insurance seller were placed into a trading halt this morning. The company requested the trading halt whilst it prepares an announcement regarding the outcome of its strategic review. The company expects its shares to remain halted until the commencement of trade on Thursday. Freedom launched its strategic review last month after the release of a report by ASIC regarding direct life insurance sales. As a significant proportion of Freedom's upfront commission revenue is derived from the sale of funeral insurance, changes to a number of lead sources would be required to continue to meet the expectations of the regulator. I'm not confident that Freedom will be able to successfully overhaul its business model, so I'm eager to see what it has planned.

Jatenergy Ltd (ASX: JAT)

The shares of this infant formula hopeful have been involuntarily suspended by the ASX after it failed to lodge the relevant periodic report for the period ended June 30 by the due date. Management had forewarned that this would be the case, so it hasn't been a surprise. It advised that the initial consolidation into public company format of the accounts of new subsidiaries acquired during the year has taken longer than expected. In addition to this, the company has experienced a significant change in the accounting personnel. While this is a reasonable excuse, I still expect better from public listed companies.

Syrah Resources Ltd (ASX: SYR)

This embattled graphite miner has placed its shares into a trading halt this morning. According to the notice, management requested the trading halt to allow it to assess the damage from a fire that occurred overnight at the Primary Classifier Screen at Balama. Thankfully no injuries were sustained, but damage to the screen deck, pipe, and electrical equipment has been noted. An assessment of the repair time and the impact on production is now being undertaken. Last week the miner's production output was impacted by later than expected sourcing and fitting of filter cloths, which are routine consumables. With its shares trading close to their 52-week low, it seems some shareholders have understandably had enough of its endless disruptions.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

a group of enthusiastic people dash out of open doors as though in a hurry to purchase something. The picture features the legs of some people, faces of others and people in the background trying to get through the crowd.
Opinions

Why I'm calling this ASX reporting season 'buying season'

Reporting season might come in like a wrecking ball... and that's fine by me.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Broker Notes

These ASX shares could rise 20% to 40%

Big returns could be on offer from these stocks according to analysts.

Read more »

A man in his office leans back in his chair with his hands behind his head looking out his window at the city, sitting back and relaxed, confident in his ASX share investments for the long term.
Share Market News

Good ASX news! Australia's 'one of the cleanest markets in the world'

Investors can sleep well at night knowing our market system has integrity.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Market News

5 Australian shares to buy and hold forever

Analysts think these buy-rated shares would be great options for investors.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Market News

Could Fortescue shares fall a further 14% from here?

Bell Potter is tipping the mining giant's shares to continue sinking.

Read more »

Happy work colleagues give each other a fist pump.
Share Market News

Here are the top 10 ASX 200 shares today

The ASX actually finished its week on a high note today.

Read more »

Two parents and two children happily eat pizza in their kitchen as a top broker predicts a 46% upside for the Domino's share price
Broker Notes

Buy one, sell the other: Goldman's take on these 2 ASX retail shares

Despite high interest rates and inflation, ASX retail shares have been on a strong run.

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Bellevue Gold, Chrysos, Meteoric Resources, and Newmont shares are falling today

These shares are having a tough finish to the week. But why?

Read more »