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These 3 ASX shares all posted massive gains today

3 asx shares to buy depicted by man holding up hand with 3 fingers up
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It was an unimpressive day for the ASX today with the All Ordinaries Index (ASX: XAO) sagging 0.2% at the market’s close. 

Regardless of this lacklustre result, these three ASX shares each had a ripper session, with their share prices all vaulting higher than 9%.

Australian Strategic Materials (ASX: ASM)

Australian Strategic Materials finished the day a massive 15.6% higher to close at $5.47.

The company’s cornerstone Dubbo Project is a long-term, sustainable and secure source of rare earths, zirconium, niobium and hafnium. Products requiring these materials include electric vehicles, medical imaging technology, along with wind turbines and control systems for solar panel arrays and robotics. Subject to financing, the Dubbo Project is ready for construction. 

According to the company’s latest presentation, Australia Strategic Materials is currently focussing on objectives that include complete optimisation and financing progression for the Dubbo Project.  

Avita Medical Inc. (ASX: AVH)

The Avita Medical share price closed 15.3% higher at $5.59. The company’s share price first started climbing today after it reported a 57% increase in revenue via its preliminary fiscal second-quarter results.  

The Avita RECELL technology that’s presently in development will be used to treat acute thermal burn wounds. The company recently enrolled nine additional patients in an important study that’s further assessing the use of the RECELL system to treat stable vitiligo. Furthermore, Avita added seven new accounts in the second quarter of 2021 bringing its current accounts total to 93.

Novonix Ltd (ASX: NVX)

The Novonix share price powered up 9.4% today to finish off at $1.68. Novonix is a Brisbane-based company with its sights set on improving batteries for electric vehicles, phones, laptops, cordless equipment and renewable energy storage. 

In its latest corporate update, Novonix provided details associated with the company’s planned delivery schedule for the contract to supply Samsung SDI with 500 tons of PUREgraphite synthetic anode material for use in lithium-ion batteries. 

Novonix is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in more than 14 countries. 

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Returns as of 6th October 2020

Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Avita Medical Limited. The Motley Fool Australia has recommended Avita Medical Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Gretchen Kennedy