The S&P/ASX 300 Index (ASX: XKO) is pushing higher on Monday, regaining lost ground from last week’s consecutive negative run.
During mid-afternoon trade, the ASX 300 is up 0.37% to 7,484 points. It’s worth noting that the index is around 2% from its record high of 7,625 points.
Let’s take a look at which ASX companies are the strong performers today.
The top movers on the ASX 300 today
Z Energy Ltd (ASX: ZEL)
The Z Energy share price is rocketing 15.22% to $3.33 following a takeover proposal from retail fuels and distribution business Ampol.
Z Energy shareholders have been offered $3.78 per share. This represents a 22% premium to the last closing price on 12 August 2021 (before receipt of the proposal).
The Z Energy board advised it’s in the best interests of the company and shareholders to grant Ampol a 4-week period of exclusivity. This will allow the company to undertake due diligence to finalise the proposal for negotiating the transaction.
Pilbara Minerals Ltd (ASX: PLS)
Another strong mover for the start of the week is the Pilbara Minerals share price, up 8.42% to $2.19. Despite no news coming out of the company, it appears investors are buoyant on Pilbara Minerals’ prospects.
Last week, Macquarie raised its price target for the company’s shares by 35% to $2.70. Based on the current share price, this implies an upside of around 23%.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is rebounding after Friday’s sell-off, with a 7.38% gain to $2.11. While the aerial imagery specialist hasn’t released any market sensitive news, it did report its FY21 results last week.
Nearmap cited robust growth across key metrics, and is planning for an even bigger year ahead.
And which ASX 300 companies are heading the other way?
NIB Holdings Limited (ASX: NHF)
Deep in negative territory is the NIB share price, down 9.02% to $7.26. The steep decline follows the private health insurer’s FY21 full-year results provided to the ASX today.
NIB reported a large increase in net profit after tax (NPAT), however investors seem to be concerned about the near term. The company acknowledged market conditions to have mixed consequences as a result of COVID-19.
TPG Telecom Ltd (ASX: TPG)
Also being weighed down by investors today is the TPG share price, down 6.53% to $6.15. The telco released its half-year results for FY21 with a mostly positive performance.
However, today’s decline can be attributed to a couple of brokers cutting their rating on TPG shares. Macquarie reduced its rating by 6.1% to $7.70, with Morgans following suit, taking off 0.8% to $7.11 per share.