The S&P/ASX 300 Index (ASX: XKO) is off to a poor start on Monday, erasing all of last week’s gains.
During afternoon trade, the ASX 300 is down 1.54% to 7,294 points. Currently, the index is around 4.5% off its all-time high of 7,625 points reached on 13 August.
Let’s take a look at which ASX companies are the biggest movers today.
AusNet Services Ltd (ASX: AST)
The Ausnet share price is rocketing 17.93% to $2.335 in early afternoon trade.
The energy provider received a non-binding offer from Brookfield Asset Management to acquire 100% of its shares at $2.50 apiece. This represents 26% premium to Ausnet’s last closing price of $1.98 and a 35% premium to its 30-day volume-weighted average share price (VWAP).
Ausnet has decided to let Brookfield conduct due diligence on an exclusive basis to put forward an offer.
Novonix Ltd (ASX: NVX)
The Novonix share price is storming 4.83% to another all-time high of $4.29.
The company hasn’t released any market-sensitive news of late, however, anticipated demand in lithium-ion batteries seems to be the catalyst. Furthermore, the spot price for lithium carbonate has roared to 153,000 Chinese yuan per metric tonne (roughly A$32,700).
Novonix has also been added to the ASX 300 Index today after surging in value due to investor interest.
Endeavour Group Ltd (ASX: EDV)
Another strong mover for the start of the week is the Endeavour share price, up 3.42% to $6.66.
The drinks company hasn’t released any price-sensitive news to the ASX since its full-year results late last month.
It appears investors are buying up Endeavour shares after they hit a monthly low of $6.43 on Friday. Its shares were recently trading as high as $7.50 in August.
And which ASX 300 companies are heading the other way?
Champion Iron Ltd (ASX: CIA)
Freefalling today is the Champion Iron share price, down a sizeable 14.38% to $4.375.
The iron ore miner’s shares are coming under pressure following weakness in the spot price of iron ore. The steel-making ingredient’s price has fallen by more than 23% over the past month.
Paladin Energy Ltd (ASX: PDN)
Also being weighed down by investors today is the Paladin share price, down 15.53% to 87 cents.
The uranium company’s shares are plunging after investors are largely taking profit off the table. Its shares rose to incredible highs over the last few weeks, reaching a multi-year high of $1.12.
It is worth noting that the company’s share price is up 520% since this time last year and above 260% year-to-date.