Which ASX 300 shares are leading the way mid-week?

It's almost a sea of red on the ASX 300 today…

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The S&P/ASX 300 Index (ASX: XKO) is falling wayside today, continuing its disappointing run from yesterday's 1.45% loss.

At the time of writing, the ASX 300 is hovering 1.42% lower to 7,146.1 points. This means that the index is now down by more than 4% in a month.

The weak investor sentiment across the market has led to a number of shares in the red. However, let's first take a look at the biggest gainers on Wednesday.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is roaring 7.09% higher to $1.36 despite no news out of the gold miner today.

Its shares are lifting after the spot price of gold rebounded to US$1,736.07 a tonne at the time of writing. Although the price of the yellow metal has improved 0.15% today, it's still down 4.4% in September.

Evolution Mining Ltd (ASX: EVN)

Another mover today amid the weakened ASX market is the Evolution share price, up 5.39% to $3.52.

The gold mining company is also on the receiving end of the spot price of gold picking up.

Further, analysts at Morgan Stanley raised their rating on Evolution shares to "equal weight" from the previous "underweight" outlook. The broker, however, cut the price target by 5.1% to $3.70 apiece.

Based on the current share price, this implies an upside of around 5% on Morgan Stanley's assessment.

Novonix Ltd (ASX: NVX)

The Novonix share price is also pushing ahead, up 3.86% to $7.00.

Investors appear to be bullish on the lithium company's future prospects as the sector heats up. It is worth noting that the company's shares were earlier a smidgen off their all-time high of $7.11. That price was reached on Monday.

Novonix shares have accelerated by almost 500% since the start of the year.

Which ASX 300 companies are heading south?

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is down a heavy 7.82% to $16.51.

Investors are selling the company's shares despite the investment company not releasing any market sensitive announcements since its results in early August.

A catalyst for the fall can be attributed to the company's shares zooming to an all-time high of $18.60 last Friday. It appears investors have decided to take profit off the table following the broader ASX market slump.

PPK Group Ltd (ASX: PPK)

Also being weighed down by investors today is the PPK share price, down 5.59% to $16.77.

The boron nitride nanotubes (BNNT) company spun off its recently listed battery technology company, Li-S Energy (ASX: LIS).

Over the last 5 trading days, PPK shares have lost close to 15%.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended PINNACLE FPO. The Motley Fool Australia owns shares of and has recommended PINNACLE FPO. 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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