The S&P/ASX 300 Index (ASX: XKO) is starting the week off in negative territory, following a mixed performance for October.
During late afternoon trade, the ASX 300 is down 0.51% to 7,285.4 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.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is soaring 8.01% to $3.91, despite no market-sensitive news out of the company today.
The spot price of coal has taken a breather but hasn’t affected the energy producer’s shares from rising.
China and India made news last week after running low on coal supplies which led to power blackouts across Asia. And if that wasn’t enough, Lebanon is facing a power crisis of its own, with the country plunged in darkness.
It appears investors are anticipating coal prices to potentially surge in the near-term future.
Z Energy Ltd (ASX: ZEL)
The Z Energy share price is storming higher with a 5.90% gain to $3.41.
In the binding scheme implementation agreement, Z Energy shareholders will get NZ$3.78 cash per share. However, this could increase if the deal isn’t completed by 31 March 2022.
Only time will tell how long the transaction takes to be finalised.
Coronado Global Resources Inc (ASX: CRN)
Another strong mover for the start of the week is the Coronado share price, up 5.59% to a 52-week high of $1.605.
The coal miner hasn’t reported any price-sensitive news since its half-year results in mid-August. Although, investors appear buoyant on the company’s prospects, sending its shares higher.
And which ASX 300 companies are heading the other way?
Star Entertainment Group Ltd (ASX: SGR)
The biggest loser today is the Star Entertainment share price, down a mammoth 20.68% to $3.395.
The company responded to concerning allegations regarding serious misconduct at its casinos. This includes suspected money laundering, organised crime, fraud, and foreign interference.
No doubt, this has worried investors, dumping its shares heavily as a result.
SkyCity Entertainment Group Limited (ASX: SKC)
Also being weighed down by investors is the SkyCity share price, down 4.91% to $3.005.
The gaming and entertainment business also is suffering from Star Entertainment’s alleged wrongdoing.
Furthermore, SkyCity chair and director, Mr Rob Campbell has decided to retire from the company to focus on other commitments. It is expected his departure will come into effect sometime in early 2022.
SkyCity is currently undertaking a process to replace Mr Campbell.