Today’s ASX top stocks: Medical Developments International (MVP ↑28.2%), Core Lithium (CXO ↑12.0%)

Posted: 2 March 2022 12:18 pm

The 10 biggest movers on the ASX.

The best performing stocks in ASX trading so far today were Medical Developments International (MVP, up 28.2%) and Core Lithium (CXO, up 12.0%).

Stand-out performers on the ASX Wednesday 2 March 2022

Medical Developments International (MVP) was the stand-out mover on the ASX today, with the company going up 28.2% to $4.37.

In an announcement to the ASX, Medical Development International told the market that it was starting the Phase III US clinical trial for its green whistle technology.

Anyone who has broken a bone might be familiar with the product.

Much like how it is currently used in Australia, the trial will be conducted on trauma and associated pain patient groups. It is expected to commence in late 2022.

CEO Brent MacGregor said: "We are thrilled with this news which allows us to move forward quickly with preparations for our clinical trial. After years of hard work, our team is buoyed by the prospect of bringing the many benefits of Penthrox to the US market. This will strongly complement our growing Penthrox success in Europe, and fully supports our further investment in the product."

Learn more about investing in Medical Developments International in Finder's full guide.

The second place for market gainers went to Core Lithium (CXO), the materials company. Its shares rose 12.0% to reach $0.93.

Australian Core Lithium has seen its share price rise on the back of a deal with US electric car manufacturer Tesla. Lithium is a core part of electric vehicles, with a surge in sales leading to a growing need for the raw product.

Core Lithium said it would supply Tesla with up to 110,000 dry metric tonnes of spodumene concentrate from its flagship Finniss Project in Australia's Northern Territory over 4 years.

Find out more about investing in Core Lithium in Finder's full guide.

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The top 10 biggest movers on the ASX so far today were the following:

StockPrice% change
Medical Developments International (MVP)$4.3728.2%
Core Lithium (CXO)$0.9312.0%
Carnaby Resources (CNB)$1.8411.5%
Incannex Healthcare (IHL)$0.739.0%
Grange Resources (GRR)$1.088.0%
AngloGold Ashanti (AGG)$6.687.7%
Polynovo (PNV)$1.176.4%
OceanaGold Corporation (OGC)$2.726.3%
Coronado Global Resources (CRN)$1.805.9%
Liberty Financial Group (LFG)$5.325.6%

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Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to 11am. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated by 11am on the trading day, but these prices may be subject to minor variation depending on data availability.

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