ASX market movers: Appen, Advanced Human Imaging
The 10 biggest movers on the ASX today.
Top movers on the ASX Wed 19 May 2021
Mining stocks may have been the big movers of the last few weeks, but technology stocks stole the show Wednesday. Appen (APX), Advanced Human Imaging (AHI) and EML Payments (EML) were among both the best and worst performers.
Tech darling Appen (APX) was the standout on the ASX today. Shares in Appen rose 16.9% to $13.14.
"Appen shares jumped after the company announced a company restructure in an update to the Australian Securities Exchange on Wednesday," said Finder's investments editor Kylie Purcell.
Appen provides data used for artificial intelligence and machine learning products. Its market success in recent years has labelled it one of WAAAX stocks (Wisetech, Appen, Afterpay, Altium, Xero) – Australia's equivalent of the Wall Street FAANGs.
However the tech firm's stock price has spiralled over the last 12 months thanks to concerns over increasing competition.
"The company says it plans to split the organisation into four new sectors; Global, Enterprise, China and Government. With its share price having falling 47% since the start of the year, a reshuffle focused on driving performance is good news for investors," said Purcell.
"Any long-time employee knows that a company restructure often comes with cost-cutting measures such as staff-reduction or an improvement to processes. Investors will be expecting to see a revenue increase as a result of these measures."
Learn more about investing in Appen in Finder's full guide.
The second-best mover was health technology company Advanced Human Imaging (AHI). It rose 11.9% to close at $1.51.
The company builds smartphone technology that can be used to scan body or facial features for health risks.
"The share price of Advanced Human Imaging has been steadily climbing over the past week after it announced a partnership with Melbourne-based digital publication firm e-Mersion Media," said Purcell.
"Although initially sinking on the day of the news, investor sentiment appears to have since turned around. In the last 5 days, the AHI share price has risen by more than 32%."
These were the 10 biggest movers on the ASX today:
|Advanced Human Imaging (AHI)||$1.51||11.9%|
|Rhythm Biosciences (RHY)||$1.20||8.1%|
|Bougainville Copper (BOC)||$0.70||7.7%|
|American Pacific Borates (ABR)||$1.46||5.8%|
|Paradigm Biopharmaceuticals (PAR)||$2.20||4.8%|
|Beacon Lighting Group (BLX)||$1.95||4.8%|
|K & S Corporation (KSC)||$1.68||4.3%|
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Market indicators Wed 19 May 2021
Overall, the S&P/ASX200 closed down Wednesday, dropping 141 points (-1.99%) to 6925.5.
Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to market close. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated at the end of the day, but these prices may be subject to minor variation depending on data availability.
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