Today’s ASX top stocks: Archer Materials (AXE ↑10.7%), Temple & Webster Group (TPW ↑9.4%)

Posted: 28 June 2021 2:52 pm
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The 10 biggest movers on the ASX.

Australia might be going back into lockdown but the stock market doesn't appear too down about it, with the S&P/ASX200 index relatively flat by the mid-to-late afternoon.

The best performing companies on the ASX as of 2:30pm AEST today are Archer Materials (AXE, up 10.7%) and Temple & Webster Group (TPW, up 9.4%).

Less fortunate are our travel and tourism stocks. The Qantas (QAN) share price fell as much as 5% in the morning session while Sydney Airport (SYD) dropped as much as 2%.

Largest gains on the ASX Monday 28 June 2021

Advanced technology company Archer Materials (AXE) was the standout mover on the ASX today. Shares in the company rose 10.7% to $0.93.

"While there were no announcements from Archer Materials today, there have been a number of positive company updates in recent weeks," said Finder's investments editor Kylie Purcell.

"Archer Materials has recently sold off all existing mineral tenements to mining companies iTech Minerals and NextGen Materials in exchange for shares and other entitlements ahead of their planned IPOs."

Tenements are permits that allow companies the use of a plot of land for a period of time, say, for mining activities.

"By divesting its minerals subsidiaries, Archer says it can focus on developing its technology business. Should the NextGen and iTech IPOs be successful, Archer shareholders also stand to benefit."

Learn more about investing in Archer Materials in Finder's full guide.

In the second spot for market gains was Temple & Webster Group (TPW), the retailing company.

It rose 9.4% to close at $11.43.

"No big company announcements were needed to send Temple & Webster's share price soaring today," said Purcell. "TPW's price is up along with other digital shopping stocks thanks to the latest COVID numbers and extended lockdowns."

"Just as travel stocks such as Qantas are down, digital stocks and supermarkets are up across the board as investors preempt another shopping surge with people stuck indoors."

Find out more about investing in Temple & Webster Group in Finder's full guide.

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The top 10 biggest movers on the ASX today were:

StockClose% change
Archer Materials (AXE)$0.9310.7%
Temple & Webster Group (TPW)$11.439.4%
Freelancer (FLN)$1.228.9%
Redbubble (RBL)$3.707.9%
Cettire (CTT)$2.537.7%
Moneyme (MME)$2.267.6%
Autosports Group (ASG)$2.575.3%
Johns Lyng Group (JLG)$4.945.1%
Kogan.com (KGN)$12.825.1%
Sovereign Metals (SVM)$0.674.7%

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Market indicators Monday 28 June 2021

Overall, the S&P/ASX200 was up Monday afternoon, gaining 1 point (0.01%) to 7308.8 (as of 2:20pm AEST).

Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated by 3pm on the trading day, but these prices may be subject to minor variation depending on data availability.

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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