Winners and Losers: SA stocks enjoy resources gains
Ahead of the release of quarterly cash flow reports, SA stocks rose alongside national resources companies which hope to benefit from Chinese infrastructure stimulus.
While there was no major news from South Australian companies this week as they gear up for the release of quarterly and annual financial reports, there were 30 that enjoyed gains in the trading week.
This included Orbminco which rose despite relatively low trading volume and Australian Rare Earths.
The latter told shareholders this week about its uranium project. It has had a stellar month too, up more than 150 per cent in the month to date.
Mighty Kingdom – set to officially change its name to Fortifai today – landed in the Winners too, up 26.92 per cent over the five days.
Of the SA stocks, 30 were risers, 11 were steady and 22 fell for an average 3.96 per cent gain for the week, Baker Young analysts said.
While the broader market declined by 1 per cent, there was a positive rotation to resources and energy stocks, which make up the bulk of the SA Index.
Iron ore prices rallied on Chinese infrastructure stimulus while banks fell.
Stay informed, daily
Little news came from the Losers, but Axiom topped that list; down 15.38 per cent.
The full list of Winners and Losers for the week ended 25 July:
Data via Baker Young Limited analysts.
