Winners and Losers: Pre-announcement spike for 1414 Degrees
Shares in 1414 Degrees exploded just prior to an acquisition announcement being made, while rare earths companies once again landed in the Winners list.
Clean energy firm 1414 Degrees last week landed an exclusive licence for a novel technology for use in lithium-ion battery anodes, which it hoped would extend its portfolio into the battery materials sector.
The acquisition of the exclusive worldwide licence gives it an inroad into the growing silicone anode battery market, forecasted to reach $20.8 billion by 2034.
The company also announced it would raise $1.214 million to back its various projects.
Shares rose in the firm after the announcement, but Baker Young Limited analysts noted there was an explosion in the firm’s share price just prior to 1414 Degrees entering into a trading halt on Tuesday. The ASX has not issued a query about the pre-announcement spike.
1414 Degrees landed in the Winners list as a result, surrounded by a collection of rare earth companies that’ve been on a tear this year.
The top Winner was Australian Rare Earths, which rose 66.67 per cent in the five days. Power Minerals was just short of the top five but posted a gain after it said it was acquiring a high-grade rare earth/uranium project in California.
It followed gold hitting another all-time high in the week before sinking back on Thursday evening, which evaporated gains for gold miners.
There was very little news from the Losers – “in the small end, no news is often bad news” said Baker Young Limited analysts.
Duxton Farms was in the Losers list and announced last Friday that shareholders approved its merger with four of its unlisted entities in walnut farming and other agricultural produce.
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The full list of Winners and Losers for the week ended October 10:
Data via Baker Young Limited analysts.
