Winners and Losers: Resumption of war bolsters SA energy stocks
Local energy companies enjoyed a strong week of stock trading as the war in Iran resumes, renewing concerns over energy supply.
As war in the Middle East heats up, South Australian energy stocks became popular targets for buyers, while local tech firms took a dive.
H3 Energy, a prospective helium and hydrogen producer, was the biggest riser. Shares were up 14.29 per cent in the trading week but the business remains a penny stock on the ASX, worth just $7.6 million.
Another big riser was Amplitude Energy, which rose 11.44 per cent. The company is a natural gas company, and released its fourth-quarter report on Wednesday.
That showed “positive momentum” for the business, CEO Jane Norman said, with revenue rising 7 per cent to $285.8 million.
And Otto Energy – another South Australian oil and gas company with a focus on the United States – rose by 8.33 per cent in the week, putting it in third place on the Winners list despite making no announcements during the trading period.
Meanwhile, Elixir Energy (another SA oil and gas player) was the week’s biggest Loser.
Shares in the firm fell 28.46 per cent, but over the past year the business has been popular with stock traders and is up 220 per cent.
The company announced last week that testing of an appraisal well in Queensland’s Taroom Trough “bodes well” for the future of its project.
Other Losers included AI firm Fortifai (down 23.35 per cent) and battery technology innovator 1414 Degrees (down 20.73 per cent).
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The full list of Winners and Losers for the week ended 17 July:
Data via Baker Young Limited analysts.
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