Hot Money Monday: Afterpay fires up after a big monthly gain
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Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).
The RSI is a technical gauge which measures how trading momentum is affecting the price action.
A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.
Click here for a more detailed rundown of what the RSI does and how it’s used.
While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the look out for opportunities where the price action has separated from fundamentals.
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, June 25:
Scroll or swipe to reveal table. Click headings to sort.
Code | Company | Price | RSI | MktCap$ |
---|---|---|---|---|
OLH | Oldfields Holdings | 0.068 | 96 | $ 9,056,152.46 |
FME | Future Metals NL | 0.235 | 92 | $ 70,158,118.24 |
APT | Afterpay Limited | 130.9 | 85 | $ 37,786,573,192.50 |
IOD | IODM Limited | 0.2 | 85 | $ 114,232,311.00 |
VR8 | Vanadium Resources | 0.085 | 84 | $ 35,986,193.03 |
MLT | Milton Corporation | 6 | 82 | $ 4,052,124,487.64 |
RDY | Readytech Holdings | 2.48 | 82 | $ 241,073,471.36 |
PAB | Patrys Limited | 0.058 | 78 | $ 101,755,926.44 |
ZEU | Zeus Resources Ltd | 0.09 | 76 | $ 19,057,800.00 |
AGI | Ainsworth Game Tech. | 1.205 | 75 | $ 400,784,775.51 |
LTR | Liontown Resources | 0.775 | 75 | $ 1,382,523,585.56 |
AUH | AustChina Holdings | 0.011 | 74 | $ 17,975,367.97 |
BRL | Bathurst Resources | 0.45 | 73 | $ 61,542,584.28 |
RAG | Ragnar Metals Ltd | 0.071 | 72 | $ 20,598,778.23 |
SUD | Suda Pharmaceuticals | 0.055 | 72 | $ 20,386,767.42 |
FTZ | Fertoz Ltd | 0.15 | 72 | $ 27,616,903.35 |
LGP | Little Green Pharma | 0.83 | 72 | $ 107,924,328.72 |
INV | Investsmart Group | 0.25 | 71 | $ 34,598,883.75 |
HUO | Huon Aquaculture Grp | 2.88 | 71 | $ 295,558,259.71 |
PLS | Pilbara Min Ltd | 1.5475 | 71 | $ 4,475,837,437.20 |
8IH | 8I Holdings Ltd | 0.29 | 71 | $ 104,910,136.39 |
Scaffolding & painting company Oldfields (ASX:OLH) hasn’t had much news of note recently, but a strong gain on Friday was good enough for it to register a 14-day RSI of 96 (which is red-hot) and top this week’s list.
Future Metals (ASX:FME) also ran hot after re-listing on the ASX with the purchase of the 23sqkm ‘Panton’ platinum group metals (ASX:PGM) project in the Kimberly region of WA.
And another notable company near the top of this week’s list was BNPL leader Afterpay (ASX:APT), which stood out with a market cap north of $37bn after its share price climbed back above $130 this week.
APT has fluctuated this year amid changes to the outlook for bond yields and inflation, but after hitting a low of $84.50 on May 13 the stock has since gained by more than 50 per cent.
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, June 25:
Scroll or swipe to reveal table. Click headings to sort.
Code | Company | Price | RSI | MktCap$ |
---|---|---|---|---|
VKA | Viking Mines Ltd | 0.019 | 30 | $ 20,425,168.62 |
FHS | Freehill Mining Ltd. | 0.033 | 30 | $ 57,837,273.06 |
FAU | First Au Ltd | 0.013 | 29 | $ 7,990,173.80 |
SVY | Stavely Minerals Ltd | 0.425 | 29 | $ 109,603,809.84 |
ESH | Esports Mogul Ltd | 0.007 | 29 | $ 20,175,569.34 |
SHO | Sportshero Ltd | 0.022 | 29 | $ 10,924,278.79 |
MRD | Mount Ridley Mines | 0.0025 | 28 | $ 13,081,844.10 |
GTE | Great Western Exploration | 0.12 | 27 | $ 17,705,747.93 |
OVT | Ovato Limited | 0.0025 | 26 | $ 36,638,436.76 |
MQR | Marquee Resource Ltd | 0.05 | 25 | $ 6,235,325.30 |
WOW | Woolworths Group Ltd | 36.835 | 24 | $ 47,853,878,741.75 |
EMU | EMU NL | 0.024 | 24 | $ 10,956,347.62 |
BLG | Bluglass Limited | 0.033 | 24 | $ 26,045,071.80 |
GLL | Galilee Energy Ltd | 0.565 | 24 | $ 165,345,911.36 |
EVE | EVE Investments Ltd | 0.004 | 14 | $ 15,372,567.56 |
PVE | Po Valley Energy Ltd | 0.028 | 6 | $ 25,610,707.47 |