Investors turned to gold in March during volatility. Pic: Getty Images
ASX March Winners: Gold stocks the beneficiary in turbulent month for investors
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- Global markets show resilience in March with Aussie bourse finishing fairly flat
- Gold stocks the beneficiary of rising gold prices as investors seek safe havens
- Jervois plummets after suspending final construction at Idaho Cobalt Operations in the US
Despite fears of a GFC 2.0 following the collapse of Silicon Valley Bank and Signature Bank in the US along with Switzerland’s second largest bank Credit Suisse, global markets managed to navigate turbulent waters in March.
The S&P ASX 200 rallied in the last week of trade for March to gain 3%. It was the best week for local shares since early January. The benchmark closed the month down 0.16% but remains up 3.46% YTD.
The Emerging Companies index (XEC) – a benchmark of Australia’s microcap companies – also fell slightly too, down 0.25% in March but also remains up 2.38% YTD.
There was certainly a list of worries for investors in March, with ongoing inflation, interest rate hikes, continued geopolitical turmoil and a new banking crisis.
However, markets showed surprising resilience in Australia and abroad. Over on Wall Street, the S&P 500 gained 3.51% in March, while the Dow lifted 1.89% for the month. The tech-heavy Nasdaq rose 6.69% in March and advanced 16.77% in its best quarter since 2020.
Although there were different opinions on Twitter about just what the rise in the Nasdaq signified.
Nasdaq during a bank crisis😂 pic.twitter.com/aDb4nczPYp
— Sheep 𓃵 (@SheepTrades) March 17, 2023
Many cheering NASDAQ 100’s “new bull market” since its December low … nearly all of gain has been driven by forward P/E expansion (blue); forward EPS (orange) up marginally (but worth noting the move up over past 2 months) pic.twitter.com/Jhb0Bm3JkI
— Liz Ann Sonders (@LizAnnSonders) March 30, 2023
Here are the 50 best performing ASX stocks for March:
Scroll or swipe to reveal table. Click headings to sort.
| CODE | COMPANY | LAST SHARE PRICE | MARCH RETURN % | MARKET CAP |
|---|---|---|---|---|
| WOO | Wooboard Tech Ltd | 0.016 | 220% | $3,449,323 |
| BEZ | Besra Gold | 0.13 | 210% | $49,540,664 |
| RNX | Renegade Exploration | 0.02 | 150% | $19,565,359 |
| EAX | Energy Action Ltd | 0.24 | 140% | $5,667,606 |
| MDX | Mindax Limited | 0.13 | 120% | $249,132,335 |
| IHR | IntelliHR Limited | 0.23 | 119% | $79,897,912 |
| LNU | Linius Tech Limited | 0.004 | 100% | $12,918,985 |
| SIT | Site Group Int Ltd | 0.0035 | 100% | $4,554,358 |
| RXL | Rox Resources | 0.275 | 90% | $62,819,193 |
| SMN | Structural Monitor | 0.65 | 83% | $79,165,979 |
| EQS | Equity Story Group | 0.058 | 76% | $2,176,498 |
| IPD | Impedimed Limited | 0.105 | 75% | $196,423,141 |
| RSG | Resolute Mining | 0.42 | 71% | $830,312,562 |
| NHE | Noble Helium | 0.235 | 68% | $31,461,759 |
| GPR | Geopacific Resources | 0.026 | 63% | $13,550,969 |
| VTG | Vita Group Ltd | 0.1375 | 60% | $23,742,697 |
| AFL | Af Legal Group Ltd | 0.175 | 59% | $11,784,213 |
| MBK | Metal Bank Ltd | 0.03 | 58% | $8,294,566 |
| BRB | Breaker Res NL | 0.43 | 56% | $137,273,146 |
| GWR | GWR Group Ltd | 0.095 | 56% | $31,479,232 |
| REY | REY Resources Ltd | 0.14 | 56% | $29,669,855 |
| NVU | Nanoveu Limited | 0.026 | 53% | $8,821,027 |
| HHR | Hartshead Resources | 0.05 | 52% | $114,634,106 |
| MGG | Mogul Games Grp Ltd | 0.0015 | 50% | $4,905,643 |
| SRN | Surefire Rescs NL | 0.021 | 50% | $31,627,270 |
| AGG | AngloGold Ashanti | 7.01 | 47% | $588,771,249 |
| IXU | Ixup Limited | 0.032 | 45% | $36,242,244 |
| SVL | Silver Mines Limited | 0.2 | 43% | $266,763,732 |
| IME | Imexhs Limited | 0.57 | 43% | $22,517,109 |
| ALA | Arovella Therapeutic | 0.044 | 42% | $32,488,545 |
| RMS | Ramelius Resources | 1.27 | 42% | $1,074,095,865 |
| INF | Infinity Lithium | 0.155 | 41% | $76,327,695 |
| VAR | Variscan Mines Ltd | 0.021 | 40% | $6,680,539 |
| TMK | TMK Energy Limited | 0.018 | 38% | $83,475,000 |
| VR8 | Vanadium Resources | 0.083 | 38% | $37,784,165 |
| WGX | Westgold Resources | 1.31 | 38% | $606,237,094 |
| SZL | Sezzle Inc | 0.75 | 38% | $154,985,696 |
| PAA | Pharmaust Limited | 0.11 | 38% | $33,275,800 |
| RLF | RLF AgTech | 0.22 | 38% | $19,796,759 |
| RLG | Roolife Group Ltd | 0.011 | 38% | $7,871,139 |
| HIL | Hills Ltd | 0.02 | 37% | $5,520,549 |
| HMX | Hammer Metals Ltd | 0.089 | 37% | $63,248,366 |
| ALO | Alloggio Group | 0.28 | 37% | $33,143,671 |
| CBR | Carbon Revolution | 0.15 | 36% | $32,600,466 |
| MI6 | Minerals 260 | 0.415 | 34% | $82,855,000 |
| AYM | Australia United Min | 0.004 | 33% | $5,527,732 |
| CHR | Charger Metals | 0.38 | 33% | $14,862,885 |
| DXN | DXN Limited | 0.004 | 33% | $6,885,259 |
| RIM | Rimfire Pacific | 0.008 | 33% | $15,815,291 |
| BOT | Botanix Pharma Ltd | 0.1 | 33% | $125,397,709 |
Gold stocks found themselves the beneficiary of rising gold prices in March and a move by investors to safe haven assets. Besra Gold (ASX:BEZ) also announced positive final assays from its 2022 drill program believing it provided further evidence that the Bekajang prospect could add substantial gold ounces to its Bau project in Sarawak, Malaysia.
BEZ said the final assays of 6.7m grading 6.5 grams per tonne (g/t) gold from a down-hole depth of 11m including 1m at 28.6g/t gold from 15m (BKDDH-28) and 9m at 1.9g/t gold from 26m including 2m at 6.5g/t gold from 28m (BKDDH-29) strengthens the gold mineralisation potential of Bekajang across the Bau Limestone – Pedawan Shale Contact (LSC).
Fellow gold miner Resolute Mining (ASX:RSG), which is a pick of Katana Asset Management portfolio manager Romano Sala Tenna, also found itself elevated to the S&P ASX 300 in the latest quarter rebalance. So no surprise it rose in March as well.
RSG currently owns two African producing gold mines, the Syama Gold Mine in Mali (Syama) and the Mako Gold Mine in Senegal (Mako).
The company in March announced mineral resources increased by 1.7 million ounces (Moz) to 11.2Moz of gold, while ore reserves increased by 0.6Moz to 4.6Moz after accounting for the effects of mining depletion, improved productivities underground and exploration success.
In biotech Impedimed (ASX:IPD), soared 75% in March after it was announced the US National Comprehensive Cancer Network (NCCN) released a new set of guidelines, which include the use of bioimpedance spectroscopy (BIS) as an objective measurement tool to identify early signs of lymphoedema for the first time.
IPD currently holds the only FDA-cleared BIS technology for the assessment of lymphoedema, which managing director and CEO of ImpediMed Richard Valencia said is a “major validating moment for the company”.
“The authors of the NCCN Guidelines are world leaders in global cancer care driven by sound clinical evidence and patients’ best interests. Their recommendations are highly influential for clinicians, patients, policymakers, and insurance companies,” Valencia said.
Here are the 50 worst performing ASX stocks for March:
Scroll or swipe to reveal table. Click headings to sort.
| CODE | COMPANY | LAST SHARE PRICE | MARCH RETURN % | MARKET CAP |
|---|---|---|---|---|
| CLZ | Classic Min Ltd | 0.001 | -67% | $4,874,879 |
| SRY | Story-I Limited | 0.008 | -67% | $3,011,239 |
| JRV | Jervois Global Ltd | 0.066 | -63% | $122,676,397 |
| SCU | Stemcell United Ltd | 0.005 | -62% | $6,423,649 |
| OSL | Oncosil Medical | 0.011 | -61% | $10,936,665 |
| MBX | My Foodie Box | 0.015 | -58% | $627,610 |
| OPA | Optima Technology | 0.026 | -54% | $6,460,371 |
| MME | Moneyme Limited | 0.09 | -54% | $24,076,014 |
| RHY | Rhythm Biosciences | 0.455 | -53% | $102,068,767 |
| DDT | DataDot Technology | 0.003 | -50% | $3,632,858 |
| ICN | Icon Energy Limited | 0.006 | -50% | $5,376,096 |
| RBR | RBR Group Ltd | 0.002 | -50% | $3,996,012 |
| KLI | Killi Resources | 0.06 | -48% | $2,316,675 |
| DTR | Dateline Resources | 0.019 | -47% | $10,837,194 |
| LAW | Lawfinance Ltd | 0.008 | -47% | $510,941 |
| TYM | Tymlez Group | 0.008 | -47% | $8,737,562 |
| MRR | Minrex Resources Ltd | 0.017 | -45% | $16,273,013 |
| LDX | Lumos Diagnostics | 0.027 | -45% | $6,896,342 |
| NMR | Native Mineral Res | 0.037 | -45% | $5,406,243 |
| AE1 | Aerison | 0.1 | -44% | $32,343,749 |
| NCR | Nucoal Resources Ltd | 0.005 | -44% | $3,843,062 |
| VN8 | Vonex Limited | 0.039 | -43% | $14,111,316 |
| SRJ | SRJ Technologies | 0.069 | -43% | $5,867,381 |
| TZL | TZ Limited | 0.03 | -42% | $8,086,660 |
| DUB | Dubber Corp Ltd | 0.18 | -42% | $55,390,520 |
| WEC | White Energy Company | 0.105 | -42% | $4,259,776 |
| BVS | Bravura Solution Ltd | 0.4 | -42% | $165,890,981 |
| GCY | Gascoyne Res Ltd | 0.099 | -41% | $60,898,434 |
| AUN | Aurumin | 0.03 | -40% | $6,130,505 |
| OAR | OAR Resources Ltd | 0.003 | -40% | $7,233,114 |
| TOR | Torque Met | 0.096 | -40% | $7,741,293 |
| NNG | Nexion Group | 0.022 | -39% | $2,893,849 |
| PAB | Patrys Limited | 0.016 | -38% | $43,202,636 |
| ASQ | Australian Silica | 0.037 | -38% | $11,266,415 |
| WC1 | West Cobar Metals | 0.096 | -38% | $8,638,374 |
| AD1 | AD1 Holdings Limited | 0.005 | -38% | $4,204,388 |
| C29 | C29Metalslimited | 0.125 | -38% | $5,377,698 |
| TOY | Toys R Us | 0.017 | -37% | $14,672,473 |
| MXO | Motio Ltd | 0.029 | -37% | $8,365,909 |
| MRZ | Mont Royal Resources | 0.12 | -37% | $8,217,920 |
| AGY | Argosy Minerals Ltd | 0.44 | -37% | $624,961,337 |
| FFF | Forbidden Foods | 0.014 | -36% | $1,861,728 |
| JPR | Jupiter Energy | 0.021 | -36% | $25,826,853 |
| WCN | White Cliff Min Ltd | 0.007 | -36% | $5,488,381 |
| RCL | Readcloud | 0.06 | -36% | $7,310,237 |
| 3DA | Amaero International | 0.099 | -36% | $45,700,623 |
| G88 | Golden Mile Res Ltd | 0.013 | -36% | $3,951,484 |
| BLZ | Blaze Minerals Ltd | 0.009 | -36% | $3,307,574 |
| ICG | Inca Minerals Ltd | 0.018 | -36% | $9,174,214 |
| REM | Remsense Technologies | 0.068 | -35% | $3,038,438 |
Besieged cobalt play Jervois (ASX:JRV) saw its share price plummet in March after announcing plans earlier to suspend final construction at Idaho Cobalt Operations (ICO) in the US.
JRV sited continuing low cobalt prices and inflationary impacts on construction costs as the main reasons for the decision. After spending US$130m, JRV expects to complete construction and commission ICO when cobalt prices recover.
Three-month LME cobalt is currently fetching US$34,930/t, down hard from over US$80,000/t at this point last year.
And March was also not a good month for Rhythm Biosciences (ASX:RHY), which plummeted after announcing that it had withdrawn its submission to the TGA for its ColoSTAT bowel cancer screening tech.
RHY said it intends to submit a new ColoSTAT application with the TGA, in line to better meet their feedback and questions posed. The new ColoSTAT application will be submitted at a date to be determined, however is expected to be in the current calendar year.
