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Back in Business: These ASX stocks hit 52-week highs in October
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- Several ASX stocks hit a 52-week high in October as share markets globally rally
- WA1 Resources share prices soars in October after a major rare earths discovery
- Qantas share price back up in October on strong H1 FY23 profit guidance
Global share markets were mostly up in October with some signs of optimism coming back into what has been a tumultuous year on the back of rising inflation, interest rates, recession fears, and geopolitical tensions.
At home, the S&P/ASX 200 rose more than 6%, despite higher-than-expected inflation. In a further good sign, there were some great wins for ASX companies who hit 52-week highs in October.
October 52-week highs
Swipe or scroll to reveal full table. Click headings to sort:
| CODE | COMPANY | LAST PRICE | LAST PRICE DATE | 1 month | YTD |
|---|---|---|---|---|---|
| WA1 | WA1 Resources | $1.99 | 1/11/2022 | 1183.87% | 640% |
| PBL | Parabellum Resources | $0.45 | 1/11/2022 | 69.81% | 125.00% |
| SYR | Syrah Resources | $2.51 | 1/11/2022 | 53.05% | 40.77% |
| PWH | PWR Holdings | $10.39 | 1/11/2022 | 22.67% | 20.95% |
| QAN | Qantas Airways | $6.00 | 1/11/2022 | 19.52% | 19.76% |
| POL | Polymetals Resources | $0.20 | 1/11/2022 | 17.65% | 29.03% |
| WDS | Woodside Energy Group | $36.81 | 1/11/2022 | 16.27% | 67.85% |
| AMP | AMP Ltd | $1.26 | 1/11/2022 | 15.07% | 24.75% |
| MND | Monadelphous Group | $14.19 | 1/11/2022 | 8.65% | 47.05% |
| IAG | Insurance Australia Group | $4.98 | 1/11/2022 | 8.26% | 16.90% |
| PTB | PTB Group | $1.60 | 1/11/2022 | 1.59% | 48.84% |
| TGR | Tassal Group | $5.21 | 1/11/2022 | 0.77% | 49.28% |
The winning trophy for October goes to WA1 Resources (ASX:WA1), with October 26, 2022 going down as a momentous day in the history of the former $3m market cap explorer, when its share price jumped 420%.
As Stockhead’s Reuben Adams explained the sudden rise followed WA1 announcing it hit thick, high-grade niobium in its first hole in a remote, lightly explored highly mineralised region on the WA/NT border.
Niobium is mainly used to make steel better, but also has growing uses in lithium-ion batteries, intelligent glass, solar panels, 5G tech, and nuclear energy. Ferroniobium metal (65% Nb) currently sells for ~US$45,000/t.
The numbers at WA1’s only drill hole into the P2 target at the West Arunta project in WA – and only the second in the region were impressive. It pulled up 54m at 0.62% niobium, 0.18% rare earths and 3.85% phosphorus from 162m. The 216m-long hole ended in 2m at 1.22% Nb2O5, 0.22% TREO, and 5.73% P2O5.
Punters continued to pour into WA1 at the end of October and into November as its share kept rising to a current market cap of ~$50 million.
October good for resources stocks
While WA1 stood out as a clear winner for October other resource stocks also fared well during the month and hit 52-week highs.
Parabellum Resources (ASX:PBL) saw its share price hit highs in October. PBL revealed its entry into the booming rare earths sector in August following an acquisition agreement with UK-based Temarise.
Under the agreement, PBL will fund a $3.9m work program that will deliver a JORC scoping study at the Khotgor Project in Mongolia, offering exposure to one of the world’s largest undeveloped REE deposits strategically located on the doorstep of Asian customers.
The company provided a positive update on its NSW exploration programs in early October, along with a quarterly activities report.
Battery-focused Syrah Resources (ASX:SYR) had a stellar October, as one of three ASX-listed beneficiaries of US President Joe Biden’s grants for companies working to deliver downstream lithium and graphite materials for US-made EV batteries.
SYR will receive up to US$220m and said it will support the potential expansion of its Vidalia Active Anode Material (AAM) facility in Louisiana, USA to a 45,000tpa AAM production capacity.
Polymetals Resources (ASX:POL), and Woodside Energy Group (ASX:WDS) were also among resources stocks to see their market cap increase in October along with the engineering group Monadelphous Group (ASX:MND) providing construction, maintenance and industrial services to the resources, energy and infrastructure sectors.
PBL,SYR,POL,WDS & MND share price today:
Qantas shares fly higher on half-year profit guidance
Australia’s flying kangaroo Qantas (ASX:QAN) had its best month for a year after announcing it expects underlying profit before tax of between $1.2bn – $1.3bn in the first half of FY23, almost as much as the market was assuming it would make for the full year.
October 52-week lows
Swipe or scroll to reveal full table. Click headings to sort:
| CODE | COMPANY | LAST PRICE | LAST PRICE DATE | 1 month | YTD |
|---|---|---|---|---|---|
| GML | Gateway Mining | $0.06 | 31/10/2022 | -32.18% | -54.62% |
| WFL | Wellfully Ltd | $0.02 | 1/11/2022 | -28.57% | -71.01% |
| UCM | USCOM | $0.05 | 1/11/2022 | -28.00% | -57.39% |
| BLZ | Blaze Minerals | $0.02 | 31/10/2022 | -25.00% | -31.82% |
| MRC | Mineral Commodities | $0.07 | 1/11/2022 | -22.83% | -35.45% |
| AFL | AF Legal Group | $0.18 | 1/11/2022 | -20.00% | -54.43% |
| DDT | Data Dot Technology | $0.01 | 31/10/2022 | -16.67% | -54.55% |
| AAU | Antilles Gold | $0.04 | 1/11/2022 | -14.89% | -48.72% |
| SKY | Sky Metals | $0.04 | 30/10/2022 | -14.00% | -60.00% |
| AVE | Avecho Biotechnology | $0.01 | 1/11/2022 | -10.00% | -40.00% |
| ATH | Alterity Therapeutics | $0.01 | 1/11/2022 | -7.69% | -42.86% |
| GRV | Greenvale Mining | $0.06 | 1/11/2022 | -5.00% | -82.73% |
With the winners came companies who weren’t as fortunate in October. Among resources stocks to see their share price hit 52-week lows in October were Gateway Mining (ASX:GML), Blaze Minerals (ASX:BLZ), Antilles Gold (ASX:AAU) and Sky Metals (ASX:SKY).
