AIC Mines (ASX:A1M) led a group of 30 stocks running hot this week, amid another spate of big mining hits, M&A deals and clean energy winners.

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 lookout for opportunities where the price action has separated from fundamentals.
 

Running Hot

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, November 5:

Code Company Price RSI MktCap$
A1M AIC Mines Ltd 0.375 98 $ 75,635,179.41
PRT Prime Media Grp Ltd 0.42 91 $ 152,027,075.75
CAE Cannindah Resources 0.48 88 $ 230,437,104.04
TYM Tymlez Group 0.03 86 $ 27,631,842.64
MQR Marquee Resource Ltd 0.13 82 $ 11,931,773.06
PPS Praemium Limited 1.56 82 $ 791,082,216.11
GW1 Greenwing Resources 0.475 81 $ 50,206,439.25
AVZ AVZ Minerals Ltd 0.485 81 $ 1,496,450,296.20
MNS Magnis Energy Tech 0.615 80 $ 576,249,418.52
LMG Latrobe Magnesium 0.074 80 $ 87,534,546.04
IHL Incannex Healthcare 0.5225 79 $ 640,519,841.59
LVE Love Group Global 0.11 79 $ 4,458,758.59
GLN Galan Lithium Ltd 1.65 79 $ 458,308,248.37
AZL Arizona Lithium Ltd 0.125 78 $ 226,452,682.04
SPQ Superior Resources 0.018 78 $ 24,045,647.60
PNC Pioneer Credit Ltd 0.63 78 $ 45,049,400.06
CNQ Clean Teq Water 0.935 78 $ 39,529,563.99
IGN Ignite Ltd 0.14 77 $ 11,197,771.88
DLM Dominion Minerals 0.084 76 $ 17,810,643.00
LPD Lepidico Ltd 0.043 75 $ 270,707,351.90
PH2 Pure Hydrogen Corp 0.5 75 $ 145,952,276.30
SWM Seven West Media Ltd 0.545 74 $ 868,377,531.45
RLC Reedy Lagoon Corp. 0.043 73 $ 22,681,098.97
S2R S2 Resources 0.175 72 $ 64,147,473.90
AM7 Arcadia Minerals 0.26 71 $ 8,892,000.00
KMT Kopore Metals Ltd 0.03 71 $ 19,361,667.00
IEC Intra Energy Corp 0.013 70 $ 5,177,634.61
AON Apollo Minerals Ltd 0.115 70 $ 42,489,958.50
QXR Qx Resources Limited 0.031 70 $ 19,672,507.31
RLT Renergen Limited 3.22 70 $ 76,105,867.28

 

Copper play AIC Mines (ASX:A1M) ran hot this week, after the share price bumped upon the stock’s return to trading after being off the bourse since late-August.

While it was away, AIC switched from exploring to mining, raising $40m to acquire Eloise — an operational underground mine in North Queensland that currently produces around 40,000tpa of copper concentrate containing ~11,000t of copper and 6,000oz of gold.

A1M will deploy its funds to conduct exploration at the site, with the hope of extending the mine’s useful life.

Not surprisingly, a few more stocks ran hot amid the ongoing M&A frenzy in local equity markets.

Leading the pack was regional TV broadcaster Prime Media (ASX:PRT), which ripped higher on Monday after getting a takeover bid from Seven West Media (ASX:SWM) that PRT’s board has already approved.

Twelve-bagger resources stock Cannindah Resources (ASX:CAE) is also going from strength to strength, following its big copper hit in late September.

CAE posted four straight days of big gains last week, after new assay results showed its copper discovery is getting even bigger while major shareholder Paul Weel invested another $1.5m into the company.

Elsewhere, the hydrogen thematic continues to heat up — as evidenced by the big gains in Pure Hydrogen (ASX:PH2) over the past two weeks following its investment in hydrogen fuel cell company H2X Global on October 21.

The share-based deal will see PH2 acquire a 24% stake in H2X, which has plans to develop and sell hydrogen powered trucks and buses.
 

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, November 5:

Code Company Price RSI Market Cap
PSL Paterson Resources 0.035 30 $ 13,909,602.72
TYR Tyro Payments 3.33 30 $ 1,698,273,924.60
TSN The Sust Nutri Grp 0.23 30 $ 23,305,532.40
AHI Adv Human Imag Ltd 0.91 30 $ 121,859,575.19
PCH Property Connect 0.0015 29 $ 1,028,795.21
DOR Doriemus PLC 0.175 28 $ 21,057,912.75
E25 Element 25 Ltd 1.37 28 $ 191,939,576.01
FNX Finexia Financial 0.071 28 $ 11,509,604.38
HMX Hammer Metals Ltd 0.047 28 $ 41,488,225.77
PO3 Purifloh Ltd 1.2 27 $ 37,828,197.60
BRK Brookside Energy 0.0205 27 $ 74,173,570.13
DTC Damstra Holdings 0.63 23 $ 129,228,534.50
MMM Marley Spoon 0.895 22 $ 254,225,645.00
ZBT Zebit Inc. 0.405 22 $ 41,627,829.76
RGL Riversgold 0.019 20 $ 8,888,928.31
SFG Seafarms Group Ltd 0.038 20 $ 183,790,768.80
4DS 4Ds Memory Limited 0.069 14 $ 83,290,714.98