Hot Money Monday: The most in-demand stocks on the ASX right now
Each Monday, Stockhead recaps which stocks are heavily demanded by investors – or running hot.
Stockhead uses the Relative Strength Index (RSI), 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 the first edition of Hot Money, which includes a more detailed description of what the RSI does and how it’s used.
Here is this week’s list:
Despite having no news this month, High Peak Royalties (ASX:HPR) is the hottest stock. Unlike some of its peers, it won’t be getting a cash flow query from the ASX because it is cash flow positive. As its name suggests it is an investor rather than an explorer in its own right.
Warrego Energy (ASX:WGO) was also running hot as it continued its gas exploration campaign. Its managing director said recent results were very exciting.
McPhersons (ASX:MCP) and GBST Holdings (ASX:GBT) remained in demand, both releasing their annual results in the last fortnight.
Logistics company Chalmers (ASX:CHR) ran hot in the last fortnight as its acquisition loomed. In anticipation of this, the stock was suspended at the close of trading on Friday afternoon.
Lionhub (ASX:LHB) remained anchored to the bottom of the list. Just ahead of it was Australian Pacific Coal (ASX:AQC) which announced last week that a request for a five-year mine life extension was rejected.
Among new entrants, we noticed semiconductor play Bluglass (ASX:BLG) as the industry stagnates due to flat phone sales and slow EV take up.