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:

Running Hot

Regtech company Kyckr (ASX:KYK) leapt to the top of the list this week, and if you follow small-caps (or read Stockhead’s coverage) you’d know why.

The share price ripped higher on Thursday after it was revealed tech luminary Richard White — founder of $11b company Wisetech Global (ASX:WTC) — had taken a cornerstone stake in the business with a 19.6 per cent shareholding.

The news capped a big quarter for Kyckr, which has signed up a number of global customers for its know-your-customer (KYC) compliance service since the start of July.

From a 2019 low of 3.2c at the end of June, the stock closed on Friday at 23.5c — a gain of 634 per cent.

Ghana-based gold explorer Azumah Resources (ASX:AZM) also joined the Hot Money list, after receiving a hostile takeover bid priced at a 100 per cent premium to the company’s share price on Thursday.

Azumah’s joint venture partner, WA-based mining fund Ibaera Capital, made the bid after disagreements with Azumah’s board over how to advance the joint project — a million ounce deposit in the Ghanian town of Wa.

Azumah’s initial response was to describe the offer as “highly opportunistic” in an environment of high gold prices.

It followed up by advising shareholders to take no action, noting that Ibaera had built up a stake in Azumah at prices of up to 3.7c per share — above its unsolicited bid of 2.8c.

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, September 20:

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 20: