Hot Money Monday: These are the most in-demand stocks on the ASX right now

Link copied to
clipboard

Each Monday, Stockhead recaps which stocks are most heavily in demand by investors — running hot.

The analysis is based on 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 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.

Here’s this week’s list:

Running Hot

Takeover target Konekt (ASX:KKT) held the top spot this week, while funds management business Ellerston Global (ASX:EGI) catapulted into the top-three of this week’s rankings.

The move was driven by a change of structure, as the listed investment company (LIC) — part of the Ellerston group founded by the billionaire Packer family — converted its shares into unlisted units.

Ellerston said the decision was in response to an “industry wide phenomena”, in which LIC’s trade at a discount to their net tangible assets.

Among various market observers, the restructure caught the eye of Stockhead’s Secret Broker, who provided some unique musings on the topic here.

And sneaking into this week’s Hot Money list was medtech company HeraMED (ASX:HMD), which rocketed higher by almost 50 per cent on Thursday.

When asked about the move by the ASX, HeraMED said it may have been due to a $13 billion typo. The company went into a trading halt at the opening bell on Friday.

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, November 15:

Scroll or swipe to reveal table. Click headings to sort.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, November 15:

Scroll or swipe to reveal table. Click headings to sort.

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.

You might be interested in

News

Rise and Shine: Everything you need to know before the ASX opens

April 4, 2024 | Gregor Stronach

News

Top 10 at 11: Which biotechs are up after positive study results and deals?

February 28, 2024 | Nadine McGrath

News

Rise and Shine: Everything you need to know before the ASX opens

February 23, 2024 | Gregor Stronach