After a week when some unusual entries topped the Running Hot list, this week saw a return to relative normalcy — in the form of the ASX uranium sector which has seen numerous stocks post triple-digit percentage returns in recent weeks.
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, September 17:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| MHK | Metalhawk | 0.65 | 84 | $ 28,068,250.00 |
| ACB | A-Cap Energy Ltd | 0.135 | 82 | $ 117,704,456.91 |
| TOE | Toro Energy Limited | 0.044 | 79 | $ 190,969,766.82 |
| HNR | Hannans Ltd | 0.019 | 85 | $ 49,559,521.03 |
| AGE | Alligator Energy | 0.098 | 86 | $ 278,357,366.10 |
| GGX | Gas2Grid Limited | 0.0035 | 82 | $ 10,115,255.20 |
| CAU | Cronos Australia | 0.18 | 84 | $ 7,293,750.00 |
| KWR | Kingwest Resources | 0.12 | 73 | $ 26,034,648.88 |
| GTR | Gti Resources | 0.0425 | 72 | $ 37,420,679.26 |
| 92E | 92Energy | 0.79 | 78 | $ 31,708,950.81 |
| ICE | iCetana Limited | 0.135 | 77 | $ 10,269,312.50 |
| ERW | Errawarra Resources | 0.29 | 71 | $ 9,851,616.39 |
| ERA | Energy Resources | 0.465 | 79 | $ 1,734,950,103.06 |
| GLA | Gladiator Resources | 0.053 | 77 | $ 24,470,594.72 |
| THR | Thor Mining PLC | 0.021 | 76 | $ 10,431,803.74 |
| MDX | Mindax Limited | 0.063 | 71 | $ 117,994,890.83 |
| NXM | Nexus Minerals Ltd | 0.33 | 74 | $ 85,453,084.85 |
| LTR | Liontown Resources | 1.545 | 78 | $ 2,988,451,524.85 |
| AT1 | Atomo Diagnostics | 0.335 | 75 | $ 151,215,424.69 |
| PEN | Peninsula Energy Ltd | 0.3125 | 79 | $ 338,646,182.90 |
| MTC | Metalstech Ltd | 0.42 | 87 | $ 65,851,219.77 |
| BMN | Bannerman Energy Ltd | 0.345 | 73 | $ 457,830,755.64 |
| REZ | Resourc & En Grp Ltd | 0.046 | 74 | $ 19,857,316.29 |
| M8S | M8 Sustainable | 0.033 | 74 | $ 12,381,898.80 |
| LAM | Laramide Res Ltd | 1.05 | 89 | $ 1,184,345.00 |
| VMY | Vimy Resources Ltd | 0.235 | 70 | $ 273,389,651.34 |
| DYL | Deep Yellow Limited | 1.25 | 77 | $ 447,321,180.04 |
| BOE | Boss Energy Ltd | 0.315 | 73 | $ 774,613,944.04 |
| TIN | Tnt Mines Limited | 0.27 | 76 | $ 33,013,262.98 |
| PDN | Paladin Energy Ltd | 0.9825 | 77 | $ 2,731,545,871.98 |
The uranium frenzy flowed through to this week’s Running Hot list, as ASX uranium stocks dominated the leaderboard.
Topping the group with a 14-day RSI of 89 was Laramide Resources (ASX:LAM), which was trading at 55c on August 26 and closed on Friday at $1.
Dual-listed in Toronto and Australia, the Canada-based company operates uranium projects in the US and Australia and has benefited from a flood of capital entering the sector since the Sprott Physical Uranium Trust (SPUT) started buying up physical uranium.
Making an appearance amid the deluge of uranium stocks at the top end of this week’s list was MetalsTech (ASX:MTC) which is developing the Sturec underground gold deposit in Slovakia.
Shares in the company rose strongly throughout September, before the company announced it’s accepted a $2m investment from the Shanghai-listed Chifeng Gold Mining.
Another head-turner near the top of the list was A-Cap Energy (ASX:ACB), whose interests include a nickel-cobalt project in WA and the Letlhakane uranium project in Botswana.
From below 5c in late-August, shares in ACB mooned at the start of last week before the company went into a trading halt at 6:42pm on Tuesday evening.
It’s still in a halt, and on Thursday requested a suspension pending its response to an ASX price query and an update on a pending capital raise.
Running Cold
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 17:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| ZIM | Zimplats Holding Ltd | 20.67 | 30 | $ 2,291,605,547.21 |
| PCH | Property Connect | 0.0015 | 30 | $ 1,028,795.21 |
| VMS | Venture Minerals | 0.052 | 28 | $ 102,736,151.52 |
| WRM | White Rock Min Ltd | 0.28 | 24 | $ 42,027,402.74 |
| SVS | Sunvest Corporation | 0.52 | 24 | $ 6,322,692.48 |
| A1G | African Gold Ltd | 0.285 | 24 | $ 25,594,196.32 |
| IRE | IRESS Limited | 12.03 | 23 | $ 2,620,445,101.56 |
| JMS | Jupiter Mines. | 0.215 | 22 | $ 430,978,027.26 |
| GWR | GWR Group Ltd | 0.145 | 22 | $ 45,417,966.45 |
| FMG | Fortescue Metals | 15.53 | 21 | $ 53,112,144,835.50 |
| TI1 | Tombador Iron | 0.039 | 20 | $ 40,256,602.60 |
| PUA | Peak Minerals Ltd | 0.016 | 15 | $ 9,835,242.43 |
| ECG | Ecargo | 0.025 | 15 | $ 15,381,250.00 |
| CGA | Contango Asset | 0.85 | 15 | $ 42,280,114.80 |
| BYI | Beyond International | 0.65 | 15 | $ 39,869,029.20 |
A notable stock on the Running Cold list was mining heavyweight Fortescue (ASX:FMG), which has acted as a proxy for the savage selloff in iron ore by falling from all-time highs above $26 in late-July to a Friday close of $15.27.