Rise and Shine: What you need to know before the ASX opens
Welcome to the new working week!
But first, here’s what you need to know right now:
Nothing much of interest being released today, but it ramps up from Tuesday onwards.
Tomorrow the Australian Bureau of Statistics releases quarterly and yearly house price data and the minutes of the latest Reserve Bank of Australia meeting will be publicly issued.
Assistant governor at the RBA Michele Bullock will deliver a speech on Wednesday, while Westpac has monthly leading index data.
The RBA releases a bulletin on economic developments on Thursday and the ABS drops a range of employment figures.
A number of companies have shares coming out of escrow this week, including Apiam Animal Health (ASX:AHX), eCargo (ASX:ECG) and Moho Resources (ASX:MOH). View the full list here.
There are also a stack of companies due out of trading halts early this week. Alliance Resources (ASX:AGS), Metals Australia (ASX:MLS), Cazaly Resources (ASX:CAZ), Venturex Resources (ASX:VXR), Total Brain (ASX:TTB) and Bowen Coal (ASX:BCB) all have news of capital raises. Kingsgate Consolidated (ASX:KCN) have an update on some court proceedings, Northern Minerals (ASX:NTU) some funding news and Infinity Lithium (ASX:INF) are set to tell the market about an acquisition.
Gold: $US1303.13 ($1,837.67) +0.39%
Silver: $US15.27 +0.64%
Oil (Brent): $US 67.16 -0.10%
Oil (WTI): $US58.52 -0.15%
Coal: $US91.25 -1.64%
Iron ore 62% fe: $US86.12 +0.16%
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Member Maxwell Percy wrote: “Interesting article. They are not alone of course. Altech Chemicals (ASX:ATC) is another that appears to be progressing well towards the same ends and has several patents in place to protect its processes.”
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Friday:
— HotCopper (@HotCopper) March 15, 2019
Lithium play Strike Resources (ASX:SRK) led the pack this week, rocketing from 4 cents to above 10 cents for a weekly gain of 150 per cent,
Investors were excited by Strike’s acquisition of a 90 per cent interest in a prospective lithium site in Argentina.
The site supposedly sits within South America’s ‘Lithium Triangle’ in north-west Argentina. The company is targeting a fast-track exploration program to test geological models for production of lithium carbonates.
And junior explorer Ausmex (ASX:AMG) had a good week, after spiking on Thursday when it announced 3D geophysical modelling revealed a “massive” conductive structure at its Golden Mile tenements in Queensland.
Shares in the mining company, led by an experienced team with a strong history of value creation, closed the week at 13 cents for a gain of 101 per cent.
Red Emperor Resources (ASX: RMP) came back to earth with a thud, after rocketing higher last week following an announcement on its drilling operations at the Winx-1 oil & gas well in Alaska.
Unfortunately, it turned out to be a dud. The clay formation in the Winx area makes it hard to get the oil out and also takes up more space, so there’s less oil to extract. RMP led the market lower with a weekly fall of 84 per cent.
And lithium player Galan (ASX:GLN) also suffered a heavy fall after a rollercoaster of a week.
The company’s stock price initially rocketed above 60 cents (prompting a please-explain from the ASX), before an equally sharp fall to finish the week 50 per cent lower.
A Monday announcement was to blame, as Galan advised that drill hole number two at the Candelas lithium brine project in Argentina wasn’t replicating the success of the first just yet. But here’s its boss still being pretty chirpy, saying the price plunge is a bit of an “overreaction”.
That’s all you need to know. Go go go!