Winners and Losers: Gold miners glow as metal hits record high
It’s reigning gold. Miners and exploration firms have a strong trading week as the noble metal rallies but resignations at a software company send it to the top of the losers list.
Koonenberry Gold and Marmota featured near the top of the Winners list this week, enjoying a rallying gold price which hit record highs over the trading week.
Gold rallied on growing US rate cut views, which weakened the US dollar. Spot gold was trading at US$3654.74/Oz on Friday afternoon.
As a result, miners and exploration firms were amongst the better performers, both in the ASX 200 and for South Australian listed companies.
Marmota reported high grade drilling results from its Greenwood prospect in South Australia, and rose by 20.48 per cent over the five days.
While not a direct beneficiary of gold prices, Chrysos Corporation also had a strong week as its gold assay tech could benefit from increased demand from miners.
Barton Gold also had a good week after announcing positive gold recovery results at its Wudinna Gold project in SA.
Anatara Lifesciences landed in the top spot on the Winners list (up 27.27 per cent) despite not announcing anything. It received a query from the ASX asking about the rise, but had no explanation.
It was not good news for SA company Prophecy International after it was hit by a double whammy of resignations after warning of unexpectedly high customer losses over the last few months. One director resigned last week – followed by the CEO stepping down this morning.
The developments landed it on the top of the Losers list, with shares falling 26.09 per cent.
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Mayne Pharma – currently embroiled in a takeover that its suitor no longer wants to proceed – also landed in the Losers list.
This followed reports that the US suitor – Cossette – discussed closing Mayne’s Salisbury factory with the state government and the Foreign Investment Review Board. Mayne said it had no plans to shut Salisbury. While the takeover remains in train, it is becoming quite the mess for both parties, stuck in an engagement neither wants to consummate.
The full list of Winners and Losers for the week ended 12 September:
Data via Baker Young Limited analysts.
