3 ASX stocks that blew the market away on Thursday


The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) rose by just 0.5%, to close at 4,295.6. These three stocks all managed to rise by more than 7.5%.

Ramelius Resources Limited (ASX: RMS) rose 10.6% to close at 47 cents. After falling by more than 50% in the last month, following low gold grades and falling volumes at its flagship Wattle Dam project, as well as lower gold sales. Yesterday the company announced that it had potentially identified a new high grade ore as well as high grade gold mineralisation at its wholly owned Mt Magnet gold project. Investors liked the news, with the shares climbing 10.6% yesterday, and a further 9.6% in trading today. However, a potential discovery has a long way to go before it’s proven, and actually starts producing gold.

OneSteel Limited (ASX: OST) rose 9.1% to close at $1.20, a rise of 10 cents, recovering from a low of just 63 cents back in December 2011, and a fall from over $1.30 in the last week. Shareholders overwhelmingly voted to change the company’s name to Arrium on the 8th May 2012, as the company moves away from being a steel manufacturer and producer, to being predominantly an iron ore miner. The name change appears to be good news for the company’s share price.

Perseus Mining Limited (ASX: PRU) rose 7.7%, 17 cents to close at $2.37, and in trading today is up another 6.75% to $2.53 so far. Perseus is another gold company that has seen its share price smashed from a high of over $4.00 back in September 2011, and the share price appears to be recovering slightly. As usual, Mr Market appears to have overreacted again, and the bargain hunters have now arrived to push the stock price back up. The company is still expected to produce more than 50,000 ounces of gold in the June 2012 quarter.

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