3 ASX stocks that beat the market yesterday

On a down day for the market, some stocks managed to buck the trend

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The benchmark S&P/ASX 200 index closed down for the fifth day in a row, falling by over 1 per cent on Wednesday, again following weak leads from Wall Street overnight, where the Dow Jones Index fell by 1.65 per cent.

Both BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) were down 1.6%, and Fortescue Metals Group Limited (ASX: FMG) fell 1.4%, while the big four banks all posted lower prices. National Australia Bank (ASX: NAB) dropped 1%, Australia and New Zealand Banking Group (ASX: ANZ) lost 0.8%, Commonwealth Bank of Australia (ASX: CBA) was down 0.4% and Westpac Banking Corporation (ASX: WBC) fell just 0.1%

However, the following three stocks did much better than the index; jumping by more than 1 per cent thanks to rising gold prices. No surprise then, that they are all gold mining companies.

Evolution Mining Limited (ASX: EVN) rose 2% to $1.73. Evolution owns four gold and silver mines in Queensland and Australia, and was created through a merger of Catalpha Resources and Conquest Mining in late 2011. The company also acquired Newcrest Mining's (ASX: NCM) interests in the Cracow and Mt Rawdon gold mines at the same time.

Alacer Gold Corp (ASX: AQG) rose 1.4% to $7.99. The company has an interest in a gold mine in Turkey, which produced 185,000 ounces of gold in 2011, its first year of production. Alacer also owns two gold operations in Australia at Higginsville and South Kalgoorlie, as well as a 49% interest in the Frog's Leg mine, 20kms west of Kalgoorlie. Alacer's mines produced 421,000 ounces of gold in 2011 and the company is aiming to ramp up production to over 800,000 ounces by 2015.

Medusa Mining Limited (ASX: MML) rose 1.4% to $5.09. Medusa Mining is an Australian based gold producer, focusing solely on the Philippines, and aims to become a mid-tier, 400,000 ounce per year gold producer. The company produced over 100,000 ounces of gold in 2011, at a cash cost of US$189. With an average selling price per ounce of US$1,371, its no wonder the company reported a 68% jump in net profit to US$110m for the 12 months to June 2011.

Other notable stocks rising included Myer Holdings Limited (ASX: MYR) up 1.3% to $2.27, Harvey Norman Holdings Limited (ASX: HVN) up 1.1 % to $1.87 and Crown Limited (ASX: CWN) up 1.1% to $8.68.

If you are looking for ASX investing ideas, look no further than "The Motley Fool's Top Stock for 2012." In this free report, Investment Analyst Dean Morel names his top pick for 2012…and beyond. Click here now to find out the name of this small but growing telecommunications company. But hurry – the report is free for only a limited period of time.

More reading

Motley Fool contributor Mike King owns shares in BHP. The Motley Fool's purpose is to educate, amuse and enrich investors. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Click here to be enlightened by The Motley Fool's disclosure policy.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »