3 ASX stocks that beat the market yesterday

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.

Top 3 ASX Blue Chips To Buy For 2019

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked…

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of The Motley Fool’s Top 3 Blue Chip Stocks for 2019.

Each one pays a fully franked dividend. The names of these Top 3 ASX Blue Chips are included in a specially prepared FREE report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

See the 3 blue chip stocks

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.