3 stocks that moved by more than 5 per cent on Tuesday

Tuesday’s market was relatively flat, but that didn’t stop these companies moving by more than 5%

You鈥檙e reading a free article with opinions that may differ from The Motley Fool鈥檚 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 S&P/ ASX 200 Index rose 8 points or 0.18 per cent to 4,360.4 on Tuesday. Three stocks in the ASX 200 index moved by more than 5 per cent, one of them positive, two were negative. Let鈥檚 take a look at them in more detail below.

The only stock in the index to rise by more than 5 per cent, Mirabela Nickel Limited (ASX:MBN) rose by 5.3 per cent to close at $0.495. And that rise comes after the stock has fallen 18 per cent this month, before the company issued its latest quarterly production report on Monday 23rd April 2012.

In that report, Mirabela announced that production was down 16 per cent and sales for the quarter were down 19 per cent, compared to the last quarter of 2011. Cash costs are expected to improve from US$7.42/lb toward US$6.00/lb by the end of 2012.

Apparently these results were better than had been expected.

Paladin Energy Limited (ASX: PDN) fell 6.25 per cent to close at $1.575. This comes on top of a more than 50 per cent fall so far in the last 12 months. The uranium miner has projects in Namibia and Malawi, and resumed trading today after announcing plans to raise more capital. The company plans to sell at least US$225m of convertible notes due in 2017, and has the option to upsize to US$275m. The funds will be used to rollover US$325m of convertible bonds due in March 2013.

In an amusing side play, The Australian Financial Review reported that Paladin was planning to issue the notes on the 20th April. The company issued a release later the same day stating that it was not planning to sell convertible notes, only to turn around on Monday 23rd April and announce that err, sorry, yes, we are actually issuing convertible bonds. Both announcements were signed by the same person, CEO and MD, Mr John Borshoff.

The company has reported increasing losses over the last 18 months, despite higher revenues.

AWE Limited (ASX: AWE) also fell, but by 5.24 per cent to close at $1.81. Possibly because of a Citigroup downgrade in rating from buy to neutral, citing project delays, cost over-runs and lower production forecasts. (Should that really be a sell then, if it鈥檚 that bad?)

According to the broker, AWE鈥檚 BassGas joint venture is facing a 2-3 month delay and will cost around $100m more than originally envisioned, due to poor weather and industrial conditions.

AWE has also cut its production forecast to 4.7 million barrels of oil equivalent, due to the slippage in the project schedule and the delay in restarting production. AWE owns 46.25 per cent of the BassGas Project, with Origin Energy Limited (ASX: ORG) holding 42.5 per cent and Toyota Tsusho Gas E&P Trefoil Pty Ltd holding the remaining 11.25 per cent.

The ASX is already on the move in 2012, and Goldman Sachs experts recently said they reckon S&P/ASX 200 could top 5,000 next year. Read This Before The Coming Market Rally is a must-read for investors who don’t want to miss out on the party. Click here now to request your free copy, before it’s too late

More reading

Motley Fool contributor Mike King doesn鈥檛 own shares in any of the companies mentioned.聽Take Stock聽is The Motley Fool Australia鈥檚聽free聽investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.聽Click here now聽to request聽your free subscription, whilst it鈥檚 still available.聽This article contains general investment advice only (under AFSL 400691).

More on 鈴革笍 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
ETFs

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.
鈴革笍 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
鈴革笍 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

asx share price competitions represented by businessmen arm wrestling
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
鈴革笍 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

person reading news on mobile phone
鈴革笍 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