MENU

3 ASX stocks that performed the best yesterday

The S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) was up 32.9 points to 4,429.5, a move of 0.75 per cent yesterday. The index jumped to a high of 4,448.5, immediately after the Reserve Bank cut interest rates by 0.5 percent, but tapered off during the rest of the afternoon’s trading session.

Several stocks did much better than the index, with six stocks posting gains of over 4 per cent. Here we take a look at the three ASX 200 stocks that moved the most.

GWA International Limited (ASX: GWA) climbed 5.85% to $2.08. The building fixtures and fittings supplier, which includes well known brands like Caroma, Dux and Gainsborough, downgraded expectations in April, stating trading conditions were more difficult than expected. It appears that some investors anticipated the rate cut, with the company’s shares opening 5 cents higher and climbing another 6 cents throughout the day.

The interest rate cut should bring some relief to the company, and possibly spur growth in new housing starts and renovations.

AWE Limited (ASX: AWE) climbed 4.87% to close at $1.83. AWE is an oil and gas explorer, developer and producer, currently facing issues with its BassGas project, in Bass Strait near Tasmania. You can read more about the issues in this article, I wrote last week.

The share price appears to have jumped thanks to a broker upgrading the stock from “neutral” to “buy”, due to recent price weakness. Before yesterday, AWE’s shares had fallen by more than 13% in the last month.

Interestingly, the same broker downgraded the company from “buy” to “neutral” just over a week ago (on 24th  April 2012), causing the stock to fall more than 5% that day.

Cudeco Limited (ASX: CDU) moved up 4.68% to close at $3.58. The copper explorer released its quarterly report on 30th  April 2012, with the company announcing that it had received approval from the Queensland government, for the “Plan of Operations”. This is for the Rocklands Group Copper project, 100km east of Mt Isa, in North-west Queensland. The approval clears the way for the company to begin construction of the 3 million tonne per annum process plant, which is expected to produce approximately 480,000 tonnes of Copper/Gold, Pyrite/Cobalt and Magnetite concentrates per year.

Copper is currently trading at around A$8,254 per tonne.

The company announced that construction would begin immediately.

Other notable movers include Seek Limited (ASX: SEK) up 4.47%, Envestra Limited (ASX: ENV) up 4.46% and Saracen Minerals Limited (ASX: SAR) up 4.3%.

Ramelius Resources Limited (ASX: RMS) was the biggest loser on the day, falling by over 24%, after releasing a disappointing quarterly report.

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 owns shares in Saracen Minerals. Take Stock is The Motley Fool Australia’s  free  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.  Click here now  to request  your free subscription , whilst it’s still available. This article contains general investment advice only (under AFSL 400691).


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.