The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell by 0.2% on Thursday, to close at 4,157.4. For the week, the index is down 3.2%, with further falls coming on Friday.
The following three stocks managed to rise by 8.8% or more on Thursday.
Paladin Energy Ltd (ASX: PDN) was up 9.4% to close at $1.275, recovering from the 9% fall it suffered on Wednesday, after workers went on strike at its Malawi uranium mine. The company came to an agreement with workers to review salaries in six months' time, if workers returned to work.
Saracen Mineral Holdings Limited (ASX: SAR) was up 9.3% to close at 47c. Saracen was another stock recovering from a fall the previous day. Saracen fell 10.4% on Wednesday. Did the underlying value of the company fall 10% and then rise 9% in consecutive days? I'd say not, which illustrates how the price of a stock can bear no relation to the performance of the company, and how irrational the market can be.
Regis Resources Limited (ASX: RRL) closed up 8.8% at $3.71, following five days of consecutive falls from $3.94 down to $3.41 on 16th May. Regis is yet another resource stock swinging wildly between big falls and rises on a daily basis. With continued uncertainty in the market, I expect these swings to continue.
Other notable risers include Senex Enrgy Ltd (ASX: SXY), up 8.2% to close at 79 cents, and OneSteel Limited (ASX: OST), up 7.7% to close at $1.05.
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Motley Fool contributor Mike King owns shares in Saracen. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool'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).Authorised by Bruce Jackson.