3 ASX stocks that beat the market yesterday

ASX shares are being hammered, but these three were shining beacons yesterday

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 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.

If you're in the market for some high yielding ASX shares, look no further than "Secure Your Future with 3 Rock-Solid Dividend Stocks". In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

 More reading

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.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

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 »