The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell 20.2 points, or 0.5% to close at 4,094.2 yesterday, as Europe’s woes continue to dampen enthusiasm for equities.
These three stocks went against the trend and closed up more than 3%.
Cabcharge Australia Limited (ASX: CAB) jumped 7.2% to close at $6.41, continuing its rise of more than 50% since October 2011. Cabcharge holds a virtual monopoly on mobile electronic taxi payment systems, as well as a stake inthe largest private bus and coach operator in Australia. Europe’s issues and a slow-down in China’s growth are unlikely to have any material effect on Cabcharge, possibly why investors have been flocking to the stock. A fully franked dividend yield of near 6% certainly helps too.
Bathurst Resources limited (ASX: BTU) rose 3.5% to close at 44 cents. Despite the rise yesterday, the stock is still trading near one-year lows, having fallen from $1.27. Fears of a slow-down in China’s demand for steel and coking coal have driven many coal-mining stocks down, Bathurst included. Despite the fears, analysts are overwhelmingly bullish on the stock with five out of six analysts rating the stock a ‘buy’ or ‘strong buy’. Bathurst is a New Zealand coal producer, and expects to produce its maiden profit in financial year 2013.
OneSteel Limited (ASX: OST) also climbed 3.5% to close at $1.04 as the stock continues to yo-yo. Just last week the stock fell by 8% in one day. Caught between investors seeking stocks trading at all time lows, investors shorting the stock, and captive to commodities prices, OneSteel is likely to continue its rollercoaster ride for a while yet.
Other notable stocks rising yesterday included Bendigo and Adelaide Bank Limited (ASX: BEN), which rose 2.6% to close at $7.40, and GWA International Limited (ASX: GWA), also up 2.6% to close at $1.99.
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Motley Fool contributor Mike King doesn’t own shares in any companies mentioned. 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.
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