The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) ended flat on Wednesday, falling just 0.2% to close at 4,063.8 yesterday, despite positive leads from global markets. A survey of consumer confidence came in worse than expected – perhaps a case where pessimism begets more pessimism.
Whatever the case, these three stocks were the best performing stocks in the ASX 200 Index.
Saracen Mineral Holdings Limited (ASX: SAR) climbed 5.5% to close at 57.5 cents as the gold miner’s shares continue to recover from a 52 week low of 43 cents set a month ago. Saracen is targeting production of around 110,000 ounces in 2012 and between 120,000 to 150,000 ounces of gold in 2013.
Whitehaven Coal (ASX: WHC) rose 4.5% to finish at $4.18 as the company announced that it had received a takeover bid from Nathan Tinkler’s private company. Just six weeks ago, Mr Tinkler sold his Aston Resources and Boardwalk Resources to Whitehaven for $2.25 billion. Whitehaven’s shares have fallen 20% since mid-December 2011, and this appears to be an opportunistic move to purchase a company that looks to be undervalued. Wilson HTM analysts have a price target of $7.21 on the stock.
FKP Property Group (ASX: FKP) gained 4.4% to end at 48 cents on news that it is considering separating its retirement and property development operations, which could result in part of the business being sold off. FKP holds an 85% interest in Forest Place Group Limited (ASX: FPG). A demerger could see FKP’s retirement assets tipped into Forest Place, with development assets left in the FKP Group.
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Motley Fool contributor Mike King owns shares in Saracen Mineral Holdings. 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.