The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell 13.6 points yesterday, or 0.3% to close at 4,123.3. Very low volumes suggest investors have decided to avoid the market entirely, given the high volatility and global economic uncertainty.
Despite the falling market, these three stocks managed to rise by more than 7%.
Lynas Corporation Limited (ASX: LYC) climbed 8.6% to $1.015 on news that an appeal to stop the company proceeding with its rare earth minerals processing plant in Malaysia, had been dismissed by Malaysia’s Minister for Innovation, Science and Technology. Lynas has faced strong opposition from locals concerned about the radioactive waste that could be emitted from the plant. The company and shareholders will be hoping this is the last legal hurdle they have to overcome.
Gryphon Minerals Limited (ASX: GRY) rose 8.3% to end at 72 cents. The mineral explorer is primarily focused on its Banfora Gold project in Burkina Faso, in West Africa, and aims to produce 200,000 ounces of gold per annum from the project. Gryphon also holds 15% of Renaissance Minerals Ltd (ASX: RNS), and 12% of Tawana Resources Ltd (ASX: TAW).
Integra Mining Ltd (ASX: IGR) jumped 7.5% to 43 cents, despite warning that its production guidance could take a hit due to delays at its Randalls gold project near Kalgoorlie, due to mechanical problems. The company was expecting to produce 16,000 ounces of gold in the June quarter.
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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.