The S&P / ASX 300 Index (Index: ^AXKO) (ASX: XKO) finished at 4,038.5 points, a fall of 0.3% last week, and is down 1.8% so far in June. Ongoing concerns over European economies, Chinese growth and a US recovery all continue to drag on the market. These three stocks managed to thump the index, rising by more than 10%.
Little World Beverages Limited (ASX: LWB) rocketed $1.37, or 36% to close at $5.16 after receiving a takeover offer from Australia’s biggest brewer Lion. The company (Lion) has offered $5.30 for each Little World share, including a fully franked special dividend of 20 cents. Little World is a boutique brewing company headquartered at the Little Creatures Brewery in Fremantle, Western Australia, which also produces from the White Rabbit Brewery in Victoria.
Energy Resources of Australia Limited (ASX: ERA) jumped 20.5% to close at $1.41. The miner, 70% owned by Rio Tinto Limited (ASX: RIO) hosted an analyst site visit of its Ranger uranium mine in the Northern Territory last week. As part of the site tour, the company advised that full mining access to Pit 3 had been achieved ahead of schedule. Thanks to heavy rains, the pit had 1.2 gigalitres of water in it and wasn’t scheduled to be pumped dry until July 2012. The company also advised that it was expecting to repay all outstanding loans by the end of 2012.
Energy World Corporation Ltd (ASX: EWC) climbed 10.3% to close at 37.5 cents as the stock continues its roller-coaster ride. Since early June, when EWC’s shares hit a 52-week low of 31.5 cents, the share price appears to be at the mercy of speculators. The company is developing a controversial liquefied natural gas project in Papua New Guinea, but slow progress caused PNG politicians to lash out at the company. Speculation in the Australian media has even questioned whether the plant will ever be built.
With many stocks hitting 52-week lows, it’s perhaps not surprising to see small-to-medium resource stocks bounce around and takeovers occurring.
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