The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has finished flat at 5,198.4, as the share market lacked direction. On Wall Street, the Dow Jones rose 0.3%, while the S&P 500 gained 0.4%.
The Australian dollar is back above 102 US cents, currently buying 102.5 cents, after a surprise 0.1% fall in the unemployment rate.
Here’s why these three stocks are hot right now.
St. Barbara Ltd (ASX: SBM) has rocketed up more than 25% to close at 71.5 cents, although the company has a long way to go to reach its 52 week high of $2.40, set in October last year. Sold off on the back of a crash in the gold price – gold appears to be recovering and last traded at US$1,471 an ounce – ASX gold miners now seeing what investors will be hoping is a speedy recovery.
Gryphon Minerals (ASX: GRY) rose 23% to close at 24 cents. Another gold miner, Gryphon is trying to get its flagship Banfora gold mine into operation, but needs around $200 million in capital. As the gold price stabilises, the chances of the company securing the necessary funding appear to be growing. For investors, that means a better chance that Gryphon will move from an explorer to a producer.
Linc Energy (ASX: LNC) climbed 14% to $1.76, possibly on news that the Western Australian government ratified an agreement to develop the vast onshore Canning Super Basin, in order to exploit the rich shale gas fields. Linc announced in January that it had found ‘significant’ shale oil deposits in South Australia, and investors may be hoping that the South Australian government follows in the West’s steps. Recently the company also announced that its Umiat oil field in Alaska is expected to produce 50,000 barrels of oil per day, during peak production.
Oil prices are set to rise dramatically over time. With limited supply — recent estimates suggest we only have enough oil to last 40 years — and growing demand from quickly expanding economies like India and China, oil prices can’t help but go up. Position yourself to profit from this trend now, with The Motley Fool’s brand-new FREE research report, 3 Oil Stocks to Send Your Portfolio Gushing Higher. Click here now, it’s FREE!
The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, 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. This article contains general investment advice only (under AFSL 400691). Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
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