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.
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