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ASX Hot stocks: Drillsearch, Boart Longyear & Dexus

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has closed down 0.2% at 4814.4, after reversing early heavy losses. The gold sector was heavily punished down over 2%, while the Industrials lost more than 1%. The A-REIT (property trusts) sector was the standout performer, rising 1.7%.

Here’s why these three stocks are hot right now.

Drillsearch Energy Limited (ASX: DLS) rose 4% to close at $1.02. Drillsearch is drilling for oil and gas in the Cooper Basin in conjunction with Beach Energy, which has reported several successes, including new oil finds and record oil production. Drillsearch also has a joint venture with QGC, owned by gas giant British Gas, which gives the company exposure to BG’s LNG facility under construction in Gladstone.

Boart Longyear Limited (ASX:BLY) jumped 7.2%, ending at 67 cents. Shares in the provider of drilling services, including products and equipment for mining and mineral exploration have slumped from over $3, dropping by 78% in the past year. The main reasons for the fall have been several profit downgrades and the company’s announcement that earnings in future years were uncertain, as the resources boom slowly tapers off and miners cut costs to combat falling commodity prices.

Dexus Property Group (ASX:DXS) added 3.3% to finish at $1.085 after investment bank UBS upgraded the property company to a ‘Buy’. The broker noted that Dexus has strong earnings per share growth potential and a strong balance sheet compared to other office real estate investment trusts (REIT). Still, the company’s shares are only offering a dividend yield of 3.6%, fairly low compared to other alternatives.

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Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned.

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