The S&P/ASX 200 (INDEXASX: XJO) continued its falls on Monday with the index ending the session down 0.6%. It was a sea of red across the screens with the major banks and Telstra Corporation Ltd (ASX: TLS) all lower, along with most other blue-chips.
There were some stocks which managed to buck the trend however.
Gold stocks finally seem to be acting as one would expect them to – as a hedge against volatility – gold mining giant Newcrest Mining Limited (ASX: NCM) closed up 0.7%.
The major miners also found support on Monday – perhaps investors are heading for the safety of hard assets again…. BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) finished up 0.9%, 1.9% and 6.1% respectively.
There were two other stocks also making money for investors, the battered and bruised beverage company Coca-Cola Amatil Ltd (ASX: CCL) and the equally knocked about media firm Ten Network Holdings Limited (ASX: TEN).
Shareholders in Ten Network will get the opportunity to review the company's performance this week when the television network owner releases its full year results. Last week news emerged that Ten is planning to produce brand-funded programs with the aim of tapping into an estimated $200 million market. The early stages of a turnaround in the network's fortunes, coupled with the prospect of a buy-out offer from investors should place a floor under the price from here.
Coca-Cola Amatil Ltd (ASX: CCA) has also been in the news with the Australian Financial Review running a story on the weekend about this week's meeting between CCA executives and execs from parent The Coca-Cola Company. It's believed the underperforming Indonesian division will be a top agenda item with plans for a rejig and revitalisation of the business.
More gains to come?
Many of the stocks rallying on Monday are still trading close to their 52-week lows and have been out-of-favour with investors for some time. While predicting short-term movements is difficult, there is reason to suspect that these stocks could have found an enduring level of share price support and now could be the time to buy them.